Petróleo Brasileiro S.A. – Petrobras informs that today it obtained an unfavorable decision by the Third Panel of the Superior Chamber of Tax Appeals (CSRF), a body of the Administrative Council of Tax Appeals (CARF), as the Panel dismissed, by majority, the special appeals filed by the Company and ruled that CIDE and PIS/COFINS Import... Continue Reading →
US Needs Until Year-end to Complete Offshore Drilling Plan
(Reuters) The Biden administration needs until the end of this year to finalize a long-awaited five-year plan for offshore oil and gas development in federal waters, according to court documents filed this week. The U.S. has been without a congressionally-mandated five year schedule of offshore oil and gas auctions since the previous one expired in... Continue Reading →
Exxon-led Consortium Ready to Relinquish 20% of Guyana Offshore Oil Block, Hess CEO Says
(Reuters) Hess Corp indicated the consortium that controls Guyana's oil production, of which it is a member, is prepared to relinquish 20% of the Stabroek oil block, but not any areas where it now produces or intends to produce oil in the future. An Exxon Mobil-led consortium controls the 6.6 million acres (26,800 sq km)... Continue Reading →
Denmark restarts review of two suspended offshore wind farm applications
(Reuters) - Denmark has resumed its review of two of 33 offshore wind farm applications suspended last month over worries of breaching European Union state aid rules, the Energy Agency said on Friday. Denmark, which aims for a fivefold increase in offshore wind power capacity by 2030, has allowed energy companies to submit unsolicited applications... Continue Reading →
Brazil’s Petrobras faces legal risks after halting asset sales -lawyers
(Reuters) -Petrobras could face lawsuits for breach of contract after the company halted planned asset sales at the request of Brazilian leftist President Luiz Inacio Lula da Silva's government, specialist lawyers said on Friday. Petroleo Brasileiro SA, as the state-controlled company is formally known, was asked this week to halt for 90 days divestitures worth... Continue Reading →
Glencore sentenced to pay $700 million in US after bribery guilty plea
(Reuters) - A U.S. judge on Tuesday ordered Glencore Plc (GLEN.L) to pay $700 million in connection with its guilty plea over a decade-long scheme to bribe foreign officials across several countries. The sentence handed down by U.S. District Judge Lorna Schofield in Manhattan federal court consisted of a $428.5 million fine and $272 million in forfeiture,... Continue Reading →
Spain maps out first boundaries for offshore wind parks
(Reuters) - Spain's government on Tuesday approved its first ever delimitations for where wind farms can be developed off the country's coast, a significant step towards developing the offshore sector. Prime Minister Pedro Sanchez's cabinet approved a decree that allows for the development of offshore wind parks on 5,000 square km of maritime territory in... Continue Reading →
Iberdrola expects 8-10% net profit rise before windfall tax
(Reuters) - Spain's biggest utility Iberdrola (IBE.MC) expects its net profit to increase by 8% to 10% this year from 2022, it said on Wednesday, discounting the country's windfall tax that would cut the growth rate to the mid-single-digit. Following Russia's invasion of Ukraine a year ago, energy markets in Europe hit record highs, adding to economic... Continue Reading →
Guyana Aims to Reclaim 20% of Stabroek Block from ExxonMobil
(Reuters) Guyana Vice President Bharrat Jagdeo told Reuters the country plans to take back 20% of the giant Stabroek oil block that has been responsible for a series of massive discoveries from a consortium led by Exxon Mobil Corp., and remarket it by next year. More than 11 billion barrels of oil and gas found... Continue Reading →
U.S. charges Connecticut trader with bribery related to Brazil’s Petrobras
(Reuters) - U.S. prosecutors on Friday unveiled corruption charges against a Connecticut oil and gas trader and a second man over their alleged roles in a bribery scheme to win business from Brazil's state-owned oil company Petrobras (PETR4.SA). The Department of Justice said that between 2010 and 2018, Glenn Oztemel, 64, of Westport, Connecticut, and Eduardo... Continue Reading →
Brazil Energy Insight 