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July 10, 2020 Almost three years after the end of the precautionary blockade by Petrobras, the group closes contracts with the state-owned company and Trident Energy. Heftos Óleo e Gás Engenharia - a subsidiary of the UTC Participações group - signed contracts with Petrobras to provide services at the Gabriel Passos Refinery (Regap), in Minas... Continue Reading →
Mexico's state oil company Pemex and a private consortium led by U.S.-based Talos Energy Inc have been instructed to come to an agreement detailing how they will jointly develop a large offshore oil find, the energy ministry said on Wednesday. The formal instruction from the energy ministry, dated July 7 but announced in a statement... Continue Reading →
July 6, 2020 Reuters) - Petrobras' decision to sell part of its refining assets is in line with national energy policy and does not go against the Supreme Federal Court (STF) decision on privatization, defended the Ministries of Economy and Mines and Energy in joint note this Monday. The manifestation of the portfolios follows the... Continue Reading →
Brazilian oil major Petrobras has prolonged the deadline for certain conditions of an agreement and settlement with Sete Brasil related to a charter of four and termination of contracts for 24 drilling rigs. Petrobras said on Wednesday that its executive board pushed back the deadline for the agreement between the two companies from 30 June... Continue Reading →
A court in Brazil has accepted a money laundering and corruption complaint against a former Sembcorp Marine employee as part of the widespread Brazilian Car Wash probe. As previously reported, the Federal Public Ministry (MPF) in Brazil in February 2020 filed charges against Guilherme Esteves de Jesus (GDJ) for money laundering and Sembcorp Marine’s ex-employee Martin Cheah Kok Choon for... Continue Reading →
Occidental Petroleum Corp has been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices, after paying $35.7 billion to acquire Anadarko Petroleum Corp. The proposed securities class action was filed late Tuesday in a New York state court in Manhattan... Continue Reading →
Brazil’s Justice Minister Sergio Moro resigned on Friday, accusing President Jair Bolsonaro of political meddling in law enforcement and creating a political crisis in the midst of an economic downturn and the coronavirus epidemic. A corruption-busting former judge and high-profile minister, Moro said he quit because Bolsonaro fired federal police chief Mauricio Valeixo for personal... Continue Reading →
The following article is a guest post by Andreas Dracoulis, Partner, and Jonathan Morton, Associate, at Haynes and Boone, a U.S.-based law firm specializing in business litigation The article delves into legal intricacies of declaring force majeure events on existing offshore construction contracts in case of delays caused by the coronavirus pandemic as well as key points... Continue Reading →
April 8, 2020 Petróleo Brasileiro S.A. - Petrobras reports that its Board of Directors approved the creation of an Incentive Retirement Program (PAI), a new severance program aimed at employees eligible for retirement effective until 12/31/2023. The Board also approved adjustments for incentives to join the three Voluntary Severance Programs (PDVs) of the company: (i)... Continue Reading →
April 1, 2020 Petróleo Brasileiro S.A. – Petrobras reports that it has entered into a settlement agreement to end an arbitration filed by an investor in Sete Brasil Participações S.A. - under judicial reorganization, seeking compensation from Petrobras for alleged damages related to its investment in the Sondas Project. In the 1Q2020 Petrobras will revert... Continue Reading →
Brazil Energy Insight 