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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 →
March 10, 2020 Petróleo Brasileiro S.A. - Petrobras reports that its Board of Directors deliberated on the New Deficit Equation Plan (New Plan) of the Renegotiated and Non-Renegotiated Petrobras System Petros plans (PPSP-R and PPSP-NR), managed by Petrobras Social Security Foundation - Petros and in compliance with CNPC Resolution No. 30/2018. The New Plan aims... Continue Reading →
FEB 27, 2020 The ghost of Lava Jato and an unburied corpse return to frighten one of the largest economic groups operating in the country, especially in the oil and gas sector: Techint-Tenaris. Targets of the Italian Justice, the brothers Gianfelice and Paolo Rocca, in addition to Roberto Bonatti, partners of San Faustin, holding of... Continue Reading →
Feb 21, 2020 Petrobras' oil workers decided to suspend the strike. The announcement was made by the Single Petroleum Federation (FUP), which represents 13 unions of the category in the country. It is scheduled for this Friday, an audience between representatives of the category and Petrobras with Minister Ives Gandra, of the Superior Labor Court... Continue Reading →
Singaporean rig builder Sembcorp Marine Ltd said on Friday a former consultant to the company had been convicted by a federal court in Brazil for corruption, money laundering and participation in a criminal organization. The conviction of Guilherme Esteves de Jesus is part of one of the largest corporate corruption probes in history, Brazil’s wide-ranging... Continue Reading →
February 11, 2020 Petróleo Brasileiro S.A. – Petrobras informs about a favorable arbitration award to the company, which rejected a claim made by an investor in Sete Brasil Participações S.A. (in reorganization), in arbitration proceedings seeking compensation from Petrobras for alleged damages related to their investment in the Sondas Project. Due to the favorable outcome... Continue Reading →
Brazilian drilling contractor Sete Brasil and Singapore’s offshore rig builder Sembcorp Marine have fulfilled all conditions precedent for a settlement regarding contracts for the construction of seven drillships to become effective and Sembcorp Marine is now in talks with a buyer for the completion of two drillships. Sembcorp Marine said on Thursday that all conditions... Continue Reading →
Brazil Energy Insight 