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Brazil's state-controlled oil company Petrobras will scrap plans to invest in renewable energy projects, but says it will continue research and development projects in the field, according to chief executive Roberto Castello Branco. “About renewables, we are investing in research and we will just not invest in operational assets because it is something that requires... Continue Reading →
August 2, 2019 – Petróleo Brasileiro S.A. – Petrobras informs that today Centrais Elétricas Brasileiras S.A. - Eletrobras settled in advance R$ 1.275 billion of the outstanding balance of the Debt Assumption Agreement signed on December 3, 2018. With this payment, the remaining outstanding balance of all Debt Assumption Agreements that Petrobras holds against Eletrobras... Continue Reading →
Aug 2, 2019 Petrobras President Roberto Castello Branco said that the company is reviewing its strategic plan and expects to announce to the market the new strategy in November. He pointed out that the plan will focus on cost reduction. "We want to bridge the gap that separates us from our peers," he said in... Continue Reading →
August 1, 2019 Petróleo Brasileiro S.A. – Petrobras informs that its Board of Directors, at a meeting held today, approved the distribution of anticipated remuneration to shareholders as interest on equity, in the total gross amount of R$ 2,608,840,252.20, corresponding to R$ 0.20 per outstanding common and preferred share. The payment will be made on... Continue Reading →
Petrobras had a good financial performance in 2Q19, although we benefited from external factors beyond our control, such as oil prices, the BRL/USD exchange rate and crack spreads, and non-recurring events, such as assets divestments. Accounting net income excluding non-recurring factors was R$ 5.2 billion and operating cash flow reached R$ 20.5 billion. Advances in... Continue Reading →
July 31, 2019 Petrobras and Equinor plan to reach the pre-salt of the Espírito Santo Basin with the drilling of the Monai prospect in block ES-M-669. According to the companies, the campaign will be fundamental for them to evaluate the exploration of other concessions acquired in the 11th round of the ANP, which, so far,... Continue Reading →
July 31, 2019 Brazil is on track to be one of the world's leading oil producers over the next 10 years, Felipe Kury, director of the National Petroleum, Natural Gas and Biofuels Agency. The challenge "is to have this plurality of actors and various environments," said Kury. For him, this is "an incredible moment" for... Continue Reading →
July 30, 2019 – Petróleo Brasileiro S.A. - Petrobras (“Petrobras”) (NYSE: PBR) announced today the final results of its previously announced debt tender offers (the “Waterfall Offers”). As of 11:59 p.m., New York City time, on July 29, 2019 (the “Expiration Date”) holders of US$1,853,874,000 principal amount of the outstanding notes of the series set... Continue Reading →
July 29, 2019 Brazil’s Petrobras has signed a two-year contract to lease a drilling rig from Ocyan, formerly known as Odebrecht Oleo e Gas, an executive told Reuters, in the first deal between the firms since a corruption scandal erupted five years ago. Petroleo Brasileiro SA, as the state-run oil firm is known, formally selected... Continue Reading →
July 26, 2019 Petrobras has launched a bid to contract engineering design, goods supply, installation and subsea interconnection services for the first wave rigid pipelines of the Buzios 5 field, in the Santos Basin pre-salt. The project implementation comprises the connection to the future FPSO of five producing wells, five injectors and an export pipeline... Continue Reading →
Brazil Energy Insight 