Petrobras adjusted its business plan and increased the investment threshold for the period 2017-2021 by 1% from US $ 74.1 billion to US $ 74.5 billion. For the same period, the company increased its exploration and production (E & P) forecasts by US $ 600 million from US $ 60.7 billion to US $... Continue Reading →
Petrobras – Clarification on News: CARF Ruling
Rio de Janeiro, March 23, 2017 – Petróleo Brasileiro S.A. – Petrobras responds to Official Letter no. 432/2017-SAE which requests clarifications, as follows: Letter no. 432/2017 - SAE “Dear Sirs, We request clarifications by 9.00 am on 3/24/2017, regarding the news published by Valor Econômico newspaper on 3/23/2017, under the headline “Petrobras afasta autuação de... Continue Reading →
Clarifications on the Libra Pilot Project
Rio de Janeiro, March 23, 2017 – Petróleo Brasileiro S.A. – Petrobras and its partners are committed to implementing the production sharing agreement (PSA) for the Libra area, executed in 2013 and for which Libra Pilot, the first definitive production system, scheduled for late 2020, is an important milestone. Petrobras and its partners have, since... Continue Reading →
Petrobras board extends CEO Parente’s term for further 2 years
The board of Brazilian state-controlled oil company Petróleo Brasileiro SA voted to extend current Chief Executive Officer Pedro Parente's term for a further two years, according to a Monday securities filing. The filing did not specify when his new term is set to start. Parente took over in May following the resignation of his predecessor... Continue Reading →
Petrobras predicts a fine of up to U$ 630 million in case it is not released from local content in Libra platform
Petrobras predicts that if it is not cleared of complying with the local content clauses in the implementation of the first commercial platform of Libra, in the Santos Basin, and the project is still implemented, the contractual fine could reach 630 million dollars, according to a statement. The consortium that holds Libra's exploration rights,... Continue Reading →
Justice releases Petrobras to tender two pre-salt platforms
Petrobras recently had two important victories in court that freed the company to continue the bidding process for the hiring of Libra and Sepia FPSOs for the pre-salt fields. Judge Néviton Guedes, of the 5th group of the Federal Regional Court (TRF) of the 1st region, accepted Petrobras' appeal on 17 October and overturned the... Continue Reading →
Petrobras targets oil and gas extraction costs below US $ 10 / barrel
Petrobras plans to operate at production costs below 10 dollars per barrel of oil equivalent in the medium term, state oil and gas exploration and production director Solange Guedes said on a teleconference with analysts about the 2016 results. In 2016, the company's oil and gas production cost in Brazil and abroad fell 11... Continue Reading →
Petrobras raises asset sale goal to $21 bln for 2017-2018 period
Petróleo Brasileiro SA raised on Wednesday a goal for asset divestitures and partnerships for this and next year to $21 billion from $19.5 billion previously, a sign Brazil's state-controlled oil company plans to expand ventures with peers in segments from refining to oil exploration. In a presentation detailing fourth-quarter results, Petrobras said cash and equivalents... Continue Reading →
Petrobras debt, operational metrics improve despite profit miss
Petróleo Brasileiro SA cut debt by 20 percent and had positive free cash flow for the seventh straight quarter during the fourth quarter, in a further sign of recovery at Brazil's state-controlled oil company in spite of a quarterly profit miss. Net income at Petrobras (PETR4.SA) came in at 2.510 billion reais ($812 million) last... Continue Reading →
Petrobras Results Announcement 2016
Rio de Janeiro – March 21, 2017 - FINANCIAL REPORT FOURTH QUARTER OF 2016 RESULTS - Derived from consolidated interim financial information audited by independent auditors, prepared in accordance with International Financial Reporting Standards - IFRS. Net income R$ 2,510 billion Production 2,144 Mbbl/d Adjusted EBITDA R$ 24,788 million Attached find the Press Conference... Continue Reading →
Brazil Energy Insight 