Petroleo Brasileiro SA reduced investments by 25 percent and is accelerating asset disposals in its latest business plan as it downsizes to withstand low international oil prices amid Brazil’s deepest two-year recession on record. The 2017-2021 plan, the first drafted under Chief Executive Officer Pedro Parente, focuses on accelerating debt reduction and retreating from peripheral... Continue Reading →
Petrobras – Webcast Invitation Strategic Plan and 2017-2021 Business and Management Plan
09/19/2016 Petrobras would like to invite investors and analysts for the conference call/webcast of the new Strategic Plan and the 2017-2021 Business and Management Plan, with broadcast in Portuguese and simultaneous translation to English, according to the times below: http://www.investidorpetrobras.com.br/en/press-releases/webcast-invitation-strategic-plan-and-2017-2021-business-and-management-plan September 20, 2016 (Tuesday) 12:30 pm (Brasília) 11:30 am (New York) 4:30 pm (Londres)
Petrobras expected to cut investment, output in 2017-21 plan
Brazil's heavily indebted state-led oil company Petrobras will likely cut planned investment by about a sixth and its 2020 output goal by 14 percent under a five-year strategic plan scheduled for release Tuesday before markets open, according to analysts. Petroleo Brasileiro SA, as the company is formally known, is expected to announce a 2017-2021 capital... Continue Reading →
Brazil oil workers reject Petrobras wage offer; strike is possible
Brazil's largest oil workers union strongly rejected on Friday a proposal from Petrobras for a deal over salaries and benefits in their annual talks, increasing the risk of a new strike at the state-led oil company. Leaders of the Federação Única dos Petroleiros (FUP) union said the terms broke agreements made in November to end... Continue Reading →
Petrobras should reduce investment by US $ 20.9 billion in new 5-year plan, says research
Petrobras should reduce investment by US $ 20.9 billion in new 5-year plan, says research Petrobras should reduce by 20.9 billion dollars investment projection in the Business and Management Plan for the next five years, in a document that promises to be more aligned with the financial market, bringing greater transparency and revealing a leaner... Continue Reading →
Petrobras halts output at Getulio Vargas refinery
Wed Sep 14, 2016/Reuters Brazil's state-controlled oil company Petróleo Brasileiro SA said on Wednesday output at its Getulio Vargas refinery had been halted since Tuesday because of storm damage to a cracking unit. The refinery, located in the southern Parana state, is the fifth largest in the country and accounts for about 12 percent of... Continue Reading →
Petrobras – Oil and natural gas production in August
09/12/2016 Rio de Janeiro, September 12, 2016 - Petróleo Brasileiro SA - Petrobras announces that its total production of oil and natural gas in August was 2.84 million barrels of oil equivalent per day , of which 2.72 million barrels produced in Brazil and 0.12 million abroad. Total production of oil and gas in Brazil... Continue Reading →
Petrobras Cost-Cutting Is Making Traders in Oil-Rig Bonds Uneasy
Oil giant Petroleo Brasileiro SA’s cutbacks are reverberating in the bond market. QGOG Constellation SA, which rents rigs to Brazil’s state-controlled crude producer, has seen its $700 million of notes due in 2019 drop 11 percent in the past three months. The slump reflects mounting concern that Petrobras, as the oil company is known, may not... Continue Reading →
Brazil’s Petrobras CEO says to halve leverage ratio before 2020
Sun Sep 11, 2016 Brazil's state-run oil firm Petroleo Brasileiro SA will seek to reduce its leverage ratio to 2.5 from 5 currently before 2020, Chief Executive Officer Pedro Parente told newspaper O Estado de S. Paulo in an interview on Sunday. Parente said the leverage target will be included in the business plan to... Continue Reading →
Brazil oil law change key to attracting investment: Statoil
The company logo of Norwegian energy firm Statoil is seen at the headquarters outside Oslo, Norway, November 28, 2014. REUTERS/Berit Roald/NTB Scanpix Norway's Statoil sees changes to Brazil's oil industry laws, including the end of mandatory participation by Petrobras in all subsalt blocs, as key for attracting foreign investment, Chief Executive Officer Eldar Saetre said... Continue Reading →
Brazil Energy Insight 