Mon Sep 5, 2016 State-led oil company Petroleo Brasileiro SA : * Petrobras, as the company is known, said in a filing on Monday that investment fund Dodge & Cox reduced to less than 5 pct its control of equivalent preferred shares in the company * With the sale of Petrobras American Depository Receipts (ADRs)... Continue Reading →
Fitch Downgrades Rio Oil Finance Trust Notes to ‘B’; Outlook Remains Negative
September 02, 2016 CHICAGO & SAO PAULO--(BUSINESS WIRE)--Fitch Ratings has downgraded the series 2014 notes issued by Rio Oil Finance Trust as follows: --USD2 billion series 2014-1 notes to 'B' from 'BB-'; --BRL 2.4 billion series 2014-2 special indebtedness to 'BB+ sf (bra)' from 'Asf (bra)'; --USD1.1 billion series 2014-3 notes to 'B' from... Continue Reading →
Brazil’s Petrobras says 11,704 staffers joined layoff program
Fri Sep 2, 2016 / Reuters Brazil's state-run oil producer Petroleo Brasileiro SA on Friday said 11,704 staffers joined its 2016 voluntary layoff program, with an estimated cost of about 4 billion reais ($1.23 billion). Petrobras, as the company is known, said the final number may change as the applications are still being calculated. The... Continue Reading →
Brazil prosecutors reject SBM leniency deal for Petrobras graft
Federal prosecutors in Brazil rejected a $328.2 million (247.34 million pounds) deal on Thursday allowing Dutch oil-ship lesser SBM Offshore NV (SBMO.AS) to avoid prosecution for corruption related to its contracts with state-led oil company Petrobras. The decision was made by a federal prosecutor review board, which said numerous problems needed to be addressed before... Continue Reading →
Brazil expects new Petrobras oil-rights deal by year-end
Brazil expects to renegotiate by year-end the price of 5 billion barrels of oil and gas rights purchased by Petrobras in a 2010 stock-for-oil swap, an energy ministry official said on Wednesday, removing a complication in the state-led company's plans to finance and develop major new offshore discoveries. Petrobras bought the rights from Brazil's federal... Continue Reading →
Brazil, Petrobras to revise subsalt oil contract terms this year
Aug 31 The Brazilian government and state-controlled oil company Petróleo Brasileiro SA could finalize a thorough revision of contractual terms for the exploration of a vast offshore oil region before year-end, a senior official said on Wednesday. The revision of a clause granting Petrobras the right to operate a minimum 30 percent of exploration and... Continue Reading →
Congress expects favorable vote for pre-salt bill
The bill removes the requirement for Petrobras to operate in all subsalt consortia with a 30% minimum. The bill changes the rules of oil exploration in the subsalt layer and should begin to be voted in the House next week. It promises to be the symbol of new government's shift in this sector. With the... Continue Reading →
Petrobras to gain $11 billion on sale of Brazil oil rights to Statoil: CEO
New chief executive of Brazil's state-run oil company Petroleo Brasileiro SA, Pedro Parente, gestures during his inauguration ceremony in Rio de Janeiro, Brazil, June 2, 2016. REUTERS/Sergio Moraes By Stine Jacobsen | STAVANGER, NORWAY The sale of a stake in Carcara, the giant Brazilian offshore oil prospect, to Norway's Statoil ASA (STL.OL) will gain Brazil's... Continue Reading →
Petrobras to study use of smaller platforms in the pre-salt to cut costs
Seeking to reduce costs, while maintaining the high productivity of the pre-salt wells, Petrobras is studying the use of smaller platforms for oil production in the area. According to the director of Exploration and Production of Petrobras, Solange Guedes, some pre-salt wells are achieving daily production of up to 50,000 barrels, an amount which allows... Continue Reading →
Statoil and Petrobras strengthen strategic partnership in Brazil
Statoil and Petrobras took a step forward in strengthening their cooperation in Brazil by signing a Memorandum of Understanding (MoU). The MoU was signed by Statoil CEO, Eldar Sætre (left), and Petrobras CEO, Pedro Parente. (Photo: Ole Jørgen Bratland) The intention of the MoU is to evaluate joint participation in future tenders for exploration areas... Continue Reading →
