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Brazil’s deepest recession in a century is curbing lucrative fuel imports and eroding profits at state-controlled Petroleo Brasileiro SA. The company’s net loss was 1.25 billion reais, or 0.10 centavos per share, in the first quarter compared with a profit of 5.3 billion reais, or 41 cents, a year earlier. Sales fell to 70.3 billion reais,... Continue Reading →
What used to be corporate Brazil’s top job as Chief Executive Officer is now a tough gig to sell. The likely impeachment of President Dilma Rousseff has raised expectations for a leadership change at state-controlled Petrobras. The president has traditionally chosen the CEOs at banks and companies that are controlled by the government, even... Continue Reading →
Rio de Janeiro, May 10, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 199/2016-CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 199/2016-CVM/SEP/GEA-1 “Dear Officer, I refer to the news item published today in the Blog de Lauro Jardim, which, among other matters, affirms that Petrobras’ balance sheet, to be published on... Continue Reading →
Rio de Janeiro, May 11, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Fitch announced the revision of Petrobras' corporate debt rating to BB from BB+, with negative outlook. This review follows the change in the sovereign rating, as announced on May, 5th.
Under Brazilian law, if more than one company owns an oil field, they must negotiate an agreement to operate it as a single unit with a single operator, or lead partner, a process known as unitization. Problems with this arose after Brazil changed industry rules in 2010, creating a system of production-sharing contracts for all... Continue Reading →
May 10, 2016 Reuters Brazil plans to publish regulations in coming days to allow companies other than state-run Petrobras to operate some oil production-sharing contracts in the Subsalt Polygon, a source participating in discussions of the rules told Reuters. The rules will only allow non-Petrobras companies to operate Subsalt Polygon blocks if the blocks are... Continue Reading →
Source: O Globo newspaper Faced with the crisis of the naval sector, Petrobras has shifted to building at least nine platforms – from a group of ten ordered to shipyards involved in the investigation of the Lava-jet operation - to Asia, mainly to China and Thailand . Yesterday, Petrobras gave another sign of its approach... Continue Reading →
Political turmoil in Brazil shouldn’t stop Petrobras from completing asset sales it has already opened up to bidders, according to one company vying for the state-controlled driller’s Bauna offshore field. An impeachment process against President Dilma Rousseff that could force her to temporarily step down as early as this week shouldn’t derail any ongoing negotiations, Petro Rio... Continue Reading →
Rio de Janeiro, May 06, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby answers to the Official Letter No. 194/2016/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter No. 194/2016-CVM/SEP/GEA-1 “Mr. Director, 1. We refer to the news item published on May 04, 2016, in the newspaper O Estado de São Paulo, Business & Economy section,... Continue Reading →
Rio de Janeiro, May 06, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby answers to the Official Letter No. 195/2016/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter No. 195/2016-CVM/SEP/GEA-1 “Mr. Director, We refer to the news item published today in the newspaper Folha de São Paulo, Panel section, under the title: "Billions at Sight", which... Continue Reading →
