02/03/2016 Rio de Janeiro, February 3, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 37/2016-CVM/SEP/GEA-1, which requests the following clarifications: OFFICIAL LETTER 37/2016-CVM/SEP/GEA-1 “Dear Officer, 1. We refer to the news item published in the Economia (Economy) section of today’s edition of the newspaper O Globo, entitled Uma saída para o... Continue Reading →
Petrobras – Update related to the Class Action in the United States
02/03/2016 Rio de Janeiro, February 3, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that the judge presiding over the securities class action in the United States issued an order yesterday certifying two classes of investors. In the decision, the Court appointed Plaintiffs Employees’ Retirement System of the State of Hawaii and North Carolina Department... Continue Reading →
Brazil’s Petrobras must face U.S. group lawsuits over corruption: judge
A U.S. judge ordered Petrobras, the state-run Brazilian oil company, to face class-action litigation by investors seeking to recoup billions of dollars in losses stemming from a bribery and political kickback scandal. In a decision made public on Tuesday, U.S. District Judge Jed Rakoff in Manhattan certified two classes of plaintiffs, saying their claims... Continue Reading →
Brazilians back Petrobras probe, despite economic cost -poll
An overwhelming majority of Brazilians want an investigation into a sprawling kickback scheme at state-controlled oil producer Petrobras to continue despite concern it is hurting the nation's ailing economy, according to a poll released on Monday. Fully 90 percent of Brazilians say the investigation should continue, whatever the cost, according to the survey by polling... Continue Reading →
Petrobras Staffers Idly Killing Time After Expansion Plan Gutted
Inside the new Petrobras -- less ambitious, more focused on cutting costs -- life for many remaining employees has slowed. Alarmingly so in some cases. Take the engineer who was recently stripped of his title as a manager and forced to take a 40 percent pay cut. He’s spending much of his time nowadays reading... Continue Reading →
Brazil’s Petrobras to reduce investment plan by 5 percent
Jan 31, 2016 The Brazil's state-run Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil, January 28, 2016. REUTERS/SERGIO MORAES Petroleo Brasileiro SA (PETR4.SA) will cut its 2016-2020 investment plan by 5 percent to $93 billion as the state-run oil company contends with dwindling oil prices and a massive corruption investigation, the O... Continue Reading →
UPDATE 1-Petrobras slashes oil reserves to lowest level in 14 years
Jan 29 Brazil's state-led oil company Petrobras slashed its oil and natural gas reserves 20 percent on Friday as a plunge in oil prices, a heavy debt load, high costs and a corruption scandal choke off the potential of a decade of giant but expensive discoveries. The cut, reported in a securities filing, reduced proven... Continue Reading →
Producing fields can sustain Petrobras for 2-3 years of low prices -board member
Jan 29 Oil and gas fields already paid for and in production can sustain Brazilian state-run company Petroleo Brasileiro SA for two to three years of low prices, a board member for the firm told reporters on Friday. "We have various fields where the cost per barrel is $50 and most or all of them... Continue Reading →
Material Fact: Petrobras’ Proven Reserves in 2015
01/29/2016 Rio de Janeiro, January 29, 2016 – Petróleo Brasileiro S.A. - Petrobras announces its proven reserves of petroleum (oil, condensate and natural gas), assessed at the end of 2015 according to ANP/SPE (National Petroleum, Natural Gas and Biofuels Agency / Society of Petroleum Engineers) and SEC (US Securities and Exchange Commission) criteria. Proven Reserves... Continue Reading →
Petrobras 2015 oil, gas reserves fall 20 pct to 10.516 bln barrels
Jan 29, 2016 Reuters Oil and natural gas reserves at Brazil's state-run oil producer Petroleo Brasileiro SA fell 20 percent in 2015 from 2014, the company said in a filing on Friday. At the end of 2015, the company had 10.516 billion barrels of proven reserves of oil and equivalent natural gas according to criteria... Continue Reading →
Brazil Energy Insight 