Rio de Janeiro, January 28, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 250/2016-SAE which requests the following clarifications: OFFICIAL LETTER 250/2016-SAE “Dear Sirs, A news item published by the newspaper Valor Econômico on January 27, 2016, states, among other matters, that the Federal Court of Bahia has issued a preliminary... Continue Reading →
UPDATE 2-Petrobras cuts management, streamlines as it fights graft, oil drop
Brazil's Petrobras said on Thursday it will cut about one in five management jobs, streamline operations and boost oversight as the state-led oil company adapts to low oil prices and tries to boost confidence after a corruption scandal. The measures will save Petrobras, formally known as Petroleo Brasileiro SA, about 1.8 billion reais per year... Continue Reading →
UPDATE 1-Norway’s oil fund puts Petrobras on ethics watch
OSLO, Jan 28 Norway's sovereign wealth fund, the world's largest, has put Brazilian oil company Petrobras on its ethics watch list due to the company's involvement in Brazil's largest-ever corruption scandal. The $800 billion-plus fund, charged with the management of Norway's oil wealth, said it could exclude it from the fund's investments if it saw... Continue Reading →
Petrobras Cuts Managers to Save $440 Million a Year in Oil Rou
Peter Millard/Bloomberg January 28, 2016 — 10:05 AM BRST Brazil’s state-controlled oil company is reducing management positions and streamlining operations to save 1.8 billion reais ($440 million) a year as it navigates the worst oil market in a generation and a sprawling corruption investigation. Petroleo Brasileiro SA is reducing management positions in non-operational areas by... Continue Reading →
Petrobras – Material Fact: Revision on Petrobras’ Governance and Organizational Model
Rio de Janeiro, January 28th, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its Board of Directors has approved the Company’s new organizational model. The revision of the model is due to the need to align the organization with the new reality of the oil and gas sector and to prioritize profitability and... Continue Reading →
Norway’s oil fund places Petrobras investment under observation
Jan 28, 2016 Reuters OSLO Norway's sovereign wealth fund, the world's largest, has placed its investment in Brazil's Petrobras under observation after the company's involvement in Brazil's largest ever corruption scandal. The $800 billion-plus fund, charged with the management of Norway's oil wealth, said on Thursday that the decision was on the basis of the... Continue Reading →
Brazilian Judge Blocks Sale of Petrobras Subsidiary to Mitsui
Judge rules deal doesn’t meet some transparency requirements and referred to Petrobras’ previous actions A judge this week blocked Petrobras’ sale of a minority stake in its natural-gas distribution unit to Japan’s Mitsui. PHOTO: REUTERS By WILL CONNORS/WSJ Jan. 26, 2016 8:25 p.m. ET RIO DE JANEIRO—A Brazilian federal judge this week blocked the 1.9... Continue Reading →
Brazil’s Petrobras Distribuidora elects interim CEO
Jan 26, 2016 Reuters Petrobras Distribuidora SA, the fuel distribution unit of state-run oil company Petroleo Brasileiro SA, said on Tuesday it had elected Ivan de Sá Pereira Junior as its interim chief executive. Petrobras, as the company is known, has said it wants to sell at least 25 percent of the unit to a... Continue Reading →
Santander says overweight Brazil’s Petrobras bonds on asset-sale outlook
Santander Investment Securities said it has an "overweight" recommendation on the bonds of Brazil's state-led oil company Petroleo Brasileiro SA on expectation its asset-sale plans and cost cutting efforts will reduce debt. After meeting company executives, analyst Aaron Holsberg said that executives at Petrobras, as the company is known, have made divestments a high priority... Continue Reading →
Brazil oil rules block $120 billion in investment: IBP
Brazil's lack of clear rules for the unitization of oilfields is delaying the development of as many as 10 billion barrels of oil and gas and about $120 billion of investment, Jorge Camargo, head of Brazil's oil industry association, IBP, said on Monday. Unitization, the process of joining different or competing oil rights in an... Continue Reading →
Brazil Energy Insight 