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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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
