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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 →
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 →
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 →
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 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'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 →
Bailing-out state-controlled oil producer Petroleo Brasileiro SA could cost the government as much as $21 billion, according to research from Citigroup Inc. That would be the amount necessary to plug the company’s cash hole and fix the capital structure on a sustainable basis were oil to fall to $20 for 12 months, Citigroup credit analysts... Continue Reading →
As the stock and commodities markets continue trying to make paupers of energy investors everywhere, many investors are undoubtedly unnerved by the volatility. Yet for all of the sound and fury of the markets, many oil companies from Exxon to Devon actually remain in relatively good shape even if this quarter’s earnings will be pretty rough.... Continue Reading →
Jan 22, 2016 Reuters The Petrobras logo is reflected in the window of the company's headquarters in Sao Paulo April 23, 2015. REUTERS/PAULO WHITAKER Brazil's state-led oil company Petroleo Brasileiro SA (PETR4.SA) is on the verge of selling its stake in Brazilian petrochemical company Braskem SA (BRKM5.SA) and expects to complete the sale by the... Continue Reading →
Jan 20, 2016 Reuters BY PAUL KILBY NEW YORK, Jan 20 (IFR) - Petrobras bonds found little respite on Wednesday after the Brazilian oil company announced it had begun negotiations to sell its Argentina unit. The company's curve was down about 1.25 to two points in what was another ugly session for Latin American credit... Continue Reading →
