Brazil’s struggling state-controlled oil company Petrobras is waiting on exploration data from a promising deep-water field to decide if it will be included in a divestment plan, said two people familiar with the issue. The Rio de Janeiro-based producer is waiting on a second well test in the northern section of the Carcara field before... Continue Reading →
PETROBRAS PLANS TO AUDIT PRACTICALLY ALL SUPPLIERS
03/12/2015 RIO - Petrobras plans to conduct an audit in virtually all suppliers to determine whether companies are acting in accordance with the new compliance requirements of the company , said the Director of Governance, Risk and Compliance , João Elek. "All companies will go through it. Ninety percent of the contracts will go through... Continue Reading →
Petrobras Graft Losses as High as $7.6 Billion, Audit Court Says
Petroleo Brasileiro SA lost as much as 29 billion reais ($7.6 billion) from a cartel of suppliers who bribed officials at the state-controlled producer to win contracts at inflated prices, Brazil’s audit court, known as TCU, said in a document Wednesday. The audit court’s figure surpasses Petrobras’s internal estimate of 6.2 billion reais. The audit... Continue Reading →
Brazil’s Petrobras says 32 firms banned from working with it
Reuters Wed Dec 2, 2015 Dec 2 Thirty-two companies are currently banned from doing work for Brazil's state-run oil company Petroleo Brasileiro SA because of an ongoing corruption investigation, the oil firm's head of governance João Elek said on Wednesday. He said Queiroz Galvão Óleo e Gás is now allowed to work with Petrobras, as... Continue Reading →
Petrobras – Clarification of News Item: Escrow Accounts
12/01/2015 Rio de Janeiro, December 1, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to CVM Official Letter 500/2015/CVM/SEP/GEA-1 requesting clarifications, as transcribed below: CVM Official Letter 508/2015/CVM/SEP/GEA-1 “We refer to the news item published on November 29, 2015 in the Poder (Power) section of the newspaper Folha de São Paulo, entitled Petrobras deu... Continue Reading →
Petrobras – Clarification of News Item: Irregularities in the contracting of the Vitória 10000 drill ship
11/30/2015 Rio de Janeiro, November 30, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to CVM Official Letter 500/2015/CVM/SEP/GEA-1 requesting clarifications, as transcribed below: CVM Official Letter 500/2015/CVM/SEP/GEA-1 “We refer to the news item published today in the Nacional (National) section of the newspaper O Estado de São Paulo, entitled Auditoria embasa prisão de... Continue Reading →
Petrobras, Odebrecht Venture Avoids Parents’ Pain as Stock Soars
Braskem SA, Latin America’s biggest petrochemical maker, is an unlikely contender to be the world’s top-performing emerging-market stock. Not only is it based in Brazil, which is suffering through its longest recession since the 1930s, but its two controlling shareholders -- Petroleo Brasileiro SA and Odebrecht SA -- are mired in scandal. Odebrecht’s former chief executive... Continue Reading →
Petrobras Dream Team Splits on Approach to Turnaround
This was the year Petroleo Brasileiro SA investors got what they had sought for decades: a chief executive with a mission to streamline and an independent chairman. Now one of them is gone. Clashes over everything from Formula 1 sponsorship to the spinoff of a fuel unit created a rift between CEO Aldemir Bendine, 51,... Continue Reading →
Vale CEO Resigns From Petrobras as Miner Navigates Rout
Murilo Ferreira, who heads miner Vale SA, stepped down as chairman of Brazil’s state oil producer Petroleo Brasileiro SA as the world’s biggest iron-ore producer navigates the worst commodity rout in seven years. His resignation from the Petrobras board, which comes after a seven-week leave of absence, was announced in a Petrobras filing Monday that didn’t give... Continue Reading →
Petrobras rules out raising fresh capital for now -source
Indebted state-run oil company Petroleo Brasileiro SA has ruled out bolstering its capital in the short term, a source with direct knowledge of the company's decision said on Monday. In a statement released later on Monday, Petrobras, as the company is known, denied media reports of talks for the Treasury to transfer hybrid securities to... Continue Reading →
Brazil Energy Insight 