SAO PAULO, Dec 10 When Grupo BTG Pactual SA took control of apparel and home furnishing retailer Leader Participações SA about three years ago, it looked like a classic turnaround play: a threadbare chain that could be revamped to serve Brazil's burgeoning middle class. Of all BTG Pactual's investments, the most painful is Sete... Continue Reading →
Oil Giants Pledge Even Deeper Spending Cuts Amid Prolonged Slump
Some of the biggest oil explorers in the Western Hemisphere are cutting budgets yet again to conserve cash as a plunge in energy markets shows no signs of abating. ConocoPhillips will reduce capital spending by 25 percent next year to $7.7 billion to protect the highest dividend yield among major U.S. oil producers, the Houston-based... Continue Reading →
Brazil’s ANP asks govt. to extend Petrobras’ Marlim field rights
Dec 10, 2015 Reuters Brazil's ANP asks govt. to extend Petrobras' Marlim field rights RIO DE JANEIRO Dec 10 Brazil's oil industry regulator ANP on Thursday asked the government to extend the concession to operate the giant Marlim offshore oil field of state-run oil company Petroleo Brasileiro SA that is scheduled to expire in 2025.... Continue Reading →
Moody’s reviews Petrobras’ rating
12/09/2015 Rio de Janeiro, December 9, 2015 – Petróleo Brasileiro S.A. – Petrobras informs Moody’s Investors Service reviewed Petrobras' rating from Ba2 to Ba3, with negative outlook. According to Moody’s, this revision reflects elevated refinancing risks due to deteriorating industry conditions, difficulties to implement the divestment plan, high level of debt maturities in the coming... Continue Reading →
Petrobras – Clarification on News: Fine on Withdrawal from Sete Brasil Rig Contracts
12/08/2015 Rio de Janeiro, December 8, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 524/2015/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter no. 524/2015/CVM/SEP/GEA-1 “We refer to the article published in the Mercado (Market) section of Folha de São Paulo newspaper on December 4, 2015 entitled: “Without Sete’s rigs, Petrobras will... Continue Reading →
CORRECTED-Brazil’s Petrobras offers to sell up to 10 pct of coveted offshore oil field
LONDON/RIO DE JANEIRO, Dec 8 Brazil's state-run oil company Petrobras is offering up to a quarter of its 40 percent stake in the huge Libra offshore oil prospect as its seeks to reduce the largest debt in the global oil industry, two industry sources said on Tuesday. The stake could fetch up to $1.5 billion,... Continue Reading →
Petrobras Said to Consider Selling Carcara Pre-Salt Field Stake
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 →
