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Petroleo Brasileiro SA sat out an oil licensing round in Brazil for the first time ever as the beleaguered state-run oil giant struggles to reduce the industry’s biggest debt load. The country’s National Petroleum Agency sold only 37 of the 266 onshore and offshore blocks it offered in the worst turnout in more than a... Continue Reading →
A commission hired by Brazil's state-run energy utility Eletrobras to probe possible violations of U.S. and Brazilian anti-corruption laws involving the company is studying three Amazonian dam projects and a nuclear power plant, two sources familiar with the investigation said. They said the commission is investigating possible bribery in two $5 billion dam projects on... Continue Reading →
YPF SA, Argentina’s largest company, knows the fair value ofPetroleo Brasileiro SA’s local assets and will only proceed with an acquisition if the price meets its criteria, Chief Financial OfficerDaniel Gonzalez said. The executive declined to confirm or deny an article published Wednesday in La Nacion newspaper that said YPF abandoned a bid after Petrobras Argentina... Continue Reading →
As Brazil prepares for its first sale of oil exploration rights in nearly two years on Wednesday, the auction is shaping up to be a mini-referendum on the willingness of investors to bet on the future of an industry under pressure and a Brazilian economy in turmoil. Not only has the price of oil fallen... Continue Reading →
Low oil prices and a massive corruption scandal are expected to dampen interest on Wednesday in Brazil's first auction of oil and natural gas exploration and production rights in nearly two years. Despite official hopes that the auction could ease pressure on Brazil's once-booming, now embattled petroleum industry, few outside the government expect it to... Continue Reading →
Brazil will auction crude-exploration blocks on Wednesday for the first time since a colossal corruption scandal crippled the nation’s oil industry and forced state-run Petroleo Brasileiro SA to scale back investments. More than 260 onshore and offshore areas are up for grabs, including deepwater blocks in the Sergipe-Alagoas basin off the country’s northeastern coast, where... Continue Reading →
Reply to a Brazil newspaper article regarding a Leniency Agreement with Brazilian authorities and possible settlement of R$ 1 billion payable to Petrobras in cash and services. SBM Offshore Response to Media Reports 6 October 2015 SBM Offshore has received questions following media publications about a potential settlement in Brazil. On September 28, 2015 SBM... Continue Reading →
Petrobras - Adjustments to the 2015-2019 Business and Management Plan 10/05/2015 Rio de Janeiro, October 5, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby informs that, in view of the new levels of Brent crude oil prices and exchange rate (R$/US$), it has adjusted its financial planning for 2015 and 2016. When the Company first... Continue Reading →
State-led Petróleo Brasileiro SA , struggling with the biggest debt load among global oil firms, on Monday cut $11 billion from capital spending plans for this year and next as Brazil's currency and oil prices slump. Petrobras, as the company is commonly known, plans to cut 2015 investment by 11 percent to $25 billion from... Continue Reading →
The short-end of the Petrobras bond curve, which faced the brunt of a recent sell-off, continued to strengthen on Monday and gave a solid boost to LatAm credit markets. The 2017s and 2019s issued by the Brazilian state-owned oil company were about 50bp tighter versus Friday, according to a New York based trader. Today's rally... Continue Reading →
Brazil Energy Insight 