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The heads of two of Brazil’s largest construction companies were detained by police on Thursday as part of a broader probe into corruption at Petrobras, according to local media. Marcelo Odebrecht and Otavio Azevedo, heads of Construtora Norberto Odebrecht and Andrade Gutierrez construction companies, respectively, were among the 12 people judges had issued detainment and... Continue Reading →
Petroleo Brasileiro SA is accelerating a divestment program for offshore exploration blocks and intends to complete the first group of sales in the coming months in a bidding process, said three people with knowledge of the plan. Read More
Clarification on News: Divestments 06/17/2015 Rio de Janeiro, June 17th, 2015 – Petróleo Brasileiro S.A. – Petrobras complies with OFFICIAL LETTER n.º 184/2015/CVM/SEP/GEA-1, which requests clarifications as follows: OFFICIAL LETTER n.º 184/2015/CVM/SEP/GEA-1 “We refer to the article released on this date in the newspaper “O Estado de São Paulo”, entitled: “Petrobrás negotiates selling part of... Continue Reading →
Chief Executive Officer Aldemir Bendine is backing Energy Minister Eduardo Braga’s plan to give the state-controlled company the right to allow foreign drillers to lead pre-salt projects as Petrobras focuses on containing capital expenditures and reducing the industry’s biggest debt load, the people said, asking not to be named as the matter is private. Read... Continue Reading →
Brazil's state-run oil company Petrobras will likely delay details of major cuts to its $221 billion five-year spending plan until July, two sources said, when the government plans to announce a rescue program for the industry. Petrobras, which is struggling with a corruption scandal, falling oil prices, stagnant output, and the largest debt of any... Continue Reading →
"Petrobras last month reported earnings that beat analysts’ estimates by 23 percent after a fuel price increase allowed its refining and supply unit to turn a profit for the first time since late 2010. Chief Executive Officer Aldemir Bendine is developing a business plan to reduce the industry’s heaviest debt load and retain an investment-grade... Continue Reading →
Petrobras - US$ 1.5 Billion received from the China Development Bank 06/12/2015 Rio de Janeiro, June 12th 2015 - Petróleo Brasileiro S.A. - Petrobras informs that it has received today, through its fully owned subsidiary Petrobras Global Trading BV - PGT, the amount of US$ 1.5 Billion related to the loan signed on May 20th,... Continue Reading →
Petrobras Oil and Natural Gas Production on May 06/12/2015 Rio de Janeiro, June 12nd, 2015 – Petróleo Brasileiro S.A. – Petrobras announces that, on May 2015, its oil and natural gas production was 2 million 766 thousand barrels of oil equivalent per day (boed), in Brazil and abroad, 0.7% lower than the volume produced on... Continue Reading →
Eletrobras reports that it has hired US law firm Hogan Lovells to investigate possible violations of domestic and international graft laws in its contracts. The publicly listed Eletrobras warned the US Securities and Exchange Commission that it would have to delay its form 20-F, or annual report, for 2014 after allegations emerged that the chief executive of a... Continue Reading →
Petroleo Brasileiro SA faces a mounting number of U.S. investor lawsuits that seek compensation for market losses tied to a multibillion-dollar bribery scheme. Cases against the energy giant multiplied in recent weeks to more than a dozen, as investors from Ohio to Denmark seek damages for a kickback scandal that helped knock $60 billion off... Continue Reading →
Brazil Energy Insight 