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Brazil's president of the lower house, Eduardo Cunha, said on Friday that a requirement in the national oil law that state-run oil producer Petroleo Brasileiro SA, known as Petrobras, participate in all subsalt exploration and production blocks will be "corrected." Under the current legislation in Brazil, Petrobras must hold at least a 30 percent stake... Continue Reading →
Clarification on News: Taxation of Petrobras 06/24/2015 Rio de Janeiro, June 24th, 2015 - Petróleo Brasileiro S.A. – Petrobras complies with Official Letter n.º 197/2015/CVM/SEP/GEA-1, which requests clarifications as follows: OFFICIAL LETTER n.º 197/2015/CVM/SEP/GEA-1 “We referred to the News released on this date in the newspaper “O Globo”, entitled “More taxes in Petrobras”, in which... Continue Reading →
The cut in Petrobras's investment plan for the period 2015 to 2019 will be close to 40%, with the new budget around $ 130 billion, says real time service agency Broadcast. Last year, when the company was still chaired by Graça Foster, the investment goal was $ 220.4 billion in five years. But, given the... Continue Reading →
Petrobras - Clarification on News: Cuts in Budget 06/24/2015 Rio de Janeiro, June 24th, 2015 – Petróleo Brasileiro S.A. – Petrobras´ response to Official Letter BM&FBovespa 2.206/2015-SAE that requests clarification as follows: OFFICIAL LETTER 2.206/2015-SAE We request clarification by June 24th, 9:00 AM, regarding the news’ content broadcasted by Agência Estado – Broadcast, on June... Continue Reading →
The Brazilian Congress’s lower house will “easily approve” a bill to relieve Petrobras of its obligation to operate new oilfields in the so-called pre-salt offshore area, according to the chamber’s president. Read More
For Petrobras investors battered by years of mismanagement, a new chief executive officer went from villain to hero in a matter of weeks. The critical question now: Can he keep his reformist streak going -- and with it a strong rally in Petrobras shares? Read More
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 →
