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
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 →
Pre Salt Bill Has Support in the Lower House
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
The New Hero at Petrobras – Mr. Fix-It Bendine
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
CEO’s of Odebrecht and Andrade Guitierrez are detained by Federal Police
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 →
Petrobras Divestment Rumors – Pre Salt Blocks
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
Petrobras- Clarification on News about Gaspetro Divestment
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 →
Petrobras Management Backs Pre Salt Deregulation Plan
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 →
Petrobras to Delay New Investment Plan Cuts Until July
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 →
JP Morgan Bullish on Petrobras
"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 →
