Brazilian President Michel Temer was charged with obstruction of justice and racketeering on Thursday, according to a statement posted on the prosecutor general’s office website, threatening to delay the government’s economic reform agenda in Congress. It is the second set of criminal charges filed against the president based on the plea-bargain testimony of the owners... Continue Reading →

(Reuters) - The Brazilian unit of Royal Dutch Shell PLC will invest $2 billion per year in the country through 2020, Flávio Rodrigues, the unit’s director of government relations and regulatory affairs, said at an industry event on Thursday. The investment plan does not include potential bids for oil exploration areas, he said, which the... Continue Reading →

(Reuters) - Economic activity in Brazil expanded at a faster pace than expected in July, suggesting the economy got off to a solid start to the third quarter despite a string of mixed reports. Economic activity rose 0.41 percent in July after seasonal adjustments. The median forecast in a Reuters poll indicated a 0.10 percent... Continue Reading →

A total of 17 companies have registered to take part in two rounds of bidding for licenses to explore pre-salt oil areas in Brazil, Oil and Gas Secretary Marcio Felix said on Thursday. The auctions next month include some of the most promising oil blocks in the world. Pre-salt oil, referring to reserves found beneath... Continue Reading →

Indebted offshore driller Seadrill Limited has entered into a restructuring agreement with the majority of its lenders which will see over $1 billion of new capital injected into the company. The driller informed on Wednesday the agreement was backed by more than 97 percent of its secured bank lenders, approximately 40 percent of its bondholders and... Continue Reading →

Brazil’s government aims to release a privatization model for the country’s largest state-owned electric utility, Centrais Eletricas Brasileiras SA, this month, the mining and energy minister said on Tuesday. Read more

A merger between two UK oilfield services companies, Wood Group and Amec Foster Wheeler, is set to be complete next month as the UK’s competition watchdog, the Competition and Markets Authority (CMA), has accepted the duo’s proposals to resolve competition concerns regarding the merger.  The CMA began investigating the merger of the two companies in June 2017.... Continue Reading →

Rio de Janeiro, September 6, 2017 – Petróleo Brasileiro S.A. – Petrobras reports that it received on 9/4/2017, Official Letter No. 304/2017/CVM/SEP/GEA-1, which requests the following clarification: Official Letter No. 304/2017/CVM/SEP/GEA-1 “Dear Sir, We refer to Official Letter no. 290/2017/CVM/SEP/GEA-1 and the communication to the market, filed via Empresas.net System, on 8/21/2017, in response to... Continue Reading →