Expectations are that investments in the fields will be around R $ 250 billion BY BRUNO ROSA/Globo 03/04/2017 4:30 / UPDATED 03/03/2017 8:10 RIO - The world's leading oil companies have started a marathon of meetings at Petrobras with an eye on the next four pre-salt auctions that the Brazilian government intends to do... Continue Reading →
Singapore rig builders let off hook in Sete Brazil case
A U.S. judge has let Singapore’s offshore rig builders Keppel and Sembcorp Marine off the hook in a case involving an investment fund, Brazil’s driller Sete and the oil company Petrobras. To remind, in mid-2016 Keppel and Sembcorp Marine were named defendants in an action initiated by EIG Management Co and eight of its managed... Continue Reading →
Brazil’s Temer faces a perfect storm in April
Two landmark corruption trials and the first hurdle for a crucial pension reform mean that April could make or break Brazilian President Michel Temer's presidency, or bring it to an abrupt end. A Supreme Court judge is due to lift the seal on plea bargain testimony that could lead to the dismissal of five ministers.... Continue Reading →
Odebrecht bonds slump as scandal spillover fans investor skepticism
Bonds of Odebrecht SA on Friday hit their lowest level in more than six months as investors feared the spillover of the Brazilian engineering conglomerate's involvement in a bribery scandal could hamper planned asset sales and the procurement of new contracts across Latin America. Investors have grown concerned about Odebrecht since Feb. 22, when Reuters... Continue Reading →
Brazil’s oil exports set to jump this year, weakening OPEC curbs
Brazil is poised to sharply increase oil exports this year as heavy investments spur new output and demand for its lighter crudes win more buyers, especially in China and India. Production is projected to rise 210,000 barrels per day (bpd) in 2017, second only in the size of additional supply to the United States among... Continue Reading →
Exclusive: Brazil conglomerate Odebrecht mulls IPO after overhaul
Odebrecht SA, the family-controlled engineering conglomerate ensnared in Brazil's worst corruption scandal ever, is considering going public once it finalizes a thorough overhaul of corporate governance practices, a senior executive told Reuters on Thursday. An initial public offering remains one of several options the group and the namesake family that controls it are analyzing as... Continue Reading →
Odebrecht scandal could threaten public-private partnerships, IADB says
The Odebrecht corruption scandal could threaten public-private partnerships that are needed to build infrastructure throughout Latin America, the president of the Inter-American Development Bank (IADB) said on Thursday. The Brazilian builder admitted to paying hundreds of millions of dollars of bribes in 12 countries, mostly in Latin America, as part of a settlement with U.S.... Continue Reading →
Woodmac sees signs of improvement in deepwater sector
Deepwater oil and gas industry, generally considered an expensive investment, has managed to cut its costs to a certain level, allowing its most attractive deepwater projects to now compete with US tight oil plays, Wood Mackenzie said. However, more cuts are needed to drive the deepwater breakevens further down. Read more
Former Brazil house speaker Cunha sentenced to 15 years for graft
Brazil's former speaker of the lower house, Eduardo Cunha, was found guilty and sentenced to more than 15 years in prison on corruption charges on Thursday, according to the ruling from a federal court. The former politician's defense team said they would appeal the decision but Cunha will remain imprisoned pending appeal. Cunha, who drove... Continue Reading →
Brazil enacts bigger-than-expected spending freeze to meet fiscal goal
The Brazilian government on Wednesday enacted a bigger spending freeze than anticipated while keeping tax hikes to a minimum as it seeks to reach a fiscal deficit target key to regaining the country's investment-grade rating. Finance Minister Henrique Meirelles told a news briefing the government would freeze 42.1 billion reais ($13.48 billion) in spending to... Continue Reading →
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