The Brazilian central bank will add excess reserves to its toolkit to control liquidity and increase the efficiency of monetary policy, central bank chief Ilan Goldfajn said on Tuesday. In a briefing, Goldfajn announced measures to reduce credit costs for companies and consumers in the medium- to long-term as part of the government's push to... Continue Reading →
Government will auction adjacent areas to the pre-salt in the 14th Round
12/20/2016 The federal government will include in the next auction, ten exploratory areas with potential for pre-salt, six in Rio de Janeiro and four in Espírito Santo. If successful, they will be under the concession regime. "They are not in the pre-salt polygon, but they are adjacent areas, but who guarantees that the pre-salt... Continue Reading →
Former Brazilian leader Lula to face fifth corruption trial
Former Brazilian leader Luiz Inacio Lula da Silva will face a fifth corruption trial, a judge ruled on Monday, as charges pile up against the man seen as a front-runner to win the 2018 presidential election. Judge Sergio Moro, who has overseen the bulk of Brazil's biggest graft probe into a long-standing kickback scheme at... Continue Reading →
BP Piles Up Oil Assets as CEO Dudley Says Worst Over for Company
BP Plc is piling up assets with more than $3 billion of deals in three days as Chief Executive Officer Bob Dudley sees the company emerging from the doldrums after a two-year price slump. Since Saturday, BP has announced a $2.2 billion expansion of output in Abu Dhabi and a $916 million investment in fields in Mauritania... Continue Reading →
What Global Oil Flows Might Look Like After OPEC’s Supply Shock
OPEC’s quest to end a global crude glut already snapped a two-year slump in oil prices. Now attention is turning to how the group’s surprise decision to cut output will transform international trade flows of the world’s most important commodity. The early signs are that Middle East suppliers will prioritize Asia, pushing competitors in Africa and... Continue Reading →
State of Rio extinguishes fiscal benefit of oil sector
The Rio de Janeiro Legislative Assembly (Alerj) extinguished a special tax regime for the oil sector, in the midst of a strong financial crisis, on the grounds that the exemptions prevented the state collection of about 3.5 billion reais only in 2015. The Legislative Decree, which extinguished the differentiated regime that reduced the collection... Continue Reading →
OPEC Deal Tests Oil Majors’ Appetite for Risk and Reward: TOTAL
OPEC’s deal to cut production and boost prices gives oil companies the opportunity to shake off two years of layoffs and slumping profits to start investing again -- if they still have the risk appetite. Just ask Patrick Pouyanne, chief executive officer of Total SA. Throughout the downturn he’s consistently warned that tens of billions of... Continue Reading →
Brazil’s Temer launches stimulus plan to counter discontent
Brazilian President Michel Temer on Thursday unveiled a slew of stimulus measures to reduce the debt burden of businesses and consumers struggling with the country's worst recession on record amid growing popular discontent. Although limited in scope, the measures aim to appease Brazilians angry at the deepening recession in Latin America's biggest economy and allegations... Continue Reading →
Brazil prosecutors hit ex-president Lula with more corruption charges
Prosecutors on Thursday charged former Brazilian President Luiz Inacio Lula da Silva, his wife and a former finance minister with more corruption charges in the investigation of graft at state-run oil company Petrobras. It is now up to federal judge Sergio Moro to decide if the new charges will result in another trial for Lula,... Continue Reading →
Petrobras -Oil and natural gas production in November
Rio de Janeiro, December 15, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that its total oil and natural gas production in November was 2.86 million barrels of oil equivalent per day (boed), of which 2.74 million were produced in Brazil and 0.12 million boed abroad. Average oil production in the country was 2.23... Continue Reading →
