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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 →
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 →
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’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 →
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 →
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 →
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 →
Dec 14 Brazil's Braskem SA , the largest petrochemical producer in Latin America, signed a leniency deal on Wednesday with Brazilian prosecutors leading a sweeping corruption probe into political kickbacks at state-run oil company Petrobras, the company said in a securities filing. The company agreed to pay 3.1 billion reais ($920 million) in fines... Continue Reading →
The meeting of the National Council for Energy Policy (CNPE), the federal government's policy and energy guidelines body, will have in its agenda the unitization rules for oil fields and the three auctions of oil and gas areas planned for 2017, said the Minister of Mines and Energy, Fernando Coelho Filho. The CNPE will discuss... Continue Reading →
A pension reform proposed by President Michel Temer that would add more than a decade to Brazilians' working lives will be debated in Congress after an overnight vote that laid bare divisions among lawmakers over the plan. Pension reform is the next move by Temer to bring a widening budget deficit under control after he... Continue Reading →
Brazil Energy Insight 