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 →
Brazil’s Braskem to pay 3.1 bln reais in leniency deal for corruption case
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 →
CNPE meeting to vote for unitizations and auctions of oil areas
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 →
Brazilian pension reform bill clears first hurdle in Congress
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 →
Big Oil Gets a Huge Role in Trump’s Administration
Ever since the U.S. Supreme Court broke up John D. Rockefeller’s Standard Oil in 1911, the energy industry has been at loggerheads with the federal government. Now it is the government -- or may be if Exxon Mobil Corp. Chief Executive Officer Rex Tillerson is confirmed as President Donald Trump’s secretary of state. Rex Tillerson... Continue Reading →
Odebrecht tells prosecutors Brazil’s Temer sought donation: report
Odebrecht SA's former chief executive Marcelo Bahia Odebrecht has told prosecutors that Brazilian President Michel Temer asked for a 10 million-real ($3 million) political contribution from the company, Folha de S. Paulo reported on Wednesday. The newspaper report did not say whether the alleged donation, which it said was requested by Temer and his Chief... Continue Reading →
Brazil’s Temer, Trump agree to form bilateral growth agenda
Brazil's President Michel Temer called U.S. President-elect Donald Trump on Tuesday, agreeing to work together to improve business relations between the two largest economies in the Americas, a statement from Temer's office said. Brazil is keen to explore business opportunities that could open up if Trump follows through on campaign promises to rewrite a trade... Continue Reading →
THE BRAZIL MERCHANT MARINE FUND AUTHORIZES CONSTRUCTION OF VESSELS WITH BRAM OFFSHORE IN THE VALUE OF R $ 1 BILLION
The end of the year was accompanied by good news for the naval sector. The Merchant Marine Fund approved the priority order of R $ 1 billion for the construction of six PSV’s (Platform Support Vessels) with Bram Offshore. The MMF board also approved R $ 27.17 million for Navigation Alliance, which will build... Continue Reading →
Brazil Energy Insight 