Spanish police have arrested a man suspected of being a "financial mastermind" in a corruption network at Brazil's semi-public oil company Petrobras, the Interior Ministry said on Tuesday. The man, 43, is of dual Brazilian and Spanish nationality and had been on the run from Brazil since April, the ministry said, traveling first to the... Continue Reading →

Antitrust body said ‘leniency agreement’ signed in September By ROGERIO JELMAYER and LUCIANA MAGALHAES Nov. 17, 2016 3:02 p.m. ET SÃO PAULO—Brazil’s antitrust body said it signed a ‘leniency agreement’ in September with construction company Andrade Gutierrez SA and kept it confidential during the agency’s preliminary investigations into the company’s activities. The agreement was signed... Continue Reading →

  Brazilian federal police arrested the former governor of Rio de Janeiro state on Thursday as part of an investigation into the embezzlement of 220 million reais ($64 million) in public work projects, a police spokesman said. Sergio Cabral is the highest-profile politician to be arrested in recent months amid a massive anti-corruption investigation that... Continue Reading →

The Brazilian real firmed on Wednesday as government intervention helped the currency snap a four-day losing streak triggered by U.S. President-elect Donald Trump's surprise victory. The real rallied as much as 1.1 percent before trimming gains to trade 0.5 percent higher at 3.42 reais, buoyed by steps taken by the central bank and the National... Continue Reading →

Highlights: Best Latin American E & P company award in 2016 by World Finance magazine; Campo do Polvo production of 771,563 barrels in the quarter, 13% higher than in 3Q15 and in line with 2Q16; Lifting cost (US $ 28.37 / bbl) in line with 2Q16 (historical low) and 26% lower than 3Q15; Adjusted EBITDA... Continue Reading →

Prosecutor Frederico Paiva recalled how badly he was sweating, his shirt soaked even though the air conditioner in the chambers was going full bore. He and his partner, Marlon Cajado, were pleading with a judge to extend wiretaps that had helped the duo uncover a scheme they determined had robbed Brazil of as much as... Continue Reading →

As oil majors are considering exiting Norway, the government is warning them that they could still be on the hook for billion of dollars in costs to close down dried up oilfields if they aren’t careful to whom they sell. For each future transaction, Norway’s Petroleum and Energy Ministry will assess whether to make companies... Continue Reading →