Rio de Janeiro, November 14, 2016 – Petróleo Brasileiro S.A. – Petrobras responds to Official Letter No. 525/2016/CVM/SEP/GEA-1 which requests clarifications, as follows: Official Letter Nº 525/2016/CVM/SEP/GEA-1 “Dear Executive Officer, We report to the news published today in the newspaper “O Estado de São Paulo”, section Economics & Business, under the title: “Petrobrás estima em... Continue Reading →
ANP approves Carcara sale to Statoil
Photo: Barra Energia ANP approves Carcara sale to Statoil Brazilian regulator signs off on Petrobras' sale of 66% stake in offshore Block BM-S-8 Fabio Palmigiani Rio de Janeiro 14 Nov 2016 18:07 The Brazilian National Petroleum Agency (ANP) has approved the sale by Petrobras of a 66% stake in Block BM-S-8 to Norwegian oil company... Continue Reading →
Oil Majors Seeking Norway Exit Warned Shutdown Costs May Remain
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 →
Industry criticizes incentive plan for oil sector manufacturers
The Minister of Mines and Energy, Fernando Coelho Filho, told the Folha newspaper that the government will "soften" the local content rules in the oil sector and should extend the tax exemption program for the purchase of petroleum equipment, called Repetro, for more 20 years. According to him, the measures, which are due to... Continue Reading →
Temer moves to restore confidence in Brazilian real
President lists economic achievements as currency plunges after Donald Trump victory by: Joe Leahy in São Paulo/FT Brazil’s president Michel Temer has moved to shore up confidence in his reform programme after the country’s currency was one of the worst hit in an emerging market sell-off sparked by Donald Trump’s US election victory. The Temer government on Saturday... Continue Reading →
Brazil real weakens for fourth day as Trump concern boosts U.S. yields
Nov 14 The Brazilian real slumped for a fourth straight day on Thursday, as concern over U.S. President-elect Donald Trump and higher U.S. yields drove the central bank to intervene. Rates paid on U.S. Treasury debt surged on fears that Trump's pledges of heavy infrastructure spending and tax cuts could boost inflation and force the... Continue Reading →
Brazil real extends slump despite increased intervention
Fri Nov 11, 2016 The Brazilian real weakened 3 percent in early trading on Friday even after the central bank stepped up currency interventions amid lingering concerns related to the election of Donald Trump as U.S. President this week. The real reached 3.47 reais, the weakest level since mid-June, extending losses to nearly 9 percent... Continue Reading →
Petrobras posts surprising loss amid massive asset impairments
Brazilian state-controlled oil company Petróleo Brasileiro SA posted an unexpected third-quarter loss on Thursday after drastically reducing the value of oil fields and other assets amid a severe downsizing and weak oil prices. Petrobras lost a net 16.458 billion reais ($4.9 billion) last quarter, five times more than a year earlier. Despite that, operational and... Continue Reading →
Brazil real drops by the most in 5 years on Trump concerns
Thu Nov 10, 2016 | Reuters The Brazilian real slumped over 5 percent on Thursday, its biggest daily loss since the 2011 Greek debt crisis, as concerns over a potential trade shock under U.S. President-elect Donald Trump prompted investors to shun risky assets. The sharp move pushed the real past 3.3 to the U.S. dollar... Continue Reading →
Brazil real slides as Trump win boosts uncertainty
Uncertainty is the key word in reaction to Trump win in Brazil. Frankly, we don't see any changes in the relationship between both countries. It was somewhat strained during the Dilma administration, but has been gradually improving these last few months with the new Temer administration. Historically Republican administrations have been a better ally to... Continue Reading →
