Brazilian police seized documents and questioned suspects on Thursday to investigate Panama's FPB Bank in connection to a sweeping graft probe of political corruption at state-run companies. Police said FPB Bank was under investigation for "financial crimes, laundering of assets and transnational criminal organization" for offering private banking services without the authorization of Brazil's central... Continue Reading →
Lost Generation of Oil Workers Leaves Few Options for Next Boom
The oil industry is fighting a generation gap. Already contending with a global price slump, U.S. explorers are also grappling with the demographic hangover of the last great industry downturn in the 1980s, when scores of drillers went out of business. That rout drove a generation away from the business, leaving a shortage of workers... Continue Reading →
Brazil’s Rousseff gives impassioned defense against impeachment
Suspended Brazilian President Dilma Rousseff attends a news conference with foreign media in Brasilia, Brazil, June 14, 2016. REUTERS/UESLEI MARCELINO Brazil's President Dilma Rousseff presented her written defense to a Senate impeachment trial on Wednesday, denouncing the proceedings as a farce and saying her alleged crimes were no more than "routine acts of budgetary management."... Continue Reading →
Petrobras oil output in the pre-salt cluster surpasses 1 million barrels per day
This result was reached less than ten years after these deposits were discovered, in 2006. And in fewer than two years after reaching the 500,000-barrel-per-day mark, in July 2014. This proves not only the technical and economic feasibility of the pre-salt, but also its high level of productivity. In comparative terms, we reached the... Continue Reading →
Brazilian Currency Drops as Central Bank Extends Intervention
Brazil’s real dropped for a fourth straight session as the central bank once again intervened to weaken the currency. The real fell 0.9 percent to 3.3325 per dollar at 9:50 a.m. in Sao Paulo after the monetary authority announced it would offer 10,000 reverse swaps contracts, a move equivalent to buying $500 million in the... Continue Reading →
Meanwhile back at the farm…Lula presses to remove crusading Brazil judge from his case
Brazil's former president Luiz Inacio Lula da Silva attends a protest against Brazil's interim President Michel Temer and in support of suspended President Dilma Rousseff at Paulista Avenue in Sao Paulo, Brazil, June 10, 2016. REUTERS/PAULO WHITAKER Luiz Inacio Lula da Silva's lawyers asked on Tuesday that crusading federal judge Sergio Moro be removed from... Continue Reading →
Chevron Bets $37 Billion on Expansion as Oil Rises, Costs Fall
Chevron Corp. will go ahead with a $36.8 billion expansion of the Tengiz oil project in Kazakhstan as crude’s recovery to near $50 a barrel and a steep drop in costs allows explorers to ramp up. The company and its partners including Exxon Mobil Corp. will spend $27.1 billion on facilities, $3.5 billion on wells... Continue Reading →
Exclusive: Brazil’s Cemig hires banks to sell gas business, hydroelectric plants
Cia Energética de Minas Gerais SA has hired at least three investment banks to prepare the sale of small hydropower plants and a gas distribution unit, according to three sources with direct knowledge of the plans, part of efforts by Brazil's second largest power distribution firm to cut its debt. Cemig (CMIG4.SA), which is controlled... Continue Reading →
Venezuela Refuses to Default. Few People Seem to Understand Why.
It’s been almost two years now since the renowned Harvard economist Ricardo Hausmann caused a stir in his native Venezuela by posing an uncomfortable question. Why does a country that’s so starved for cash keep honoring its foreign debts? In other words, how does it justify shelling out precious hard currency to wealthy bondholders in... Continue Reading →
What else is new? -Brazilian police target former Workers Party treasurer in Petrobras probe
Brazil's federal police served five arrest warrants and conducted search and seizure operations in three states on Monday, in the latest round of a sweeping corruption probe around state-run oil firm Petroleo Brasileiro SA. Police said contractors paid at least 39 million reais ($11.99 million) in bribes to executives of Petrobras, as the oil company... Continue Reading →
Brazil Energy Insight 