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 police raid pulpmaker controlled by billionaire Batista family
This probe gets very close to Finance Minister Meirelles... Brazilian police on Friday raided offices of pulpmaker Eldorado Celulose controlled by the billionaire Batista family, a company spokesman said, in the latest stage of the country's biggest-ever corruption investigation. Brazilian media had reported that police targeted JBS SA, the world's largest meatpacker which is also... Continue Reading →
Can you imagine if SHE comes back? Most Brazilians unhappy with interim president: poll
Brazil's interim President Michel Temer attends a ceremony of the social welfare program Bolsa Familia (Family Allowance) at the Planalto Palace in Brasilia, Brazil, June 29, 2016. REUTERS/ADRIANO MACHADO TPX IMAGES OF THE DAY An overwhelming majority of Brazilians do not approve of interim President Michel Temer's style of government or trust him after six... Continue Reading →
Last episode??? Brazil could dismiss Rousseff the day before Olympics ends
Brazil's Senate President Renan Calheiros, attends a news conference at the National congress in Brasilia, Brazil, June 30, 2016. REUTERS/ADRIANO MACHADO Brazil's Senate could take its final vote on the impeachment of suspended President Dilma Rousseff the day before the closing ceremony of the Olympic Games in Rio de Janeiro, a senior lawmaker said on... Continue Reading →
