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Brazilian ruling party Senator Delcido do Amaral, arrested in November on obstruction of justice charges, has agreed to a plea bargain implicating President Dilma Rousseff and ex-President Luiz Inacio Lula da Silva in the Petrobras graft scandal, local media reported on Thursday. The online version of Brazilian paper O Estado de S.Paulo said Amaral,... Continue Reading →
Latin America’s largest economy shrank the most in a quarter century last year and no recovery is in sight as shriveling demand and political crisis pummel activity. Brazil’s gross domestic product contracted 1.4 percent in the three months ended in December, after a 1.7 percent drop the previous quarter, the national statistics institute said Thursday... Continue Reading →
Brazil’s real gained amid speculation that support for a change in government is growing amid the deepest recession in a century for Latin America’s largest economy. The real rose 1.3 percent to 3.8439 per dollar at 10 a.m. in Sao Paulo after a news report that testimony by Senator Delcidio Amaral, who was the government’s... Continue Reading →
Royal Dutch Shell Plc is lining up assets for a $30 billion divestment program that may extend from the U.S. and Trinidad to India following its record takeover of BG Group Plc, according to people with knowledge of the matter. Assets linked to Shell’s interests in Trinidad & Tobago and stakes in oil and gas fields in... Continue Reading →
Exxon Mobil Corp. scaled back its production target and said spending on capital projects will continue to drop through the end of next year as the rout in oil and natural gas markets curbs cash flow. Exxon expects output from its 45,000 oil and gas wells to average the equivalent of 4 million to 4.2... Continue Reading →
We're gonna need a bigger wrench. Closing off the spigot of capital to the oil industry is proving tougher than expected. QEP Resources on Monday became the latest U.S. exploration and production company to issue a sack of new shares to shore up its finances. Despite the miserable oil price and worries about looming... Continue Reading →
A group of executives at Andrade Gutierrez said in a plea bargain deal that the country’s No. 2 construction firm gave illegal contributions to President Dilma Rousseff’s election campaign in 2010, Folha de Sao Paulo newspaper reported. Andrade Gutierrez allegedly paid more than 5 million reais in expenses of her 2010 campaign through a fictitious... Continue Reading →
Anadarko Petroleum Corp. rose after announcing plans to sell $3 billion in assets this year while cutting spending on new wells and other projects by almost 50 percent as the oil and natural gas producer weathers the crude market collapse. Anadarko’s U.S. onshore activities will be reduced the most, by almost $2.5 billion, The Woodlands, Texas-based Anadarko... Continue Reading →
Federal prosecutors who uncovered a huge corruption scheme at oil company Petrobras are looking into whether Brazil's former president Luiz Inacio Lula da Silva received undue favors from engineering firms they are investigating. In a letter to the Supreme Court made public on Monday, the head of the investigation, Deltan Dallagnol, argued for a... Continue Reading →
Mexico’s state-owned oil company is taking deepwater development off its plate for now. Driven to rip $5.5 billion out of its budget this year to cope with a lengthening market downturn, it makes sense that Petroleos Mexicanos would look first to its riskiest and most expensive operations. The company reported its 13th quarterly loss on... Continue Reading →
Brazil Energy Insight 