Most of the oil riches in Brazil have come to production via the FPSO.  For the first time in many years there will be ZERO FPSO's ordered for use in Brazil.  As seen in the attached chart, it will take several years for activity to increase.  This will have a great affect on the future... Continue Reading →

The 15 percent jump in the price of crude this quarter represents a $2.8 billion windfall. That’s because every time the average quarterly price of Brent -- the benchmark for most international oil sales -- increases by a dollar, Chevron scoops up an extra $325 million to $350 million in cash beyond certain expenses. Read... Continue Reading →

The political scene in Brazil is getting worse by the minute. First are Lula's public complaints about Dilma, the Workers Party and the present administration. Secondly, the rebellion of party and coalition members, the open war with the president of the house and the various defeats of the administration is passing crucial but unpopular bills... Continue Reading →

Brazil's lower house of Congress on Wednesday approved a measure that would raise pension expenditures in coming years, in another surprise defeat for President Dilma Rousseff who is struggling to shore up the government's finances. Read More

Petroleo Brasileiro SA is heading into a Manhattan courtroom Thursday to ask a judge to throw out investor lawsuits triggered by the multibillion-dollar bribery scandal that’s rocking Brazil’s economy and its political elite. Less than a week after police detained the chief executives of Brazil’s two biggest builders in connection with the kickback probe, the... Continue Reading →

The head of Brazilian conglomerate Odebrecht SA wrote a note to lawyers saying “destroy rigs e-mail” while he was in jail, police said in a statement Wednesday. Read More

Standard & Poor's on Tuesday cut the rating of Odebrecht Engenharia e Construcao, Brazil's largest engineering and construction company, after the arrest of its chief executive and four other directors last week. S&P cited "reputational risks" to cut Odebrecht's rating by one notch to BBB-minus, its lowest investment grade and in line with Brazil's sovereign... Continue Reading →

Brazil's biggest corruption investigation could spread to its largest electric utility, Eletrobras, and more than a dozen foreign companies, a lead prosecutor said on Tuesday, in a sign of further turbulence for the country's business and political establishment. Read More