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Rio de Janeiro, May 21, 2019 - Petróleo Brasileiro SA - Petrobras informs that its Board of Directors approved the execution of the Amendment to the Transfer of Rights Agreement pursuant to the National Council of Energy Policy, Resolution No. 5, of April 9, 2019. The amendment provides for the reimbursement of US$ 9.058 billion... Continue Reading →
Brazil’s President Jair Bolsonaro on Monday emphasized the importance of pension reform to Brazil’s economic progress, but a powerful lawmaker said the president’s failure to engage with Congress means the bill is still well short of the votes needed for it to pass. The comments to Reuters from Marcelo Ramos, chairman of the congressional committee... Continue Reading →
May 19, 2019 Locar V, owned by Locar, was partially shipwrecked on Saturday night, 18, while being towed from Itajaí (SC), bound for Espírito Santo, carrying two power generation modules from Petrobras' P-71 platform. The incident did not cause any casualties – the barge was being towed by TS Favorito, Tranship's tugboat. Petrobras confirms the... Continue Reading →
Restructuring debt, especially with local creditors, is focus after four years of Lava-Jato; much of the risk lies with local banks. 20/05/2019 The Odebrecht group faces the most difficult liquidity crisis since Operation Lava-Jato put it under the spotlight of anti-corruption actions in Brazil four years ago. The company needs a R$ 1 billion to... Continue Reading →
May 20, 2019 SBM Offshore reports that it has completed its EUR175 million share repurchase program. Between February 14, 2019 and May 20, 2019 a total of 10,422,259 common shares were repurchased, at an average price of EUR16.79 per share. Further detailed information regarding all individual transactions can be accessed via the Investor Relations Center... Continue Reading →
Offshore drilling company Vantage Drilling has said that a U.S. district court has affirmed a previously awarded international arbitration ruling in a drillship contract termination case between Vantage and Brazilian oil company Petrobras. As previously reported, an international arbitration tribunal in July 2018 ruled that Petrobras must pay $622.02 million plus interest to Vantage for... Continue Reading →
The Brazilian Energy Policy Council (CNPE) published on May 14, 2019 Resolution No. 9/2019 setting guidelines to boost free competition in Brazil’s refining activities. Such guidelines are the result of joint efforts from the Brazilian Petroleum, Natural Gas and Biofuels Agency (ANP) and the Administrative Economic Defense Council (CADE), whose main recommendation was the total sale... Continue Reading →
Rio de Janeiro, May 17, 2019 - Petróleo Brasileiro S.A. - Petrobras, following up on the Press Release of March 8, 2019, hereby informs that today the United States District Court for the Southern District of Texas denied Petrobras’s motion to vacate and recognized the arbitral award rendered in the arbitration filed by Vantage Deepwater... Continue Reading →
5/17/2019 The ANP approved, on Thursday (16/5), a change in the announcement of the permanent offer regime excluding 16 blocks in the Amazon Basin. The agency is awaiting FUNAI's opinion on the areas, due to its proximity to indigenous lands. With the change, the tender offer now has 600 blocks and 14 areas with marginal... Continue Reading →
The rapid acceleration of the Brazilian real’s slide against the dollar this week has put traders on high alert for intervention from the central bank to stop the rot, although so far there is no sign the central bank has shown its hand. With messy politics slowing the government’s fiscal reform agenda in Congress, the... Continue Reading →
Brazil Energy Insight 