April 03, 2017 February 2017 oil production in Brazil totaled 2.666 billion barrels per day (bbl / d). The volume represents an increase of 14.6% in relation to the same month in 2016 and a decrease of 0.4% in comparison with the previous month. The natural gas production was 106.6 million cubic meters per... Continue Reading →
Brazil’s black market pipeline: Gangs hijack Petrobras’ oil, fuel
In September, police investigating a wave of killings in the northern Rio de Janeiro suburbs followed a tip to the isolated scrubland near the massive Duque de Caxias oil refinery. Police presumed the killings were linked to turf battles between criminal gangs in the run-up to municipal elections the following month. They found a different... Continue Reading →
Court Rules in Favor of EIG in “Lava Jato” Corruption Scheme
Claims Against Petrobras to Proceed in D.C. Federal Court April 03, 2017 12:36 PM Eastern Daylight Time WASHINGTON--(BUSINESS WIRE)--EIG Global Energy Partners (“EIG”) today announced that the United States District Court for the District of Columbia (the “Court”) ruled in its favor in an action brought by its EIG Energy Funds XIV and XV... Continue Reading →
Brazil’s Temer faces a perfect storm in April
Two landmark corruption trials and the first hurdle for a crucial pension reform mean that April could make or break Brazilian President Michel Temer's presidency, or bring it to an abrupt end. A Supreme Court judge is due to lift the seal on plea bargain testimony that could lead to the dismissal of five ministers.... Continue Reading →
Odebrecht bonds slump as scandal spillover fans investor skepticism
Bonds of Odebrecht SA on Friday hit their lowest level in more than six months as investors feared the spillover of the Brazilian engineering conglomerate's involvement in a bribery scandal could hamper planned asset sales and the procurement of new contracts across Latin America. Investors have grown concerned about Odebrecht since Feb. 22, when Reuters... Continue Reading →
Court decision regarding EIG Group lawsuit
Rio de Janeiro, March 31, 2017 – Petróleo Brasileiro S.A. – Petrobras announces that, on March 30, 2017, the United States District Court for the District of Columbia granted in part Petrobras’s preliminary defense (motion to dismiss) in the lawsuit filed by funds of the EIG Group, related to its investment in Sete Brasil Participações... Continue Reading →
Petrobras – ANP’s notice on government participation in Lula Field
Rio de Janeiro, March 31st, 2017 – Petróleo Brasileiro S.A. – Petrobras informs that Consortium BM-S-11 received, on March 30th, 2017, a notice issued by the National Petroleum, Natural Gas and Biofuels Agency - ANP, regarding Lula Field, Santos Basin pre-salt, in the amount of R$ 2.6 billion. This assessment is due to divergence in... Continue Reading →
Brazil’s oil exports set to jump this year, weakening OPEC curbs
Brazil is poised to sharply increase oil exports this year as heavy investments spur new output and demand for its lighter crudes win more buyers, especially in China and India. Production is projected to rise 210,000 barrels per day (bpd) in 2017, second only in the size of additional supply to the United States among... Continue Reading →
Petrobras – Adjustment of the Divestment Program to the Methodology approved by the Federal Accounting Court
Rio de Janeiro, March 31st, 2017 – Petróleo Brasileiro S.A. – Petrobras, in continuation to the material fact disclosed on March 15, 2017, informs that its Executive Board approved yesterday the composition of its new divestment portfolio, consisting of projects that will follow the revised divestment methodology proceedings since the beginning, in compliance with the... Continue Reading →
ANP announces new areas for the 3rd sharing pre-salt auction round
The National Energy Policy Council (CNPE) has four pre-bidding areas in the 3rd round of sharing in November. The director of the National Petroleum Agency (ANP), Felipe Kury, confirmed that the areas of the auction include Pau Brazil, Peroba, Saturn and Alto de Cabo Frio the last two adjacent areas and will be auctioned... Continue Reading →
