NEW YORK (Thomson Reuters Regulatory Intelligence) - Brazilian state-run oil company Petróleo Brasileiro SA, or Petrobras, said this week that it had agreed to settle a shareholder lawsuit by The Vanguard Group, an investment management company, to recover corruption-related losses. The case offers notable lessons in anti-bribery governance and oversight. Petrobras did not disclose the... Continue Reading →
Brazil unions protest Temer’s reforms; turnout drops
Brazilian labor unions staged peaceful nationwide demonstrations against scandal-hit President Michel Temer on Friday, seeking to stop his unpopular administration from pushing through Congress changes to labor and pension laws. Protests were smaller than in a nationwide strike two months ago. Subway and bus services shut down in Brasilia, and small street demonstrations blocking roads... Continue Reading →
Petrobras launches Annual Letter of Public Policies and Corporate Governance
Rio de Janeiro, June 29, 2017 - Petróleo Brasileiro S.A. – Petrobras reports that its Board of Directors approved the 2016 Annual Letter of Public Policies and Corporate Governance. The letter is a requirement of Law 13.303/2016, Decree 8.945/2016 and the B3’s Corporate Governance Program for State-Owned Companies plus transparency requirements pursuant to current legislation.... Continue Reading →
Petrobras Sale of Juruá Field in Solimões Basin: Start of the binding phase
Rio de Janeiro, June 29, 2017 - Petróleo Brasileiro S.A. – Petrobras, further to the Material Fact disclosed on 5/22/2017, informs the start of the binding phase regarding the transfer of Petrobras’ stake in the Juruá Field, in the Solimões Basin. At this stage of the project, the invitation letters are issued to interested parties... Continue Reading →
Dresser-Rand eyes new oil and gas contracts for its factory in Brazil
Dresser-Rand, a Siemens Group equipment manufacturer, is betting on the resumption of the Brazilian oil and gas sector and is seeking new contracts for its Brazilian plant, after completing the delivery of one of its largest projects to Petrobras at the beginning of this year. Despite the recent easing of local content rules, which has... Continue Reading →
BP to take $750 million hit over Angola exploration charge
zoom UK oil major BP will take a $750 million hit in its second quarter 2017 results over unsuccessful exploration efforts offshore Angola. The oil company informed in an update on Thursday that, as part of the ongoing portfolio evaluation, it had decided to relinquish its 50% interest in Block 24/11 offshore southern Angola. Katambi, a gas discovery... Continue Reading →
Brazil Continues to Dominate the FPSO Market with Most Planned Project Starts
A total of 54 FPSOs are expected to start operations globally by 2021. South America will continue to lead globally with planned deployment of more than 20 FPSOs, followed by Africa and Asia by 2021. Among countries Brazil continues to dominate in terms of deployment of planned FPSOs, followed by the UK and Angola. Petróleo... Continue Reading →
Exxon, Hess, Statoil take Suriname offshore blocks
ExxonMobil, Hess and Statoil consortium has been awarded a production sharing contract for Block 59 offshore Suriname, by the country’s energy agency Staatsolie. At the same time, Staatsolie said, an agreement was reached with Statoil for Block 60. The blocks were awarded to the consortium and Statoil as a result of Staatsolie’s ‘Open Door Policy Offshore... Continue Reading →
Brazil Needs to Look Beyond Scandal
It's hard to catch a breath in Brazil. Just the other day President Michel Temer dodged a brick, surviving potentially job-ending charges in electoral court that he'd won his mandate with dirty campaign money. Political bulls promptly declared Temer a survivor who would not only salvage vital political and economic reforms but also tough out his beleaguered... Continue Reading →
Brazil Senate Committee Approves Labor Bill in Boost for Temer
A Brazilian Senate committee has backed a bill to overhaul the country’s decades-old labor laws in a minor boost for the government of embattled President Michel Temer. The Constitution and Justice Committee voted 16 to 9 in favor of the proposal, which prioritizes direct negotiations between workers and employers. There was one abstention. The bill... Continue Reading →
Brazil Energy Insight 