Brazil's state-controlled oil company Petroleo Brasileiro SA does not expect political turmoil caused by a massive corruption investigation to affect its asset sales and debt reduction program, Chief Executive Officer Pedro Parente said Thursday. The Petrobras CEO also said the company will not stop deleveraging once the target of 2.5 times EBITDA is reached. He... Continue Reading →
Brazil Plots Steady Clean-Energy Course Amid Political Turmoil
Brazil is taking steps to promote new renewable-energy projects as the government seeks to reassure the industry that political turmoil won’t threaten current power policies. The country will organize at least one power auction for clean-energy projects this year, according to Eduardo Azevedo, secretary of energy planning and development at the Ministry of Mines and... Continue Reading →
Petrobras – R$ 7 billion financing transaction with Banco do Brasil
Rio de Janeiro, June 1st, 2017 - Petróleo Brasileiro S.A. – Petrobras reports that it has executed today a financing transaction with Banco do Brasil, as an Export Credit Note (ECN) modality, in the amount of R$ 7 billion, with maturity in 2022. Simultaneously, the company prepaid ECNs in the amount of R$ 6 billion,... Continue Reading →
Trump’s Paris Adieu Is a Win for Coal and Oil But Not a Big One
The biggest winners in President Donald Trump’s decision to walk away from the Paris climate accord are oil, coal and natural gas producers. And even they aren’t popping Champagne corks. The president, who has called climate change a hoax, cast aside any lingering doubts about his commitment to fossil fuels Thursday when he announced the... Continue Reading →
Petrobras – Legal proceedings related to Petros Plan
Rio de Janeiro, June 01, 2017 – Petrobras informs that the Federal Court recognized, in a first instance decision, the deductibility in the tax basis of the Corporate Income Tax and the Social Contribution on Net Profits of expenses related to the renegotiation of Petros Plan. However, such deduction would be limited to 20% of... Continue Reading →
Petrobras – Inclusion of Debts in the Tax Regularization Program
Rio de Janeiro, June 1, 2017 – Petrobras informs that it requested the inclusion of tax debts in the Tax Regularization Program (Programa de Regurarização Tributária) created by Provisional Measure 766/2017 and governed by Normative Instruction of the Brazilian Federal Revenue Service No. 1.687/2017 and National Treasury Attorney's Office Ordinance No. 152/2017. Enrollment in this... Continue Reading →
Brazil exits recession with fastest growth rate since 2013
Brazil's economy emerged from its worst recession on record with its fastest growth rate in nearly four years, data showed on Thursday, boosting President Michel Temer's case for staying in office as he battles a corruption scandal. Brazil's gross domestic product (GDP) grew 1.0 percent in the first quarter from the preceding one, matching economists'... Continue Reading →
Exxon shareholders approve climate impact report in win for activists
Exxon Mobil Corp's (XOM.N) chief executive said on Wednesday the company would reconsider how it communicates the risks its faces from climate change after shareholders approved a measure calling for increased transparency. The non-binding proposal passed with 62 percent of ballots cast in a rare defeat for Exxon's management, which had recommended a vote against... Continue Reading →
PPSA expects production to accumulate 700 thousand barrels between July and October in test of Libra
Production of the Libra field in the Santos Basin pre-salt is expected to accumulate a total of 700,000 barrels between July and October this year, state-owned oil company Pre-Sal Petróleo SA (PPSA) president told Reuters. Represent the interests of the federal government in the contracts of Production Sharing, Ibsen Flores. The volume will be important... Continue Reading →
PPSA launches in the 2nd semester tender to hire pre-salt oil trading agent
State-owned Pre-salt Petróleo S.A. (PPSA), which is responsible for representing the interests of the federal government in the Pre Salt Sharing Contracts, will launch an international tender to hire a marketing agent in the second half of 2017. International companies that do not operate in the country will be able to participate, provided they establish... Continue Reading →
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