Allies of beleaguered Brazilian President Michel Temer are waiting for a crucial electoral court ruling in early June rather than withdrawing support now, but they are already preparing a grand bargain to pick an interim successor, party leaders said this week. At dinner parties in plush Brasilia residences and in backroom meetings in Congress, Temer's... Continue Reading →
Petrobras will exercise preemptive rights in just three out of eight prospects to be offered at the two pre-salt auctions
By Marta Nogueira and Rodrigo Viga Gaier RIO DE JANEIRO, Brazil (Reuters) - Faced with financial restrictions, Petrobras announced on Thursday that it will exercise preemptive rights in just three out of eight prospects to be offered at the two pre-salt auctions, under a divestiture regime, in October. Petrobras estimated the amount of... Continue Reading →
Brazil’s Petrobras cuts gasoline price by 5.4 pct
May 25 Brazil's state-run oil company Petroleo Brasileiro SA said on Thursday it decided to reduce the average price of gasoline at its refineries by 5.4 percent and diesel prices by 3.5 percent. (Reporting by Alonso Soto; Editing by David Gregorio)
Petrobras approves execution of Term Sheet with the company Carioca Engenharia to remove provisional ban
Rio de Janeiro, May 26, 2017 - Petróleo Brasileiro S.A. – Petrobras informs that yesterday its Executive Board approved the execution of a Term Sheet with Carioca Engenharia, providing for a set of integrity obligations for this company, to enable the removal of the provisional ban imposed by Petrobras since December 29, 2014, as disclosed... Continue Reading →
Petrobras – Exercise of Preferential Right in the Second and Third Bidding Rounds for areas under Production Sharing Regime
Rio de Janeiro, May 25, 2017 - Petróleo Brasileiro S.A. – Petrobras informs that it submitted today to the National Energy Policy Council (CNPE) its first formal statement in connection to the preferential right for the second and third bidding rounds for exploration blocks under the production sharing regime, pursuant to Law 12.351/2010 and Federal... Continue Reading →
Petrobras says to exercise priority rights in Brazil oil auctions
May 25 Brazil's state-controlled oil company Petróleo Brasileiro SA will exercise its preferential rights in two offshore pre-salt oil auctions scheduled for this year, the company said in a statement on Thursday. Petrobras, as the company is known, said it will exercise its rights to explore an area adjacent to the Sapinhoá field, as well... Continue Reading →
OPEC Extends Oil Cuts for Nine Months to End Global Glut
OPEC extended oil production cuts for nine more months after last year’s landmark agreement failed to eliminate the global oversupply or achieve a sustained price recovery. Members meeting in Vienna agreed to prolong their accord through March, said delegates familiar with the decision, asking not to be identified before an announcement is made. OPEC is not... Continue Reading →
Petrobras – Legal Decision on the Transfer of Rights Process in Shallow Water Concessions
Rio de Janeiro, May 24, 2017 - Petróleo Brasileiro S.A. – Petrobras, further to the material fact disclosed on 1/23/2017, reports that it was formally notified today of the decision by the 3rd Federal District Court of Sergipe to dismiss without prejudice the popular interest suit to suspend the process of transfer of oil and... Continue Reading →
Petrobras will announce today, where it will exercise pre-salt preference
Petrobras will announce today which areas it will exercise preemptive rights in the next rounds of bidding for oil and gas areas in the pre-salt layer, according to a source close to the company. The company has already selected the areas, after studying the offers of the second and third rounds of the pre-salt, scheduled... Continue Reading →
No clear contender to replace Brazil’s embattled Temer
Key members of Brazil's coalition government are struggling to find a consensus candidate to replace President Michel Temer should he be forced from office by a massive corruption probe that has ensnared scores of politicians and business leaders. Temer, a center-right politician, has refused to resign despite allegations he gave his blessing to a bribery... Continue Reading →
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