May 2 Brazil's economy will post growth of between 0.7 percent and 0.8 percent in the first quarter, turning the corner on a two-year recession, Finance Minister Henrique Meirelles said on Tuesday. In an interview with GloboNews cable channel, Meirelles said Brazilian companies will have to start to restock inventories and draw up investment plans.... Continue Reading →
Brazil prosecutors lay new graft charges against former Lula chief of staff
Brazilian prosecutors said on Tuesday they had laid new corruption charges against a one-time chief of staff for former President Luiz Inacio Lula da Silva, who is already serving long jail sentences on other graft convictions. Prosecutors accused Jose Dirceu, who was released from jail pending an appeal, of taking 2.4 million reais ($755,880) in... Continue Reading →
Sale Process of BM-S-8 (CARCARA) Exploration Block
Rio de Janeiro, May 2, 2017 – Petróleo Brasileiro S.A. – Petrobras, further to the material fact disclosed on 04/17/2017, reports that the President of the Federal Regional Court of the 5th Region suspended today the injunction ordering to interrupt the transfer of Petrobras’ stake in the BM-S-8 exploration block ("Carcará Field") to Statoil Brasil... Continue Reading →
Innovation and increased efficiency in the Libra Field
Rio de Janeiro, May 2, 2017 – Petróleo Brasileiro S.A. – Petrobras reports on innovations and efficiency gains related to the Libra Field. The intense collaboration between Libra area partners in the pursuit of the technologies necessary to maximize the value of the project has already allowed to reduce the break-even price of the venture... Continue Reading →
Government marks pre-salt auctions for October 27
5/2/17 5:06 PM Folhapress The government decided to hold the two pre-salt auctions scheduled for 2017, which will offer eight areas for oil exploration. Pre-salt auctions will be held on October 27 , shortly after the Brazilian edition of the Offshore Technology Conference (OTC), with the objective of concentrating the largest number of executives from abroad... Continue Reading →
Petrobras to focus on oil E&P, alternative energy for next five years
Brazil's state-run oil company Petroleo Brasileiro SA Chief Executive Officer Pedro Parente Petróleo Brasileiro SA will focus on oil and gas exploration and production while seeking opportunities in alternative sources of energy over the next five years, as Brazil's state-controlled oil firm moves toward more profitable core segments, Chief Executive Officer Pedro Parente said on... Continue Reading →
Petrobras Adding Refineries to Asset Sales as CEO Seeks Cash
The Petrobras asset sales are far from over, and they will now include refineries. Pedro Parente, the chief executive officer on a mission to get the Brazilian oil giant back on its feet, plans to put another 40 assets on offer, worth about $42 billion, as he seeks to reduce a massive debt load and develop... Continue Reading →
OTC: Brazil Energy Reforms Yield Big Lease Sales and Questions
Brazil launched a new effort at the Offshore Technology Conference to woo international investors under its reformed energy regulation system. But this new engine for exploration and production growth is still lacking some key parts. On the plus side, there has been an array of changes opening up the oil and gas business to international... Continue Reading →
At OTC, Brazil touts reforms in hopes drillers will invest
Plagued by recent corruption scandals, Brazil is working to lure oil companies to new exploration contracts, offering the most offshore acreage in its history and promising to lower local content requirements, taxes and royalties for riskier investments. The South American country plans to auction off 287 exploration blocks in 10 separate bidding rounds over the... Continue Reading →
Aker BP profit helped by production increase
zoomKarl Johnny Hersvik, Aker BP CEO Norwegian E&P player Aker BP more than doubled its profit in the first quarter of 2017 helped by increase in production and oil prices. The company’s total operating income in the first quarter was $646 million, higher than the first quarter 2016 and income of $205 million mainly... Continue Reading →
Brazil Energy Insight 