The Brazilian government on Wednesday enacted a bigger spending freeze than anticipated while keeping tax hikes to a minimum as it seeks to reach a fiscal deficit target key to regaining the country's investment-grade rating. Finance Minister Henrique Meirelles told a news briefing the government would freeze 42.1 billion reais ($13.48 billion) in spending to... Continue Reading →
Brazil’s Odebrecht O&G mulls out-of-court workout: sources
Odebrecht Óleo & Gás SA, the offshore oil drilling firm owned by Brazil's Odebrecht SA [ODBES.UL], could seek an out-of-court reorganization with creditors to speed up the restructuring of $5 billion in debts, two people familiar with the plan said on Monday. According to the people, an out-of-court workout would help the company known as... Continue Reading →
Brazil to start oil sales from production sharing contracts: update
Brazil will start to sell oil and natural gas from production sharing contracts with oil companies around September, the head of the state firm managing these contracts, Ibsen Flores, told Reuters on Tuesday. Flores, the president of Brazil's state-controlled company Pré-sal Petróleo SA (PPSA), said companies working through the relatively new contracts are expected to... Continue Reading →
Brazil to start oil sales from production sharing contracts by September
Brazil will start to sell oil and natural gas from production sharing contracts with oil companies around September, the head of the state firm managing these contracts, Ibsen Flores, told Reuters on Tuesday. (Reporting by Marta Nogueira; Writing by Marcelo Teixeira; Editing by Richard Chang)
Peru prosecutors have not ruled out probing Grana y Montero: Odebrecht
Public prosecutors in Peru have not ruled out investigating the country's biggest builder, Grana y Montero (GRA.LM) (GRAM.N), or people linked to the company as part of an investigation into its scandal-plagued Brazilian partner Odebrecht, a source in the attorney general's office said on Tuesday. The Justice Department said late on Monday that prosecutors in... Continue Reading →
PDVSA Said to Be Preparing for Exit of President Del Pino
Petroleos de Venezuela SA is preparing for the departure of its president Eulogio Del Pino in what would be the biggest management shift in years for the state-owned oil producer, people familiar with the plans said. Del Pino, 61, may depart by July and will be replaced by Nelson Martinez, Venezuela’s oil minister, said the... Continue Reading →
Petrobras announces auction to sell seven drilling rigs
In line with its Strategic Plan / PNG 2017-21, which intends to reduce the company's costs, Petrobras announced that it will sell seven drilling rigs through an international auction. The units will be auctioned at a public hearing, due to take place on May 10 and interested companies have until one day before to qualify... Continue Reading →
Petrobras – Extraordinary General Meeting approved the sale of PetroquímicaSuape and Citep
Rio de Janeiro, March 27, 2017 - Petróleo Brasileiro S.A. – Petrobras, in continuation to the material fact disclosed on December 28, 2016, informs that, today, the Shareholders’ Extraordinary General Meeting approved the sale of 100% of the shares held by Petrobras in PetroquímicaSuape and Citepe to Grupo Petrotemex S.A. de C.V. and Dak Americas... Continue Reading →
Oil’s Magic Numbers
Round numbers enjoy an enduring and somewhat mystifying popularity in markets. A few years ago, the oil market had a very round and pleasing one in the form of $100. These days, it makes do with $50. Even this diminished level has a talismanic potency. On Monday, Wood Mackenzie, an energy consultancy, announced that oil companies... Continue Reading →
Petrobras increased by 1% the 2017-2012 investment plan
Petrobras adjusted its business plan and increased the investment threshold for the period 2017-2021 by 1% from US $ 74.1 billion to US $ 74.5 billion. For the same period, the company increased its exploration and production (E & P) forecasts by US $ 600 million from US $ 60.7 billion to US $... Continue Reading →
Brazil Energy Insight 