Brazil’s state-run oil company, Petroleo Brasileiro SA (PETR4.SA), entered a strategic agreement with China Development Bank [CHDB.UL] on Saturday that will allow it to explore opportunities on the Chinese financial market, Valor Economico newspaper reported. The memorandum, called a “wide-ranging strategic cooperation agreement,” was signed during a visit by Brazilian President Michel Temer, the newspaper... Continue Reading →
Brazil’s new 20 percent ethanol import tax rule takes effect
New rules governing Brazil’s ethanol imports, which slap a 20 percent penalty for volumes above a tax-free import quota, took effect on Friday, authorities said. Brazil’s foreign trade chamber Camex said in an official written resolution that the rules will be valid for two years. Read more
Brazil trade surplus sets August high, nears $50 billion in 2017
BRASILIA (Reuters) - Brazil’s trade surplus set a monthly record on August as commodity prices rose, contributing to a gradual economic recovery and a stable currency, official data showed on Friday. Brazil posted a trade surplus of $5.599 billion in August, the biggest for the month since the current data series began in 1989, the... Continue Reading →
China Merchants Explores Offshore Rig Operator Deals
State-owned conglomerate China Merchants Group is exploring acquisitions of offshore rig operators, which have struggled to recover from a collapse in oil-industry spending, people with knowledge of the matter said. As part of this analysis, the Chinese firm has looked at various assets and companies including Seadrill Ltd. and Shelf Drilling Ltd., the people said, asking not to be identified... Continue Reading →
Brazil anti-graft head defends graft fines after backlash
A top Brazilian federal prosecutor defended the size of fines levied against companies involved in the nation’s graft probes, saying that despite a public outcry some were too low, it was more important to dismantle the schemes than punish firms. Fines of different sizes and different terms have raised concerns that Brazil’s sweeping anti-corruption investigation... Continue Reading →
Brazil GDP grows stronger-than-expected 0.2 percent in second quarter
(Reuters) - Brazil’s gross domestic product grew a stronger-than-expected 0.2 percent in the second quarter from the prior three months, statistics agency IBGE said on Friday, suggesting a recovery from the nation’s deepest recession on record remains on track. The Brazilian economy grew 0.3 percent in the three months through June compared to the same... Continue Reading →
Brasco signs contract with QGEP for the Atlanta Field in the Santos Basin
August 30, 2017 According to Brasil Energia, Brasco signed a contract for logistics support to the Atlanta field operated by Queiroz Galvão Exploration and Production (QGEP). The field is under development and is located 185 km from the coast in the Santos Basin in Rio de Janeiro. Atlanta is a field derived from BS-4 block,... Continue Reading →
Harvey’s Impact on World Oil Market Underlines Growing U.S. Role
World energy markets, from butane in Asia to gasoline in Latin America and diesel in Europe, are feeling the ripple effect of Texas’s deadly storm, highlighting the growing importance of the U.S. for the global oil industry. When Hurricane Katrina hit in 2005, the U.S. exported just 800,000 barrels a day of mostly refined products.... Continue Reading →
Brazil oil regulator sees Total winning license in Amazonas
(Reuters) - The head of Brazilian oil regulator ANP on Thursday expressed confidence that French oil company Total SA would win an environmental license for an exploration venture in the Amazon river basin. Speaking to reporters on the sidelines of an event in Rio de Janeiro, Décio Oddone also said he saw no impact on... Continue Reading →
Clarification on News: Petrobras Distribuidora (BR) IPO
Rio de Janeiro, August 29, 2017 – Petróleo Brasileiro S.A. – Petrobras reports that it received on 8/28/2017, Official Letter No. 299/2017/CVM/SEP/GEA-1, which requests the following clarification: Official Letter No. 299/2017/CVM/SEP/GEA-1 “Dear Executive Officer, I refer to the news article headlined “Oferta Inicial de Ações da BR Distribuidora deve ser feita até dezembro” [BR Distribuidora... Continue Reading →
