Petrobras recently had two important victories in court that freed the company to continue the bidding process for the hiring of Libra and Sepia FPSOs for the pre-salt fields. Judge Néviton Guedes, of the 5th group of the Federal Regional Court (TRF) of the 1st region, accepted Petrobras' appeal on 17 October and overturned the... Continue Reading →
Statoil expands its international offshore portfolio
zoomGulf of Mexico; Image source: Statoil Norwegian oil major Statoil has expanded its international offshore acreage portfolio by taking part in offshore lease sales in the UK and the US. In the U.S., the company was deemed the high bidder on 13 leases in the central region Gulf of Mexico lease sale 247, which... Continue Reading →
Petrobras targets oil and gas extraction costs below US $ 10 / barrel
Petrobras plans to operate at production costs below 10 dollars per barrel of oil equivalent in the medium term, state oil and gas exploration and production director Solange Guedes said on a teleconference with analysts about the 2016 results. In 2016, the company's oil and gas production cost in Brazil and abroad fell 11... Continue Reading →
Petrobras raises asset sale goal to $21 bln for 2017-2018 period
Petróleo Brasileiro SA raised on Wednesday a goal for asset divestitures and partnerships for this and next year to $21 billion from $19.5 billion previously, a sign Brazil's state-controlled oil company plans to expand ventures with peers in segments from refining to oil exploration. In a presentation detailing fourth-quarter results, Petrobras said cash and equivalents... Continue Reading →
Big Oil Replaces Rigs With Wind Turbines
Big oil is starting to challenge the biggest utilities in the race to erect wind turbines at sea. Royal Dutch Shell Plc, Statoil ASA and Eni SpA are moving into multi-billion-dollar offshore wind farms in the North Sea and beyond. They’re starting to score victories against leading power suppliers including Dong Energy A/S and Vattenfall AB in... Continue Reading →
Petrobras debt, operational metrics improve despite profit miss
Petróleo Brasileiro SA cut debt by 20 percent and had positive free cash flow for the seventh straight quarter during the fourth quarter, in a further sign of recovery at Brazil's state-controlled oil company in spite of a quarterly profit miss. Net income at Petrobras (PETR4.SA) came in at 2.510 billion reais ($812 million) last... Continue Reading →
Petrobras Results Announcement 2016
Rio de Janeiro – March 21, 2017 - FINANCIAL REPORT FOURTH QUARTER OF 2016 RESULTS - Derived from consolidated interim financial information audited by independent auditors, prepared in accordance with International Financial Reporting Standards - IFRS. Net income R$ 2,510 billion Production 2,144 Mbbl/d Adjusted EBITDA R$ 24,788 million Attached find the Press Conference... Continue Reading →
Petrobras misses estimates as revenue disappoints, debt slumps
Brazilian state-controlled oil company Petróleo Brasileiro SA missed fourth-quarter profit estimates on Tuesday after revenue came in well below expectations. According to a statement, Petrobras earned net income of 2.510 billion reais ($812 million) last quarter, reversing a loss of 16.458 billion reais in the third quarter. Operational and cash flow trends improved while net... Continue Reading →
Petrobras – Reduction of Significant Shareholding Interest
Rio de Janeiro, March 21, 2017 – Petróleo Brasileiro S.A. – Petrobras, in compliance with article 12 of CVM Instruction no. 358, dated of 1/3/2002, informs that it was notified by BlackRock, Inc. ("BlackRock") that the latter has sold preferred shares issued by the company, and as of March 17, 2017 it manages shareholding interest... Continue Reading →
Carwash at Three Years Moves From Brazil Ground Zero to Diaspora
More than 200 people have been charged by the crusading local federal judge, Sergio Moro. For more than a decade, Moro has been working closely with the same police officers and prosecutors who have made up part of the Carwash task force since 2014. That group of young investigators, some of whom specialized in financial-crime... Continue Reading →
Brazil Energy Insight 