PetroRio announced an agreement to acquire an additional interest of approximately 29.21 percent in Brasoil do Brasil Exploração Petrolífera, according to a press release. With the stake acquired from the Brascan Petroleum, Gas and Energy Fund, PetroRio will now hold a total stake in Brasoil of 52.40 percent. On March 21, PetroRio had announced... Continue Reading →

Exxon Mobil Corp and Rex Tillerson agreed to sever all ties to comply with conflict-of-interest requirements as the company's former chairman and chief executive awaits confirmation as U.S. secretary of state. If his appointment is confirmed, the value of more than 2 million deferred Exxon Mobil shares (worth about $182 million at Tuesday's closing price)... Continue Reading →

No honor among….. The large contractors investigated by the Lava Jato discovered corruption schemes within their own structures of corruption. That is to say: a kind of deviation of the deviation. Large contractors, among them Odebrecht, began to identify cases where officials responsible for paying the kickback ended up pocketing some of the money, diverted... Continue Reading →

  Jan 2 The office of Peru's attorney general announced on Monday that it has asked Odebrecht for a "significant sum" of money as a precondition to negotiating a plea deal after the Brazilian company acknowledged bribing unnamed Peruvian officials. Hamilton Castro, the lead prosecutor investigating Odebrecht, added that he expects to obtain the names... Continue Reading →

Valor Econômico 2 Jan, 2017. Renato Rostás and Rodrigo Polito RICH PRESS / BLOOMBERG Debate about local content rules divides industry and oil operators On the one hand, oil companies want changes; on the other hand, companies ask for more time. Equipment manufacturers claim to have invested $ 60 billion since the discovery of the... Continue Reading →

President Michel Temer of Brazil is in choppy waters, four months after the impeachment of his predecessor, Dilma Rousseff. His majority in Congress has shown signs of crumbling, his bill to cap spending passed the Senate by a much-narrower-than-expected margin, and some leaders in his own coalition are publicly voicing discontent. On and off protests over... Continue Reading →

Thu Dec 29, 2016  Brazil's government is considering simplifying the tax regime of the oil and gas industry as well as changes to levies on the financial system as part of a broad tax reform in 2017, a government source familiar with the matter told Reuters on Thursday. "These are the general ideas of what... Continue Reading →

Petrobras president Pedro Parente has told reporters that assuming Eliseu Padilha's place as the president’s Chief of Staff is not in his plans. The idea has been aired in Brasilia by people for whom the post should be occupied by someone with an executive profile, not a political one. Forget me. Parente replies that the... Continue Reading →