The government will no longer accept "waivers" applications from companies that fail to meet local content requirements in upcoming oil and gas auctions. The lack of regulation regarding "amnesty" for this type of noncompliance was under pressure from the Brazilian Court of Audits (TCU) on the National Agency for Petroleum, Natural Gas and Biofuels (ANP).... Continue Reading →
Europe Savors Taste of Brazilian Oil With More Blocks Opening
European oil majors given a taste of Brazil may soon be ready for more. Norway’s Statoil ASA, Anglo-Dutch company Royal Dutch Shell Plc and France’s Total SA have paid billions since 2013 to gain access to Brazil’s fertile offshore oil riches. They’re now seen as having the best chance to expand when Brazil later this year... Continue Reading →
Brazil cuts interest rates to 12.25 pct, keeps easing pace
Feb 22 Brazil's central bank maintained the pace of interest rate cuts on Wednesday, resisting pressure to further step up monetary easing to pull Latin America's economy out of its worst recession on record. In a unanimous vote, the bank's 9-member monetary policy committee, known as Copom, decided to lower its benchmark Selic rate by... Continue Reading →
Exclusive: Brazil’s Petrobras denies Eletrobras gas for new power plant
State-run oil company Petroleo Brasileiro SA (PETR4.SA) has alerted Brazil's electricity sector regulator that it would not supply natural gas for a new thermoelectric power plant under construction in the Amazon region. In a letter to regulator Aneel seen by Reuters, Petrobras said it would not sign a contract with state-led power utility Centrais Eletricas... Continue Reading →
EXCLUSIVE-Sinochem may sell 40% slice of Peregrino field in Campos Basin
Chinese oil company Sinochem is studying the sale of its 40 percent stake in Peregrino's field, four sources familiar with the matter told Reuters in a deal in which the state-owned conglomerate could leave an asset considered key in the past due to low oil prices. The oil and chemical company purchased its current... Continue Reading →
Brazil set to keep aggressive pace of rate cuts to salvage economy
Brazil's central bank will likely maintain its aggressive pace of interest rate cuts on Wednesday despite some calls to further step up monetary easing to rescue an economy mired in recession. The bank's 9-member monetary policy committee, known as Copom, will likely cut its benchmark Selic rate BRCBMP=ECI by 75 basis points to 12.25 percent,... Continue Reading →
Rio Justice suspends Petrobras bid for pre-salt parts
The Rio Justice has ordered the suspension of the bid by Petrobras for the purchase of moorings for six platforms in the pre-salt fields of the onerous assignment. According to a newspaper article reported on the 8th, Petrobras declared a Chinese company the winner that did not comply with local content rules, regulation of... Continue Reading →
Combined task force will also cooperate with investigation centered on Petrobras contracts
Brazil and 10 Other Countries Coordinate Odebrecht Probes Workers, student and farmers protest the scandal involving Brazilian construction company Odebrecht in front of Panama's Congress in Panama City on Thursday. Images PHOTO: AGENCE FRANCE-PRESSE/GETTY IMAGES By ROGERIO JELMAYER and LUCIANA MAGALHAES Feb. 17, 2017 9:34 a.m. SÃO PAULO—Prosecutors in Brazil and 10 other countries agreed... Continue Reading →
Brazil judge lifts order mandating Odebrecht payments to government
A federal judge in Brazil on Friday suspended an order that required two units of construction firm Odebrecht to make monthly payments amounting to 3 percent of their monthly revenues to a government account, according to a court document. Judge Friedmann Wendpap ruled that the two units of the Brazilian builder, at the center of... Continue Reading →
Challenges approach Petrobras and Pemex
02/17/2017 | News release On some walls in the less affluent neighborhoods of the Mexican capital it is still possible to see graffiti with the slogans 'Down the Gasolinezo'. About a month ago, in early January, popular protests spread across the country against a 20% price increase in gasoline prices and left six people dead during clashes... Continue Reading →
Brazil Energy Insight 