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For the three titans of Latin American oil -- Pemex, PDVSA and Petrobras -- last week’s OPEC-driven price rally won’t be enough to halt a slow descent from the ranks of international crude heavyweights. Even as news of the cartel’s 1.2 million-barrel-a-day output cut spurred the steepest three-day oil gain in 15 months, the biggest... Continue Reading →
Demonstrators protested across Brazil on Sunday to denounce corruption and a congressional vote perceived as an effort to intimidate judges and prosecutors leading graft probes. Dressed mostly in the national colors of yellow and green, thousands marched to demand accountability at a time when Latin America's biggest country is reeling from corruption scandals, political gridlock... Continue Reading →
Agreement by former head of Odebrecht SA could lead to testimony implicating government officials Marcelo Odebrecht during a hearing into the Petrobras investigation in September 2015. PHOTO: AGENCE FRANCE-PRESSE/GETTY IMAGES By LUCIANA MAGALHAES and REED JOHNSON Updated Dec. 1, 2016 4:54 p.m. ET SÃO PAULO—Marcelo Odebrecht, the jailed former head of Brazilian construction giant Odebrecht... Continue Reading →
Brazil's Supreme Court indicted the president of the Senate, Renan Calheiros, on Thursday for embezzlement, a ruling that is expected to fan growing tensions between the judiciary and Congress over corruption cases. The top court voted 8-3 to try the senator on charges of misusing public funds in a nine-year-old case involving the payment of... Continue Reading →
December 01, 2016 05:00 PM Eastern Standard Time HOUSTON & PARIS--(BUSINESS WIRE)--Regulatory News: FMC Technologies, Inc. (NYSE:FTI) and Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY) (Euronext: TEC) today announced that the pending combination between the companies has received a clearance decision issued by the General Superintendent of the Administrative Council for Economic Defense (CADE), the Brazilian antitrust authority. The decision... Continue Reading →
Odebrecht SA has signed a plea bargain agreement with Brazilian prosecutors in which as many as 77 of the engineering group's executives would testify about widespread political graft, Folha de S. Paulo newspaper said on Thursday. According to the newspaper, which did not say how it obtained the information, the much-anticipated deal between Odebrecht and... Continue Reading →
In Mexico, the era of big oil is just getting started. But for the state oil dinosaur, its best days appear to be behind it. The reign of Petroleos Mexicanos, the government-owned oil producer known as Pemex, is slowly being dismantled after a 2013 overhaul ended its monopoly and opened up the industry to foreign rivals... Continue Reading →
Rio de Janeiro, November 30, 2016 - Petróleo Brasileiro S.A. - Petrobras announces that today, the Extraordinary General Meeting of Shareholders (EGM) approved the sale of 90% of its stake in Nova Transportadora do Sudeste (NTS), for USD 5.194 billion, to fund Nova Infraestrutura Fundo de Investimento em Participações, managed by Brookfield Brasil Asset Management... Continue Reading →
Prosecutors investigating Brazil's biggest-ever graft scandal threatened to resign en masse on Wednesday if a move to gut an anti-corruption bill won approval from legislators as the nation mourns an air disaster. The lower chamber of Congress passed the bill in the early hours of Wednesday morning by 450 votes to 1, with changes that... Continue Reading →
Brazil's central bank cut interest rates by 25 basis points on Wednesday, maintaining a slow pace of monetary easing despite a sharp economic contraction in the third quarter that suggested a grueling recession could stretch into a third year. The central bank resisted pressure for a hefty rate cut even after data released earlier on... Continue Reading →
Brazil Energy Insight 