The Brazilian real firmed on Wednesday as government intervention helped the currency snap a four-day losing streak triggered by U.S. President-elect Donald Trump's surprise victory. The real rallied as much as 1.1 percent before trimming gains to trade 0.5 percent higher at 3.42 reais, buoyed by steps taken by the central bank and the National... Continue Reading →
PetroRio 3Q, 2016 Results highlights
Highlights: Best Latin American E & P company award in 2016 by World Finance magazine; Campo do Polvo production of 771,563 barrels in the quarter, 13% higher than in 3Q15 and in line with 2Q16; Lifting cost (US $ 28.37 / bbl) in line with 2Q16 (historical low) and 26% lower than 3Q15; Adjusted EBITDA... Continue Reading →
Petrobras is preparing a third round of renegotiations of contracts with suppliers.
Petrobras Chief Financial and Investor Relations Officer Ivan Monteiro said the oil company is preparing a third round of renegotiations of contracts with suppliers. The company's goal is to start the year 2017 with a clearer definition of all management metrics of the new business plan - focused on cost and investment reduction. Asked about the... Continue Reading →
Brazil’s 19 Other Corruption Probes Undermine a Feel-Good Story
Prosecutor Frederico Paiva recalled how badly he was sweating, his shirt soaked even though the air conditioner in the chambers was going full bore. He and his partner, Marlon Cajado, were pleading with a judge to extend wiretaps that had helped the duo uncover a scheme they determined had robbed Brazil of as much as... Continue Reading →
Clarification on News: Embezzlement in contracts with Odebrecht
Rio de Janeiro, November 14, 2016 – Petróleo Brasileiro S.A. – Petrobras responds to Official Letter No. 525/2016/CVM/SEP/GEA-1 which requests clarifications, as follows: Official Letter Nº 525/2016/CVM/SEP/GEA-1 “Dear Executive Officer, We report to the news published today in the newspaper “O Estado de São Paulo”, section Economics & Business, under the title: “Petrobrás estima em... Continue Reading →
ANP approves Carcara sale to Statoil
Photo: Barra Energia ANP approves Carcara sale to Statoil Brazilian regulator signs off on Petrobras' sale of 66% stake in offshore Block BM-S-8 Fabio Palmigiani Rio de Janeiro 14 Nov 2016 18:07 The Brazilian National Petroleum Agency (ANP) has approved the sale by Petrobras of a 66% stake in Block BM-S-8 to Norwegian oil company... Continue Reading →
Oil Majors Seeking Norway Exit Warned Shutdown Costs May Remain
As oil majors are considering exiting Norway, the government is warning them that they could still be on the hook for billion of dollars in costs to close down dried up oilfields if they aren’t careful to whom they sell. For each future transaction, Norway’s Petroleum and Energy Ministry will assess whether to make companies... Continue Reading →
Industry criticizes incentive plan for oil sector manufacturers
The Minister of Mines and Energy, Fernando Coelho Filho, told the Folha newspaper that the government will "soften" the local content rules in the oil sector and should extend the tax exemption program for the purchase of petroleum equipment, called Repetro, for more 20 years. According to him, the measures, which are due to... Continue Reading →
Temer moves to restore confidence in Brazilian real
President lists economic achievements as currency plunges after Donald Trump victory by: Joe Leahy in São Paulo/FT Brazil’s president Michel Temer has moved to shore up confidence in his reform programme after the country’s currency was one of the worst hit in an emerging market sell-off sparked by Donald Trump’s US election victory. The Temer government on Saturday... Continue Reading →
Petrobras – Oil and natural gas production in October
Rio de Janeiro, November 11, 2016 - Petróleo Brasileiro S.A. - Petrobras informs that its total oil and natural gas production in October was 2.81 million barrels of oil equivalent per day (boed), of which 2.68 million boed produced in Brazil and 0.12 million boed abroad. Average oil production in the country was 2.19 million... Continue Reading →
Brazil Energy Insight 