Brazil's municipal elections showed that new parties have failed to capitalize on voters' disenchantment with a corruption-tainted political establishment, making it unlikely an outsider will win the 2018 presidential poll. The political movements nurtured by the anti-corruption street protests of 2013 and 2015, despite a massive presence on social media, won just a handful of... Continue Reading →
Oil production in Brazil rises for 5th consecutive month and renews record with pre-salt push
ANP reported that oil production in Brazil rose for the fifth consecutive month in August, renewing a monthly record of extraction for the third time in a row, with push of Petrobras activity in the pre-salt. Oil production in Brazil in August totaled 2.609 million barrels per day (bpd), 1.1 percent rise compared to July... Continue Reading →
Brazil’s Braskem enters talks with U.S. authorities in graft case
Mon Oct 3, 2016 | Reuters Oct 3 Brazil's Braskem SA, Latin America's largest petrochemical producer, said on Monday it had entered talks with the U.S. Department of Justice and the Securities and Exchange Commission regarding an internal graft probe started in 2015. Braskem said in a securities filing that it planned to begin a parallel... Continue Reading →
Five Triggers to Signal If Brazil’s World-Beating Rally Has Legs
Brazil’s Ibovespa wrapped up a third straight quarterly gain on Friday, capping a rally that makes it the world’s best-performing stock market this year. But for the gains to continue, many investors are saying they’ll need more than optimism and promises of a rebound. Speculation that President Michel Temer’s administration could swoop in and fix... Continue Reading →
Rousseff’s Workers’ Party Knocked in Brazil City Elections
The Workers’ Party of ousted President Dilma Rousseff suffered heavy losses in Brazil’s municipal elections on Sunday, bearing the brunt of voter dissatisfaction with an economic recession and a corruption scandal that have plagued Latin America’s largest nation. After ruling Brazil for 13 years, the leftist party known PT lost control of Sao Paulo, the... Continue Reading →
Petrobras CEO says wage hikes of last decade are impossible today
Fri Sep 30, 2016 | Reuters Brazil's state-led oil company Petrobras is unable to give its workers the kind of pay raises that increased company salaries by about 50 percent in real, inflation-adjusted terms over the past decade, Chief Executive Pedro Parente said on Friday. Petroleo Brasileiro SA, as Petrobras is formally known, is in... Continue Reading →
Brazil may let Petrobras sell transfer of rights area oil stakes
Fri Sep 30, 2016 | Reuters The logo of Brazil's state-run Petrobras oil company is seen on a tank in Sao Caetano do Sul, Brazil, September 28, 2016. REUTERS/Paulo Whitaker Brazil's government may let state-led oil company Petrobras sell stakes in offshore oil blocks, known as transfer of rights areas, to help finance their development,... Continue Reading →
Brazil M&A Rebounds as Petrobras Divestments Begin in Earnest
Dealmaking in Brazil is finally mounting a revival. Mergers and acquisitions in the country increased 35 percent to $16.6 billion in the third-quarter, compared with the same period last year, led by a spate of energy deals involving state-controlled Petroleo Brasileiro SA. Even more striking were the $11.1 billion in inbound transactions, according to data... Continue Reading →
Brazil slams Panama for not helping in Petrobras graft probe
Brazil's top prosecutor's office complained on Thursday that Panama had failed to deliver banking information requested over a year ago in the massive corruption investigation surrounding state-controlled oil company Petróleo Brasileiro SA. Brazilian prosecutors suspect financial institutions were used to move offshore millions of dollars in graft money from the scheme at the company known... Continue Reading →
Opec output cut a boon for US shale sector
September 29, 2016 admin The tentative agreement for Opec to cut its production is the best news the world’s oil producers have had all year. When ministers from the oil cartel announced in Algiers on Wednesday evening that they had agreed a production target lower than their current output, they signalled they were prepared to... Continue Reading →
Brazil Energy Insight 