Wed Sep 28, 2016 | Reuters A bill ending the requirement that Brazil's state-led oil company Petrobras lead all new projects in the country's Subsalt Polygon should become law by year end, Jorge Camargo, president of the country's oil industry association IBP, said on Wednesday. Petroleo Brasileiro SA, as the company is formally known, has... Continue Reading →
Moody’s says easing capital concerns at Petrobras are good for Brazil
Tue Sep 27, 2016 | Reuters Concerns have subsided this year that Brazil's state-run oil company Petroleo Brasileiro SA will need a capital injection, improving the outlook for government finances, Moody's Investors Service said on Tuesday. Moody's senior analyst Samar Maziad also said at an event in Sao Paulo that Colombia's peace process was positive... Continue Reading →
BRIEF-Brazil’s Petrobras CEO says will bring down debt quickly
Tue Sep 27, 2016 | Reuters Chief Executive of Brazil's state-run oil company Petroleo Brasileiro SA Pedro Parente says: * Plans to reduce company debt load rapidly * Company will only gain from ending regulatory requirement it be operator in all subsalt fields * Expects regulatory changes from government within months that will stimulate new... Continue Reading →
Weatherford International to pay $140 million for accounting fraud
Oil services company Weatherford International LLC [WEATH.UL] (WFT.N) has agreed to a $140 million penalty to settle charges it inflated earnings by using deceptive income tax accounting, the U.S. Securities and Exchange Commission said on Tuesday. Two Weatherford senior accounting executives at the time also agreed to settle charges that they were behind the scheme,... Continue Reading →
Brazil Real Drops as Corruption Probe Outweighs Rising Oil Price
Brazil’s real declined as speculation that economic reforms may be harder to push through congress as a corruption investigation ensnares top politicians outweighed a rally in commodities. The real lost 0.1 percent to 3.2478 per dollar at 4:21 p.m. in Sao Paulo after strengthening as much as 0.7 percent. In a new phase of the... Continue Reading →
Petrobras says regulatory issues preventing sale of LNG terminal
Mon Sep 26, 2016 /Reuters A worker paints a tank of Brazil's state-run Petrobras oil company in Brasilia, Brazil September 30, 2015. REUTERS/Ueslei Marcelino/File Photo Regulatory issues are preventing Petrobras from progressing with plans to sell its LNG (liquefied natural gas) regasification terminal located in the state of Ceara, Chief Executive Officer Pedro Parente of... Continue Reading →
Brazil Forecasts Wider Current Account Gap on Stronger Real
Brazil’s central bank increased its forecast for this year’s current account gap as a stronger currency weighs on the country’s trade surplus and the economy begins to recover. The deficit in the current account, the broadest measure of trade in goods and services, was forecast at $18 billion this year, wider than the $15 billion gap... Continue Reading →
Petrobras to seek builders for six new platforms as of next year: report
Petroleo Brasileiro SA, Brazil's state-run oil company, as of 2017 will begin seeking offers for the construction of six new offshore oil platforms envisioned in current investment plans, according to a newspaper interview published Sunday. In an interview with O Globo, the biggest daily in the company's home base of Rio de Janeiro, Petrobras' director... Continue Reading →
Brazil Former Minister Palocci Arrested in Carwash Probe
Brazilian police arrested Antonio Palocci Filho, who served as finance minister and chief of staff under former presidents Luiz Inacio Lula da Silva and Dilma Rousseff, as part of the so-called Carwash probe that has shaken the country’s business and political elite. Prosecutors said in a statement there is evidence that Palocci interfered in decisions taken by... Continue Reading →
Maersk Oil Seen Surviving Split to Become Independent Producer
Maersk Oil may well survive as an independent oil company after being split off from its larger parent. While assets that include a stake in the giant Johan Sverdrup project off Norway will draw suitors, listing the company would make sense, analysts said. AP Moeller Maersk A/S, Denmark’s 112-year-old shipping and energy conglomerate, said Thursday... Continue Reading →
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