Brazil’s former finance minister Guido Mantega was arrested by federal police on Thursday as part of the ongoing corruption probe known as Carwash, GloboNews reported. A statement issued by federal prosecutors said that police was targeting one former minister, as well as executives from construction companies Mendes Junior Engenharia SA and OSX Construcao Naval SA.... Continue Reading →
PDVSA Readies One of ‘World’s Largest’ Oil Drilling Projects
Petroleos de Venezuela SA is getting ready to start what it’s dubbed “one of the world’s largest drilling projects” in the Orinoco heavy crude belt with investment totaling $3.2 billion even as its president, Eulogio Del Pino, says the global oil market is oversupplied. “The project involves contracting integrated services for platform construction, drilling, completion... Continue Reading →
Odebrecht, Brookfield near Brazil sewage unit deal
Canada's Brookfield Asset Management Inc is close to finalizing the purchase of Brazilian engineering conglomerate Odebrecht SA's stake in a water and sewage firm after due diligence procedures slowed the transaction for months, two people with direct knowledge of the matter said. Brookfield (BAMa.TO) has agreed to buy the 70 percent that Odebrecht SA has... Continue Reading →
Eurasia: New sub-salt rule will favor the sale of Petrobras assets/Valor
Petrobras' goal to sell $ 19 billion in assets between 2017 and 2018 is ambitious, but the changes in the pre-salt exploration rules, ending the obligation to be the operator with minimum 30% participation, should help make the company's assets be more accessible and attractive, evaluates the Eurasia Group. In a report, the consultancy said... Continue Reading →
Petrobras mulls lowering Brazil fuel prices in 2016
State-controlled Brazilian oil company Petroleo Brasileiro SA is considering lowering wholesalegasoline and diesel prices by year-end, which would be the first time since September 2015, O Globo newspaper said on Wednesday. Citing sources close to management, the paper said the company may cut prices of fuels at its refineries to match those of international competitors.... Continue Reading →
Petrobras Streamlines Business to Survive Graft Probe, Oil Bust
The combined shock of low oil prices and Brazil’s biggest corruption scandal is changing state-controlled oil producer Petroleo Brasileiro SA. The company, based in Rio de Janeiro, is abandoning a state-development model pursued during 13 years of control under the Workers’ Party where the government shifted profits to side industries to create jobs and... Continue Reading →
Brazil’s ex-president Lula to stand trial for corruption
Brazil's former president Luiz Inacio Lula da Silva will stand trial on corruption charges, a crusading federal judge ruled on Tuesday, adding more turbulence to the country's chaotic political landscape. Judge Sergio Moro said that Lula, who served as president from 2003-11 and has been an iconic and powerful political force in Brazil for two... Continue Reading →
Brazil’s Petrobras says to exit biofuels production
Brazil's state-controlled oil company Petróleo Brasileiro SA said on Tuesday it will exit the biofuels sector, as the heavily indebted company seeks to prioritize investment in crude oil and gas production. Petrobras, as the company is known, said biofuels would be one sector it plans to unload as part of sweeping asset sales plan. The... Continue Reading →
Strategic Plan and Business and Management Plan 2017-2021 Presentation
Rio de Janeiro, September 20, 2016 – Petróleo Brasileiro S.A. – Petrobras announces that its Board of Directors approved, at a meeting held yesterday, the new Strategic Plan and the Business and Management Plan 2017-2021. The Strategic Plan and Business and Management Plan were drawn up in an integrated manner and had the direct involvement... Continue Reading →
Petrobras wants to contract platform outside of Brazil to be installed in the Libra area
Petrobras wants to contract platform outside of Brazil to be installed in the Libra area, the big bet on the pre-salt Santos Basin. The company requested the National Agency of Petroleum (ANP), the release of the obligation to hire Brazilian suppliers for the construction of the vessel, with the argument that prices in Brazil are... Continue Reading →
Brazil Energy Insight 