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The only forecasters who correctly called the Brazil real appreciating past 3.1 per dollar this quarter are once again defying consensus, predicting more gains ahead for one of the world’s best performing currencies. What bearish analysts fail to realize, according to ING Groep NV and Prestige Economics, is that Brazil’s already-improving domestic economy is poised... Continue Reading →
Brazil’s economy shrank for an eighth successive quarter in the final months of 2016, capping a disastrous year in which the nation faced its worst recession on record and impeached its president. Gross domestic product contracted 0.9 percent in the final three months of 2016, its biggest decline in a year, after a revised 0.7... Continue Reading →
Oil companies are reviving investment after a two-year rout as OPEC output cuts boost prices, easing but not eliminating the risk of a future supply crunch, the International Energy Agency said. There are “signs of a modest recovery” in spending in 2017 following two years of big investment cuts, the Paris-based agency said Monday in... Continue Reading →
The Libra consortium (Petrobras, Total, Shell, CNOOC and CNPC) must request ANP for a waiver to charter drilling rigs at the Libra project, the country's first production sharing area, in the Santos Basin pre-salt. The measure is a reflection of the failure of the Sete Brasil project, which would provide drill rigs for Petrobras with... Continue Reading →
Technip was awarded by Petrobras two ultra-deep water contracts for the supply of flexible pipes for the Sapinhoá Norte field and I5 at Lula field (former Tupi field), located in the Santos Basin pre-salt area (Brazil), at a water depth of up to 2,500 meters. The combination of both contracts covers the supply of... Continue Reading →
Brazil's top prosecutor will seek authorization from the Supreme Court as soon as this week to investigate senior ministers in President Michel Temer's Cabinet and senators from his PMDB party for corruption, a source familiar with the situation said on Sunday. Folha de S. Paulo newspaper reported on Sunday that the request by Prosecutor General... Continue Reading →
Brazil’s unpopular and unelected president, Michel Temer, has done much to pave the way for recovery in Latin America’s largest economy. Yet with his inner circle crumbling and support in Congress wavering, an ambitious reform agenda now looks like a tall order. After losing half a dozen cabinet members in his first six months in... Continue Reading →
zoom Multi-client seismic data specialist Spectrum has completed the 17,700 km Santos Campos Phase Two 2D seismic survey offshore Brazil. Spectrum said on Friday that the new acquisition program was an outboard extension of its 2012 Santos Campos Phase One survey, and tied other programs in the Santos, Campos, and Espirito Santo Basins According to... Continue Reading →
zoomPetrobras worker (For illustration only) Earlier this week, a helicopter had a rough landing and crashed into the heliport of the Petrobras-operated P-37 FPSO, offshore Brazil. Brazilian state-owned oil giant reported on Wednesday that a S76C model helicopter, owned by Omni Taxi Aereo, crashed laterally into the heliport. The aircraft had taken off from the São Tomé... Continue Reading →
With electricity demand in Brazil slashed by the harshest recession in a century, the government is evaluating an innovative kind of power auction - to allow companies to bid for the right to cancel licenses to build plants. Firms had rushed to bid for licenses to supply the power needed to fuel growth as a... Continue Reading →
