Ecovix will present its judicial recovery plan until the first week of March. The main proposal will be the sale of part of the capital of the shipyard, controlled by Engevix. Everything will depend on Petrobras and whether or not will resume the order of two hulls for platform ships, a contract in the order... Continue Reading →
Brazil Says Reforms Needed to Push Rate Cuts Into Overdrive
Brazil’s central bank kept its swift pace of interest rate cuts and signaled that any acceleration would require further progress in efforts to control government spending. The central bank board, led by President Ilan Goldfajn, on Wednesday lowered the benchmark Selic by 75 basis points for the second straight meeting to 12.25 percent, as... Continue Reading →
Brazil Lowers Local Content Rules For Oil Industry
Reuters Thursday, February 23, 2017 Brazil’s government said on Feb. 22 it would relax local purchasing rules for the oil industry as of September in an effort to attract foreign investment and lower costs that have hindered development of vast offshore reserves. Mines and Energy Minister Fernando Coelho said the requirement that oil companies operating... Continue Reading →
Brazil – Local content will no longer require ‘waivers’
The government will no longer accept "waivers" applications from companies that fail to meet local content requirements in upcoming oil and gas auctions. The lack of regulation regarding "amnesty" for this type of noncompliance was under pressure from the Brazilian Court of Audits (TCU) on the National Agency for Petroleum, Natural Gas and Biofuels (ANP).... Continue Reading →
Europe Savors Taste of Brazilian Oil With More Blocks Opening
European oil majors given a taste of Brazil may soon be ready for more. Norway’s Statoil ASA, Anglo-Dutch company Royal Dutch Shell Plc and France’s Total SA have paid billions since 2013 to gain access to Brazil’s fertile offshore oil riches. They’re now seen as having the best chance to expand when Brazil later this year... Continue Reading →
Brazil cuts interest rates to 12.25 pct, keeps easing pace
Feb 22 Brazil's central bank maintained the pace of interest rate cuts on Wednesday, resisting pressure to further step up monetary easing to pull Latin America's economy out of its worst recession on record. In a unanimous vote, the bank's 9-member monetary policy committee, known as Copom, decided to lower its benchmark Selic rate by... Continue Reading →
Exclusive: Brazil’s Petrobras denies Eletrobras gas for new power plant
State-run oil company Petroleo Brasileiro SA (PETR4.SA) has alerted Brazil's electricity sector regulator that it would not supply natural gas for a new thermoelectric power plant under construction in the Amazon region. In a letter to regulator Aneel seen by Reuters, Petrobras said it would not sign a contract with state-led power utility Centrais Eletricas... Continue Reading →
EXCLUSIVE-Sinochem may sell 40% slice of Peregrino field in Campos Basin
Chinese oil company Sinochem is studying the sale of its 40 percent stake in Peregrino's field, four sources familiar with the matter told Reuters in a deal in which the state-owned conglomerate could leave an asset considered key in the past due to low oil prices. The oil and chemical company purchased its current... Continue Reading →
Brazil set to keep aggressive pace of rate cuts to salvage economy
Brazil's central bank will likely maintain its aggressive pace of interest rate cuts on Wednesday despite some calls to further step up monetary easing to rescue an economy mired in recession. The bank's 9-member monetary policy committee, known as Copom, will likely cut its benchmark Selic rate BRCBMP=ECI by 75 basis points to 12.25 percent,... Continue Reading →
Rio Justice suspends Petrobras bid for pre-salt parts
The Rio Justice has ordered the suspension of the bid by Petrobras for the purchase of moorings for six platforms in the pre-salt fields of the onerous assignment. According to a newspaper article reported on the 8th, Petrobras declared a Chinese company the winner that did not comply with local content rules, regulation of... Continue Reading →
