Brazil's federal police said on Tuesday they had arrested two people and raided properties over alleged corruption at building firm Queiroz Galvao, widening a sweeping investigation focused on state-run oil company Petroleo Brasileiro SA. "Operation Carwash" was launched two years ago to tackle price fixing, bribery and political kickbacks at Petrobras. It has led to... Continue Reading →
Brazil’s Final Impeachment Drive Key to Michel Temer’s Success
Brazil’s Senate this week resumes impeachment proceedings that are expected to result in the permanent ouster of Dilma Rousseff and strengthen the hand of her vice president, Michel Temer, to revive a shrinking economy. A special congressional committee is slated to decide Thursday whether to recommend the opening of an impeachment trial against the president... Continue Reading →
BRIEF-Dril-Quip and Petrobras amend contract
Reuters Aug 1 Dril-Quip Inc * Quip -on July 29, Brazilian unit and Petrobras entered amendment to four-year contract awarded by Petrobras in August 2012 * Quip -contract was awarded by Petrobras in August 2012 for supply of subsea wellhead systems and associated tools * Quip-amendment extends term of contract until October 27, 2016 pending... Continue Reading →
Update – Petrobras sells oilfield asset to Statoil for $2.5 billion- Partner in block may invoke right of first refusal
The company logo of Statoil is seen during a company results presentation in London February 6, 2015. REUTERS/TOBY MELVILLE Brazil's Petrobras on Friday agreed to sell one of its largest oil and gas prospects to Norway's Statoil for $2.5 billion, the boldest step yet by the state-led energy company to advance its stagnant asset-sale plan... Continue Reading →
Brazil credit outlook weak amid political uncertainty -Moody’s
Aug 1 A crippling recession and doubts over the approval of structural economic reforms will keep credit conditions in Brazil weak for some time, Moody's Investors Service said on Monday. The rating agency, which stripped Brazil of its investment grade rating in February, said in a statement that credit conditions have stabilized with improved market... Continue Reading →
Offshore Rig Owners Fall Most in More Than Month on Drop in Oil
The world’s largest owners of offshore drilling rigs fell the most in more than a month as oil’s drop below $40 extended their pain. Diamond Offshore Drilling Inc. fell 5.7 percent to $21.42 at 12:22 p.m. in New York after earlier dropping as much as 7.4 percent, the worst intraday tumble since May 9. Competitors... Continue Reading →
Brazil’s Lula to stand trial for obstruction of justice – court
Brazil's former president Luiz Inacio Lula da Silva attends a protest against Brazil's interim President Michel Temer and in support of suspended President Dilma Rousseff at Paulista Avenue in Sao Paulo, Brazil, June 10, 2016. REUTERS/PAULO WHITAKER Brazil's ex President Luiz Inacio Lula da Silva and the former chief executive of investment bank Grupo BTG... Continue Reading →
Sembcorp Joins Keppel With Profit Plunge as Oil Damps Demand
Sembcorp Marine Ltd., the world’s second-biggest builder of oil rigs, joined its larger rival Keppel Corp. in reporting a profit slump last quarter as projects were deferred or canceled due to low crude oil prices. Shares fell. Net income at Singapore-based Sembcorp plunged 90 percent in the quarter through June to S$11.5 million ($8.5 million)... Continue Reading →
Petrobras Makes its Biggest Oil Field Sale Ever to Statoil
Petroleo Brasileiro SA made its biggest oil field sale ever to Statoil ASA in a major step to meeting a $15.1 billion divestment target as it works to cut leverage and reduce expenditures. Statoil will pay $2.5 billion for Petrobras’s 66 percent operating interest in the BM-S-8 offshore license in the Santos basin, which holds... Continue Reading →
Brazil Hedge-Fund Manager Who Called Real Rally Sees More Gains
In the depths of Brazil’s world-worst market selloff last year, hedge-fund manager Luiz Fernando Figueiredo made a bold call. All the fretting about a dangerous financial crisis was way overblown, he said, and markets were ready to rebound. Now, after outsize rallies this year across Brazilian financial markets, Figueiredo doesn’t talk like a man who’s... Continue Reading →
Brazil Energy Insight 