Brazilian Foreign Minister Jose Serra warned against the excessive appreciation of the country's currency as it could hurt exporters, revealing concerns in the interim government that a stronger real could further sink an economy mired in recession. In an interview late on Thursday, which also included written answers to questions from Reuters, Serra said the... Continue Reading →
BRIEF-Brazil’s Petrobras close to concluding sale of Petrobras Argentina
Jul 14, 2016 5:02pm EDT Reuters Chief executive of Brazil's state-run oil company Petroleo Brasileiro SA, Pedro Parente, said on Thursday the company was close to completing the sale of Petrobras Argentina * The sale of its Argentine asset is part of a larger divestiture plan intended to reduce the companies debt load * Parente... Continue Reading →
Petrobras will halt production at 25 platforms for up to a year
Approved by ANP last week, Petrobras will halt production at 25 platforms for up to a year while negotiating the sale of the areas to the private sector. Petrobras also requested the interruption of production in nine other units, but will still need to present studies to justify the request. The units are located in... Continue Reading →
Petrobras completes US$3 billion bond sale
Rio de Janeiro, July 13, 2016 - Petóleo Brasileiro S.A (Petrobras) announces that today, through subsidiary Petrobras Global Finance B.V. (PGF), it has completed the US$3 billion bond sale on the international capital markets (called global notes). This sale constituted a reissue of securities maturing in 2021 and 2026, originally issued in May 2016. Of... Continue Reading →
Brazil’s Temer ally is new lower house speaker, eyes reforms
Congressman Rodrigo Maia is greeted by congressmen during a session to elect the new president of the chamber of deputies in the National Congress in Brasilia, Brazil July 13, 2016. REUTERS/UESLEI MARCELINO Brazil's lower house of Congress elected an ally of interim President Michel Temer as its new speaker late on Wednesday, marking a... Continue Reading →
Brazil Real Volatility Near 12-Month Low as Bank Retires Swaps
The cost of buying options to protect against swings in Brazil’s real is close to its lowest level in a year as the central bank unwinds its swaps program, which had helped investors hedge their exposure to a weakening currency. Three-month implied volatility was little changed Wednesday at 17.51 percent after falling to the lowest level since... Continue Reading →
Petrobras – Sale of Nova Transportadora do Sudeste: extension of the negotiations
Rio de Janeiro, July 12, 2016 – Petróleo Brasileiro S.A. – Petrobras, with respect to negotiations for the sale of its equity interest in Nova Transportadora do Sudeste, disclosed on May 12th, informs that the negotiations with the consortium headed by Brookfield, continue, having been extended the period of exclusivity for completion of negotiations for... Continue Reading →
Bulk of Global Oil Projects Seen Working Below $60 on Cost Cuts
Most of the oil projects planned over the next decade are economically viable with prices below $60 a barrel as explorers succeed in squeezing costs, consultant Wood Mackenzie Ltd. said. Oil explorers will be able to add 9 million barrels a day to global supply by 2025 with Brent crude under $60, mostly U.S. shale... Continue Reading →
Another system in Lula field is the eighth in the Santos Basin Pre-Salt
Rio de Janeiro, July 12, 2016 – Petróleo Brasileiro S.A. - Petrobras announces the start-up of the Lula Central production system with the interconnection of the first production well (8-LL-81D-RJS) to FPSO Cidade de Saquarema, on July 8, and the production stabilization at around 30,000 barrels per day (bpd) on July 11. Located in Lula... Continue Reading →
Workers Party deals drove rise and fall of OAS, Brazil builders
An aerial view shows the Arena das Dunas stadium, which will host matches for the 2014 soccer World Cup, in Natal, Brazil, January 22, 2014. REUTERS/SERGIO MORAES/FILE PHOTO On Christmas Day 2014, in an empty São Paulo office building, four senior executives at engineering firm Grupo OAS SA set in motion a corporate bankruptcy... Continue Reading →
Brazil Energy Insight 