Brazil's interim President Michel Temer attends a meeting with governors of Brazilian states, at the Planalto Palace in Brasilia, Brazil, June 20, 2016. REUTERS/ADRIANO MACHADO Conservative legislators in Brazil say they will back interim President Michel Temer through a growing corruption scandal in return for support for their right-wing social agenda, including tougher abortion restrictions... Continue Reading →
Chevron Vaca Muerta Costs Drop 20% Nearing Goals, Moshiri Says
The cost to drill wells at Argentina’s Vaca Muerta, site of the world’s second-biggest shale reserves, has dropped 20 percent this year, putting Chevron Corp. and its partners closer to meeting spending goals. Drilling costs at the Loma Campana field in Vaca Muerta have declined to $11.2 million per well from $14 million in the... Continue Reading →
BP’s Dudley Sees Oil Markets Balancing With $50 Crude This Year
Rising petroleum demand in China, North America and Europe will help bring global oil markets into balance this year, BP Plc Chief Executive Officer Bob Dudley said. “Global supply and demand recently have moved toward a better balance, and we expect this trend to continue into the second half of 2016 and probably reaching a... Continue Reading →
Brazil prosecutor calls talk about Odebrecht plea deal ‘bewildering’
Prosecutor Carlos Fernando dos Santos Lima speaks during an interview for Reuters in Curitiba, Brazil, June 23, 2015. REUTERS/RODOLFO BUHRER For weeks, his possible earth-shattering testimony in Brazil's biggest corruption scandal has been the talk of the nation, filling endless pages in newspapers and magazines. Breathless reports stated that Marcelo Odebrecht, the former chief executive... Continue Reading →
Norwegian pension fund dumps Petrobras over corruption
Concerns that bribery scandal at Brazilian state-controlled oil company will spread by: Madison Marriage and Joe Leahy/FT Norway’s largest pension fund has blacklisted Petrobras over concerns that the state-controlled oil company at the centre of a Brazilian bribery scandal is prone to further corruption problems beyond its home market. KLP, which oversees NKr553bn ($67bn) of assets, said it would... Continue Reading →
Brazil Real Strengthens to 2016 High
Brazil’s real advanced along with emerging-market currencies worldwide as commodity prices rallied amid improved appetite for riskier assets. The currency rose 0.7 percent to 3.3557 per dollar as of 1:54 p.m. in Sao Paulo, the highest level since July. The real has surged 18 percent in 2016, the world’s best performance. A gauge of emerging-market currencies... Continue Reading →
Another one bites the dust – Brazil police arrest former Planning Minister Bernardo
REUTERS/UESLEI MARCELINO/FILE PHOTO Brazil police on Thursday said they arrested former Minister Paulo Bernardo, who was indicted earlier this year, and raided Workers Party offices in the latest stage of a massive corruption probe. Bernardo was planning minister and communications minister during Workers Party administrations for about 10 years. Police searched 40 places in five... Continue Reading →
Never Ending Saga…Prosecutors tackle Brazil’s ‘other’ corruption probe/FT
Prosecutor Hebert Mesquita believes scores of companies took part in Zelotes bribery scheme by: Samantha Pearson in Brasília/FT There is barely room to move in the office of Hebert Mesquita, a federal public prosecutor in Brasília. Bulging police files teeter precariously on top of hundreds of legal documents spread out over the cramped first-floor cubicle, each... Continue Reading →
Brazil probe likely to hamper Eletrobras asset sales
Several graft and bribes probes into Centrais Elétricas Brasileiras SA could delay asset sale plans at Brazil's state-controlled power holding company, analysts and lawyers said on Wednesday, underscoring mounting caution among potential buyers. The course of federal and internal probes into accusations that government and company officials received bribes or help facilitate contracts and funnel... Continue Reading →
Brazil Real Advances as Temer Scores Victory in Senate Debate
Brazil’s real followed a rally in emerging markets and commodities after the government scored another win in the Senate, increasing confidence the new administration has enough support to shore up the country’s finances following last year’s credit-rating downgrade to junk. The currency rose 0.7 percent to a two-week high of 3.3883 per dollar at 11:17... Continue Reading →
Brazil Energy Insight 