Brazilian state-controlled oil company Petróleo Brasileiro SA increased diesel prices at refineries by 6.1 percent on average with immediate effect, citing higher oil prices and a stronger real currency. According to a Thursday statement, the decision also stemmed from stronger seasonal demand for diesel as winter peaked in the northern hemisphere. For years, Petrobras kept... Continue Reading →
Clarification on News: Information on the Comperj Project
Rio de Janeiro, January 4, 2017 – Petróleo Brasileiro S.A. – Petrobras responds to Official Letter no. 1/2017/CVM/SEP/GEA-1 which requests clarifications, as follows: Official Letter no. 1/2017/CVM/SEP/GEA-1 “Dear Sir, We refer to the news published on January 1, 2017, in the newspaper O Estado de São Paulo, Primeiro Caderno section [First Section], under the headline... Continue Reading →
Stricter due diligence may slow Brazil’s M&A deals this year
Stricter legal and regulatory scrutiny may slow mergers and acquisitions in Brazil this year, compounding the impact of a harsh recession and lingering political turmoil that is keeping buyers and sellers at odds over valuations, bankers and lawyers said. In recent months, trade unions and citizen advocacy groups have increased pressure on industry watchdogs and... Continue Reading →
BW Offshore in insurance settlement for FPSO damaged in 2015 explosion
FPSO operator BW Offshore has signed an agreement with its insurers for an early repair cost settlement for the FPSO Cidade de São Mateus damaged in an explosion in 2015, which killed nine workers. At the time of the incident, the FPSO was operating for the Brazilian oil company Petrobras on the Camarupim and... Continue Reading →
Closing of Petrobras Chile sale
January 4, 2017 – Petróleo Brasileiro S.A. – Petrobras, further to the Material Fact disclosed on July 22, 2016, informs that it has completed, today, the sale of 100% of Petrobras Chile Distribuición Ltda (“PCD”) to the Southern Cross Group. The cash proceeds of the transaction were US$ 470 million, of which US$ 90 million... Continue Reading →
Petrobras and Repsol Sinopec return concession of the Piracucá field
Publication in the Federal Official Gazette indicates the return by Petrobras and Repsol Sinopec do Brasil of the oil and natural gas exploration and production concession for the Piracucá field. The field, located in shallow waters of the Santos Basin, was acquired by the companies in the second round of ANP bids in 2000,... Continue Reading →
PetroRio announces agreement to buy additional slice at Brasoil
PetroRio announced an agreement to acquire an additional interest of approximately 29.21 percent in Brasoil do Brasil Exploração Petrolífera, according to a press release. With the stake acquired from the Brascan Petroleum, Gas and Energy Fund, PetroRio will now hold a total stake in Brasoil of 52.40 percent. On March 21, PetroRio had announced... Continue Reading →
Exxon Mobil, Tillerson agree to cut all ties
Exxon Mobil Corp and Rex Tillerson agreed to sever all ties to comply with conflict-of-interest requirements as the company's former chairman and chief executive awaits confirmation as U.S. secretary of state. If his appointment is confirmed, the value of more than 2 million deferred Exxon Mobil shares (worth about $182 million at Tuesday's closing price)... Continue Reading →
The large contractors investigated by the Lava Jato discovered corruption schemes within their own structures of corruption.
No honor among….. The large contractors investigated by the Lava Jato discovered corruption schemes within their own structures of corruption. That is to say: a kind of deviation of the deviation. Large contractors, among them Odebrecht, began to identify cases where officials responsible for paying the kickback ended up pocketing some of the money, diverted... Continue Reading →
Peru asks Odebrecht for payment as condition to plea deal
Jan 2 The office of Peru's attorney general announced on Monday that it has asked Odebrecht for a "significant sum" of money as a precondition to negotiating a plea deal after the Brazilian company acknowledged bribing unnamed Peruvian officials. Hamilton Castro, the lead prosecutor investigating Odebrecht, added that he expects to obtain the names... Continue Reading →
