Rio de Janeiro, Brazil – June 15, 2016 – Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) (NYSE: PBR) hereby announces that its wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”) is amending the terms of its previously announced offer to purchase for cash any and all of PGF’s 8.375% Global Notes due 2018 (the “2018 Notes”), and... Continue Reading →
Oil Industry to Cut $1 Trillion in Spending After Price Fall
The oil and gas industry will cut $1 trillion from planned spending on exploration and development because of the slump in prices, leading to slower growth in production, according to consultant Wood Mackenzie Ltd. Worldwide investment in the development of oil and gas resources from 2015 to 2020 will be 22 percent, or $740 billion,... Continue Reading →
Shell CEO Faces Long Haul to Surpass Exxon as Top Oil Major
Royal Dutch Shell Plc Chief Executive Officer Ben Van Beurden spelled out his main goal last week -- surpass Exxon Mobil Corp. to become the best-performing oil major. “I am determined to get us to that number one place,” he said after outlining the company’s long-term strategy in London. “I want to create a world... Continue Reading →
Temer Recovers From Early Stumbles, Optimism Grows in Brazil
Michel Temer Photographer: Jin Lee/Bloomberg During his first month as Brazil’s acting president, Michel Temer at times looked like he could suffer the same troubles as his predecessor, succumbing to a raging corruption scandal and deep-seated economic malaise. Yet behind the headlines of Temer’s mishaps, the prospects for economic recovery have improved. A sense... Continue Reading →
Meanwhile Back at the House of Cards -Bugging in Brazil Exposes Fear of Biggest Betrayal Yet
Marcelo Odebrecht in 2014. Photographer: Kiyoshi Ota/Bloomberg The tale of Brazil’s political crisis is one of betrayals -- and the most explosive one may be yet to come. Marcelo Odebrecht, the former head of Brazil’s largest construction conglomerate who was arrested in a massive corruption scandal, is trying to reduce a 19-year sentence through... Continue Reading →
Brazil’s Real Declines as Risk Off Mode Offsets Political News
Brazil’s real declined for the fourth straight session as bearish sentiment on emerging-market currencies overshadowed a ruling that will push forward the investigation into former President Luis Inacio Lula da Silva amid a sprawling corruption scandal. The real declined 0.3 percent to 3.4932 per dollar as of 12:41 p.m. in Sao Paulo, after climbing as much... Continue Reading →
Fitch Removes Odebrecht Engenharia e Construcao from Negative Watch; Affirms ‘B+’ Ratings
June 13, 2016 05:48 PM Eastern Daylight Time SAO PAULO--(BUSINESS WIRE)--Fitch Ratings has affirmed Odebrecht Engenharia e Construcao S.A.'s (OEC) Long- Term Foreign and Local Currency Issuer-Default Ratings (IDRs) and National Long-Term Ratings at 'B+' and 'A-(bra)', respectively and removed the ratings from Negative Watch. The Rating Outlook for the corporate ratings is Negative.... Continue Reading →
Corruption probe into Brazil’s Lula returned to crusading judge
The Supreme Court decided on Monday to return a corruption investigation into former Brazilian President Luiz Inacio Lula da Silva to a crusading anti-corruption judge who is presiding over cases in the sprawling Petrobras graft scandal. Lula, Brazil's most influential politician, who has not ruled out running again in 2018, is under investigation for allegedly... Continue Reading →
Petrobras’ Japan Unit Sale Said to Draw Interest From JX, Tonen
Petroleo Brasileiro S.A.’s sale of its Japanese unit on the tropical island of Okinawa is drawing interest from several companies, including JX Holdings Inc. and TonenGeneral Sekiyu K.K., according to people with knowledge of the matter. At least seven companies, including Japanese refiner Cosmo Energy Holdings, have indicated an interest in participating in the first... Continue Reading →
IEA Cuts Oil Surplus Estimate, Sees Market Balance in 2017
The global oil market will be almost balanced next year as demand continues to rise faster than production, while the current oversupply is much smaller than previously thought, the International Energy Agency said. The surplus in the first half of this year is about 40 percent smaller than estimated a month ago, as consumption proves stronger... Continue Reading →
Brazil Energy Insight 