Rio de Janeiro, December 16, 2016 – Petróleo Brasileiro S.A. – Petrobras reports that its Board of Directors, in a meeting held yesterday, approved the Company’s new Policy on Related-Party Transactions. This Policy complies with the instructions and guidance by the Securities and Exchange Commission of Brazil – CVM, as well as the provisions under... Continue Reading →
Petrobras – Execution of Commercial and Facility Agreements with the China Development Bank
Rio de Janeiro, December 16, 2016, Petróleo Brasileiro SA – Petrobras informs that it executed yesterday a Facility Agreement with the China Development Bank (CDB) in the amount of US$ 5 billion for a 10-year term. The Agreement is the result of the Term Sheet signed between the parties, as disclosed on February 26, 2016.... Continue Reading →
What Global Oil Flows Might Look Like After OPEC’s Supply Shock
OPEC’s quest to end a global crude glut already snapped a two-year slump in oil prices. Now attention is turning to how the group’s surprise decision to cut output will transform international trade flows of the world’s most important commodity. The early signs are that Middle East suppliers will prioritize Asia, pushing competitors in Africa and... Continue Reading →
ROTA 2 REACHES MARK OF 2 BILLION CUBIC METERS OF GAS EXPORTED FROM THE PRE-SALT IN NINE MONTHS
Dec 15, 2016 In addition to celebrating the mark of 1 billion barrels of oil produced in the pre-salt, Petrobras achieved another important achievement in the region: the Rota 2 gas pipeline reached the volume of 2 billion cubic meters of gas exported. The mark was obtained on November 15, nine months after the... Continue Reading →
State of Rio extinguishes fiscal benefit of oil sector
The Rio de Janeiro Legislative Assembly (Alerj) extinguished a special tax regime for the oil sector, in the midst of a strong financial crisis, on the grounds that the exemptions prevented the state collection of about 3.5 billion reais only in 2015. The Legislative Decree, which extinguished the differentiated regime that reduced the collection... Continue Reading →
OPEC Deal Tests Oil Majors’ Appetite for Risk and Reward: TOTAL
OPEC’s deal to cut production and boost prices gives oil companies the opportunity to shake off two years of layoffs and slumping profits to start investing again -- if they still have the risk appetite. Just ask Patrick Pouyanne, chief executive officer of Total SA. Throughout the downturn he’s consistently warned that tens of billions of... Continue Reading →
Petrobras Biocombustível closes deal for the incorporation of Nova Fronteira by São Martinho S.A
Rio de Janeiro, December 15, 2016 – Petróleo Brasileiro S.A. – Petrobras reports that its wholly-owned subsidiary Petrobras Biocombustível S.A. (PBIO) closed, on this date, with group São Martinho S.A. (“São Martinho”) an Agreement (Acordo de Incorporação e Outras Avenças) under which Nova Fronteira Bioenergia S.A. (“Nova Fronteira”), in which PBIO holds 49% participation, will... Continue Reading →
Brazil’s Temer launches stimulus plan to counter discontent
Brazilian President Michel Temer on Thursday unveiled a slew of stimulus measures to reduce the debt burden of businesses and consumers struggling with the country's worst recession on record amid growing popular discontent. Although limited in scope, the measures aim to appease Brazilians angry at the deepening recession in Latin America's biggest economy and allegations... Continue Reading →
Brazil prosecutors hit ex-president Lula with more corruption charges
Prosecutors on Thursday charged former Brazilian President Luiz Inacio Lula da Silva, his wife and a former finance minister with more corruption charges in the investigation of graft at state-run oil company Petrobras. It is now up to federal judge Sergio Moro to decide if the new charges will result in another trial for Lula,... Continue Reading →
Petrobras -Oil and natural gas production in November
Rio de Janeiro, December 15, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that its total oil and natural gas production in November was 2.86 million barrels of oil equivalent per day (boed), of which 2.74 million were produced in Brazil and 0.12 million boed abroad. Average oil production in the country was 2.23... Continue Reading →
