Rio de Janeiro, May 11, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Fitch announced the revision of Petrobras' corporate debt rating to BB from BB+, with negative outlook. This review follows the change in the sovereign rating, as announced on May, 5th.
Brazil’s Senate on Wednesday opened its session to determine whether President Dilma Rousseff will face an impeachment trial, proceedings that will likely end with her suspended from office. Ms. Rousseff is accused of violating the nation’s budgets laws, accusations that she denies. Wednesday’s proceedings opened at 10 a.m. local time. If a simple majority of... Continue Reading →
UPDATE 1-Brazil to open subsalt to some non-Petrobras oil operators
Under Brazilian law, if more than one company owns an oil field, they must negotiate an agreement to operate it as a single unit with a single operator, or lead partner, a process known as unitization. Problems with this arose after Brazil changed industry rules in 2010, creating a system of production-sharing contracts for all... Continue Reading →
Brazil Real Advances as Impeachment Drive Overcomes Intervention
Brazil’s real rose as the Senate gears up for a vote that would force President Dilma Rousseff out and into an impeachment trial she appears unlikely to survive, even as the central bank intervened to weaken the currency. The real strengthened 0.4 percent to 3.4639 per dollar at 9:30 a.m. in Sao Paulo as the monetary... Continue Reading →
Brazil to open subsalt to some non-Petrobras oil operators -source
May 10, 2016 Reuters Brazil plans to publish regulations in coming days to allow companies other than state-run Petrobras to operate some oil production-sharing contracts in the Subsalt Polygon, a source participating in discussions of the rules told Reuters. The rules will only allow non-Petrobras companies to operate Subsalt Polygon blocks if the blocks are... Continue Reading →
Brazil’s Rousseff undone by hubris, economic missteps
Brazil's President Dilma Rousseff reacts as she attends a signing ceremony for new universities, at Planalto Palace in Brasilia, Brazil, May 9, 2016. REUTERS/ADRIANO MACHADO - RTX2DJ5S Minutes after taking her oath of office in 2011, President Dilma Rousseff stood before Congress and pledged to end the dirty back-room deals and kickback schemes at the... Continue Reading →
SBM Looks to Regain Footing in Brazil Market as Probes Drag On
Bruno Chabas thought it would be easier to restore the image of offshore oil equipment supplier SBM Offshore NV when he became the chief executive officer in early 2012. Three months after moving into the executive suite, Chabas decided to go public with what would become Holland’s biggest corruption scandal. Schiedam-based SBM announced it had been... Continue Reading →
The continuing saga at House of Cards
May 10, 2016 Reuters Brazil's attorney general asks court to annul impeachment Brazil's General Attorney Jose Eduardo Cardozo gestures as he presents President Dilma Rousseff's defence against impeachment in Brasilia, Brazil, May 5, 2016. REUTERS/ADRIANO MACHADO Brazil's Attorney General Eduardo Cardozo asked the Supreme Court to annul impeachment proceedings against President Dilma Rousseff, his office... Continue Reading →
Petrobras transfers to Asia the construction of 9 platforms
Source: O Globo newspaper Faced with the crisis of the naval sector, Petrobras has shifted to building at least nine platforms – from a group of ten ordered to shipyards involved in the investigation of the Lava-jet operation - to Asia, mainly to China and Thailand . Yesterday, Petrobras gave another sign of its approach... Continue Reading →
Brazil Real, Stocks Rise as Drive to Oust Rousseff Back on Track
The real and the Ibovespa benchmark equity index resumed a rally that has put Brazilian assets among this year’s world beaters as the drive to oust President Dilma Rousseff appeared to get back on track. The currency advanced 0.9 percent to 3.4858 per dollar and the stocks gauge climbed 1.4 percent to 51,679.67 at 10:32 a.m.... Continue Reading →
Brazil Energy Insight 