Rio de Janeiro, May 3, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that concluded the negotiations with Southern Cross Group of the main terms and conditions for the sale of 100% of Petrobras Chile Distribución Ltda. (“PCD”), owned through Petrobras Caribe Ltd. Southern Cross Group is a private equity fund, founded in 1988, with... Continue Reading →
Why This Year’s Oil Rally Might Be for Real
At first blush, the rally in oil to start 2016 bears some resemblance to the rally at the start of last year, which ultimately ended in tears. This time, though, analysts at Citigroup Inc. led by Seth Kleinman say the rally has legs. "The extra year of low prices has finally derailed the supply resilience that defined... Continue Reading →
Shell’s BG Risk Starts to Pay as Output Added, Costs Slashed
Royal Dutch Shell Plc’s record $54 billion acquisition of BG Group Plc is starting to pay off as the assets give it higher production and cash flow, helping it beat analysts’ earnings estimates when it reported quarterly results Wednesday. While Europe’s biggest oil company benefits from BG’s assets, it’s cutting expenses quickly enough to ensure the... Continue Reading →
Brazil’s Crusading Corruption Investigation Is Winding Down
The crusading federal judge behind Brazil’s explosive corruption investigation, facing the limits of his mandate and signs of political pushback, sees his role in the case winding down by the end of the year, a turning point in a probe that has helped push the president to the brink of impeachment. For more than two... Continue Reading →
Maersk Soars After Profit Drops Less Than Expected Amid Cuts
A.P. Moeller-Maersk A/S rose the most in 2 1/2 months after reporting a smaller decline in first-quarter profit than estimated following deeper cost cuts at its oil unit. Net income was $211 million last quarter compared with $1.54 billion a year earlier, the Copenhagen-based company said in a statement on Wednesday. That compares with a... Continue Reading →
Shell Quarterly Profit Beats Estimates on Refining Earnings
Royal Dutch Shell Plc’s first-quarter profit beat analyst estimates as better-than-expected earnings from oil refining and chemicals production countered crude prices at a 12-year low. Profit adjusted for one-time items and inventory changes fell 58 percent to $1.6 billion, exceeding the $1.18 billion average of analysts’ estimates compiled by Bloomberg. Europe’s biggest oil producer, which borrowed... Continue Reading →
Petrobras to Raise $1.4 Billion Selling Argentina, Chile Assets
Bloomberg Petrobras has agreed to sell assets in Argentina and Chile for about $1.4 billion as Brazil’s state-controlled oil producer looks to raise cash and focus on deep-water projects in Brazil. The Rio de Janeiro-based producer has completed negotiations to sell its 67.2 percent stake in Petrobras Argentina SA to Pampa Energia SA for $892... Continue Reading →
Petrobras Boomtown Turns Desolate as Refinery’s Billions Vanish
Located just 30 miles east of Rio de Janeiro’s bustling Copacabana beach, Itaborai looks like many oil boomtowns after the bust -- except the deserted stores and empty glass towers that loom over this town of 220,000 speak of some bigger cataclysm than the collapse of crude prices. “They said this would be the new oil city,”... Continue Reading →
Brazil’s Top Prosecutor Seeks to Investigate Rousseff, Lula
Brazil’s chief prosecutor has asked the Supreme Court to authorize an investigation into President Dilma Rousseff and her predecessor Luiz Inacio Lula da Silva, her mentor and close ally, two of the country’s main newspapers reported. Public Prosecutor Rodrigo Janot filed the request with the high court, which must authorize any formal probe into the... Continue Reading →
Brazil Real Declines Amid Intervention as Emerging Markets Slump
Brazil’s real declined a second day as the central bank intervened to weaken it, joining a selloff in emerging-market currencies as renewed concern that China’s economy is faltering dimmed demand for riskier assets. The real slumped 2.1 percent to 3.5656 per dollar at 11:53 a.m. in Sao Paulo after the monetary authority sold 9,800 reverse... Continue Reading →
Brazil Energy Insight 