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A political maelstrom is threatening to unseat President Dilma Rousseff. Waiting in the wings is her vice president, Michel Temer, who’s set to take over during her likely impeachment trial in the Senate. His task would be formidable: cobble together a majority of lawmakers to enact reforms that not only bring about recovery of an... Continue Reading →
BP Plc, the first oil major to report first-quarter earnings, posted a surprise profit as a stronger-than-expected refining and trading performance helped mitigate the lowest crude prices in more than a decade. Profit adjusted for one-time items and inventory changes totaled $532 million compared with $2.6 billion a year earlier, the London-based company said on Tuesday. Analysts had... Continue Reading →
Rio de Janeiro, April 22, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby answers to the Official Letter No. 175/2016/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter No. 175/2016/CVM/SEP/GEA-1 "Dear Officer, We refer to the news item published on 04.19.2016 in Fausto Macedo's blog under the title: "Federal Police identifies loss of R$1.9 billion to... Continue Reading →
Seadrill, Ensco and others report losses as producers curtail costly projects Seadrill's West Capricorn rig APRIL 24, 2016 by: Ed Crooks in New York In the depths of the ocean off the coast of Uruguay, more than two miles below sea level, the oil industry is continuing to push back the frontier. Last month a... Continue Reading →
Former President of Brazil's central bank Henrique Meirelles gestures during the Industry National Meeting in Sao Paulo, Brazil, November 13, 2015. REUTERS/RODRIGO PAIVA If Brazilian Vice President Michel Temer takes power, former central bank President Henrique Meirelles would accept the position of finance minister under the condition he was given approval rights over members of... Continue Reading →
The currency market is becoming more convinced that the Brazilian real’s world-beating rally this year is far from over. Foreign investors have reduced their bearish bets against the currency in the futures market by 33 percent since the end of 2015 to $15 billion, the least since November 2013, according to data compiled by Bloomberg... Continue Reading →
Brazil economists for the first time forecast the recession will deepen from 2015, which was already the sharpest contraction for Latin America’s largest economy in 25 years. Economists lowered their 2016 GDP call to 3.88 percent from 3.8 percent previously, according to the weekly Focus survey conducted April 22. That’s worse than the 3.85 percent... Continue Reading →
Halliburton Co. booked a $2.1 billion expense in the first quarter for cutting jobs and writing off assets, giving some results early and delaying the full earnings release as it strives to wrap up a takeover of rival Baker Hughes Inc. The world’s largest provider of fracking services eliminated 6,000 more jobs in the quarter to reduce... Continue Reading →
Brazilian President Dilma Rousseff denounced her impeachment as a "coup" to an international audience on Friday, and said she would appeal to the Mercosur bloc of South American nations for Brazil to be suspended if democratic process is broken. "I would appeal to the democracy clause if there were, from now on, a rupture of... Continue Reading →
Odebrecht SA, the engineering company at the center of a massive graft probe in Brazil, is selling its 55 percent stake in a $5 billion natural gas pipeline project in Peru, the pipeline manager told Reuters on Friday. David San Frutos said international creditors interested in financing $4.1 billion of the project had asked that... Continue Reading →
Brazil Energy Insight 