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When construction began in 1956 on Brazil’s new capital, everything about it pointed to the country’s ambitions as a rising global power. Its architect Oscar Niemeyer designed curving, futuristic government palaces, embodying hopes for a utopian modernity. Brasília rose in just 41 months, laid out in the shape of an airplane, a seeming reflection of... Continue Reading →
Bloomberg Brazil’s real fell the most its major peers after the central bank extended its program to weaken the currency to $34 billion. Stocks also dropped. The real was set for its worst weekly slump in two months after the monetary authority offered $1 billion in reverse swap contracts, which have the same effect as... Continue Reading →
The great betrayal Dilma Rousseff has let her country down. But so has the entire political class Apr 23rd 2016 | From the print edition BRAZIL’S Congress has witnessed some bizarre scenes in its time. In 1963 a senator aimed a gun at his arch-enemy and killed another senator by mistake. In 1998 a crucial... Continue Reading →
Rio de Janeiro, April 20, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its oil and natural gas production in March amounted to 2.55 million barrels of oil equivalent per day (boed), of which 2.36 million boe were produced in Brazil and 183,000 boed abroad. The average oil production in March was 2.02... Continue Reading →
Rio de Janeiro, April 19, 2016 - Petróleo Brasileiro S.A.-Petrobras hereby responds to Official Letter No. 165/2016/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter No. 165/2016/CVM/SEP/GEA-1 “Dear Sir, We refer to the news item published today in the newspaper Valor Econômico, Business section, under the title: "Petrobras Plan does not reduce the volume of debt",... Continue Reading →
Thu Apr 21, 2016 Reuters Brazilian construction company Grupo OAS said its creditors would take over its 24.5 percent stake in infrastructure company Invepar as part of a restructuring plan. OAS's shares of Invepar will be transferred to SPE Credores by the end of the day on May 31, the company said in a statement... Continue Reading →
Schlumberger Ltd. cut another 2,000 jobs in the first quarter as the world’s largest provider of oilfield services sees the industry in an unprecedented downturn. The global headcount dropped to 93,000 at the end of the first quarter with the reduction, Joao Felix, a spokesman for the company, said by e-mail. More than a quarter... Continue Reading →
Apr 20, 2016 Petrobras' output down in March, but maintains 2016 goal REUTERS Brazil's Petroleo Brasileiro SA said on Wednesday that output dropped 3.7 percent in March to 2.55 million barrels of oil and equivalent natural gas a day from February. Petrobras, as the state-run company is known, said the drop in output was due... Continue Reading →
Demonstrators hold banners as they take part in a protest against Brazil's President Dilma Rousseff's appointment of Brazil's former President Luiz Inacio Lula da Silva as her chief of staff, at Paulista avenue in Sao Paulo, Brazil, March 17, 2016. The placards show images... REUTERS/NACHO DOCE In a Brazil deeply divided by the battle... Continue Reading →
Shareholders of oil-rig venture Sete Brasil Participacoes SA agreed to a plan to file for bankruptcy protection after its single client failed to present a viable book order. A Sete Brasil official confirmed Wednesday that investors are backing the plan and declined to elaborate. Shareholders had set that day as a deadline for Petroleo Brasileiro... Continue Reading →
Brazil Energy Insight 