Brazilian police arrested former senator Gim Argello and launched raids in three states on Tuesday as part of a massive corruption investigation centered at state-run oil firm Petrobras, federal prosecutors said. The 28th round of police raids in the so-called "Operation Car Wash" was based on evidence that Argello took bribes to ensure executives at... Continue Reading →
Brazil congressional committee recommends impeaching Rousseff
A committee of Brazil's lower house of Congress voted 38-27 on Monday to recommend the impeachment of President Dilma Rousseff, who faces charges of breaking budget laws to support her re-election in 2014. A vote in the full lower house is expected to take place on Sunday. If two-thirds vote in favor, the impeachment will... Continue Reading →
Petrobras-Oil and natural gas production in February
Rio de Janeiro, April 8, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its average oil and natural gas production amounted to 2.48 million barrels of oil equivalent per day (boed) in Brazil, remaining in line with January (2.47 million boed), and 178,000 boed abroad, totaling 2.65 million boed. Oil production averaged 2... Continue Reading →
Brazil Real Advances as House Plans Preliminary Impeachment Vote
Brazil’s real advanced to the strongest level in almost seven months as Congress prepared for key votes on the ouster of President Dilma Rousseff this week. Brazil’s currency, the most volatile in emerging markets as traders try to gauge the outlook for a complicated impeachment effort, gained 1.8 percent to 3.5266 per dollar at 12:30 p.m.... Continue Reading →
Brazilians grow weary of the walking dead
The country’s political system suffers from a crisis of legitimacy April 8, 2016 © GettyTwitterJoe Leahy in São PauloJoe Leahy in São Paulo/FT Protests are common in Brazil these days. There are those against President Dilma Rousseff, whose members generally sport the green and yellow of the country’s flag, and there are those in favour... Continue Reading →
Brazil Deploying Troops, Barricades Before Impeachment Votes
Brazilian security forces are deploying thousands of troops and erecting barricades in the capital city of Brasilia this week to prevent violent clashes as Congress holds key votes on the impeachment of President Dilma Rousseff. The city’s rare state of alert reflects concern that the country’s polarized political climate will reach a fever pitch in... Continue Reading →
Brazil’s Petrobras February output falls 5.2 pct to 2-year low
Apr 8, 2016 Reuters Brazil's Petroleo Brasileiro SA said on Friday that output dropped 5.2 percent in February to 2.65 million barrels of oil and equivalent natural gas a day from a year earlier. Petrobras, as the state-run company is known, said the lowest February output in two years was largely due to stoppages for... Continue Reading →
Brazil Heads for Cliffhanger on Impeachment in Decisive Showdown
Brazil’s drawn-out political crisis is moving into a decisive phase next week with two key votes in Congress that could seal the fate of President Dilma Rousseff’s political future. A special committee in the lower house began a marathon session on Friday in order to decide by Monday whether to move forward with an impeachment... Continue Reading →
Sale of Petrobras Argentina: Extension of the Negotiations
Rio de Janeiro, April 8, 2016 – Petróleo Brasileiro S.A. – Petrobras, with respect to negotiations for the sale of its equity interest in Petrobras Argentina, disclosed by Material Fact in 03/02/2016, informs that the negotiations with Pampa Energia continue, having been extended the period of exclusivity for completion of negotiations for another 30 days.... Continue Reading →
Clarification of News Item: Petrobras overestimates returns from projects
Rio de Janeiro, April 7, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 148/2016/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 148/2016/CVM/SEP/GEA-1 “Dear Officer, We refer to the news item published today in the Empresas (Companies) section of the newspaper Valor Econômico, entitled: Petrobras superestimou em US$ 45 bi o retorno... Continue Reading →
Brazil Energy Insight 