Brazilian federal police were seeking to arrest 15 people on Tuesday as part of the corruption investigation centered on state-run oil producer Petroleo Brasileiro SA (PETR4.SA), police and federal prosecutors said. Tuesday's operation, codenamed "Xepa", uncovered a bribe-payment scheme led by Odebrecht SA [ODBES.UL], Latin America's largest engineering and construction conglomerate, police said in a... Continue Reading →
Petrobras 4th Quarter 2015 Results
Rio de Janeiro – March 21, 2016 - FOURTH QUARTER OF 2015 RESULTS - Audited by independent auditors, stated in millions of Reais, prepared in accordance with International Financial Reporting Standards - IFRS issued by the International Accounting Standards Board – IASB (a free translation of the original in Portuguese). • Consolidated net loss was... Continue Reading →
Petrobras – New well in Libra confirms the presence of good quality oil
Rio de Janeiro, March 21, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that the Libra Consortium has concluded the drilling and the evaluation of the well 3-BRSA-1322-RJS (3-RJS-741), located in the block northwest area, in the Santos Basin pre-salt, confirming the discovery of good quality oil (28º API) in reservoirs with excellent productivity. The... Continue Reading →
Petrobras Huge Writedown Prompts Surprise Loss as Rout Bites
Petroleo Brasileiro SA reported a massive loss after writing down the value of assets because of the collapse in oil prices. The 46.4 billion reais ($12.8 billion) of writedowns in the value of its assets and investments, mainly from its exploration and production division, are worth more than a third of the company’s market value. They... Continue Reading →
Brazil Impeachment Upheaval Proves to Be a Boon for Its Coffers
Mounting speculation that Brazil President Dilma Rousseff will be impeached is making it cheaper for the cash-strapped nation to borrow. At a local bond auction Thursday, Brazil sold 1.5 billion reais ($415 million) of notes due in January 2020 to yield 14.1 percent, the lowest since August. A week earlier, the government issued 3.85 billion... Continue Reading →
Brazil’s Petrobras probes human resources practices, paper says
Brazil's state-run oil producer Petroleo Brasileiro SA is investigating practices in its human resources department that could have left the company vulnerable to billions of reais in liabilities, newspaper Valor Economico said on Monday. Petrobras' head of governance, João Elek, is leading the internal probe after an anonymous report of 11 potentially controversial measures taken... Continue Reading →
Brazil’s Rousseff lacks Senate votes to defeat impeachment: senator
Brazil's ruling coalition lacks the votes in the Senate to defeat a request to remove left-leaning President Dilma Rousseff from office if it is approved by the lower house, a senior senator in the coalition's largest party said on Sunday. The leading member of the Brazilian Democratic Movement Party (PMDB), who asked not to be... Continue Reading →
Brazilians Brace for More Drama at Top Court, Congress
Brazil is bracing itself for another week of drama, in which the Supreme Court and Congress will chart the path through the nation’s political crisis after a poll showed two-thirds of its citizens want President Dilma Rousseff ousted. The Attorney General’s office over the weekend called on the Supreme Court to quickly and definitively settle... Continue Reading →
Brazil Poll Shows Strong Support for President’s Impeachment
THE ASSOCIATED PRESS MARCH 20, 2016, 10:54 A.M. E.D.T. A new poll in Brazil is showing strong support for the impeachment of President Dilma Rousseff. The respected Datafolha agency says 68 percent of people surveyed want to see lawmakers vote to impeach Rousseff. That's up 8 percentage points since February. The results published in Sunday's Folha... Continue Reading →
THIS BEATS HOUSE OF CARDS
A top judge in Brazil ruled on Friday that Luiz Inacio Lula da Silva should be stripped of a ministerial role so he can be investigated for graft, minutes after the ex-president rallied tens of thousands of supporters behind embattled President Dilma Rousseff. In a move likely to inflame tensions between the judiciary and Brazil's... Continue Reading →
Brazil Energy Insight 