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Latin America’s largest economy shrank the most in a quarter century last year and no recovery is in sight as shriveling demand and political crisis pummel activity. Brazil’s gross domestic product contracted 1.4 percent in the three months ended in December, after a 1.7 percent drop the previous quarter, the national statistics institute said Thursday... Continue Reading →
Brazil’s real gained amid speculation that support for a change in government is growing amid the deepest recession in a century for Latin America’s largest economy. The real rose 1.3 percent to 3.8439 per dollar at 10 a.m. in Sao Paulo after a news report that testimony by Senator Delcidio Amaral, who was the government’s... Continue Reading →
Argentina's Pampa Energia SA offered Brazilian state-run oil company Petroleo Brasileiro SA about $1.2 billion to buy its 67.2 percent stake in Petrobras Argentina SA, a source with direct knowledge of the bid said on Wednesday. The board of Petrobras (PETR4.SA), as the Brazilian company is known, has approved exclusive talks with Pampa (PAM.BA) for... Continue Reading →
Brazil’s state-run oil producer Petrobras needs a capital injection of as much as 100 billion reais ($25.5 billion) to balance its finances, even if it takes three years to complete, saidLuizFernandoFigueiredo, a former central bank director and Chief Executive Officer of Maua Capital. “Everyone knows that Petrobras needs to be capitalized at some moment, and... Continue Reading →
03/02/2016 Rio de Janeiro, March 2nd, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that its Executive Board has approved the initiation of the process of transfer of rights of oil and natural gas exploitation, development and production in certain onshore fields, as well as the sale of the assets related to these concessions. This... Continue Reading →
Royal Dutch Shell Plc is lining up assets for a $30 billion divestment program that may extend from the U.S. and Trinidad to India following its record takeover of BG Group Plc, according to people with knowledge of the matter. Assets linked to Shell’s interests in Trinidad & Tobago and stakes in oil and gas fields in... Continue Reading →
Exxon Mobil Corp. scaled back its production target and said spending on capital projects will continue to drop through the end of next year as the rout in oil and natural gas markets curbs cash flow. Exxon expects output from its 45,000 oil and gas wells to average the equivalent of 4 million to 4.2... Continue Reading →
Mar 2, 2016 Reuters Brazil's state-run oil company Petrobras may be forced to pay 7.3 billion reais ($1.9 billion) in back taxes and fines after a decision by the country's tax authority Carf, newspaper Valor Economico reported on Wednesday. Petrobras has not made provisions for the case related to deductions on its 2007 and 2008... Continue Reading →
Rio de Janeiro, March 2, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces the start-up of the Early Production System in Sépia, the former Nordeste de Tupi area, in the pre-salt layer of the Santos Basin. The operation was handled by the floating platform FPSO Cidade de São Vicente, which will produce around 20,000 ... Continue Reading →
Rio de Janeiro, March 2, 2016 – Petróleo Brasileiro S.A. – Petrobras, with respect to the sale of its equity interest in Petrobras Argentina, disclosed by Material Fact in 01/20/2016, informs that its Executive Board has approved the conduct of negotiations with Pampa Energia, on an exclusive basis, for 30 days and may be extended... Continue Reading →
Brazil Energy Insight 