Sete Brasil Participações SA plans to file for bankruptcy protection if state-controlled oil producer Petróleo Brasileiro SA, the rig builder's sole client, fails to present a final lease contract proposal in a week's time, three sources with direct knowledge of the matter said on Friday. Both Sete Brasil and Petrobras declined to comment. Petrobras, as... Continue Reading →
Brazil’s Rio de Janeiro state plans to withdraw new oil, gas taxes
Feb 19, 2016 Reuters Brazil's Rio de Janeiro state plans to withdraw new taxes on oil and gas production before they take effect in March on concern the tax will hurt an already weak industry, a source involved in talks told Reuters on Friday. The tax, passed by the Rio de Janeiro state legislature last... Continue Reading →
Brazil orders release of senator in corruption probe
Feb 19, 2016 Reuters Brazil's Senator Delcidio Amaral reacts during a ceremony to reappoint Brazil's Prosecutor-General Rodrigo Janot to the position of Prosecutor-General of the Republic at the Planalto Palace in Brasilia, Brazil, September 17, 2015. REUTERS / UESLEI MARCELINO Brazil Supreme Court Judge Teori Zavascki on Friday ordered the release of ruling party Senator... Continue Reading →
Petrobras – Clarification on News: Testimony before the Internal Investigation Commission
02/18/2016 Rio de Janeiro, February 18, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 49/2016-CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 49/2016-CVM/SEP/GEA-1 “Dear Officer, We refer to the news item published in the Empresas (Companies) section of today’s edition of the newspaper Valor Econômico, entitled Venina vai depor nos EUA... Continue Reading →
Petrobras Debt-to-Equity Swap Talk Puts Shareholders on Notice
At its peak in 2008, Petrobras was the world’s fifth-largest company worth $310 billion. Since then it has lost more than 90 percent of its value, and recent speculation about a debt-to-equity swap raises the spectre of more woes ahead for shareholders. The market cap of Brazil’s oil giant stands at just $19 billion... Continue Reading →
Petrobras – New well in Libra confirms oil discovery extension in the block
02/17/2016 Rio de Janeiro, February 17, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that has concluded the drilling of the well 3-BRSA-1305A-RJS (3-RJS-739A), located in the Libra block northwest area, in the pre-salt of the Santos Basin, confirming the discovery of good quality oil in reservoirs with excellent productivity. The well found an oil... Continue Reading →
S&P says erratic policy hurts Brazil’s rating outlook
Standard & Poor's said on Thursday that it might downgrade Brazil's rating further into junk territory as a political crisis delays important measures to rebalance the country's finances. S&P director Lisa Schineller said on a conference call that the agency would keep a negative outlook for the country's rating as long as political uncertainties remain,... Continue Reading →
Natixis: Lower Oil Prices Will Start to Hurt the Global Economy This Year
Don't expect the plunge in commodity costs to help the global economic picture any time soon. Analysts at Natixis, led by Chief Euro-Region Economist Sylvain Broyer, contend that the headwinds stemming from lower crude will only start to outweigh any positives this year. This analysis adds to an increasing body of commentary that claims "this time is different": lower... Continue Reading →
Standard & Poor’s downgrades Petrobras after Brazil sovereign cut
Feb 18, 2016 Reuters The Brazil's state-run Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil, January 28, 2016. REUTERS/SERGIO MORAES Brazil's state-run oil company Petroleo Brasileiro SA or Petrobras said on Thursday that Standard & Poor's downgraded its foreign currency bond rating to "B+" from "BB" after the ratings agency cut Brazil's... Continue Reading →
Brazil real underperforms Latam currencies on S&P downgrade
Feb 18, 2016 Reuters By Bruno Federowski SAO PAULO, Feb 18 The Brazilian real underperformed Latin American currencies on Thursday after Standard & Poor's downgraded the country deeper into junk territory. Citing considerable economic and political challenges, S&P cut Brazil's sovereign grade rating to BB from BB+ with a negative outlook. Traders said the cut... Continue Reading →
Brazil Energy Insight 