June 22,2016 FPSO P-76, which will be used by Petrobras in the Buzios III field, area of transfer of rights of pre-salt Santos Basin, is heading towards the Pontal do Paraná,PR. , to the Offshore Techint Unit, for last adjustments of the modules integration process before leaving for the final destination. The new unit... Continue Reading →
Ecuador Ends One Chevron Battle. What Does It Mean for the War?
Ecuador last week paid Chevron Corp. $112 million in an arbitration case dating back to the 1970s. The accord, while dealing with obscure contractual matters, could have ramifications for bigger court fights between the two fierce adversaries. The government of Ecuadorian President Rafael Correa has taken an extremely hostile stance in other, pricier legal battles with the U.S. energy company. The natural... Continue Reading →
Brazil’s Economic Gloom Shows Signs of Lightening
Brazil’s Economic Gloom Shows Signs of Lightening Amid a litany of other challenges, some indicators suggest prospect of a recovery, however plodding By ROGERIO JELMAYER and JEFFREY T. LEWIS/WSJ July 24, 2016 7:34 p.m. ET SÃO PAULO—As the world starts to focus on the Olympic Games in Rio de Janeiro, economists here say they see... Continue Reading →
Agreement to Sell Petrobras Chile is Signed
Rio de Janeiro, July 22, 2016 – Petróleo Brasileiro S.A. (Petrobras), following up its material fact announcement of May 3, 2016, announces that it today signed a sale and purchase agreement with the Southern Cross Group for 100% of Petrobras Chile Distribuición Ltda (PCD), held through Petrobras Caribe Ltda. The estimated cash inflow from the... Continue Reading →
COMPERJ Project
Rio de Janeiro, July 22, 2016 – Petróleo Brasileiro S.A. (Petrobras) announces that at a meeting held today, its Board of Directors approved a reassessment of its Rio de Janeiro Petrochemical Complex (COMPERJ) project. This decision will enable the continuation of activities to implement COMPERJ units associated with its natural gas processing unit. The natural... Continue Reading →
Abreu e Lima Refinery (RNEST)
Rio de Janeiro, July 22, 2016 – Petróleo Brasileiro S.A. (Petrobras) announces that at a meeting held today, its Board of Directors approved a reassessment of the Abreu e Lima Refinery (RNEST) project. This decision will enable the continuation of procurement activities to complete the emissions reduction unit (SNOX) and other construction work to complement... Continue Reading →
Brazil’s Petrobras plans to sell voting control of BR fuels unit
Brazil's Petróleo Brasileiro SA said on Friday it plans to sell voting control of Petrobras Distribuidora SA after a bidding round for a minority stake in the fuels retailer failed to attract bids that met the state-controlled oil company's needs. Petrobras now plans to keep no more than 49 percent of the voting capital of... Continue Reading →
Morgan Stanley on Oil Prices: ‘A Refinery-Driven Correction Is Upon Us’
Gear up for a fall in oil prices. The global oil market is "severely oversupplied" with gasoline — with stocks at a five-year high — serving as a blow to crude prices from next month, reckon Morgan Stanley analysts led by Adam Longson. In a report published on Sunday, the analysts foresee "worrisome trends" for oil supply and demand,... Continue Reading →
The National Petroleum Agency (ANP) sets a precedent for exempting fines for breaking local content rules
The National Petroleum Agency (ANP) sets a precedent for exempting fines for breaking local content rules - one of the main pillars of the PT governments in the oil sector. In an unprecedented decision, the agency acknowledged that there are no support vessels in the country that meet the requirements applied since 2008. The measure... Continue Reading →
Petrobras announces early tender results and early settlement for cash tender offers
Rio de Janeiro, Brazil – July 21, 2016 – Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) (NYSE: (NYSE: PBR) announces that holders of US$3,008,915,000 and €571,972,000 principal amount of the outstanding notes of the series set forth in the table below (all such notes, collectively, the “Old Notes” and each a “series” of Old Notes), issued... Continue Reading →
