Jan 29 Brazil's state-led oil company Petrobras slashed its oil and natural gas reserves 20 percent on Friday as a plunge in oil prices, a heavy debt load, high costs and a corruption scandal choke off the potential of a decade of giant but expensive discoveries. The cut, reported in a securities filing, reduced proven... Continue Reading →
Producing fields can sustain Petrobras for 2-3 years of low prices -board member
Jan 29 Oil and gas fields already paid for and in production can sustain Brazilian state-run company Petroleo Brasileiro SA for two to three years of low prices, a board member for the firm told reporters on Friday. "We have various fields where the cost per barrel is $50 and most or all of them... Continue Reading →
Chevron Posts First Loss Since 2002
Chevron Corp. lost money for the first time since 2002 as a collapse in prices for the global oil explorer’s main product forced it to write down the value of its assets. Shares fell. The fourth-quarter net loss was $588 million, or 31 cents a share, compared with profit of $3.5 billion, or $1.85, a... Continue Reading →
Brazil plans to extend oil rights to foster investment -paper
Jan 29, 2016 Reuters Brazil plans to extend oil exploration rights in areas awarded between 1998 and 2008 to encourage greater investment despite a recent plunge in oil prices, Energy Minister Eduardo Braga told newspaper Valor in an interview published on Friday. Brazil's government also plans to cancel exploration rights in areas without production for... Continue Reading →
Brazilian Budget Gap Hits Record as Commodity Boom Turns to Bust
Brazil reported its largest budget deficit on record last year, underscoring the Latin American country’s struggles to cope with falling tax revenue as the commodity boom ends. The budget gap surged to 613 billion reais ($151 billion), or 10.34 percent of gross domestic product, the highest since at least 1997. The same measure before interest... Continue Reading →
Material Fact: Petrobras’ Proven Reserves in 2015
01/29/2016 Rio de Janeiro, January 29, 2016 – Petróleo Brasileiro S.A. - Petrobras announces its proven reserves of petroleum (oil, condensate and natural gas), assessed at the end of 2015 according to ANP/SPE (National Petroleum, Natural Gas and Biofuels Agency / Society of Petroleum Engineers) and SEC (US Securities and Exchange Commission) criteria. Proven Reserves... Continue Reading →
Petrobras 2015 oil, gas reserves fall 20 pct to 10.516 bln barrels
Jan 29, 2016 Reuters Oil and natural gas reserves at Brazil's state-run oil producer Petroleo Brasileiro SA fell 20 percent in 2015 from 2014, the company said in a filing on Friday. At the end of 2015, the company had 10.516 billion barrels of proven reserves of oil and equivalent natural gas according to criteria... Continue Reading →
Brazil Bets on Billions in Credit to Help Revive Lagging Economy
Brazil’s government presented measures to offer credit for agriculture, infrastructure, industry and construction, as Latin America’s biggest economy struggles to regain investor confidence and stem job losses amid its worst downturn in decades. As much as 83 billion reais ($20.4 billion) will be offered at rates set by Banco do Brasil, Caixa Economica Federal and... Continue Reading →
Petrobras – Clarification on News: Preliminary Injunction Suspends Sale of Gaspetro
Rio de Janeiro, January 28, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 250/2016-SAE which requests the following clarifications: OFFICIAL LETTER 250/2016-SAE “Dear Sirs, A news item published by the newspaper Valor Econômico on January 27, 2016, states, among other matters, that the Federal Court of Bahia has issued a preliminary... Continue Reading →
Dovish Brazil Central Bank Sends Swap Rates Lower as Real Gains
Brazil’s swap rates plunged to a four-month low as dovish minutes from the central bank’s latest meeting led traders to cut bets on interest-rate increases. Swap rates on contracts due January 2017 fell 0.2 percentage point to 14.5 percent as of 3:37 p.m. in Sao Paulo as the central bank signaled in minutes of its latest... Continue Reading →
Brazil Energy Insight 