Brazil's prosecutor general found evidence linking the tourism minister of interim President Michel Temer to the corruption scheme at state-run oil company Petroleo Brasileiro SA, newspaper Folha de S. Paulo reported on Monday. Prosecutor General Rodrigo Janot included intercepted phone messages in a request to the Supreme Court for a formal investigation of Tourism Minister... Continue Reading →
Devon to Sell Oil and Gas Assets for Almost $1 Billion
Devon Energy Corp., the energy producer that’s targeted $3 billion of asset sales to fund drilling and lower debt, agreed to sell fields in Texas and Oklahoma and a royalty interest in the northern Midland Basin for almost $1 billion to undisclosed buyers. The largest transaction was for reserves in East Texas for $525 million,... Continue Reading →
Brazil’s Biggest Builder Boosts Sales Even With Top Boss in Jail
Odebrecht Engenharia e Construcao SA, Brazil’s biggest builder, posted revenue growth the same year the top manager of its controlling group was jailed as part of a corruption probe. The builder’s net revenue rose 23 percent to $17 billion in 2015, compared to $13.8 billion a year earlier, according to a copy of its financial results... Continue Reading →
Nowhere to go but up/Economist
The interim government proposes some reforms Jun 4th 2016 | RIO DE JANEIRO | Economist WITH bearded baristas and furniture cobbled together from wooden crates, Curto Café in Rio de Janeiro is a typical outpost of Brazil’s nascent hipster scene. Aficionados of its organic coffee do not pay set prices; instead they pay what they think reasonable—or... Continue Reading →
Brazil Said to Delay Petrobras, Other Asset Sales Until 2017
Brazil’s Acting President Michel Temer will prioritize infrastructure concessions this year as a way to showcase an improving political environment and rule of law, before offering stakes in state companies in 2017. Several highways and airports are almost ready to be put up for tender. Such deals are less controversial than those involving strategic assets,... Continue Reading →
Pemex Changes Contracts, Says Providers Can Now Pay Their Debt
Petroleos Mexicanos said rig operators including Perforadora Latina, Oro Negro and Grupo R can make their bond payments after the state oil company renegotiated contracts. Pemex, as the company is known, reviewed 53 rig leasing agreements, according to an e-mailed statement in response to questions from Bloomberg News. Over the next 12 months, Pemex will... Continue Reading →
Exxon CEO Says Argentina Shale Investment May Exceed $10 Billion
Exxon Mobil Corp. may invest more than $10 billion in Argentina’s Vaca Muerta shale formation in the next decades, Chairman and Chief Executive Officer Rex Tillerson said Thursday. The oil giant has so far invested $200 million in the world’s second largest shale gas deposit, Tillerson said after meeting with Argentine President Mauricio Macri in... Continue Reading →
Brazil’s Exploding Debt-to-GDP Is Going to Become a Problem Soon
Reining in Brazil’s mammoth budget is no small feat, no matter how good you are. Cut discretionary spending, and risk blowback from an already frustrated electorate. Raise taxes, you could exacerbate the nation’s crushing recession. Privatize government companies? Beware the wrath of the unions. Shrink social security? It’ll take decades to manifest itself on the... Continue Reading →
Petrobras CEO Parente returns to fix company again
New chief executive of Brazil's state-run oil company Petroleo Brasileiro SA, Pedro Parente, gestures during his inauguration ceremony in Rio de Janeiro, Brazil, June 2, 2016. REUTERS/SERGIO MORAES The man who oversaw the transformation of Petrobras from a lumbering state oil monopoly into a thriving public-private partnership more than a decade ago is back in... Continue Reading →
Brazil’s judge suspends Odebrecht lawsuit in sign of plea deal
Thu Jun 2, 2016 Reuters Brazilian judge Sergio Moro has suspended one of the lawsuits against executives of engineering conglomerate Odebrecht SA for 30 days, newspaper Folha de S. Paulo reported on Thursday, signaling potential plea bargain deals with prosecutors investigating a massive graft scheme. A spokeswoman for Moro's office did not immediately respond to... Continue Reading →
