Brazilian construction company OAS SA won approval for its restructuring plan early Friday after agreeing to sell one of its most valuable assets in order to help pay creditors. The vote, which had been scheduled and postponed on several occasions since September, went forward after OAS secured a deal to sell its stake in airport... Continue Reading →
Brazil moves to speed corrupt firms access to state cash -sources
Brazilian President Dilma Rousseff plans to issue a decree on Friday to speed up a process allowing construction companies involved in a major corruption scandal to regain the right to receive government money, two sources told Reuters. More than 30 of the country's top construction and engineering companies, including Odebrecht SA, Queiroz Galvão, OAS,... Continue Reading →
Brazil court rulings help Rousseff fend off impeachment
Brazil's Supreme Court handed embattled President Dilma Rousseff two victories on Thursday in rulings that improve her chances of blocking an impeachment bid by opponents seeking to oust the unpopular leftist leader. The judges voted to give the Senate the authority to review the grounds for Rousseff's impeachment even if the lower house votes to... Continue Reading →
Mexico Sees $44 Billion in Investment for Deep Water Oil Fields
On the heels of Mexico’s most successful private oil auction, the country announced plans today for its most lucrative and ambitious sale of crude fields since opening the national industry to private participants. Mexico will auction 10 offshore fields for exploration and development next year in the deep waters of the Gulf of Mexico, estimating... Continue Reading →
Mexico Set to Be Big Winner From Brazil’s Second Junk Downgrade
Brazil’s misfortunes may just be Mexico’s blessing. On Wednesday, Fitch Ratings handed Brazil its second junk rating, which could force institutional investors whose bylaws prevent them from holding such securities to dump them. The decision sent the Brazilian real tumbling the most in emerging markets and spurred a selloff in its overseas debt. As investors... Continue Reading →
Brazil prosecutors charge 12 in SBM Offshore graft scheme
Brazilian prosecutors on Thursday charged 12 people with a bribery scheme involving Dutch firm SBM Offshore NV, the world's top leaser of oil production ships, and state oil firm Petroleo Brasileiro SA. Police said they had four arrest orders as part of the scheme, dubbed "Operation Black Blood," though two of them involved suspects already... Continue Reading →
Price of OPEC Oil Slumps to 11-Year Low as Members Keep Pumping
The average price of crude sold by OPEC members slumped to the lowest in 11 years as members kept pumping into an oversupplied market. The reference basket of crudes produced by the Organization of Petroleum Exporting Countries dropped to $32.33 a barrel Wednesday, according to an e-mail from the organization’s secretariat in Vienna on Thursday.... Continue Reading →
Brazil’s police launch operation to deepen probe on SBM, Petrobras
Dec 17, 2015 The Petrobras logo is seen in front of the company's headquarters in Sao Paulo April 23, 2015. REUTERS/PAULO WHITAKER Brazil's federal police carried out an operation on Thursday morning to deepen investigations into Dutch SBM Offshore NV, the world's top oil production ship leaser, and state oil firm Petroleo Brasileiro SA, according... Continue Reading →
Brazil’s Fall From Darling to Doldrums Cemented by Junk Status
Brazil’s breathtaking fall from investor favorite to emerging-market pariah shows no signs of slowing. On Wednesday, Latin America’s largest economy lost its investment-grade status when Fitch Ratings became the second of the three main debt-ratings firms to cut Brazil to junk. And a third downgrade, this time by Moody’s Investors Service, can’t be far behind... Continue Reading →
Petrobras – Clarification of News Item: Free Cash Flow
12/16/2015 Rio de Janeiro, December 16, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 3762/2015-SAE, which requests the following clarifications: Official Letter 3762/2015-SAE “Dear Sirs, A news item published today in the newspaper Valor Econômico on December 16, 2015, states, among other matters, that, for the first time in eight years,... Continue Reading →
Brazil Energy Insight 