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Brazil's second-highest court voted on Tuesday to keep the former chief executive of Latin America's largest engineering group Odebrecht SA in jail, extending nearly six months of pre-trial detention in the southern city of Curitiba Marcelo Odebrecht was arrested on June 19 and charged with corruption and money laundering a month later as part of... Continue Reading →
Halliburton Co. and Baker Hughes Inc. will extend the time period to April 30 for closing their pending $26 billion merger as they work to satisfy Justice Department concerns. The U.S. Justice Department told the world’s No. 2 and No. 3 oil service companies that officials aren’t satisfied with Halliburton’s proposals for clearing its purchase... Continue Reading →
Brazil's President Dilma Rousseff will cut a key fiscal savings goal for next year to safeguard a landmark welfare program, a government source with direct knowledge of the matter said on Tuesday, a move that could raise tensions in her economic team. The 2016 primary surplus target, which excludes debt servicing payments, will be cut... Continue Reading →
Brazil Speaker Cunha to be probed by ethics committee Brazil's lower house of Congress will investigate Speaker Eduardo Cunha for lying about Swiss bank accounts, its ethics committee decided on Tuesday, dealing the second blow of the day to the man who launched impeachment proceedings against President Dilma Rousseff. Earlier on Tuesday, police raided Cunha's... Continue Reading →
U.S. antitrust officials aren’t satisfied with Halliburton Co.’s proposals for clearing its purchase of oil services rival Baker Hughes Inc. and don’t expect to make a decision until next year, according to a person familiar with the situation. The companies previously agreed to an extension until Tuesday with the Justice Department over the proposed $26... Continue Reading →
A former official at state-controlled Petroleo Brasileiro SA, jailed as part of a corruption investigation in Brazil, has linked financier André Esteves to the payment of bribes to a ruling coalition politician, Valor Econômico newspaper said on Tuesday. The executive, Nestor Cerveró, told prosecutors in the case known as Operation Car Wash that Esteves and... Continue Reading →
12/14/2015 Rio de Janeiro, December 14, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 535/2015/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 535/2015/CVM/SEP/GEA-1 “We refer to the news item published today in the Empresas (Companies) section of the newspaper Valor Econômico, entitled Estatal e Braskem acertam preço da nafta (Petrobras and... Continue Reading →
12/14/2015 Rio de Janeiro, December 14, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 532/2015/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 532/2015/CVM/SEP/GEA-1 “1. We refer to the news item published today in the Empresas (Companies) section of the newspaper Valor Econômico, entitled: Petrobras enfrenta dificuldades para vender até ativos do... Continue Reading →
The collapse of oil prices has claimed its first bankruptcy victim in Norway’s offshore industry, and analysts warn more may follow. Dolphin Group ASA, a seismic surveyor that maps the seabed for oil and gas reservoirs, became the first Oslo-listed company in the industry to file for bankruptcy Monday. One of its competitors, Polarcus Ltd.,... Continue Reading →
Brazilian police raided the homes of Lower House Speaker Eduardo Cunha and at least one minister on Tuesday, widening the political scope of an investigation into a suspected web of corruption linking ruling coalition politicians and influential business figures. Cunha is at loggerheads with President Dilma Rousseff after opening impeachment proceedings against her on Dec.... Continue Reading →
Brazil Energy Insight 