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A measure of its volatility has fallen the most among the world’s major currencies in the past month after reaching a four-year high in September. Price swings are abating as calls for President Dilma Rousseff’s impeachment ebb, lessening concern about political chaos in Brazil. Yet analysts say this optimism is overdone and that the momentary... Continue Reading →
Apache Corp. and Anadarko Petroleum Corp., two exploration businesses that may find themselves as targets in an industry consolidation, are run by chief executives with smaller golden parachutes than similar-sized oil and gas companies. The dollar incentive for takeovers for Apache CEO John Christmann was $8.4 million as of the company’s fiscal year-end when he was... Continue Reading →
Brazil’s biggest corruption scandal has engulfed a Texas refinery where Petroleo Brasileiro SA officials allegedly took bribes to push through an acquisition. A team of police and prosecutors have found evidence that a Belgium trading company paid $15 million in bribes to secure the sale of the refinery in Pasadena, Texas, to Petrobras, police and prosecutors... Continue Reading →
Sindipetro NF has decided against the direction of workers union FUP to end the strike at Petrobras. Sindipetro NF represents the workers at the Campos Basin responsible for 65% of Petrobras oil and gas production. Four other regional workers unions , part of FUP, have also decided to maintain the walkout. It looks like Petrobras... Continue Reading →
Mon Nov 16, 2015 Brazil prosecutor says Petrobras' Pasadena refinery purchase could be annulled Reuters Nov 16 A Brazilian prosecutor said on Monday that new information turned up in the Petrobras corruption scandal that could lead to the annulment of the state-owned oil company's purchase of Pasadena Refining Systems Inc in Texas in 2006. Brazil's... Continue Reading →
Royal Dutch Shell Plc plans to retain four senior executives from BG Group Plc after the merger between the two oil and gas groups completes next year, according to an internal memo sent on Monday. The announcement comes less than two weeks after Shell revealed organizational changes as it prepares for its biggest ever takeover,... Continue Reading →
Nov 16 Brazil's Federal Police on Monday began a new round of arrests and search and seizure operations in the states of Rio de Janeiro and Bahia related to a corruption probe involving state-controlled oil producer Petróleo Brasileiro SA, police said. In a statement, the police said officers were making 11 search and seizure orders... Continue Reading →
Petroleo Brasileiro SA reached an agreement to end a two-week national strike that reduced output in 50 platforms to protest spending cuts and asset sales that threaten jobs, a workers group said. FUP, an umbrella group for Brazilian oil-worker unions, reached an accord with the state-controlled producer after meetings with Chief Executive Officer Aldemir Bendine,... Continue Reading →
Leaders of Brazil's largest oil workers' union said on Friday they had proposed ending a 13-day strike, the most disruptive in 20 years, at state-run oil firm Petroleo Brasileiro SA, or Petrobras. The union, known as FUP, said on its website that it had made progress on its main goal of reversing investment cuts and... Continue Reading →
Petrobras's poor third-quarter results, weaker oil prices and reports that the Brazilian finance minister may step down sent the country's bonds on another rollercoaster ride on Friday. Petrobras bonds were off the intra-day low Friday afternoon but still as much as 1.5 points down on the day after the state-owned oil company posted a R$3.76bn... Continue Reading →
Brazil Energy Insight 