Production at P-37 rig in the Marlim field in the Campos Basin has been suspended since the 10th of November due to leakage. P-37 produces 30,000 bpd. Petrobas has inspection team on board and are yet to authorize the restart of production activities.
Federal Police estimate that at least R$42 billion were siphoned off from Petrobras
Federal Police estimate that at least R$42 billion were siphoned off from Petrobras between 2004 and 2014. More than double the R$20 billion estimate at the start of the "Car Wash" investigation. The estimate is based on at least a 3% graft payment from the 27 companies under investigation which contracted R$ 215 billion with Petrobras... Continue Reading →
Brazil’s Petrobras offers wage hike to strikers; union wary
Brazil's state-led oil company Petroleo Brasileiro SA offered striking workers a 9.54 percent wage hike on Wednesday in an effort to end a 10-day strike and prevent it from causing further production losses. But union officials said the deal makes almost no concessions on their most important demands. These include calls on Petrobras, as the... Continue Reading →
Petrobras – Clarification on News: Loss at Premium Refineries
11/11/2015 Rio de Janeiro, November 11, 2015 – Petróleo Brasileiro S.A. – Petrobrás hereby responds to Official Letter 457/2015/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter no. 457/2015/CVM/SEP/GEA-1 “We refer to the news published today in the Empresas (Companies) section of Valor Econômico newspaper, entitled Refinarias 'premium' tinham 98% de chance de dar prejuízo, diz... Continue Reading →
Petrobras – Clarification of News Item: Overpaying in hiring drilling rig
11/11/2015 Rio de Janeiro, November 11, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 458/2015/CVM/SEP/GEA-1 requesting clarifications, as transcribed below: Official Letter 458/2015/CVM/SEP/GEA-1 “We refer to the news item published on November 8, 2015 in Miriam Leitão’s column in the newspaper O Globo, entitled Retrato da Corrupção (Portrait of Corruption), which... Continue Reading →
Major Oil Companies Have Half-Trillion Dollars to Fund Takeovers
The world’s six largest publicly traded oil producers have more than a half-trillion dollars in stock and cash to snap up rival explorers. Exxon Mobil Corp. tops the list with a total of $320 billion for potential acquisitions. Chevron is next with $65 billion in cash and its own shares tucked away, followed by BP Plc... Continue Reading →
Government Clears Hurdle as Brazil Accepts Repatriation Bill
Brazilian lawmakers approved legislation that may boost fiscal revenue by providing incentives for citizens to repatriate fortunes, handing the government a win in its push to shore up the nation’s finances. The bill allows Brazilians to bring money back into the country by paying a fee while averting tax-evasion charges. The measure is part of Finance... Continue Reading →
Brazil’s Real Declines Ahead of Voting on Repatriation Bill
Brazil’s real declined as investors waited for Congress to vote on a bill that may end up bringing in less revenue for the government than initially expected. The currency declined 0.5 percent to 3.7662 per U.S. dollar as of 4:38 p.m. in Sao Paulo. It was the worst performer among 16 major currencies tracked by... Continue Reading →
Brazil’s Markets Rise on Finance Ministry Replacement Speculation
Brazilian stocks rose amid speculation that former central bank head Henrique Meirelles may replace Finance Minister Joaquim Levy, fueling optimism he could rally the political support needed to pass austerity measures aimed at shoring up the budget. Newspaper Valor Economico reported that Meirelles and politicians are already discussing possible measures to trim the country’s deficit and restore... Continue Reading →
Petrobras cancels oil strike talks, union vows escalation
Brazil's state-controlled oil producer Petroleo Brasileiro SA canceled talks with union leaders that were planned for Tuesday and aimed at settling a strike that is now in its ninth day. Members of oil union FUP have been on strike at Petrobras, as the company is known, since Nov. 1 in the biggest labor action against... Continue Reading →
Brazil Energy Insight 