Update on Oil Workers’ Strike - 11/09 11/09/2015 Rio de Janeiro, November 9, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the strike coordinated by the oil workers’ unions still continues and the impact in the oil output in Brazil remains around 115,000 barrels a day. Petrobras is making all efforts to pursue the... Continue Reading →
Brazil hedge fund Verde adds Petrobras bonds, warns debt too high
Verde Asset Management, Brazil's largest hedge fund, stepped up purchases of state-controlled oil producer Petróleo Brasileiro SA bonds in October to take advantage of high yields, but warned that the company is not acting with sufficient urgency to cut debt. In a monthly letter to investors on Monday, money managers led by Luis Stuhlberger said... Continue Reading →
Petrobras Strike Shows Unions Can’t Let Go of Boom-Year Dreams
Petroleo Brasileiro SA, the Brazilian state-run oil company grappling with plunging crude prices, a sweeping corruption scandal and the global oil industry’s heaviest debt load, has a new problem on its hands: Unions. The company’s workers started a strike this week that has already cut daily output and shut 30 offshore platforms. Unlike in previous... Continue Reading →
Brazil oil union says Petrobras pushing back against strike
Nov 7 (Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA is increasing efforts to weaken the impact of a five-day strike, taking back control of at least two offshore oil units from striking workers, the main union behind the walk-out said on Friday. In the Campos Basin northeast of Rio de Janeiro, workers were... Continue Reading →
Brazil’s Petrobras says Braskem naphtha extension worth $252 mln
Nov 7 (Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA said on Friday two amendments to its contract to supply naphtha to Braskem SA, Latin America's largest petrochemical company are worth 950 million reais ($252 million). The contract amendments extend the terms of an agreement for Petrobras, as the oil company is known, to... Continue Reading →
Corruption Probes Hamper Lula Efforts to Save Brazil Government
Brazil’s former President Luiz Inacio Lula da Silva is losing some of his political capital, as spreading corruption investigations into the activities of his inner circle threaten his credibility. A growing number of Brazilians blame the predecessor and mentor to President Dilma Rousseff for the country’s largest-ever corruption scandal, which involves kickbacks at state-run oil... Continue Reading →
Petrobras – Clarification of News Item: Restructuring of Sete Brasil
11/06/2015 Rio de Janeiro, November 6, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 445/2015/CVM/SEP/GEA-1 requesting clarifications, as transcribed below: Official Letter 445/2015/CVM/SEP/GEA-1 “We refer to the news item published today, November 4, 2015, in Lauro Jardim’s Blog, entitled A novela da Sete (The Sete soap opera), which contains the following... Continue Reading →
Board Turmoil Hits Brazil’s Petrobras/WSJ
Clashes between CEO, board threaten to hamper oil firm’s efforts to shore up its finances By PAUL KIERNAN Nov. 5, 2015 7:57 p.m. ET RIO DE JANEIRO—Growing friction between the chief executive of Brazilian state oil company Petróleo Brasileiro SA and its board is threatening to hamper the company’s efforts to shore up its finances, people familiar with... Continue Reading →
Petrobras strike shows strong opposition to privatization -unions
Brazilian union leaders said on Thursday stronger than expected support for a strike at Petrobras is due to growing worker opposition to a creeping privatization of the state oil company. The strike, which began on Sunday, has become the biggest stoppage in two decades at Petrobras and shows workers back union efforts to renationalize the... Continue Reading →
Maersk Oil Profit Sank 86% Last Quarter as Prices Plunge
A.P. Moeller-Maersk A/S, Denmark’s biggest company, said profit at its oil unit dropped 86 percent in the third-quarter as energy prices fell. Maersk Oil’s net operating income after tax for the three months through September was $32 million, down from $222 million in the same period a year earlier, the Copenhagen-based company said in a... Continue Reading →
Brazil Energy Insight 