Petrobras - Clarification on News: Indemnification for piped gas service to Fafen 10/28/2015 Rio de Janeiro, October 28, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to BM&FBovespa Official Letter 3229/2015-SAE requests clarification, as transcribed below: BM&FBovespa Official Letter 3229/2015-SAE “A news item published in Valor Econômico newspaper on October 27, 2015 states, among... Continue Reading →
Petrobras – 3rd Quarter 2015 Results Release Date
Petrobras - 3rd Quarter 2015 Results Release Date 10/27/2015 Rio de Janeiro, October 27th 2015 – Petróleo Brasileiro S.A. – Petrobras informs that it will release its 3rd Quarter 2015 results on November 12th, 2015, after the market is closed. Therefore, from October 29th to November 12th, the Company will be in quiet period, during... Continue Reading →
Pressure mounts on Brazilian Congress to impeach president
Opposition activists handcuffed themselves to a pillar in Brazil's Congress on Wednesday seeking the impeachment of President Dilma Rousseff for mismanaging a once-booming economy and undermining confidence in the country. The small protest inside the foyer of the lower chamber highlighted the growing pressure on Brazilian politicians to begin impeachment proceedings against a president struggling... Continue Reading →
Brazil Real Volatility Falls Below Russian Ruble as Panic Eases
Brazil’s real is no longer the world’s most-volatile currency. As the exchange rate slumped Wednesday, its three-month implied volatility, a measure of expectations for future price shifts, trailed that of Russia’s ruble for the first time in a month. While the gauge has surged 65 percent from this year’s low in January, it has tumbled 22... Continue Reading →
How A Lone Oil Rig Embodies the Brazil Boom That Never Was
Oil majors had big plans for Brazil, but you can’t tell by looking at the country’s offshore drilling these days. After crude was first struck in the pre-salt formation in the seas off Rio de Janeiro, producers including BP Plc and Total SA were ready to flock to Brazil with billions of dollars in investments.... Continue Reading →
Pemex Reports Biggest Loss Ever as Oil Price Slams Profits
The decline in international oil prices handed Petroleos Mexicanos its biggest quarterly loss in company history. Pemex, as the Mexican state-owned oil producer is known, reported a loss of 167.6 billion pesos ($10.2 billion) in the third quarter. The world’s ninth largest crude producer has now reported losses in 12 consecutive quarters dating back to... Continue Reading →
Fitch says concerned about Brazil’s growing debt burden
By Walter Brandimarte Oct 28 (Reuters) - Fitch Ratings on Wednesday expressed concern about Brazil's deteriorating fiscal accounts after the government said it will post a record budget deficit this year. The agency, which cut Brazil's rating to the brink of junk less than two weeks ago, said the government's decision to give up on... Continue Reading →
Statoil Deepens Spending Cuts as Profit Tumbles on Oil Slump
Statoil ASA, Norway’s biggest oil company, stepped up cuts in its investments and delayed projects after third-quarter earnings missed forecasts amid a collapse in crude prices. The Stavanger-based company cut planned investments in 2015 by $1 billion to $16.5 billion and pushed production start of its Aasta Hansteen and Mariner fields to the second half of... Continue Reading →
Eni Sells Saipem Stake to Italy’s FSI to Reduce Debt Burden
Eni SpA agreed to sell a stake in oil-services company Saipem SpA to Fondo Strategico Italiano SpA in an effort to get its debt off the balance sheet. Eni, which owns 43 percent of Milan-based Saipem, sold a 12.5 percent interest to Italian state-controlled Cassa Depositi & Prestiti’s FSI investment fund, Eni said in a statement... Continue Reading →
Brazil, BNDES in talks to abate hefty debts
Brazil's National Treasury and state development bank BNDES are in talks to abate multimullion dollar debts that are eroding government fiscal accounts, two sources with knowledge of the matter said on Tuesday. In the last couple of years, President Dilma Rousseff has delayed payments worth around 26.5 billion reais ($6.8 billion) to the BNDES related... Continue Reading →
Brazil Energy Insight 