As Brazil prepares for its first sale of oil exploration rights in nearly two years on Wednesday, the auction is shaping up to be a mini-referendum on the willingness of investors to bet on the future of an industry under pressure and a Brazilian economy in turmoil. Not only has the price of oil fallen... Continue Reading →
Rousseff Worries Grow as Brazil Court Opens Case on Campaign
Brazil’s top electoral court agreed to open an investigation into allegations that President Dilma Rousseff illegally financed her re-election campaign. The charges could provide grounds for her removal from office along with Vice President Michel Temer. Five members of the court, known as TSE, voted on Tuesday to open the investigation, while two judges voted... Continue Reading →
UPDATE 1-Brazil’s Rousseff battles to squash spending bills
Brazil's Congress postponed for a third time voting on Tuesday on whether to overrule President Dilma Rousseff's vetoes of two spending bills despite a cabinet reshuffle last week that was meant to bolster her support in the legislature. For lack of a quorum, Congress put off until Wednesday considering the vetoes that are crucial for... Continue Reading →
UPDATE 1-Brazil investment grade hinges on 2016 economic rebound -Moody’s
Brazil will be able to maintain its coveted investment-grade rating if its economy improves next year and the government builds a political consensus around crucial austerity measures, a senior analyst with Moody's Investors Service said on Tuesday. Mauro Leos said at a Moody's seminar in Sao Paulo that Brazil's Baa3 rating, the firm's lowest investment-grade... Continue Reading →
Prices, Petrobras woes, rules may undermine Brazil oil auction
Low oil prices and a massive corruption scandal are expected to dampen interest on Wednesday in Brazil's first auction of oil and natural gas exploration and production rights in nearly two years. Despite official hopes that the auction could ease pressure on Brazil's once-booming, now embattled petroleum industry, few outside the government expect it to... Continue Reading →
Brazil Tries to Shake Oil Industry Gloom With New Bidding Round
Brazil will auction crude-exploration blocks on Wednesday for the first time since a colossal corruption scandal crippled the nation’s oil industry and forced state-run Petroleo Brasileiro SA to scale back investments. More than 260 onshore and offshore areas are up for grabs, including deepwater blocks in the Sergipe-Alagoas basin off the country’s northeastern coast, where... Continue Reading →
Brazil Currency Fluctuates as Investors Weigh Political Outlook
Brazil’s real swung between gains and losses in early trading Tuesday as optimism that some government spending cuts will be upheld offset concern impeachment proceedings against President Dilma Rousseff are drawing closer. The real was little changed at 3.9116 per dollar at 9:54 a.m. in Sao Paulo, after earlier falling as much as 1.1 percent... Continue Reading →
Press release – SBM Offshore Response to Media Reports
Reply to a Brazil newspaper article regarding a Leniency Agreement with Brazilian authorities and possible settlement of R$ 1 billion payable to Petrobras in cash and services. SBM Offshore Response to Media Reports 6 October 2015 SBM Offshore has received questions following media publications about a potential settlement in Brazil. On September 28, 2015 SBM... Continue Reading →
Petrobras – Adjustments to the 2015-2019 Business and Management Plan
Petrobras - Adjustments to the 2015-2019 Business and Management Plan 10/05/2015 Rio de Janeiro, October 5, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby informs that, in view of the new levels of Brent crude oil prices and exchange rate (R$/US$), it has adjusted its financial planning for 2015 and 2016. When the Company first... Continue Reading →
UPDATE 2-Brazil’s Petrobras cuts spending plan for 2nd time in 3 months
State-led Petróleo Brasileiro SA , struggling with the biggest debt load among global oil firms, on Monday cut $11 billion from capital spending plans for this year and next as Brazil's currency and oil prices slump. Petrobras, as the company is commonly known, plans to cut 2015 investment by 11 percent to $25 billion from... Continue Reading →
Brazil Energy Insight 