At R$4.00 to the US dollar, Petrobras' massive debt has increased by R$70 billion compared to last quarter. This amount is equivalent to the company's divestment goal of U$15.1 billion. So much for reducing debt by selling assets. About 80% of Petrobras debt is US dollar denominated. At the end of last quarter total debt... Continue Reading →
Petrobras Sees ‘Great Wave’ of $100-Oil Never Coming Back
It’s unlikely that oil prices will ever return to $100 a barrel andPetroleo Brasileiro SA needs to work with suppliers to manage the price rout, an executive at the state-run oil producer said Tuesday The world’s largest producer in ultra-deep waters is working to optimize technology to cut costs and save in everything from buoys... Continue Reading →
Brazil’s Currency Advances as Congress Avoids Spending Increases
Brazil’s real gained from a record low as lawmakers failed to overturn some presidential vetoes that had limited government spending, a victory for President Dilma Rousseff and her attempt to shore up fiscal accounts. Brazil’s currency advanced 0.7 percent to 4.0213 per dollar at 9:09 a.m. in Sao Paulo, strengthening from the lowest level since... Continue Reading →
UPDATE 1-Brazil’s Congress upholds vetoes limiting fiscal deterioration
(Reuters) - Brazil's Congress early on Wednesday upheld key presidential vetoes to avert a surge in public expenditure and postponed a decision on a possible salary increase for judiciary employees, in a rare victory for an embattled government struggling to rebalance its fiscal accounts. Lawmakers decided to uphold President Dilma Rousseff's veto of a bill... Continue Reading →
Total Cuts Oil Output Target as Prices Expected to Stay Low
Total SA scaled back the expansion strategy it pursued during the past decade of high oil prices, announcing a fresh round of investment cutbacks and project delays while reducing production targets. The measures, laid out by the French energy company on Wednesday before an investor day in London, signal that the belt-tightening among global oil... Continue Reading →
At 4-Per-Dollar, Brazil’s Currency and Reputation Are in Tatters
The collapse of Brazil’s currency is becoming emblematic of all the progress in the past decade that the nation has now squandered. The real tumbled to the lowest level since Brazil introduced the tender in 1994, wiping out the gains -- as well as the hard-earned credibility -- that former President Luiz Inacio Lula da Silva won... Continue Reading →
Petrobras ends contracts for two World Wide Supply PSVs
Petrobras ends contracts for two World Wide Supply PSVs
zoomWorld Wide Supply AS, a company providing offshore shipping services for the global petroleum industry, has received notice of early termination of contracts for two of its platform supply vessels (PSVs) from Brazilian oil and gas giant Petrobras.
Namely, the contracts were terminated for two 2013-built PSVs, the World Opal and the World Peridot. The vessels were supposed to be under a contract with Petrobras until July 2018.
According to World Wide Supply, the charterer has declared that it does not see itself obligated to pay the accrued hire through the “blocking-period”, which at the date hereof amounts to approximately $3 million.
“Dialog has been initiated with Nordic Trustee and an informal bondholders’ committee,” the shipping company said.
The vessels are of a Damen’s PSV 3300 design. With an 80.1m length, the PSV 3300 has a deck load of 1,500 tonnes. It can…
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Petrobras – Interest Sale in Natural Gas Distribution Companies
Petrobras - Interest Sale in Natural Gas Distribution Companies 09/22/2015 Rio de Janeiro, September 22, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that it is in final negotiation with Mitsui Gas e Energia do Brasil Ltda to sell 49% of the holding company that will consolidate all Petrobras interests in natural gas distribution companies... Continue Reading →
Brazil Weaknesses Not Enough to Cost Moody’s Investment Grade
The deterioration in Brazil’s economic and political outlook isn’t enough to strip the country of its investment grade, Moody’s Investors Service senior analyst Mauro Leos said. “There are clear weaknesses facing Brazil, but they’re not as bad as those that we saw when we downgraded other countries,” Leos said Tuesday at a Council of the Americas... Continue Reading →
Brazil August Current Account Gap Narrows More Than Forecast
Brazil’s current account deficit narrowed more than economists forecast in August, as a weaker currency boosts exports and crimps imports in Latin America’s largest economy. The deficit in the current account, the broadest measure of trade in goods and services, narrowed in August to $2.5 billion from a revised $5.7 billion a month earlier, the... Continue Reading →
Brazil Energy Insight 