Petrobras - Oil and Natural Gas Production in July 08/18/2015 Rio de Janeiro, August 18, 2015 – Petróleo Brasileiro S.A. – Petrobras announces that its average production of oil and natural gas, in Brazil and abroad, was 2.796 million barrels of oil equivalent per day (boed) in July 2015, an increase of 1.8% compared to... Continue Reading →
Brazil’s Real to Strengthen and Hover Above 3
Brazil’s real will strengthen and hover above 3 per U.S. dollar as the political crisis engulfing President Dilma Rousseff eases, according to Development, Industry and Trade Minister Armando Monteiro Neto. The real gained 0.6 percent to 3.4617 per U.S. dollar at 3:22 p.m. local time, paring its decline this year to 23 percent, the biggest... Continue Reading →
Brazil’s Rising Turbulence/NYT Editorial
The Opinion Pages | EDITORIAL Brazil’s Rising Turbulence By THE EDITORIAL BOARD AUG. 17, 2015 Brazil is in tatters. The economy is in a deepening recession: Last Tuesday, Moody’s downgraded Brazil’s credit rating to just about junk. A massive corruption scandal involving the national oil company Petrobras has ensnared scores of politicians and businessmen. The legislature is in revolt.... Continue Reading →
Petrobras – Additional Information about the Initial Public Offering of Petrobras Distribuidora
Petrobras - Additional Information about the Initial Public Offering of Petrobras Distribuidora 08/18/2015 Rio de Janeiro, August 18, 2015 - Petróleo Brasileiro S.A. - Petrobras hereby informs that, pursuant to CVM Instruction 480/09, it has published in the system of the Brazilian Securities and Exchange Commission (CVM) an acknowledgement relating to the meeting of the... Continue Reading →
Brazil’s Political Crisis Puts the Entire Economy on Hold
In Brazil, General Motors Co. has been halting factories and laying off thousands. Latam Airlines, the region’s biggest, is cutting flights. And the world’s third-largest planemaker, Embraer SA, is delaying its biggest new aircraft. In the midst of its deepest economic and political crisis in a generation, Brazil is contending with a business climate so... Continue Reading →
UPDATE 1-Petrobras chairman votes against stake sale in fuel unit
Petrobras Chairman Murilo Ferreira dissented in a recent vote to sell a stake of at least 25 percent in the Brazilian state- controlled company's BR Distribuidora SA fuel distribution unit to help reduce debt, board meeting minutes showed. The 10-member board of Petróleo Brasileiro SA, as the oil producer is formally known, approved the proposal... Continue Reading →
Big business could help Brazilian president survive political storm
Brazilian business leaders may have ideological differences with struggling leftist President Dilma Rousseff, but calls for her impeachment make many of them nervous, effectively giving her support from an unexpected quarter. The business community worries that a traumatic ouster would pile a period of deep political uncertainty onto a downturn that economists say could translate... Continue Reading →
Exclusive: U.S. graft probes may cost Petrobras record $1.6 billion or more
Brazil's Petrobras may need to pay record penalties of $1.6 billion or more to settle U.S. criminal and civil probes into its role in a corruption scandal, a person recently briefed by the company's legal advisors told Reuters. State-run Petroleo Brasileiro SA, as the company is formally known, expects to face the largest penalties ever levied... Continue Reading →
Lula’s Bridge to Nowhere Hints at Global Reach of Brazil Graft
On the lush savanna in the upper reaches of South America looms a $1.2 billion monument to the deepening troubles of Brazil. Spanning the mighty Orinoco River in Venezuela, the Orinoquia Bridge stands as a rusting reminder of a not-long-ago time when a prosperous Brazil sometimes channeled taxpayer money to ambitious projects across the continent... Continue Reading →
Former Petrobras exec sentenced for Samsung drillship bribe
A Brazilian judge sentenced Nestor Cervero, former international chief of state-run oil firm Petrobras, to just over 12 years in prison on Monday for corruption and money laundering related to a bribe allegedly paid to the speaker of Brazil's lower house of Congress. Cervero and two other defendants are accused of organizing bribes from Korean... Continue Reading →
Brazil Energy Insight 