Brought to you by Quest Offshore & Southern Cone Consultants
Prosecutors and federal police in Brazil have unearthed the country's largest-ever corruption scandal by linking a ring of black-market money changers to a price-fixing and political kickback scheme at state-run oil company Petrobras . Executives from two dozen engineering firms are accused of inflating the value of contracts and funneling the excess funds into their... Continue Reading →
State-controlled Petróleo Brasileiro SA agreed on Friday to refinance an outstanding 6 billion reais ($1.7 billion) tax debt with the Brazilian government, allowing the debt-laden oil producer to restructure an onerous liability. Under terms of the plan, the company commonly known as Petrobras will have the debt cut by half, and use tax credits to... Continue Reading →
As allegations of corruption and incompetence swamp Brazil’s government, and plummeting commodity prices sap its economy, hundreds of thousands of angry citizens are expected to descend on central squares across the country on Sunday, posing a key test for President Dilma Rousseff. This will be the year’s third mass protest against Rousseff, who is facing... Continue Reading →
With the price of oil near levels not seen since the depths of the financial crisis, analysts are increasingly bearish on whether crude can break out of its year-long slump. A survey of 10 investment banks by The Wall Street Journal is forecasting that the price of oil will stay below $70 a barrel until... Continue Reading →
For generations, Venezuela has formally laid claim to most of its tiny neighbor, Guyana. Many dismissed the case, given Venezuela’s oil wealth and Guyana’s penury. Hugo Chavez, longstanding president of Venezuela, even let it slide, referring to the Guyanese as his brothers. Then in May, Exxon Mobil Corp. revealed that under contract from Guyana it... Continue Reading →
Wed Aug 12, 2015 7:20pm EDT Reuters QGEP says Brazil Manati field holds 13.5 bln cubic meters of gas Aug 12 Queiroz Galvão Exploração e Produção SA said on Wednesday that the Manati offshore oil field in Brazil holds 13.5 billion cubic meters (477 billion cubic feet) of proven and probable, or "P2", natural gas... Continue Reading →
The $60 billion of oil-industry spending cuts this year aren't likely to be enough to meet sacrosanct dividend commitments as crude languishes near a six-year low. The world’s biggest producers will need to trim investments by a further $26 billion, according to Jefferies Group LLC. Capital spending will have to fall 10 percent next year, Banco Santander... Continue Reading →
Former President Luiz Inacio Lula da Silva will emerge clean from a wave of corruption probes sweeping the country and threatening the political stability of his successor President Dilma Rousseff, according to the Justice Minister. Investigations haven’t uncovered any evidence that could lead to Lula’s imprisonment or justify Rousseff’s impeachment, Jose Eduardo Cardozo, who is... Continue Reading →
Brazil ANP auction attracts interest of major global oil companies 12/08 / 2015 Amid a declining scenario in oil prices and cuts in investment by the sector, several foreign oil companies should participate in the 13th Bidding Round for Exploratory Blocks. Brazil’s regulatory National Agency of Petroleum (ANP) will disclose the number of subscribers in... Continue Reading →
Moody's affirms Petrobras' ratings; stable outlook Global Credit Research - 11 Aug 2015 New York, August 11, 2015 -- Moody's Investors Service affirmed all ratings for Petroleo Brasileiro S.A. (Petrobras) and ratings based on Petrobras' guarantee. This includes the affirmation of Petrobras' Ba2 senior unsecured debt rating. The company's b2 baseline credit assessment (BCA) is... Continue Reading →
Brazil Energy Insight 