Brazil’s political crisis is becoming a two-horse race between President Dilma Rousseff and the head of the lower house to see who survives in office longer. The same man who started impeachment proceedings against Rousseff, Chamber of Deputies President Eduardo Cunha, is struggling to hang on to his own job as he faces an ethics... Continue Reading →
Repsol and Statoil agree asset swap deal in Brazil
In Brazil, Repsol is proposing that Statoil replace it as operator of the BM-C-33 block in the deepwater Campos Basin, with Repsol-Sinopec Brazil keeping a 35 per cent stake in the project. This basin is part of the vast pre-salt oilfields off Brazil’s east coast.
Oil Investors Are $230 Billion Poorer a Week After OPEC Decision
Investors around the world have seen $230 billion wiped off the value of oil companies in the week since OPEC sent crude prices plunging to a seven-year low by abandoning its output limit. Companies producing, refining, piping and exploring for oil, along with those that provide them with services, had a market value of about... Continue Reading →
Petrobras has difficulty in selling 10% of the Libra field.
Apparently, all participants of the Libra field, Shell, Total, CNPC and CNOOC, have turned down the opportunity to purchase an additional 10% held by Petrobras. Having giving the participants first right of refusal, Petrobras will need to look elsewhere for a buyer. Might prove to be a difficult task in today's market.
Petrobras – Clarification on News: Hedge Accounting
12/10/2015 Rio de Janeiro, December 10, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 529/2015/CVM/SEP/GEA-1, which requests the following clarifications: Official Letter no. 529/2015/CVM/SEP/GEA-1 “We refer to the article published in the Economia & Negócios (Economy and Business) section of today’s edition of the newspaper O Estado de São Paulo, entitled:... Continue Reading →
Brazil Real Falls as Ministers’ Dispute Fuels Political Tension
Brazil’s real declined amid speculation that tensions between Finance Minister Joaquim Levy and Planning Minister Nelson Barbosa over fiscal policy is heating up again, adding another hurdle to passing reforms needed to shore up the budget and resume growth. A Valor Economico newspaper columnist reported Friday that Levy is defending a so-called primary budget surplus... Continue Reading →
Petrobras Tries American-Shale Boys’ Tack to Survive Oil Crisis
The head of Brazil’s troubled oil giant is carving a path through the the worst oil rout in a generation that would look familiar to producers throughout the U.S. shale patch: focus on the core. Petroleo Brasileiro SA is preparing to deepen spending cuts and concentrate on its best fields to confront the collapse of... Continue Reading →
Brazil’s Epic Scandal Takes Down a Banker
Brazilians have become inured to seeing politicians and businessmen marched off to prison for corruption. But the mug shot of banker André Esteves—unshaven and frowning—that flashed across TV screens in early December was a shock. Part of a cadre of mavericks who got astonishingly rich from Brazil’s transformation into one of the world’s top 10 economies... Continue Reading →
Primary activity grinds to halt as Petrobras in focus
Bankers covering Latin America are ready to put 2015 behind them, as a rout in oil prices and more negative headlines out of Brazil indicate December is likely to end with virtually no issuance out of the region. Hopes that opportunistic borrowers might try to exploit a narrow window before a key Federal Reserve meeting... Continue Reading →
Petrobras CEO expects to sell $20 billion in debt in 2016
Dec 10, 2015 Petrobras CEO expects to sell $20 billion in debt in 2016: Bloomberg RIO DE JANEIRO/Reuters The Petrobras logo is seen in front of the company's headquarters in Sao Paulo April 23, 2015. REUTERS/PAULO WHITAKER Brazil's Petroleo Brasileiro SA (PETR4.SA) plans to sell about $20 billion of debt next year to finance its... Continue Reading →
