Brought to you by Quest Offshore & Southern Cone Consultants
Federal Judge Sergio Moro handed out more prison sentences on Wednesday, this time to executives in Brazilian construction firm OAS, which was ensnared in the country's biggest corruption scandal in history centered around state-run oil company Petrobras. OAS Chief Executive Jose Aldemario Pinheiro Filho was sentenced to 16 years and 4 months, and was also... Continue Reading →
Brazil’s central bank says keeping interest rates at the highest level in nine years for a prolonged period will bring inflation back to its target by the end of 2016. The central bank board, led by bank President Alexandre Tombini, voted last week to lift the benchmark interest rate for the seventh straight meeting, by... Continue Reading →
Goldman Sachs Group Inc. says crude prices need to remain lower for a longer time to allow the oil market to find equilibrium amid a supply glut. Storage may be filled by the fall with global crude oversupply running at 2 million barrels a day and low-cost producers continuing to boost output, Goldman analysts including... Continue Reading →
YPF SA, Argentina’s state-run oil producer, posted second-quarter earnings that exceeded expectations as it increased output and sold crude at a premium to international prices. Net income rose to 2.3 billion pesos ($250 million) from 1.5 billion pesos a year earlier, Buenos Aires-based YPF said in a statement Wednesday. Per-share profit of 5.86 pesos, excluding... Continue Reading →
Brazil's state-run oil company Petroleo Brasileiro SA (PETR4.SA) second-quarter profit fell by almost a fifth from a year earlier due to a tax settlement charge and a plunge in oil prices, according to a Reuters survey of analysts. The average estimate of 12 analysts polled by Reuters is for net income to fall 19 percent... Continue Reading →
There’s a sense of foreboding in Brasilia this month as politicians remember Augusts past, including the resignation of one president, the suicide of another and protests that led to Brazil’s first impeachment. Already more than 100,000 people have signed up on social media to march against President Dilma Rousseff on Aug. 16. Those demonstrations may... Continue Reading →
SCHIEDAM, Netherlands, Aug. 5, 2015 (GLOBE NEWSWIRE) -- SBM Offshore is happy to report better than expected revenue. The Company continues to see a healthy appetite for its projects, as evidenced by the 45% taken up by joint venture partners in the Turritella project as well as the recently announced US$1.55 billion of project financing... Continue Reading →
Renato Duque, ex Petrobras Service Director, jailed months ago on charges of corruption at Petrobras, has decided to plea bargain for a lenient prison term. He follows ex Director, Paulo Roberto Costa, in turning evidence. Duque was allegedly appointed Petrobras director by, then, Lula's Chief of Staff and recently arrested, Jose Dirceu. He will most... Continue Reading →
Brazil needs to finish its fiscal adjustment before seeking growth, and must reflect on economic risks generated by public spending, Finance Minister Joaquim Levy said as Congress reconvenes following a recess. The country needs fast reforms, and President Dilma Rousseff has assumed the popularity cost of doing what’s necessary to restart growth, Levy said at... Continue Reading →
Brazil’s real fell to a 12-year low as Societe Generale SA said it will tumble to 4 per dollar as the struggle to pare government budget deficits makes further credit rating downgrades unavoidable. Read More
Brazil Energy Insight 