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The biggest corporate fraud case in Brazil’s history has cost its most important company billions of dollars, heaped disgrace on the nation’s political elites and helped slow its economy to a crawl. But there is an upside to the bribery-and-kickback affair centered on oil giant Petróleo Brasileiro SA: cheap art for the public. For a... Continue Reading →
Reuters Mon Aug 3, 2015 9:24pm EDT Oil industry slams terms of Brazil's planned block auction RIO DE JANEIRO | BY MARTA NOGUEIRA Aug 3 Terms for Brazil's 13th Oil Round, in which the government hopes to sell rights to 266 exploratory blocks in early October, "are the worst ever", the Brazilian Petroleum Institute (IBP)... Continue Reading →
Brazil's state-run oil company, Petrobras, has failed to present its board of directors with a promised plan to bring domestic fuel prices in line with world levels, three sources with direct knowledge of the situation told Reuters. The lack of a policy threatens the company's already-fragile finances and could delay efforts to sell refineries and... Continue Reading →
He was celebrated as the architect of an economic miracle -- the man who would finally turn Brazil into a fair and prosperous nation. But now Luiz Inacio Lula da Silva has been caught up in a wave of corruption probes sweeping the country and besieging his successor and protégé, President Dilma Rousseff. It’s a... Continue Reading →
When ex-billionaire Eike Batista’s empire collapsed, EIG Global Energy Partners LLC took over his most-prized project: a Brazilian port startup as ambitious and sophisticated as it was risky and capital-starved. Two years later, the 1.8 billion-real ($520 million) investment now has the cachet of a once-in-a-lifetime deal, akin to the U.S.’s Louisiana Purchase in the... Continue Reading →
U.S. refineries, which turned a record amount of crude into gasoline during July, typically slow down from August through October Read More
Brazilian police arrested Jose Dirceu, who served as chief of staff under former President Luiz Inacio Lula da Silva, saying he helped put into place an alleged system of kickbacks at the state-run oil company. The “operation that goes beyond Jose Dirceu as a recipient and a beneficiary,” federal police investigator Carlos Fernando dos Santos... Continue Reading →
Brazil’s real led declines among major currencies and fell to a 12-year low as BNP Paribas SA and London Capital Group said it was poised for another 10 percent decline. The real tumbled last month the most since March as Standard & Poor’s said Tuesday it may lower the nation’s credit rating to junk and... Continue Reading →
The world’s biggest oil companies are painting a grim picture of the future and speculators are listening. Hedge funds reduced bullish bets to the lowest level in five years as oil capped the worst month since the financial crisis. The net-long position in West Texas Intermediate contracted 7 percent in the seven days ended July... Continue Reading →
Read online Press release 3 August 2015 BG Group starts up sixth FPSO in the Santos Basin, offshore Brazil BG Group (LSE: BG.L), a world leader in exploration and LNG, today announced first oil from the Cidade de Itaguaí floating, production, storage and offloading (FPSO) vessel, the sixth unit to start production across the Group's... Continue Reading →
Brazil Energy Insight 