Brought to you by Quest Offshore & Southern Cone Consultants
Out in the Atlantic Ocean, 130 miles off the coast of Brazil, an oil ship the length of New York City’s Chrysler building is at the center of an escalating legal war. This battle pits the crude producer founded by Eike Batista, Brazil’s most notorious ex-billionaire, against bondholders who loaned another of his companies $500... Continue Reading →
Bloomberg - 9:04 am Brazilian police expanded their investigation into alleged bribes and kickbacks as the country’s political and economic woes intensify. Police carried out 40 court orders in the 17th phase of the “Carwash” probe, the press office of the public prosecutor’s office said Monday. Arrests in the latest phase included Jose Dirceu, who... Continue Reading →
Brazil’s giant state-run oil firm Petróleo Brasileiro SA, or Petrobras, said Friday it is tightening its supplier controls in the wake of a massive corruption scandal and seeking the reparation of about $2 billion that was diverted during a yearslong price-fixing scheme. Petrobras said suppliers now will need to give detailed information on their finances... Continue Reading →
Petrobras - Provisional Ban Cancellation on Bidding Processes 07/30/2015 Rio de Janeiro, July 30, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the provisional ban to block TKK Engenharia Ltda. has been cancelled, due to the shelving of administrative proceedings by the Office of the Federal Controller General (CGU), as stated in official letter... Continue Reading →
Petrobras begins production in Iracema Norte 07/31/2015 Rio de Janeiro, July 31, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby announces that it has begun production from the Iracema Norte project with the startup on this Friday (July/31) of the Cidade de Itaguaí platform. The Iracema Norte area is located in the Lula field, in... Continue Reading →
A U.S. judge earlier this month kept alive a lawsuit against Brazil's Petrobras in part because he doubted the state-led oil company's contention that some assurances it made about ethics and governance amounted to "mere puffery." District Judge Jed Rakoff, of Manhattan federal court, described puffery as a sort of harmless corporate bragging. To be... Continue Reading →
Brazil's largest-ever corruption scandal threatens to slow down preparations for the Olympic Games in Rio de Janeiro next year as it engulfs construction companies responsible for the lion's share of projects worth around $12 billion. Prosecutors investigating the scandal at state-run oil firm Petrobras have implicated more than 20 companies, including five that are working... Continue Reading →
SAO PAULO, July 31 Brazil's currency sank its most in nearly three months on Friday after worse-than-expected government debt data raised investor fears of a credit downgrade, while Mexico's currency gained following new government efforts to support the struggling peso. Other currencies in the region were little changed, though Colombia's peso posted a modest rebound... Continue Reading →
OPEC crude output declined this month as Iraqi production slipped from a record in June. Output by the Organization of Petroleum Exporting Countries decreased 362,000 barrels to 32.107 million a day this month, according to a Bloomberg survey of oil companies, producers and analysts. Last month’s total was revised 335,000 barrels higher, to 32.469 million... Continue Reading →
Exxon Mobil Corp. and Chevron Corp., the biggest U.S. energy producers, hunkered down for a prolonged stretch of weak prices after posting their worst quarterly performances in several years. Exxon reported its lowest profit since 2009 as crude prices fell twice as fast as the world’s largest crude producer by market value could slash expenses.... Continue Reading →
Brazil Energy Insight 