Brazil’s lower house speaker Eduardo Cunha will postpone until next year his decision whether to accept the opposition’s leading impeachment request against President Dilma Rousseff, Congressman Darcisio Perondi said. Cunha discussed the new timeframe in a talk with lawmakers, said Perondi, a member of the speaker’s PMDB party. Cunha’s press office didn’t immediately respond to... Continue Reading →
Petrobras holdout strikers to vote on new deal Thursday
A union representing workers in the Brazil's top oil region will vote on Thursday on a contract offer from state-run oil company Petrobras on Thursday or continue a strike, the most disruptive in 20 years, the union said Wednesday. The union, Sindipetro Norte Fluminense, called the vote after Petroleo Brasileiro SA, as Petrobras is known,... Continue Reading →
Petrobras’s Dangerous Debt Math: $24 Billion Owed in 24 Months
The debt clock is ticking down at Brazil’s troubled oil giant, Petrobras. Next up: $24 billion of repayments over 24 months. That’s a towering hurdle for a company that hasn’t generated free cash flow for eight years and whose borrowing rates are soaring. Annual debt servicing costs have doubled to 20.3 billion reais ($5.4 billion)... Continue Reading →
Brazil’s Inflation Surpasses 10% for First Time in 12 Years
Brazil’s inflation exceeded 10 percent for the first time in 12 years, complicating President Dilma Rousseff’s efforts to revive an economy that is also battling higher-than-forecast unemployment. Consumer prices rose 0.85 percent from Oct. 15 to Nov. 12, pushing the 12-month inflation rate to 10.28 percent, the national statistics agency said Thursday. The monthly gain,... Continue Reading →
Rousseff impeachment would be neutral “at best” for Brazil’s rating: Moody’s
An impeachment of President Dilma Rousseff would be credit neutral "at best", but more likely negative for Brazil's teetering credit rating, Moody's top Latin American analyst said on Wednesday. Rousseff's political opponents are seeking her impeachment saying she has mismanaged a once-booming economy and undermined confidence. Senior Moody's analyst Mauro Leos said along with the... Continue Reading →
Petrobras – Clarification about News item: Sale of Petrobras Biofuels
11/17/2015 Rio de Janeiro, November 17, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 474/2015/CVM/SEP/GEA-1 requesting clarifications, as transcribed below: Official Letter 474/2015/CVM/SEP/GEA-1 “We refer to the news item published on November 15, 2015 on the Mercado (market) section of the Folha de São Paulo newspaper, entitled: “Petrobras is considering selling... Continue Reading →
Petrobras – New well confirms oil discovery in Pitu area, in deep waters of the Potiguar Basin
11/17/2015 Rio de Janeiro, November 17, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the drilling of an extension well proved the occurrence of oil in the Pitu area. The discovery of this accumulation, the first in Potiguar Basin deep waters, was first announced to the market on December 17, 2013. The 3-BRSA-1317-RNS well,... Continue Reading →
Petrobras -Oil and natural gas production in October
11/17/2015 Rio de Janeiro, November 17, 2015 – Petróleo Brasileiro S.A. – Petrobras announces that its average oil and natural gas production in October in Brazil and abroad reached 2.76 million barrels of oil equivalent per day (boed), 1.6% higher than the 2.72 million boed recorded in September. Considering the volumes produced in Brazil only,... Continue Reading →
Petrobras -Oil Workers’ Strike Update – 11/17
11/17/2015 Rio de Janeiro, November 17, 2015 – Petróleo Brasileiro S.A. – Petrobras announces that the unions are analyzing the proposal presented by the Company. Until now, 10 of the 17 unions communicated their approval of Petrobras’ proposal and the end of the strike in their respective bases. Nevertheless, there are still ongoing manifestations in... Continue Reading →
Brazil oilworkers local tells members to quit Petrobras platforms
The Brazilian oilworkers union local responsible for the bulk of the country's oil and gas output told its members on Tuesday to leave all Petroleo Brasileiro SA vessels in the Campos Basin, Brazil's most productive oil district. The action by the local, Sindipetro Norte Fluminense, defied its national federation FUP, which on Friday recommended members... Continue Reading →
