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Brazil's president of the lower house, Eduardo Cunha, said on Friday that a requirement in the national oil law that state-run oil producer Petroleo Brasileiro SA, known as Petrobras, participate in all subsalt exploration and production blocks will be "corrected." Under the current legislation in Brazil, Petrobras must hold at least a 30 percent stake... Continue Reading →
In a nation where the elite have enjoyed relative impunity, a new generation of police and prosecutors in Brazil are bent on using the country's largest-ever corruption investigation to send the message that no one is above the law. And they gave the moniker Operation 'Erga Omnes,' Latin for 'For everyone' to a raid that... Continue Reading →
Brazil is seeking a rapprochement with the U.S. as the Western Hemisphere’s two largest economies try to realign interests after a decade of diplomatic skirmishes. Brazil president Dilma Rousseff will arrive in New York on Saturday for a five-day tour including San Francisco. It is her first official travel to Washington since she canceled a... Continue Reading →
When Sergio Moro ordered the detention of two prominent top executives last week, the Brazilian federal judge said he was acting to protect the world’s seventh-largest economy. “These companies, given the dimension of billions in net worth, have a relevant role in the Brazilian economy,” Moro said last week. “It’s even reasonable to debate leniency... Continue Reading →
A news report triggering concern that former President Luiz Inacio Lula da Silva could be arrested as part of a sweeping corruption scandal -- a fear that was later diffused -- sent investors scrambling to dump Brazilian assets. Read More
Due to the conditions in Brazil, Petrobras' subsea spend can be seen to have fallen as much as 80% since its peak in 2013
Most of the oil riches in Brazil have come to production via the FPSO. For the first time in many years there will be ZERO FPSO's ordered for use in Brazil. As seen in the attached chart, it will take several years for activity to increase. This will have a great affect on the future... Continue Reading →
This rumor should be investigated by the competent authorities for manipulating the markets negatively. Somebody sure making a tidy profit. Read More
Clarification on News: Taxation of Petrobras 06/24/2015 Rio de Janeiro, June 24th, 2015 - Petróleo Brasileiro S.A. – Petrobras complies with Official Letter n.º 197/2015/CVM/SEP/GEA-1, which requests clarifications as follows: OFFICIAL LETTER n.º 197/2015/CVM/SEP/GEA-1 “We referred to the News released on this date in the newspaper “O Globo”, entitled “More taxes in Petrobras”, in which... Continue Reading →
The 15 percent jump in the price of crude this quarter represents a $2.8 billion windfall. That’s because every time the average quarterly price of Brent -- the benchmark for most international oil sales -- increases by a dollar, Chevron scoops up an extra $325 million to $350 million in cash beyond certain expenses. Read... Continue Reading →
Brazil Energy Insight 