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Petrobras News


From Champs to Chumps: Latin America Oil Giants Owe $275B

With the current energy economic climate affecting the Latin American Oil Giants, it is a universal concern that with their indebtedness and risky situations they are a threat to the regional economy.  The majority of these companies have garnered their current economic woes during the previous decade when oil price were high.  Now, state leaders…

CERAWeek: Latin America looks at more opportunities

Three major oil and gas companies of Latin America, Pemex, Ecopetrol, and Petrobras, met during this year’s CERA Week in Houston, TX. Their discussions included the current challenges facing oil and gas companies as lower oil prices dominate and how they continue to move forward with opportunities. Pemex is currently looking forward to partnering with…

Brazil plans to extend oil rights to foster investment

In an effort to trigger Brazil’s oil sector, the country’s government is taking new measurements that could get up to $130 billion in investments. Some of the measurements include extension of exploration rights, new auctions and a special customs regime. by Silvio Cascione, Reuters, Jan. 29, 2016 Brazil plans to extend oil exploration rights in…

Petrobras ends rig contract with Ensco over bribe allegations

The British Ensco Plc and Petrobras ended one of their drilling contracts due to corruption allegations made by the Brazilian oil company. by Caroline Stauffer, Reuters, Jan. 06, 2016 Brazil’s state-run oil producer Petrobras ended a drill ship contract with rig contractor Ensco Plc because of corruption allegations, Ensco said, as fallout from the country’s largest-ever…

Brazil’s Petrobras offers to sell up to 10 pct of coveted offshore oil field

In order to reduce its large debt, Petrobras is offering part of its 40% stake in the Libra offshore oil prospect. The offer can go up to a quarter of its stake, equivalent to $1.5 billion. Petrobras’ debt now surpasses the $130 billion and so it’s now offering oil prospects in the sub-salt areas of Santos…

Workers Union strike is hurting Petrobras production

Few days have passed since the Oil Workers Federation (FUP) in Brazil went on strike and Petrobras’ production has been greatly affected. The strike has cost Petrobras a decrease of 13% daily oil production and 14% on daily natural gas. by Will Connors, The Wall Street Journal, Nov. 03, 2015  Turmoil at Brazil’s state-run oil…

Brazil auction fails to attract bids from oil majors

Last Wednesday, Brazil was able to award only 14 percent out of the 266 crude and natural gas concessions offered. The 37 blocks were assigned mostly to small Brazilian firms. The only large company to bid during the auction was Queiroz Galvao, a Brazilian construction group which won two deep-water blocks off the northeastern state of Alagoas. The…

Brazil Tries to Shake Oil Industry Gloom With New Bidding Round

Brazil announced the auctioning of 260 onshore and offshore areas in the country with the intention of attracting foreign investors and foster competition. Although bidders will not be required to team up with Petrobras for the exploration like they did in 2013, they will need to use mostly locally made equipment, a condition that might limit many…

Brazil’s Petrobras cuts spending plan for 2nd time in 3 months

Petrobras just announced last Wednesday that it will be cutting spending by 11 percent for the rest of 2015 and 30 percent for 2016.  “Debt is so high that they’ve sacrificed capital investment to preserve cash,” said Fabio Fuzette of Antares Capital, a Sao Paulo investment fund. by Reuters, Oct. 5, 2015 State-led Petróleo Brasileiro SA…

Petrobras negotiates sale of gas assets to Japan’s Mitsui

Petrobras announced its about to sell 49% of its shares on natural gas distribution subsidiary to Japan’s Mitsui Gas e Energia do Brasil Ltda. This is he first step toward a $58 billion divestment plan announced earlier this year as part of an effort to pay down its debt load. by Fox News Latino, Sept….

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Site Last Modified: September 22, 2016