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Petrobras News


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….

Petrobras oil/gas production in August sets new records

Brazil’s Petrobras set a production record for the year of 2.69mn b/d oil equivalent in August, an increase of 3% from July and 1% higher compared to December 2014. by MercoPress, September 17, 2015 Domestic oil production averaged 2.21mn b/d in August, almost on par with the previous record set in December 2014 and up by 3%…

Petrobras Selling Argentine Unit Stake, Province Governor Says

In an effort to cut spending, Petrobras is selling its Argentina stake in the Neuquen Province. Among those interested are YPF, Pan American Energy, Plus Petrol, and Tecpetrol, looking to buy up to 70% of Petrobtras SA. by  Pablo Rosendo Gonzalez, Bloomberg Business, July 17, 2015 Petroleo Brasileiro SA, the world most indebted oil producer, is…

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