Saturday, August 19, 2017

Petrobras News

Petrobras, Brazil Dispute Transfer of Rights Worth $30 bln

Brazil's government and state-run oil company Petroleo Brasileiro are locked in a dispute over the value of offshore oil blocks involving an estimated $30 billion, newspaper Valor Econômico reported on Friday. The dispute, which has previously been reported…

Petrobras May Take Over Eletrobras Thermal Power Stations

Petróleo Brasileiro SA may take over some thermal power stations run by Centrais Elétricas Brasileiras SA in exchange for forgiving some of Eletrobras' billions of dollars in debt, newspaper Valor Econômico reported on Tuesday. An agreement would help both companies cut debt and focus on core operations…

Petrobras Expects $17 Bln Investment, $8 Bln Divestitures this Year

Brazil's state-controlled Petróleo Brasileiro SA has targeted spending $17 billion in investments and selling $8 billion worth of assets this year, a presentation by the oil company published on Friday said. The presentation explaining second-quarter results…

Petrobras Authorized to Export Idle LNG Cargoes

Brazil's Petroleo Brasileiro SA has been authorized to export idle liquefied natural gas (LNG) in the spot market, according to the Wednesday issue of the official gazette. According to the text, Petrobras has been given the green light to export up to 6.6 million cubic meters…

Petrobras Fuel Distribution IPO May Come This Year

The chairman of Petróleo Brasileiro SA on Wednesday said an initial public offering (IPO) of the Brazilian state-controlled oil company's fuel distribution unit could happen this year. Petrobras, as the company is known, plans to sell shares in the BR Distribuidora unit to cut debt and refocus on core activities.

Brazil Pre-salt Output Surpasses other Production in June

Brazil oil production rose 0.8 percent in June from May to an average of 2.675 million barrels per day, as output from pre-salt offshore wells surpassed the combined volumes from all other fields in the country for the first time. The production from the pre…

Excision of Gaspetro

Participation in Distribution Courtesy  Gaspetro3

Petrobras announces that its Board of Directors at a meeting held today, aprobola split of Petrobras Gás SA (Gaspetro). This split aims to segregate the assets and liabilities related to the business of distribution of natural gas from the other assets and liabilities of the company…

Petrobras Faces $1.6 Billion in Graft Penalties

U.S. Brazil's Petrobras may need to pay record penalties of $1.6 billion or more to settle U.S. criminal and civil probes into its role in a corruption scandal, a person recently briefed by the company's legal advisors told Reuters. State-run Petroleo Brasileiro SA…

Petrobras Fetches $490 mln with Gas Unit Stake to Mitsui

Petrobras

State-controlled Petróleo Brasileiro SA's board approved selling a minority stake in a natural gas distribution unit to Japan's Mitsui & Co Ltd for 1.9 billion reais ($490 million) in a key step toward disposing of non-essential assets to repay debt. Petrobras…

Petrobras Probe Finds Corruption, One Exec Fired

Photo: Petrobras

Brazil's state-run oil company, Petrobras, has fired one executive for corruption and identified about 15 other employees involved in irregular contracts with suppliers, a source familiar with the situation said on Wednesday. Partial results of a continuing…

Brazil Fuel Prices Face Little Pressure from Cheap Imports

Brazil's gasoline and diesel prices, which are well above international levels thanks to plunging world crude costs, face little pressure from imports thanks to limited storage and transport capacity and state-run Petrobras' dominance of the local market, industry sources said.

Bolivian Natural Gas Imports to the Brazilian Market

Petrobras announces that it entered into an agreement with YPFB, in accordance with its negotiation agenda, aimed at resolving differences as to the performance of the Bolivian natural gas import contract (Gas Supply Agreement - GSA) to the Brazilian market.

Worst Petrobras Strike in 20 Years Endangers Debt Plan

A four-day strike against Petrobras gathered steam on Wednesday, cutting crude and natural gas output from the No. 2 South American oil producer and threatening to become the most disruptive walkout at the state-run oil company in 20 years. Petroleo Brasileiro SA…

Petrobras Sought Arbitration for Sete Brasil talks, Sources Say

State-controlled Petróleo Brasileiro SA unsuccesfully sought the appointment of arbiters to rework a long-term contract with debt-laden drilling rig leaser Sete Brasil Participações SA, according to three sources with knowledge of the situation. The proposal…

Corruption Charges Ends Petrobras Contract with Ensco

Rig contractor Ensco Plc said Petrobras has declared void a contract for a drillship leased to the Brazilian oil producer. Petroleo Brasileiro SA, or Petrobras, chartered the DS-5 in 2008, when it was owned by Pride International, a company bought by Ensco in 2011.

Torres Junior Quits Petrobras Board

Petrobras

Petrobras announced that Mr. Clovis Torres Junior resigned for personal reasons, from both his positions as a board member of Petrobras and as a chairman of Petrobras Distribuidora S.A (BR). Mr. Clovis Torres Junior was the alternate of Mr. Murilo Pinto de…

Petrobras: Motion to Dismiss U.S. Lawsuit Denied

Brazil's state-run oil producer Petroleo Brasileiro SA, known as Petrobras, said in a securities filing on Friday that its motion to dismiss a class-action lawsuit in the United States had been denied by the court. Petrobras said part of the complaint against…

Petrobras Sells its Interest in Transierra

Petrobras announced that it has sold its 44.5% stake in Transierra S.A. to Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) for $106.7 million. According to Petrobras, this operation is aligned with the company’s strategic plan and complies with Law466 of…

Petrobras Writedown Could Bolster Class-Action Suit

Brazilian oil company Petrobras' $17 billion write-down, announced last week, may have been meant to close the accounting on a sprawling corruption scandal, but could instead provide fresh ammunition for a U.S. class action lawsuit. The case, filed in Manhattan federal court in December by a group of large investors…

Brazil's State Banks Most Exposed to Petrobras Scandal

Brazilian state-controlled banks are most at risk over loans to oil producer Petróleo Brasileiro SA and third-party contractors in the oil services and construction industries, Moody's Investors Service said on Tuesday. An ongoing investigation into alleged corruption at Petrobras…