Tag: Brazil

Petrobras set for $14bn government settlement

Petrobras set for $14bn government settlement

Brazilian oil giant Petrobras could get a $14 billion settlement from the government, following a long running dispute over the number of oil fields it has the right to develop. In 2010, Petrobras was assigned the transfer-of-rights to extract 5 billion barrels of oil and gas based on prices at […]

Castello Branco approached for Petrobras CEO role

Castello Branco approached for Petrobras CEO role

Former board member of Brazilian state-owned Petroleo Brasileiro Roberto Castello Branco has been approached by President-elect Jair Bolsonaro for the role of the energy giant’s chief executive. Two sources with knowledge of the matter said Branco has initially turned down the prospect, following a series of meetings with Bolsonaro’s team, […]

Petrobras to boost 2019 production

Petrobras to boost 2019 production

In a bid to cut its debt, Brazil’s state-owned Petrobras will increase oil production by as much as 10% to 2.3 million barrels per day in 2019, according to the company’s chief financial officer Rafael Grisolia. The CFO said Petrobras aims to increase oil production by 8 to 10% in […]

Oil majors bid for Brazilian blocks

Oil majors bid for Brazilian blocks

Executives from the biggest firms in the oil industry are to gather in Rio de Janeiro on Thursday to bid on Brazil’s pre-salt oil play – some of the most attractive offshore geology as company’s appetite for expensive projects has been enhanced by rising oil prices. A record number of […]

Statoil said US production helped increase profits

Statoil said US production helped increase profits

Norwegian energy giant Statoil has said the recent boost in US production has helped increase its profits in the first quarter by 12.3%. During the first three months of the year, revenues totalled £14.2 billion with profits reaching £3.25 billion, driven by higher oil and gas prices. Statoil, which is […]

The Petrobras logo is seen in front of the company's headquarters in Sao Paulo April 23, 2015. Executives at Brazil's Petrobras on Thursday sought to move on from a giant corruption scandal that has plagued the state-run oil company, outlining a back-to-basics recovery plan that left some investors hoping the worst was over. On a call with investors the day after publishing long-delayed audited results for 2014, Chief Financial Officer Ivan Monteiro said the focus was on reducing debt, selling non-core assets and continuing to increase oil production through careful investments in high-return assets.  REUTERS/Paulo Whitaker - RTX1A1LN

Brazilian government to sell off part of Electrobras

The Brazilian government has signaled it will sell a controlling stake in Electrobras. Electrobras is South America’s largest electricity generator. Following the announcement from the Brazilian government Electrobras shares rose over 46%. The company has been dogged by problems including corruption and oil theft. Electrobras has been used by the […]

Petrobras deal probed in Silva corruption case

Petrobras deal probed in Silva corruption case

Brazil’s central bank has frozen four accounts belonging to ex-president Luiz Inacio Lula da Silva due to his recent conviction on corruption and money laundering charges involving state-run oil giant Petrobras. The financial assets, which amount to more than 600,000 Brazilian reals (£146,000), are the latest developments in ongoing criminal […]

Brazil’s increased exports threaten oil price recovery

Brazil’s increased exports threaten oil price recovery

The increase in Brazil’s oil output adds to OPEC’s problems. Brazil has been experiencing its worst recession which has seen domestic reduction in oil and gas demand. Efforts have been made to increase exports and foreign investment to aid the country’s progression out of the recession. Exports in the first […]