Reuters RIO DE JANEIRO – For many investors, President Jair Bolsonaro killed the dream of Brazil’s free-market renaissance with a Friday night Facebook post. In a curt public statement on Feb. 19, Bolsonaro canned the head of state-run oil firm Petrobras, who had infuriated the president by raising fuel prices. Bolsonaro then named a retired Army general with no experience
Reuters RIO DE JANEIRO – The board of Brazilian state-run oil company Petrobras on Tuesday called an extraordinary shareholders’ meeting, a move that all but guarantees the exit of Chief Executive Roberto Castello Branco. In a statement, Petroleo Brasileiro SA, as the company is officially known, said it had called the meeting in response to a request by the nation’s
Reuters SAO PAULO – Brazilian state-run oil group Petrobras recovered some of its recent share price losses on Tuesday as the board met to consider Brazil President Jair Bolsonaro’s nomination of a retired general to replace the company’s market-friendly CEO. Shares in Petroleo Brasileiro SA, as the company is officially known, rose as much as 8% after back-to-back losses that
Bloomberg A sell-off in Brazil’s state-controlled oil firm Petroleo Brasileiro SA picked up on Monday after a group of analysts downgraded the stock within 24 hours, following the government’s decision to replace the company’s chief executive officer. Bradesco BBI, BTG Pactual, Credit Suisse, JPMorgan, Nau Securities, Santander, Scotiabank and XP Investimentos cut their ratings on the shares after Brazilian President
Reuters RIO DE JANEIRO – A consortium of Talos Energy Inc, private equity firm EIG Global Energy Partners, Enauta Participacoes SA and 3R Petroleum Oleo e Gas SA has submitted a non-binding offer for Brazilian oilfields Albacora and Albacora Leste, five sources familiar with the matter told Reuters. The exact value of the bid submitted to Brazil’s state-led oil company
Reuters RIO DE JANEIRO -Federal prosecutors in Brazil filed a civil lawsuit against Danish shipping company Maersk and former executives representing the firm for alleged corruption involving shipping contracts with state-run oil firm Petrobras, they said on Friday. The lawsuit requests that a judge freeze almost 1 billion reais ($198 million) in assets in order to make sure funds are
Reuters RIO DE JANEIRO – Petrobras does not expect to invest in renewables over the next five years, Chief Executive Roberto Castello Branco said on Tuesday, adding that the Brazilian state-controlled company will instead put money into technologies to reduce the carbon footprint of its oil extraction activities. Castello Branco has repeatedly said Petroleo Brasileiro SA, as the company is
Reuters BRASILIA – Brazilian state-controlled oil producer Petroleo Brasileiro S.A. PETR4.SA said on Monday that it has fully repaid the remaining $2 billion balance on its dollar-denominated revolving credit line, which will now allow it to access new facilities. Petrobras can now access lines of up to $7.6 billion, and 4 billion reais ($727 million), the company said in a securities
Reuters RIO DE JANEIRO/MEXICO CITY – Brazil increased crude exports to Asia in the first half of the year, stealing a slice of a coveted developing market from global rivals who made record cuts to shipments to match the unprecedented fall in demand caused by the coronavirus pandemic. The rise reflects Brazil’s growing clout among global oil producers as its
Reuters RIO DE JANEIRO – Petrobras has delayed the submission of binding offers for an oilfield cluster known as Polo Garoupa for a fourth time, two sources with knowledge of the matter told Reuters, as investor appetite in Brazil’s offshore oil sector rapidly dries up. With annual production of 19,600 barrels of oil equivalent per day according to bidding
Reuters BRASILIA – Brazilian state-owned oil giant Petrobras said on Monday it exported a record 1 million barrels of oil a day in April, beating the previous record of 771,000 barrels a day in December last year. In a securities filing, Petroleo Brasileiro SA, as the firm is formally known, said that marked an increase of 145% over the same
Houston Chronicle Chevron and Brazil’s state oil company plan to sell their 100 percent ownership stake of a key deepwater field offshore of South America’s largest country as they both seek to sell assets to cut costs. The deepwater Papa Terra oil field in Brazil’s Campos Basin came online in 2013 and now produces oil and gas through two offshore platforms. Brazil’s
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