From Houston Chronicle Brazilian state oil company Petrobras will terminate more than 50 Houston jobs next year after selling much of its Gulf of Mexico assets into a new joint venture. Petrobras, which has struggled financially amid a nationwide corruption scandal in Brazil, opted to sell its Gulf assets earlier this year into a JV in which it will only
Sale of stake in 34 onshore fields in Rio Grande do Norte Rio de Janeiro based Petrobras’ board of directors approved yesterday the full sale of its stake in 34 onshore production fields, located in the Potiguar Basin, in Rio Grande do Norte state, to the company 3R Petroleum. The 34 concessions are mature fields in production for over 40
From Reuters A University of Chicago-trained economist named on Monday to head Brazil’s Petrobras will not privatize the state-run company, but wants to push ahead with selling non-core assets and to focus on oil exploration and production. Brazil’s incoming far-right government announced Roberto Castello Branco as the next chief executive of Petroleo Brasileiro SA (PETR4.SA), amid a debate over how
Vantage Drilling International (OTCMKTS: VTGDF) announced today that it was successful in its previously disclosed arbitration with Petróleo Brasileiro S.A (NYSE: PBR). The Tribunal found that Petrobras America, Inc. (PAI) and Petrobras Venezuela Investments & Services, BV (PVIS), both subsidiaries of Petrobras, breached the Agreement for the Provision of Drilling Services for the Titanium Explorer dated February 4, 2009. The
Petrobras informs that its Board of Directors, at a meeting held today, appointed the engineer Rafael Salvador Grisolia to the position of Chief Financial and Investor Relations Officer of the company, with an office term until March 26, 2019, the same term of the other officers of the Executive Board. Rafael Grisolia is a Production Engineer, holding an MBA from
Brazil’s state-controlled oil company, Petrobras, has hedged a portion of its 2018 oil production. The move should protect cash flow against downturns in the marketplace. Bloomberg reported that the company hedged 128 MMBbls, or 350,685 BOPD at an average Brent price of $65/bbl. The average cost, a company filing on Wednesday said, is about $3.48 a barrel. Petrobras has become
Statoil ASA (ticker: STO) and Petroleo Brasileiro S.A. – Petrobras (ticker: PBR) have agreed that Statoil will acquire a 25% interest in Roncador, a large oil field in the Campos Basin in Brazil. The transaction nearly triples Statoil’s production in Brazil. Total consideration comprises an initial payment of $2.35 billion, plus additional contingent payments of up to $550 million. “This
Analysts expected Petrobras to report positive numbers this quarter, but write-downs dragged Brazil’s state-owned Petrobras (ticker: PBR) saw its stock drop about 5% in the opening minutes of its call as the company reported a 16.5 billion Brazilian reais ($5.1 billion) net loss due in large part to write-downs on the company’s assets. The company’s stock recovered slightly throughout the
Petrobras and Total partnership to focus on upstream, gas and power The heads of Brazil’s state-owned Petrobras (ticker: PBR) and French oil major Total (ticker: TOT) announced today that the two companies signed a memorandum of understanding (MOU) to cooperate with one another on upstream and downstream projects. The first phase of implementation will focus on upstream and on gas
Petrobras plans to reduce its $124 billion debt, dropping its debt-to-EBITDA to 2.5 by 2018 Brazil’s state-owned Petroleo Brasileiro (ticker: PBR) released both its strategic, and business and management plans for 2017 to 2021 as the company looks to rebuild trust with investors as Petrobras, as the company is commonly referred to, attempts to deleverage amid a corruption probe. Petrobras
The president of Brazil named Pedro Parente chief executive officer of state-led oil company Petroleo Brasileiro SA. It was a move by interim Brazilian President Michel Temer to revamp economic policy and shore up the debt-laden oil producer. Parente is best known for his role as chairman of the Brazil unit of agribusiness and commodities-trading giant Bunge Ltd from 2010
Petrobras reports $358 million loss on lower production and sales Brazil’s state-owned oil giant, Petroleo Brasileiro (ticker: PBR), reported its first quarter results yesterday, showing a 1.25 billion reais ($358 million) loss in the first three months of the year. Petrobras, as the company is commonly called, is the most in-debt oil and gas company in the world, and has
