Brazilian state-run oil and gas company Petrobras has signed a memorandum of understanding (MoU) with French oil major Total SA and its green arm Total Eren SA for collaboration in renewable projects in Brazil.
After trading lower for a good part of Tuesday's session, the Ibovespa closed higher for the third consecutive day (+0.64%), to 71,404.59 points, driven mainly by the shares of Petrobras and Vale. The improvement in the U.S. stock markets also helped to recover the benchmark stock index in Brazil, although concerns remain about a world trade war.
Brazilian state oil company Petrobras announced Monday that it would pay almost 3 billion U.S. dollars in reparations to U.S. investors who were harmed by the corruption ring within the firm. Brazil's largest company was sued in a class action lawsuit, which was approved on June 22 by a federal court in New York.
Petrobras has announced the start of production at Tartaruga Verde field, in the deep waters of the Campos basin, by means of FPSO Cidade de Campos dos Goytacazes. The FPSO is located about 127 km off the coast of the state of Rio de Janeiro, in water depth of 765 m, with a capacity to process daily up to 150,000 bbl of oil and 3.5 MMcmg and 5 MMcm of gas compression.
Brazil’s top labor court on Thursday ruled in favor of workers at Petrobras in a wage dispute that could cost the world’s most indebted oil company up to 17 billion Reais (US$ 4.5 billion). Petrobras may still appeal the Superior Labor Court’s ruling in the case, brought by oil workers seeking more pay.
Brazil’s move to ease rules forcing oil producers to buy from domestic suppliers means Latin America’s top producer will be able to sustain output of 5 million barrels per day (pbd) by the mid-2020s, compared to just 3.7 million bpd under prior rules, consultancy Wood Mackenzie said in a report on Wednesday.
The board of Brazilian food processor BRF SA on Thursday elected Chairman Pedro Parente to the additional post of chief executive, the company said in a securities filing. Parente, the former CEO of state-controlled oil company Petrobras will hold both positions for an initial period of 180 days, BRF said.
Brazilian industrial production increased 0.8% in April, marking a return to positive growth after dropping by 0.1% in March, the government announced on Tuesday. According to the report by Brazil's statistics bureau, IBGE, the industrial sector has grown 4.5% so far in 2018.
Brazilian oil workers began a 72-hour strike on Wednesday in a new blow to President Michel Temer following a nationwide trucker protest that has strangled Latin America's largest economy for over a week. The strike affecting several rigs, refineries, plants and ports is the latest challenge for state-led oil firm Petrobras, whose shares have tumbled nearly 30% in two weeks over fears that political interference would unwind more investor-focused policies.
Petrobras and Brazil’s government are “very close” to resolving a long-running dispute over an oil-rich offshore area, a deputy minister said, dismissing concerns a fuel pricing crisis had emerged as an obstacle in talks.