Energy & Oil

• Friday, March 27th 2015 - 08:07 UTC

  Petrobras engineering firm contractor files for bankruptcy

  

  Brazilian engineering firm Galvao Engenharia said on Wednesday it filed for bankruptcy protection, as state-run oil company Petrobras cut off payments due to a broad corruption scandal in which it had been implicated.

• Friday, March 27th 2015 - 07:52 UTC

  International summit on oil and gas potential in Uruguay next June

  

  Uruguay's oil and gas Government owned company, ANCAP, will join senior level delegation from international oil and gas operators on 11-12 June 2015 in Montevideo to analyze the potential of a region that has experienced significant advances since 2009.

• Wednesday, March 25th 2015 - 07:07 UTC

  Falklands' economy performance impressive, although volatile and vulnerable

  

  The Falkland Islands economy has witnessed impressive, although volatile, growth in recent years with unemployment rates low enough to be the envy of most countries in the world and the government is free of debt, according to the latest “State of the Economy” released by the Falklands Policy Unit.

• Monday, March 23rd 2015 - 17:13 UTC

  Petrobras corruption scandal reaches New York court: banks will have to explain sale of bonds to US investors

  

  Fifteen banks will join Petrobras next week, April 3, in a New York court to explain how they did nothing wrong when selling 98 billion dollars worth of the Brazilian state oil company’s bonds to American investors. Of the 15, lawyers representing the investment banking divisions of Itau and Bradesco will appear before New York judge Jed Rakoff in hopes to escape the scandal.

• Monday, March 23rd 2015 - 17:05 UTC

  Petrobras suspends operations in major offshore rig for safety reasons

  

  Brazilian state-controlled oil giant Petrobras on Saturday said it has suspended operations at a major offshore platform, citing safety concerns. The P-58 platform, which extracts 106,000 barrels per day, was taken out of service for unscheduled maintenance and to improve its operational efficiency, the company said in a statement Friday.

• Friday, March 13th 2015 - 13:24 UTC

  Brazil's meats giant JBS plans no further acquisitions; about 80% of debts in dollars

  

  Brazilian meats giant JBS SA plans to focus on Australia, U.S. pork operations and its processed foods division under a 2015 strategy focused on “organic expansion” rather than acquisitions, CEO Wesley Batista said on Thursday, and estimated that between 2.5 billion to 3 billion reais (806 million/967 million dollars) in capital investment will be needed this year to support the strategy.

• Thursday, March 12th 2015 - 11:45 UTC

  Everyone is guessing when it comes to oil prices

  

  Predicting and diagnosing the trajectory of oil prices has become something of a cottage industry in the past year. But along with all of the excess crude flowing from the oil patch, there is also an abundance of market indicators that while important, tend to produce a lot of noise that makes any accurate estimate nearly impossible.

• Wednesday, March 11th 2015 - 03:02 UTC

  Petrobras whistleblower says Rousseff's party received US$ 200 million from Petrobras contracts

  

  A former Petrobras executive told a congressional hearing in Brazil on Tuesday that the ruling political party received up to 200 million dollars skimmed from contracts with the state-run oil company, reiterating claims made in plea bargain testimony.

• Tuesday, March 10th 2015 - 07:05 UTC

  Brazilian lawmakers accused of Petrobras graft fight back

  

  Brazil’s congressional heads denied involvement in the country’s largest graft scandal after being named among dozens of politicians for investigation. Renan Calheiros and Eduardo Cunha, the heads of the Senate and Lower House respectively, and Rio de Janeiro Senator Lindbergh Farias all rejected allegations of graft in the Petrobras kickback scheme dubbed “Carwash.”

• Saturday, March 7th 2015 - 07:41 UTC

  Petrobras corruption: Supreme Court approves investigation of 54 politicians

  

  Brazil's Supreme Court late Friday approved an investigation of dozens of top politicians, including a former president and leaders of congress, for alleged connections to what they call the biggest graft scheme ever uncovered in the country which has the largest economy in Latin America.