Tag: Petrobras

• Tuesday, October 25th 2016 - 12:20 UTC

  Temer urges Congress to approve bill easing oil industry regulation and Petrobras monopoly

  

  President Michel Temer urged Congress on Monday to approve a bill that would ease oil industry regulation and strip state-controlled oil giant Petrobras of some of its privileges in Brazil's most promising oil fields. The proposed regulatory framework would “create new jobs” and “provide a new boost to investment in the sector,” Temer said in an address at the opening of the Rio Oil and Gas conference.

• Tuesday, October 25th 2016 - 09:07 UTC

  Petrobras and Total reach strategic alliance for upstream and downstream projects

  

  Brazil's Petrobras and France's Total oil companies announced on Monday a strategic alliance Monday for upstream and downstream projects as President Michel Temer pronounced Brazil's troubled economy reopened for business.

• Thursday, October 13th 2016 - 10:13 UTC

  Petrobras no longer an arm of government to control inflation, pledges CEO

  

  Petrobras is reading to announce a domestic fuel policy that will avert costly subsidies that drained profits during Brazil’s previous government, Chief Executive Officer Pedro Parente said in an interview. For years fuel prices were manipulated as part of the government's policy to keep inflation under control.

• Tuesday, October 11th 2016 - 08:52 UTC

  Brazil congress limiting Petrobras monopoly over subsalt oil resources

  

  Brazil's lower chamber of Congress approved this week the main points of a bill removing a requirement that state-led oil company Petrobras be the sole operator of vast offshore oil reserves in the costly subsalt layer with a minimum 30% stake in their development.

• Friday, September 23rd 2016 - 11:16 UTC

  Petrobras cuts 5-year budget by 25% and will focus on core oil and gas business

  

  Brazil’s Petrobras announced it will be spending US$74.1 billion over the next five years, 25% reduction on the US$98.4 billion for the previous five years capital expenditure. This is also the company’s lowest five-year budget since 2006.

• Wednesday, August 31st 2016 - 05:03 UTC

  Norway's Statoil and Petrobras expand strategic alliance and cooperation

  

  Norways' StatOil and Petrobras have signed a memo of understanding to strengthen their cooperation in Brazil. The two major companies are are already partners in 13 blocks and the intention of the MoU is to evaluate joint participation in future tenders for exploration areas and to increase upstream collaboration in producing fields in the Santos and Campos offshore basins.

• Friday, August 12th 2016 - 07:08 UTC

  Petrobras Q2 profit tumbles by a third; massive debt condition performance

  

  Brazil's Petrobras reported second-quarter profit that fell by nearly a third from a year earlier, missing expectations as oil prices fell and it took charges for layoffs and the impairment of a refinery. Petrobras said net income fell 30% to 370 million Reais (US$118 million) in the three months ended June 30 compared with a profit of 531 million Reais a year earlier.

• Thursday, August 4th 2016 - 22:02 UTC

  Petrobras corruption case nets another company, senior executives and politicians

  

  Brazil’s federal police said they had arrested two people and raided properties over alleged corruption at building firm Queiroz Galvão, as fresh allegations linked the Brazilian Social Democracy Party (PSDB) to an alleged US$3-million bribe. The sprawling “Operation Carwash” investigation was launched two years ago to tackle price fixing, bribery and political kickbacks at state-run oil firm Petrobras.

• Tuesday, July 26th 2016 - 21:54 UTC

  Petrobras announces plans to sell voting control of its distribution network

  

  Petrobras announced it plans to sell voting control of Petrobras Distribuidora SA after a bidding round for a minority stake in the fuels retailer failed to attract bids that met the state-controlled oil company's needs.

• Tuesday, June 14th 2016 - 08:22 UTC

  Petrobras pre-salt fields production climb to a new high in May: 1.1MMboe/d

  

  Petrobras’s oil production in Brazil averaged 2.16 MMboe/d in May, its fifth highest monthly figure to date. The growth was due mainly due increases from the company’s pre-salt fields, with new wells connected to the FSPO Cidade de Maricá serving the Lula field in the Santos basin.