Tag: Petrobras

• Friday, November 6th 2015 - 14:16 UTC

  Petrobras strike strong support fuelled by resistance to sale of assets and cutting investments

  

  Brazilian union leaders say stronger than expected support for a strike at Petrobras is due to growing worker opposition to a creeping privatization of the state oil company. The strike, which began on Sunday, has become the biggest stoppage in two decades at Petrobras and shows workers back union efforts to renationalize the company and cut foreign participation in the oil industry, union leaders say.

• Tuesday, November 3rd 2015 - 06:42 UTC

  Petrobras import of US condensate help address refining shortage, but faces tax controversy in Brazil

  

  Petrobras’ move to start buying processed U.S. condensate will help output at its domestic refining network, but the purchases have exposed a wrinkle in Brazilian law that could allow the state-run company to import the light oil duty-free, tax lawyers and traders said. Typically, condensate is considered a very light form of crude found in oil or natural gas wells and in raw form is not taxable in Brazil.

• Tuesday, October 27th 2015 - 07:43 UTC

  Japanese company acquires part of Petrobras gas distribution unit

  

  Japan-based Mitsui has signed an agreement with Petrobras for partial acquisition of shares in the latter's natural gas distribution unit Petrobras Gás (Gaspetro) for about R$1.9bn ($489m).

• Friday, October 16th 2015 - 07:35 UTC

  Petrobras strikes further discovery at giant pre-salt Libra field in Santos basin

  

  Petrobras announced a further hydrocarbon discovery at the giant pre-salt Libra field in the Santos basin, offshore Brazil. The company said that well 3-BRSA-1310-RJS, in the central portion of the block, identified the presence of hydrocarbons in a low-porosity reservoir. This is the fourth well drilled in the Libra area since exploratory drilling began last August.

• Wednesday, October 14th 2015 - 08:01 UTC

  China to the rescue of cash strapped Petrobras with $2bn for a 10-year lease of two platforms

  

  Brazil's state-run oil firm Petroleo Brasileiro SA will raise $2 billion through a 10-year leasing contract with China's Industrial and Commercial Bank of China Leasing, the Brazilian company said in a statement on Tuesday.

• Tuesday, October 6th 2015 - 13:02 UTC

  Debt-overwhelmed Petrobras cuts further capital spending plans for this year and 2016

  

  Petrobras struggling with the biggest debt load among global oil firms, on Monday cut $11 billion from capital spending plans for this year and next as Brazil's currency and oil prices slump. Petrobras plans to cut 2015 investment by 11% to $25 billion from the previous $28 billion, according to a statement.

• Thursday, September 17th 2015 - 21:18 UTC

  Interim CEO for Petrobras as Murilo Ferreira takes leave of absence and returns to Vale

  

  The Chairman at Petrobras, Murilo Ferreira, has taken a leave of absence from his position till November 30. It is speculated that he wants to give his entire attention towards his role as Vale SA’s CEO.

• Friday, September 4th 2015 - 09:00 UTC

  First oil production off Rio de Janeiro with FPSO 'Cidade de Itaguai', five months ahead of schedule

  

  MODEC Inc. announced on Thursday that its FPSO 'Cidade de Itaguai MV26', operating in the Iracema Norte area of Lula field, in the Pre-Salt layer of Santos Basin offshore Brazil, has achieved First Oil production on July 31, 2015, five months ahead of the schedule anticipated under the contract.

• Wednesday, September 2nd 2015 - 08:06 UTC

  Petrobras union announces an 'open-end' strike to protest investment cuts

  

  Brazil's largest oil workers' union advised Petrobras that it plans to begin an open-ended strike against the state-run oil company starting at midnight (0300 GMT) on Friday. The strike is in protest at a recent cut of about 40% in investments by Petrobras and the planned sale of about $15.1 billion of assets, the union, known as FUP, said in a statement on Tuesday.

• Wednesday, September 2nd 2015 - 06:27 UTC

  Petrobras increases price of LPG by 15%, the first adjustment in 13 years

  

  Brazil's Petrobras announced late Monday that it would raise the wholesale price of liquefied petroleum gas (LPG) by 15% effective Tuesday, the first price adjustment for the essential cooking gas in 13 years. The move is part of efforts by Petrobras to reduce losses on fuel sales, a company Petrobras source said.