(Petrobras, 25.Mar.2015) – At a meeting on March 24, 2015, Petrobras’ Executive Board gave the go-ahead for a project to review its corporate governance and organizational management model, based on the new business environment and review of the company’s investment plan. The project will be headed by Senior Management with […]
Category: Brazil
Brazil energy
Petrobras Libra Consortium 2nd Extension Well
(Petrobras, 24.Mar.2015) – The Libra consortium has finished drilling extension well 3-BRSA-1267-RJS/3-BRSA-1267A-RJS (3-RJS-735/735A). The drilling results confirmed the presence of a hydrocarbon column approximately 200 meters deep in reservoirs with good permeability and porosity characteristics. Informally known as C1, the well is located in the central part of the Libra […]
Coutinho Takes Over Petrobras Board
(Petrobras, 22.Mar.2015) – Economist Guido Mantega resigned on March 23, 2015 from the Petrobras’ Board of Directors, leaving his position as President. The Board approved by majority vote the election of Luciano GalvĂŁo Coutinho as the new President. No new board member was elected. Luciano GalvĂŁo Coutinho has been a […]
Olinda to Drill Kangaroo West1 Well
(Karoon Gas Australia Ltd., 20.Mar.2015) – Karoon Gas Australia Ltd.’s disclosed that the Kangaroo-2 appraisal well, located in exploration Block S-M-1165, confirmed a 820 foot (250 meter) gross or 443 foot (135 metre) net oil column in Paleocene and Maastrichtian aged reservoirs, announced November 26, 2014. Karoon is the operator […]
Petrobras Sets New Pre-Salt Records
(Petrobras, 19.Mar.2015) – Petrobras output from the Santos and Campos basin pre-salt clusters reached record levels in February. On 26 of the month, records were broken for own output, which rose to 555,000 barrels per day (bpd), and for output from concessions operated for other companies (including operations run for […]
Petrobras Breaks Record in Sergipe-Alagoas Basin
(Petrobras, 18.Mar.2015) – Petrobras set a new national record, drilling under a water column (distance between the water surface and the seabed) of 2,990 meters. This was achieved in February in the Moita Bonita area of SergipeAlagoas Basin, 92 km off the coastal city of Aracaju. Only six exploration wells […]
Petrobras Receives $157 Mln via “Operação Lava Jato”
(Petrobras, 13.May.2015) – Petrobras CEO Aldemir Bendine participated in a ceremony to return to Petrobras sums recovered through the Federal Police’s “Operação Lava Jato” anti-corruption investigation. At the event, a symbolic handover of R$157 million to the company took place, in reference to the sums retrieved by the Federal Public […]
Petrobras Early Production System in Buzios Field
(Petrobras, 12.Mar.2015) – On March 10, 2015 Petrobras started up its early production system in the Santos Basin’s Buzios field. This will be the first large-scale long-term production run in the Rights’ Transfer area, to be handled by FPSO Dynamic Producer, tied back to well 2-ANP-1RJS. Average output will be […]
Moody’s Comments on Braskem
(Global Credit Research, 3.Mar.2015) – Moody’s Investors Service comments that Braskem S.A. announcement of a third extension of its naphtha supply contract with Petroleo Brasileiro S.A. (Petrobras) is credit negative because it fails to set the final conditions for Petrobras long-term contract, although it reduces fuel supply risk. ***
Petrobras Contract with Independent Auditor
(Petrobras, 2.Mar.2015) – Petrobras announces that its Board of Directors, on a meeting on February 27, has approved a contract with PricewaterhouseCoopers Auditores Independentes for the provision of accounting audit services for the years 2015 and 2016. ***
Petrobras Reveals Divestement Plan Review
(Petrobras, 2.Mar.2015) – Petrobras announced that its Executive Board, on a meeting on February 26, 2015, has approved the company’s two-year (2015/2016) divestment plan. Divestitures total $13.7 billion, and include Exploration & Production assets in Brazil and abroad (30%), as well as assets in the Downstream (30%) and Gas & […]
Petrobras Credit Rating Downgrade
(Petrobras, 27.Feb.2015) – Regarding the downgrade to Petrobras’ debt rating announced on February 24, 2015 by Moody’s, the company emphasizes that it is working to guarantee the transparent and accurate disclosure of its 2014 financial results as soon as possible. Furthermore, Petrobras is implementing a series of measures aimed at […]
Petrobras Names New CEO, Executive Officers
(Petrobras, 6.Feb.2015) – Petrobras informs that its Board of Directors, in a meeting, has approved with majority vote the election of Aldemir Bendine as CEO of Petrobras replacing the current CEO, Maria das Graças Silva Foster. Maria das Graças Silva Foster is also leaving the Company’s Board of Directors, which […]
Petrobras Reports New Campos Basin Find
(Petrobras, 4.Feb.2015) – Petrobras announced the discovery of new oil accumulations in concession BM-C-35 (exploratory block C-M-535), located in the Campos Basin postsalt layer. The discovery was made while drilling well 1BRSA-1289-RJS (ANP nomenclature) / 1-RJS-737 (Petrobras nomenclature), informally known as Basilisco. The well is situated some 143km from the […]
Mood’s Downgrades Construtora Andrade Gutierrez
(Global Credit Research, 21.Jan.2015) – Approximately $500 million of rated debt affected. Moody’s Investors Service (Moody’s) downgraded to Ba2 from Ba1 the corporate family rating assigned to Construtora Andrade Gutierrez S.A. (CAG) and the rating of its guaranteed notes issued by Andrade Gutierrez International S.A. (AGInt). The outlook for all […]
LatAmNRG: Heard On The Street 3Q:13
(Energy Analytics Institute, 30.Sep.2013) – Information in this section, provided by Energy Analytics Institute editors and reporters, is hearsay and thus should be treated as such. The names of our many sources have been withheld to protect their identities and family members in Venezuela. COMBUSTIBLES A number of gasoline stations […]
Q&A with Arthur Little’s Rodolfo Guzman
(Energy Analytics Institute, Pietro D. Pitts, 24.Sep.2013) – Arthur D. Little Partner Rodolfo Guzman spoke with Energy Analytics Institute in a brief interview from Houston, Texas. What follows are excerpts from the brief interview. Regarding PDVSA’s potential departure from Abreu e Lima refinery project in Pernambuco, Brazil: EAI: It appears […]
Brazil, Venezuela, and Mexico: Three Ways To Nationalize Oil
(CSMonitor, 12.May.2012) — Argentina’s renationalization of its biggest oil company, YPF, recently caused an outcry. But the cases of oil nationalization in Brazil, Mexico, and Venezuela show that outcomes can vary widely. “Nationalization is an old story in Latin America,” says Larry Birns, director of the Council on Hemispheric Affairs. […]