(Petrobras, 17.Jul.2015) – Due to the unfavorable final ruling by the Tax Appeals Board (CARF), Petrobras paid R$1.6 bln to cover the Tax Deficiency Notice issued by the Brazilian Federal Revenue Service, R$1.2 bln in cash and R$0.4 bln in tax losses. The Tax Deficiency Notice relates to Financial Operations […]
Tag: Petrobras
Petrobras Decision on Parque das Baleias Arbitration
(Petrobras, 17.Jul.2015) – Further to the Parque das Baleias Arbitration released on July 6, 2015, the Arbitration Tribunal issued a new ruling (16.Jul.2015) to suspend deposits of disputed special participation tax amounts, estimated at R$ 350 mln/quarter. This ruling is provisional and is valid until the final judgement of the […]
FPSO Cidade de Marica Arrives in Brazil
(SBM Offshore B.V., 10.Jul.2015) – SBM Offshore announced the arrival of FPSO Cidade de Marica at BRASA, Brazil. The SBM Offshore vessel berthed safely at the Niteroi-Rio based yard 9.Jul.2015. She had arrived in Brazilian waters midJune, following her 10,625 nautical miles (Nm) or 19,678 kilometers voyage from China. FPSO […]
Douglas-Westood: Brazil in Deep Trouble
(Douglas-Westwood, 7.Jul.2015) – Douglas-Westwood commented on “Brazil – In Deep Trouble” in its latest edition of DW Monday. Petrobras has long been a pioneer in the adoption and deployment of deepwater technology. This has enabled them to build huge reserves of some 16 billion barrels of oil. Converting these reserves […]
FPSO Cidade de Itaguai Arrive at Iracema
(Petroleo Brasileiro S.A., 6.Jul.2015) – Petroleo Brasileiro S.A. (Petrobras) reported that the floating production, storage and offloading unit (FPSO) Cidade de Itaguai is now anchored in the Iracema Norte area of Lula field, in the Pre-Salt layer of Santos Basin, off the coast of Rio de Janeiro, Brazil. The platform-ship […]
Court’s Prelim Ruling on Parque das Baleias
(Petrobras, 6.Jul.2015) – On 2.Jul.2015, the Arbitration Court granted a provisional remedy in an action filed by Petrobras relating to a resolution of the National Agency of Petroleum, Natural Gas and Biofuels (ANP) to treat the assets of Baleia AnĂŁ, Baleia Azul, Baleia Franca, Cachalote, CaxarĂ©u, Jubarte and Pirambu as […]
Petrobras Reports Sale of Bijupirá, Salema fields
(Petrobras, 2.Jul.2015) – Petrobras signed with PetroRio S.A. contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell. The transaction amounts to $ 25 million and is subject to adjustments that are common to this type of operation. These […]
Petrobras to Study Petrobras Distribuidora Offering
(Petrobras, 1.Jul.2015) – Petrobras’ Executive Board, at a meeting held on 30.Jun.2015, authorized studies to be prepared analyzing strategic alternatives for its wholly-owned subsidiary Petrobras Distribuidora S.A. (BR). Among the possibilities to be explored, is attracting a strategic partner and a public offering, making this subsidiary a listed company in […]
Petrobras to Spend $130.5 Bln Between 2015-2019
(Petrobras, 29.Jun.2015) – On 26.Jun.2015, the Board of Directors of Petrobras approved the 2015–2019 Business and Management Plan. The plan earmarks investments of $130.3 billion for 2015-2019. The investment portfolio prioritizes oil exploration and production (E&P) in Brazil, especially in the pre-salt. Of the total amount, 83% ($108.6 billion) will […]
Petrobras Updates on NY Lawsuit
(Petrobras, 25.Jun.2015) – Petrobras announced that on 25.Jun.2015, a hearing was held before the federal court in New York regarding the motion to dismiss presented by Petrobras in the class action lawsuit in which the company is a defendant. The purpose of the motion to dismiss is for the federal […]
Petrobras Comments on FPSO Cidade de SĂŁo Mateus
(Petrobras, 12.Jun.2015) – Petrobras completes analysis of factors that contributed to accident on 11.Feb.2015, on board FPSO Cidade de SĂŁo Mateus, in EspĂrito Santo. The report is aimed at documenting the analysis of the occurrence, in order to further improve the industry’s safety standards and prevent similar accidents in future. […]
Petrobras Set Record Pre-Salt Production
(Petrobras, 12.Jun.2015) – Petrobras’ pre-salt production in May set two new monthly output records. Production handled by the company, including both Petrobras and partner production, reached a new high of 726,000 b/d, up 1.6% on the Apr.2015 figure (715,000 b/d). This includes Petrobras’ own record output of 519,000 b/d, 3.2% […]
Moody’s Assigns Ba2 Rating to Petrobras Notes
(Moody’s, 3.Jun.2015) – Moody’s Investors Service assigned a Ba2 rating to Petrobras Global Finance B.V.’s proposed global notes, which will be unconditionally guaranteed by Petrobras. The Ba2 rating on the proposed notes is based on the rating of Petrobras (Ba2 stable). The proposed notes are senior unsecured and pari passu […]
Petrobras Prices Bonds in Int’l Market
(Petrobras, 2.Jun.2015) – Petrobras announced the pricing of its corporate bonds in U.S. dollars with a 100-year term, issued through its wholly owned subsidiary Petrobras Global Finance B.V. and unconditionally guaranteed by Petrobras. The transaction’s completion is planned for 5.Jun.2015 and the terms of issue are as follows: — Issue: […]
Petrobras Signs $5 Bln Deal with CDB
(Petrobras, 20.May.2015) – On 19.May.2015, Petrobras signed a cooperation agreement with the China Development Bank (CDB) for the years 2015-2016. The deal encompasses funding of $3.5 billion already disbursed, as announced on 1.Apr.2015, and an additional disbursement of $1.5 billion, adding up to $5 billion in 2015. The agreement was […]
Petrobras Impairment of Trade Receivables
(Petrobras, 20.May.2015) – Petrobras has provisioned, in its 2014 Financial Statements, an allowance for impairment of trade receivables to cover uncollateralized receivables. In the 1Q:15 financial statements, as disclosed in the note 7.4, the company reported the reversion of part of these allowances in the amount of approximately R$1.3 billion. […]
Petrobras Reports Output for April 2015
(Petrobras, 19.May.2015) – Petrobras’ foreign oil and natural gas production in April 2015 was 2.785 (Mmboe/d), in Brazil and abroad, up 0.8% on March 2015, which was 2.764 Mmboe/d. Among this total, 2.596 Mmboe/d were produced in Brazil and 189 Mboe/d abroad. The production of 2.785 Mmboe/d is up 8.8% […]
Petrobras’ New Pre-Salt Record
(Petrobras, 13.May.2015) – Petrobras announces that on April 11, 2015, oil production in the fields it operates in the pre-salt province of the Santos and Campos basins reached the milestone of 800,000 b/d, constituting a new daily production record. Of this volume, around 74% (590,000 b/d) corresponds to Petrobras’ share […]
Petrobras Seeks Compensation Against Contractors
(Petrobras, 8.May.2015) – Petrobras has filed joint lawsuits with the Federal Public Prosecutors’ Office for improper conduct against the contractors and executives identified as responsible for irregularities within the scope of the Federal Police’s “Lava Jato” anti-corruption investigation. The lawsuits are on top of a series of measures the company […]
Petrobras Reports New Composition of Committee
(Petrobras, 8.May.2015) – Petrobras’ Board of Directors has unanimously approved the new composition of its Audit Committee, by appointing Directors Luiz Nelson Guedes, Luiz Augusto Fraga Navarro de Britto Filho and Roberto da Cunha Castello Branco as the new members of this Committee. The Board of Directors has also unanimously […]
Petrobras Completes Third Sergipe Basin Well
(Petrobras, 29.Apr.2015) – Petrobras finished drilling well 3-BRSA-1296-SES (ANP nomenclature) in the Sergipe Basin’s ultra-deep waters, in concession BM-SEAL-10, block SEAL-M499. The test results confirmed the presence of light oil (higher market value) and good reservoir porosity and permeability. The well was drilled to a depth of 6,060 m. It […]
Petrobras Seeks Assist of Federal Prosecutors Office
(Petrobras, 28.Apr.2015) – On 24.Apr.2015, Petrobras submitted a request to assist the Federal Prosecutors Office in seven criminal lawsuits related to Operação Lava Jato (Operation Car Wash), in which the company is the defendant. These lawsuits have been filed at the 13th Federal Court in Curitiba (Paraná state). This indicates […]
Moody’s Confirms Petrobras Argentina Notes
(Moody’s, 28.Apr.2015) – Moody’s Latin America Agente de CalificaciĂłn de Riesgo confirmed the Ba2/Aaa.ar global scale rating and national scale rating on Petrobras Argentina S.A.’s (Petrobras Argentina) $300 million in guaranteed Series S notes (CUSIP 71646JAB5). The rating action reflects Moody’s Investors Service’s rating action on 27.Apr.2015 of confirming Petrobras’ […]
Petrobras Reports Audited Results for 2014
(Petrobras, 23.Apr.2015) – Petrobras presented a loss of R$21.6 billion for the year 2014, mainly due to an asset impairment charge of R$44.6 billion, a write-down of improperly capitalized additional spending within the scope of the Federal Police’s “Operação Lava Jato” anticorruption probe (R$6.2 billion), a provision for losses from […]
Karoon Confirms Find at Echidna-1 Well
(Karoon Gas Australia Ltd., 21.Apr.2015) – Karoon Gas Australia Ltd. announced that a 699 foot (213 meter) gross oil column has been confirmed in the Echidna-1 exploration well in Block S-M-1102, Santos Basin offshore Brazil from wireline pressure data across the Paleocene and Maastrichtian aged reservoir intervals. Physical oil samples […]
Petrobras Approves Loan for Contracts
(Petrobras, 17.Apr.2015) – Petrobras has approved the following contracts: — R$ 4.5 billion export note with Banco do Brasil through its subsidiary BR Distribuidora for a 6-year period. — R$ 2 billion standby loan with Caixa EconĂ´mica Federal for a 5-year period. — R$ 3 billion standby loan with Bradesco […]
Petrobras Divestments Exclude Pre-salt Assets
(Petrobras, 15.Apr.2015) – Petrobras’ approved divestment plan does not contain pre-salt assets. As reported in a Material Fact on 2.Mar.2015, Petrobras has approved a divestment plan with a total value of $13.7 billion for 2015 and 2016. This plan is part of the company’s financial plan, which aims to reduce […]
Subsea 7 Signs $200 Mln Contract in Brazil
(Subsea 7 S.A., 14.Apr.2015) – Norway’s Subsea 7 S.A. was awarded a contract worth approximately $200 million with a duration of approximately 2-years. “This new contract for Seven Seas maintains our solid presence in the market for PLSVs in Brazil. We are proud to provide continuous service to Petrobras as […]
Petrobras Reports Sale of Assets in Argentina
(Petrobras, 31.Mar.2015) – The Board of Directors of Petrobras Argentina (PESA) approved the sale of all of its assets in the Austral Basin (province of Santa Cruz) to Compañia General de Combustibles S.A. (CGC) for $101 million. PESA assets involved in the deal include 26 onshore exploration and production concessions, […]
Petrobras’ Board Election
(Petrobras, 27.Mar.2015) – The Petrobras Annual Shareholders’ Meeting scheduled for April 29, 2015 will elect new members of the Board of Directors and Fiscal Council. Petrobras has not yet completed the preparatory work on the company’s third quarter 2014 and annual 2014 financial statements for examination by independent auditors, approval […]
Petrobras’ Withdrawal Plan from Okinawa
(Petrobras, 27.Mar.2015) – Petrobras has decided to initiate its plan for withdrawing from Okinawa, Japan. The plan involves closing down the refining activities of the Nansei Sekiyu refinery (NSS). To maintain supplies to the island of Okinawa, NSS will continue to operate the maritime cargo terminal until the end of […]
Petrobras Reviews Governance
(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 […]
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 […]
Petrobras Reports on Appointment of Plaintiff
(Petrobras, 6.Mar.2015) – Petrobras announces that on March 4, 2015, the presiding judge appointed Universities Superannuation Scheme, Ltd. as the lead plaintiff in the Class Action filed against Petrobras in the New York federal court. A conference call between the presiding judge, Petrobras and the lead plaintiff will take place […]
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 […]
Rafael Ramirez Speech in Puerto La Cruz
(Energy Analytics Institute, Piero Stewart, 4.Oct.2013) – Venezuela’s Oil Minister President Rafael Ramirez spoke with journalist in Puerto La Cruz, Venezuela. What follows are excerpts from the discussion. Rafael Ramirez on the economic sector: Ramirez: We have bonds that we are using to bring in food stuffs to guarantee supply […]
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. […]
Galp Energia Inks E&P Deal In Uruguay
(Galp Energia, 2.Sep.2010) — Galp Energia and its consortium partners Petrobras and YPF have signed today in Montevideo, an exploration and production agreement for the Uruguayan continental platform with Acap, the national oil company of Uruguay. Galp Energia and its consortium partners Petrobras and YPF have signed today in Montevideo, […]