Petrobras – Page 4 – Oil & Gas 360

Petrobras top managers quit for clashing with incoming CEO’s plans – source

March 25, 2021

Reuters RIO DE JANEIRO – Petroleo Brasileiro SA’s chief financial officer and three other top executives decided to leave the state-controlled producer after clashing with plans of the company’s incoming chief executive, a person close to the executives said. Topics of disagreement between the current management and the incoming CEO, retired general Joaquim Silva e Luna, include his plans for

Exclusive: Incoming Petrobras CEO says he has no plans to push out executives

March 24, 2021

Reuters RIO DE JANEIRO – Joaquim Silva e Luna, the incoming CEO of Brazil’s state-run oil company Petrobras, told Reuters that at least part of the executive board could stay on when he takes over in April, a signal that he is not planning a wholesale shake-up of management. The former defense minister and army general added, however, that at

How a Petrobras sacking ended Bolsonaro’s free-market flirtation

March 17, 2021

Reuters RIO DE JANEIRO – For many investors, President Jair Bolsonaro killed the dream of Brazil’s free-market renaissance with a Friday night Facebook post. In a curt public statement on Feb. 19, Bolsonaro canned the head of state-run oil firm Petrobras, who had infuriated the president by raising fuel prices. Bolsonaro then named a retired Army general with no experience

Board of Petrobras approves shareholders’ meeting; end of the line for CEO

February 24, 2021

Reuters RIO DE JANEIRO – The board of Brazilian state-run oil company Petrobras on Tuesday called an extraordinary shareholders’ meeting, a move that all but guarantees the exit of Chief Executive Roberto Castello Branco. In a statement, Petroleo Brasileiro SA, as the company is officially known, said it had called the meeting in response to a request by the nation’s

Brazil’s Petrobras rebounds as board meets on succession

February 23, 2021

Reuters SAO PAULO – Brazilian state-run oil group Petrobras recovered some of its recent share price losses on Tuesday as the board met to consider Brazil President Jair Bolsonaro’s nomination of a retired general to replace the company’s market-friendly CEO. Shares in Petroleo Brasileiro SA, as the company is officially known, rose as much as 8% after back-to-back losses that

Petrobras’s $18 Billion Rout Deepens on Series of Downgrades

February 22, 2021

Bloomberg A sell-off in Brazil’s state-controlled oil firm Petroleo Brasileiro SA picked up on Monday after a group of analysts downgraded the stock within 24 hours, following the government’s decision to replace the company’s chief executive officer. Bradesco BBI, BTG Pactual, Credit Suisse, JPMorgan, Nau Securities, Santander, Scotiabank and XP Investimentos cut their ratings on the shares after Brazilian President

Exclusive: Talos, Enauta consortium places bid for Petrobras Albacora fields, sources say

February 10, 2021

Reuters RIO DE JANEIRO – A consortium of Talos Energy Inc, private equity firm EIG Global Energy Partners, Enauta Participacoes SA and 3R Petroleum Oleo e Gas SA has submitted a non-binding offer for Brazilian oilfields Albacora and Albacora Leste, five sources familiar with the matter told Reuters. The exact value of the bid submitted to Brazil’s state-led oil company

Brazilian prosecutors sue Maersk, seek to freeze $200 million

December 11, 2020

Reuters RIO DE JANEIRO -Federal prosecutors in Brazil filed a civil lawsuit against Danish shipping company Maersk and former executives representing the firm for alleged corruption involving shipping contracts with state-run oil firm Petrobras, they said on Friday. The lawsuit requests that a judge freeze almost 1 billion reais ($198 million) in assets in order to make sure funds are

Petrobras, Equinor stake out opposite renewables strategies in Brazil

December 1, 2020

Reuters RIO DE JANEIRO – Petrobras does not expect to invest in renewables over the next five years, Chief Executive Roberto Castello Branco said on Tuesday, adding that the Brazilian state-controlled company will instead put money into technologies to reduce the carbon footprint of its oil extraction activities. Castello Branco has repeatedly said Petroleo Brasileiro SA, as the company is

Brazil’s Petrobras pays off $2 billion revolving credit line

September 28, 2020

Reuters BRASILIA – Brazilian state-controlled oil producer Petroleo Brasileiro S.A. PETR4.SA said on Monday that it has fully repaid the remaining $2 billion balance on its dollar-denominated revolving credit line, which will now allow it to access new facilities. Petrobras can now access lines of up to $7.6 billion, and 4 billion reais ($727 million), the company said in a securities

Brazil boosts oil exports to Asia as global rivals make record cuts

July 20, 2020

Reuters RIO DE JANEIRO/MEXICO CITY – Brazil increased crude exports to Asia in the first half of the year, stealing a slice of a coveted developing market from global rivals who made record cuts to shipments to match the unprecedented fall in demand caused by the coronavirus pandemic. The rise reflects Brazil’s growing clout among global oil producers as its

Petrobras again delays Garoupa oilfield offer as faces new setbacks: sources

May 12, 2020

Reuters RIO DE JANEIRO – Petrobras has delayed the submission of binding offers for an oilfield cluster known as Polo Garoupa for a fourth time, two sources with knowledge of the matter told Reuters, as investor appetite in Brazil’s offshore oil sector rapidly dries up. With annual production of 19,600 barrels of oil equivalent per day according to bidding

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