Petrobras – Page 5 – Oil & Gas 360

Oil spill may be worst environmental ‘attack’ in Brazil’s history: Petrobras CEO

October 29, 2019

Source: Reuters RIO DE JANEIRO (Reuters) – Oil slicks washing up on beaches along more than 2,000 kilometers (1,240 miles) of Brazil’s northeast coastline could be the worst environmental “attack” in the country’s history, the chief executive of state-run oil giant Petrobras said on Tuesday. Speaking at an event in Rio de Janeiro, Roberto Castello Branco said Petrobras continues to

Big Oil seeks refuge in Brazil from Latam regional turmoil

October 28, 2019

Source: Reuters RIO DE JANEIRO/MEXICO CITY (Reuters) – When executives arrive in Rio de Janeiro this week for Brazil’s biennial Offshore Technology Conference, they will find themselves in Latin America’s most promising market for Big Oil by far. That marks a dramatic change from only a year ago. In early October 2018, Brazil’s current president, Jair Bolsonaro, was in

Investors cheer falling production costs at Brazil’s Petrobras

October 25, 2019

Reuters RIO DE JANEIRO (Reuters) – Investors cheered a significant cut in production costs at Brazil’s state-run oil firm Petrobras on Friday, sending shares in the company soaring 4% in morning trade, their biggest intraday gain in more than a month. In its third-quarter results released on Thursday night, the company said production costs in a key offshore oil area

Brazil’s BR Distribuidora to create energy, natural gas and ethanol trading cos

October 24, 2019

Reuters SAO PAULO (Reuters) – Brazilian fuel distributor Petrobras Distribuidora SA is considering creating energy trading units as it seeks to reposition itself after its privatization last July, Brazilian newspaper Valor Economico reported on Thursday. The company is considering creating ethanol, electricity and natural gas trading businesses, Rafael Grisolia, BR Distribuidora’s chief executive, told the Thursday edition of Valor

Explainer: Translating TOR – How Brazil’s $26 billion oil rights auction works

October 16, 2019

Source: Reuters RIO DE JANEIRO (Reuters) – Brazil’s Senate passed the main text of a bill late on Tuesday defining the distribution of proceeds from a blockbuster auction of oil prospecting rights, a key milestone for the enormous offshore region known as TOR – the ‘transfer-of-rights’ area. The bidders who win exploration and production rights in the massive Nov. 6

Brazil’s Petrobras Sells Off $320 Million Hedge Position as Crude Falls

August 8, 2019

From Reuters Brazil’s Petroleo Brasileiro SA sold its entire oil hedge position amid a sharp fall in crude prices, the company said in a filing on Wednesday night, saying it has eliminated uncertainties regarding its cash flow thanks in part to divestments. Petrobras, as the state-run company is known, said in March it was spending $320 million on put options,

Petrobras Offering of Fuel Unit Prices at 24.50 Reais Per Share: Sources

July 24, 2019

From Reuters Brazilian state-run oil company Petroleo Brasileiro SA has relinquished control of the country’s biggest fuel distributor in a share offering, pushing ahead with a privatization drive under new Chief Executive Roberto Castello Branco. The offering of Petrobras Distribuidora SA was priced at 24.50 reais per share, according to two sources with knowledge of the matter. Final pricing implied

$728-Million Award for Vantage Drilling Upheld by U.S. District Court - Oil & Gas 360

Petrobras to Privatize Brazil’s Top Gas Seller in $2 Billion Share Sale

July 23, 2019

From Reuters Brazilian state-run oil company Petroleo Brasileiro SA is set to relinquish control of the country’s biggest fuel distributor in a share offering due to be priced late on Tuesday, pushing ahead with a privatization drive under new Chief Executive Roberto Castello Branco. Each of Branco’s three predecessors discussed privatizing Petrobras Distribuidora SA. The share offering of the gas

SBM Offshore to Operate FPSO Offshore Rio with Petrobras - Oil & Gas 360

Petrobras Gets New Offshore Partner

June 11, 2019

FPSO Mero 2 expected to produce 180,000 BOPD SBM Offshore N.V., a holding company headquartered in Amsterdam, signed a letter of intent this week with Petróleo Brasileiro S.A. (Petrobras) for a 22.5-year lease to operate its floating production storage and offloading (FPSO) vessel Mero 2. FPSO Mero 2 will be deployed at the Mero field in the Santos Basin, located

$728-Million Award for Vantage Drilling Upheld by U.S. District Court

May 20, 2019

Petrobras motion to vacate is struck down By Tyler Losier This Monday, Vantage Drilling International (stock ticker: VTGGF) announced in a press release that U.S District Court Judge Alfred H. Bennett of the Southern District of Texas had granted a petition to uphold the arbitration award Vantage had previously sought to obtain from Petrobras Brasileiro S.A. (stock ticker: PBR). As

Petrobras Throws Out Printers as CEO Focuses on Cost Cutting

May 9, 2019

From Bloomberg Soon after taking over as chief executive officer of Brazil’s state-controlled oil giant Petrobras, Roberto Castello Branco noticed that there was a printer for each employee in a department, and ordered a review. It was just the beginning of a crusade against nonessential spending. Since then, he’s announced $8.1 billion in cost cuts through 2023, including plans to trim

Brazil Expects Petrobras Reserves Payout Above $18 Billion

March 20, 2019

From Bloomberg Petrobras is expected to receive more than $18 billion from a mixture of government and private sources as payment for oil reserves, people familiar with the matter said, potentially resolving a dispute that has dragged on since 2013. Brazil’s government anticipates that companies seeking to join in deep-water oil projects would need to pay Petrobras more than $9 billion,

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