Petrobras – Page 6 – Oil & Gas 360

$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,

EIG Plans to Bid for Brazil Pipeline Network as Petrobras Sets Deadline

March 13, 2019

From Bloomberg EIG Global Energy Partners plans to bid for Petrobras’s TAG natural gas pipeline network as the Brazilian oil giant is giving bidders just another three weeks to raise their offers. The state-run company released details on the leading offer to the other two competing groups, and they’ll have until April 2 to come up with final bids, EIG

Petrobras Shares Rise on Report Brazil Government to Pay Oil Firm $14 Billion

January 7, 2019

From Reuters Common shares in state-controlled oil company Petroleo Brasileiro SA rose almost 4 percent on Monday after a newspaper said the government had settled on the amount it will pay the firm to settle a dispute over an oil-producing zone known as the transfer-of-rights area. Brazilian newspaper Valor Economico said the government had planned to pay Petrobras, as the

At Brazil’s Petrobras, a ‘Chicago Boy’ takes the reins

January 4, 2019

From Reuters Depending on who you ask, Roberto Castello Branco, the new chief executive of Brazil’s Petroleo Brasileiro SA (PETR4.SA), will either save the indebted oil major – or strip it to the bone. Tapped by far-right President Jair Bolsonaro, who took power on Tuesday, Castello Branco had said in a June newspaper column he thought Petrobras – as the

Petrobras Cutting Houston Jobs after Forming Gulf Joint Venture

December 12, 2018

From Houston Chronicle Brazilian state oil company Petrobras will terminate more than 50 Houston jobs next year after selling much of its Gulf of Mexico assets into a new joint venture. Petrobras, which has struggled financially amid a nationwide corruption scandal in Brazil, opted to sell its Gulf assets earlier this year into a JV in which it will only

Petrobras Sells Rights in 37 Oilfields for $823 Million

November 29, 2018

Sale of stake in 34 onshore fields in Rio Grande do Norte Rio de Janeiro based Petrobras’ board of directors approved yesterday the full sale of its stake in 34 onshore production fields, located in the Potiguar Basin, in Rio Grande do Norte state, to the company 3R Petroleum. The 34 concessions are mature fields in production for over 40

New Petrobras CEO Rules Out Privatization, Wants Non-Core Asset Sales

November 21, 2018

From Reuters A University of Chicago-trained economist named on Monday to head Brazil’s Petrobras will not privatize the state-run company, but wants to push ahead with selling non-core assets and to focus on oil exploration and production. Brazil’s incoming far-right government announced Roberto Castello Branco as the next chief executive of Petroleo Brasileiro SA (PETR4.SA), amid a debate over how

Vantage Drilling Awarded $622 Million in Petrobras Arbitration

July 2, 2018

Vantage Drilling International (OTCMKTS: VTGDF) announced today that it was successful in its previously disclosed arbitration with Petróleo Brasileiro S.A (NYSE: PBR). The Tribunal found that Petrobras America, Inc. (PAI) and Petrobras Venezuela Investments & Services, BV (PVIS), both subsidiaries of Petrobras, breached the Agreement for the Provision of Drilling Services for the Titanium Explorer dated February 4, 2009. The

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