Petrobras CEO Pledges a Revival
The new chief executive of Petróleo Brasileiro SA PBR 6.43 % has vowed to return Brazil’s troubled state oil company to “greatness,” by shedding assets—and outdated ideologies—that no longer serve Continue Reading
Can Brazil’s Next President Rescue Petrobras?
Petrobras Office Brazil’s Senate voted to approve impeachment proceedings against President Dilma Rousseff, forcing her to step down in order to stand trial. Vice President Michel Temer will now succeed Continue Reading
Rousseff Impeachment May Breathe Life Into Petrobras
Petrobras’ stock has been a disaster for investors for years. Even when virtually every other oil company on the planet was seeing their stock move higher, PBR still somehow managed Continue Reading
Pre-Salt Bonanza Begins In Brazil With First Oil Produced
The Brazilian pre-salt bonanza has now officially begun, with Norway’s Statoil and partners announcing production of the first oil and gas from the offshore Gavea field in Brazil—part of the Continue Reading
Statoil And Partners Strike Oil Off Brazil
Energy company Statoil and partners Repsol Sinopec Brasil and Petrobras have struck oil off the coast of Brazil, in a deepwater offshore area called the Campos Basin, the Norwegian firm Continue Reading
Brazil’s lower house of Congress votes to impeach President Dilma Rousseff
President Dilma Rousseff lost a crucial impeachment vote in Brazil’s lower house on Sunday evening, making her removal ever more likely and deepening the country’s political crisis less than four Continue Reading
Brazil’s Petrobras Aims to Cut Up to 12,000 Jobs
Brazil’s troubled state-run oil company Petróleo Brasileiro SA on Friday announced a beefed-up voluntary layoff program that could affect up to 12,000 jobs amid intense efforts to cut costs. Petrobras Continue Reading
Brazil’s Petrobras Hit by Lower Oil Prices
Brazil’s troubled state-run oil company, Petróleo Brasileiro SA, reported its biggest quarterly loss ever Monday after lower oil prices and higher borrowing costs forced it to write off 49.75 billion Continue Reading
Shell starts production offshore Brazil
Royal Dutch Shell said Monday it started production from the third and final phase of operations in the deep waters off the coast of oil-rich Brazil. “The safe, early delivery Continue Reading
Exclusive: Petrobras to cut five-year investment plan one-fifth to $80 billion – sources
Brazil’s Petrobras will slash its five-year investment plan by about one-fifth next month as low oil prices, massive debt and fallout from a corruption scandal hobble its ability to fund Continue Reading