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Tag Archives: Brazil

Brazil’s Petrobras output hits all-time high in August

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SAO PAULO – Brazil’s Petroleo Brasileiro SA said on Wednesday that output rose 4.5 percent in August to an all-time high of 2.88 million barrels of oil and equivalent natural gas a day from a year earlier. Petrobras, as the state-run company is known, said production surpassed an earlier peak of 2.86 million barrels reached back in December. The company, ...

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Leaky offshore pipeline shuts down four Petrobras platforms, highlights maintenance needs

A compromised pipeline forced the shutdown of four platforms operated by Petroleo Brasileiro SA (Petrobras) off the coast of Brazil. According to Reuters, a leak was detected on Friday from an intra-platform pipeline, spilling roughly 46 barrels of crude oil into the Gulf of Mexico before being contained by Petrobras. The pipeline stretched between the PCM-5 and PCM-6 platforms, but ...

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Petrobras spending cuts may hurt Brazil banks, Goldman says

SAO PAULO – Petróleo Brasileiro SA’s decision to cut capital spending plans by $16 billion this year could hamper Brazilian banks with loan exposure to the oil and gas industry, especially state-controlled Banco do Brasil SA, analysts at Goldman Sachs Group Inc said on Wednesday. Spending cuts by Petrobras, as the company is known, may already be affecting the ability ...

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Former Petrobras executive charged with taking bribes

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BRASILIA – Prosecutors on Tuesday accused a former senior Petrobras executive of racketeering, bribery and money laundering through Switzerland and Uruguay in a widening kickback scandal that has engulfed Brazil’s state-run oil company. Nestor Cerveró was head of international operations at Petroleo Brasileiro SA, as the company is known, from 2003 to 2008, when prosecutors say he accepted bribes to help ...

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Oil regulator pushed Petrobras to boost ship’s output before accident

RIO DE JANEIRO – Brazil’s oil regulator, the ANP, ordered state-run oil company Petrobras to study ways to boost output on a floating natural gas and oil production ship a week before a deadly explosion on Wednesday, according to agency documents. Studying ways to reduce unused production capacity on the Cidade de Sao Mateus, a floating production, storage and offloading ...

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Explosion on Brazil oil ship; Union says 3 deaths

RIO DE JANEIRO — An explosion on a ship leased by state-run oil company Petrobras left three workers dead and another six missing on Wednesday, according to statements from Petrobras and also from Brazil’s biggest oil industry union. The Health Ministry for the state of Espirito Santo, where the explosion took place, said in an emailed statement that so far ...

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Brazil’s Petrobras expected to name new CEO

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SAO PAULO — The board of directors for Brazilian oil firm Petrobras is meeting Friday and is expected to name a new chief executive officer later in the day. Brazil’s state oil company is in crisis amid an expanding corruption investigation into a long-running kickback scheme on its contracts. Several top executives from Brazil’s biggest construction and engineering firms already ...

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Brazil’s Petrobras probe grows with international firms eyed

SAO PAULO – A Brazilian police officer investigating a kick-back scheme at state-run oil company Petrobras said the total amount of money involved could exceed $28 billion, making it the country’s biggest-ever money laundering probe. “If you consider the value being investigated, the value of the Petrobras projects, certainly the potential of the investigation is to surpass that value by ...

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