Brazil's state-controlled oil company Petrobras has posted its biggest-ever quarterly loss after booking a large writedown for oil fields and other assets as oil prices slumped and refinery projects faltered.
Production has been halted by Petrobras on its P-48 FPSO (floating production, storage and offloading) vessel after a fire earlier this week.
Petrobras has been told it must pay $1.9billion in back taxes and fines related to deductions on its 2007 and 2008 filings.
Petrobras’s stock is worthless and a growing group of investors believe Brazil’s state-controlled oil company will convert debt into equity in a move that will benefit bondholders over shareholders, BTG Pactual said in a research report.
State-controlled oil producer Petroleo Brasileiro SA sank to the lowest level since 1999 as the Ibovespa fell for a third consecutive day, joining a global market selloff.
Brazil’s state-controlled oil company is reducing management positions and streamlining operations to save $440 million a year as it navigates the worst oil market in a generation and a sprawling corruption investigation.
Norway said its sovereign wealth fund has placed its investment in Brazil’s Petrobras under observation.
Ensco said it has ended a contract with Petrobras for a drillship over allegations of corruption. The rig contractor said the Brazilian company had chartered the DS-5 in 2008, when it was owned by Pride International.
DOF Subsea has won two new contracts set to commence this month.
Brazilian prosecutors said 12 people have been charged in connection with an alleged bribery scheme involving SBM Offshore and Petrobras. Police said they had executed four arrest warrants as part of an investigation known as "Operation Black Blood". It is understood two of the suspects are already in jail.
Thousands of Brazilians have marched to demand that Congress impeach President Dilma Rousseff, whose government is plagued by an overwhelming corruption scandal and a dismal economy.
This was the year Petroleo Brasileiro SA investors got what they had sought for decades: a chief executive with a mission to streamline and an independent chairman. Now one of them is gone.
SBM Offshore has been invited by Petrobras to tender for the provision of two FPSOs.
Police investigating historic bribery and corruption claims at the heart of Petrobras's contracting culture are set to question more than a dozen new people.
Union bosses and Petrobras have reached a deal to suspend a two-week national strike campaign.
Petroleo Brasileiro SA will start a road show next week to talk to investors and find “strategic partners” for its Brazilian operations as part of an effort to reduce the biggest debt load in the oil industry, Chief Financial Officer Ivan Monteiro said Thursday.
Support for a strike at Petrobras is growing according to Brazilian union leaders as workers show their opposition to privatisation of the state-owned oil company. A strike began last Sunday and has become the biggest stoppage in 20 years at Petrobras as workers back union efforts to rationalise the company and cut foreign participation in the oil industry. The focus of industrial action has recently changed to focus on nationalist and anti-capitalist demands rather than wages.
Diamond Offshore Drilling said two contracts for a pair of rigs with Petrobras have been ended ahead of schedule.
Petrobras has cancelled an ongoing tender for heavy and medium helicopters used in its offshore operations. Era Group said Aeroleo Taxi Aero, its Brazilian joint venture, had received notification after Petrobras has carried out a review of its aviation needs. It was concluded no additional contract was needed amid the challenges of the current marketplace.
Brazil’s top electoral court agreed to open an investigation into allegations that President Dilma Rousseff illegally financed her re-election campaign. The charges could provide grounds for her removal from office along with Vice President Michel Temer.
A former chief executive of Petrobras has passed away after battling cancer. Jose Eduardo Dutra, who was 58-years-old, died yesterday following a battle with cancer. The Workers’ Party presidents was a geologist and union leader who was elected as a senator more than 20 years ago.
The multi-billionaire founder of Microsoft has launched legal action against oil giant Petrobras as well as the Brazilian arm of big four accountancy, PWC.
Transocean Ltd., the world’s largest offshore rig contractor, has been linked for the first time to the corruption probe of Petroleo Brasileiro SA, the state-owned energy giant at the center of Brazil’s biggest corporate scandal. A former executive at Brazil’s state-run oil company has testified to receiving what he says were payments made by someone claiming to be a Transocean agent in exchange for a rig- operation contract from Petrobras. “Transocean has a long-standing commitment to and upholds the highest standards for corporate ethics and compliance,” the company said in an e-mailed response. “Our employees -- and everyone conducting business on our behalf -- are required to adhere to our high standards for integrity, honesty, financial discipline and legal and regulatory compliance.”
It’s unlikely that oil prices will ever return to $100 a barrel and Petroleo Brasileiro SA needs to work with suppliers to manage the price rout, an executive at the state-run oil producer said Tuesday.
The board of directors of Brazil's state-controlled oil company Petroleo Brasileiro SA approved the sale of at least 25 percent of its fuel unit BR Distribuidora, according to board minutes published in a securities filing late Monday. Reuters previously reported that Petrobras would seek to sell at least a quarter of the unit, which controls Brazil's largest service-station network. A sale is expected as early as the end of this year. Petrobras, as the company is known, wants to sell $15.1 billion of assets by the end of 2016 to help reduce its $132 billion of debt, the largest of any oil company.