• 5 minutes Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 11 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 14 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 26 mins Alberta govt to construct another WCS processing refinery
  • 5 hours What Can Bring Oil Down to $20?
  • 18 mins U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 5 hours Let's Just Block the Sun, Shall We?
  • 3 hours Regular Gas dropped to $2.21 per gallon today
  • 5 hours Venezuela continues to sink in misery
  • 5 hours OPEC Cuts Deep to Save Cartel
  • 3 hours $867 billion farm bill passed
  • 1 day Sleeping Hydrocarbon Giant
  • 1 day Sane Take on the Russia-Ukraine Case
  • 7 hours Contradictory: Euro Zone Takes Step To Deeper Integration, Key Issues Unresolved
  • 7 hours WTO So Set Up Panels To Rule On U.S. Tariff Disputes
  • 1 hour Global Economy-Bad Days Are coming
Morgan Stanley Slashes Oil Price Forecast For 2019

Morgan Stanley Slashes Oil Price Forecast For 2019

Investment bank Morgan Stanley has…

Oil Markets Stuck As Hedge Funds Remain Bearish

Oil Markets Stuck As Hedge Funds Remain Bearish

Crude prices haven’t staged much…

Petrobras Reports 2 Percent Rise In Domestic Output

Petrobras

Petrobras, the debt-laden state-owned energy major of Brazil, reported a 2-percent increase in domestic oil production for November, to 2.23 million barrels of oil equivalent daily. Total global production stood at 2.86 million bpoed, the company added.

Earlier this month, Petrobras reiterated its plans to sell US$4 billion worth of assets by the end of 2016, adding that it will also meet its divestment target for 2015 and 2016, which stands at US$15.1 billion. However, to date, it has reported sales worth US$10.7 billion, with all but five deals suspended by the federal auditing court of Brazil. These five assets, according to Petrobras, will bring in some US$3.3 billion in proceeds.

The auditing court based its ruling on the fact that a lot of Petrobras’ divestment negotiations were conducted behind close doors, which raised the risk of “illegal acts” taking place. The energy giant has been in the public eye for a couple of years now, after it emerged that members of its senior management were involved in a corruption network that also involved prominent politicians, among them former President Dilma Rousseff.

Rousseff was removed from office, to be replaced by political opponent Michel Temer, whose position is now also precarious. One of the business executives charged with partaking in the corruption network, Claudio Lemo Filho, from construction major Odebrecht, told investigators, after signing a collaboration agreement, that members of Temer’s party were also involved in the network, receiving millions of dollars to lobby for Odebrecht in Congress. Temer dismissed the allegations, saying that the contributions were voluntary and that Odebrecht did not expect anything in return.

These latest developments may divert public attention away from Petrobras, at least for a while, but even without the bribery scandal, the company remains saddled with the largest debt in the oil and gas industry globally, at US$123 billion.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News