Key Developments: Petroleo Brasileiro Petrobras SA (PBR.N)

PBR.N on New York Stock Exchange

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1 Apr 2015
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Latest Key Developments (Source: Significant Developments)

Petroleo Brasileiro Petrobras SA announces sale of assets from Argentinian subsidiary
Tuesday, 31 Mar 2015 08:03am EDT 

Petroleo Brasileiro Petrobras SA:Says that its Argentinian subsidiary Petrobras Argentina, PESA approved the sale of all its assets in Bacia Austral, in Santa Cruz province, to Compania General de Combustibles SA, for $101 million.PESA assets that are part of the deal include 26 onshore exploration production concessions, with an average production of 15,000 barrels of oil equivalent per day, as well as the entire infrastructure required for distribution, treatment and storage.This is the first disposal of a Petrobras asset under the 2015-2016 Divestment Plan which expects to sell $13.7 billion, as released to the market on March 2nd.  Full Article

Petroleo Brasileiro Petrobras SA announces chairman change
Friday, 27 Mar 2015 07:34am EDT 

Petroleo Brasileiro Petrobras SA:Appoints Luciano Galvao Coutinho as new chairman of the board of directors, to succeed Guido Mantega.  Full Article

Petroleo Brasileiro Petrobras SA starts up early production system at Buzios field
Thursday, 12 Mar 2015 08:18am EDT 

Petroleo Brasileiro Petrobras SA:Announced the start-up on March 10 of the early production system at Buzios field, Santos Basin in Transfer of Rights area.Says due to issues limiting gas utilization, its average production will be limited to 15 thousand barrels of oil per day.The early system enable the company to produce for a six-month period and gather information to enhance the field's first permanent production system using platform P-74, which is in the final phase of conversion at the Inhauma shipyard in Rio de Janeiro.Buzios field is about 200 km off the coast of Rio de Janeiro, at a water depth that ranges from 1,600 to 2,100 meters.Company announced commerciality of the field in Dec. 2013.The Transfer of Rights agreement with the Brazilian Federal Government authorizes the company to carry out oil and natural gas exploration and production in Santos Basin pre-salt areas and fields.Exploration to up to 5 billion barrels of oil equivalent (oil and gas) with related payments to the Federal Government.  Full Article

Petroleo Brasileiro Petrobras SA workers left without pay - AAP
Sunday, 8 Mar 2015 06:14pm EDT 

Petroleo Brasileiro Petrobras SA:About 3,000 employees of a Petrobras contractor who have not been paid since late 2014 claim they are the first victims of the corruption scandal at the company - AAP.ALUSA, a company hired by Petrobras to build the Rio de Janeiro Petrochemical Complex, or Comperj, in the city of Itaborai, 50km from Rio de Janeiro, has suspended the issuance of pay cheques.The contractor was one of the companies affected by Petrobras's decision to review its investment plans and postpone some projects, including the Comperj, to deal with the financial crisis caused by revelations of massive diversions of funds from contracts entered into by the company.Petrobras is under investigation following disclosure of widespread corruption said to have cost the company billions of dollars since the mid-1990s.The scandal, in which money also was allegedly funnelled to politicians, has led to the resignation of top company executives, including Maria das Gracas Silva Foster, who was replaced as Petrobras's CEO by Aldemir Bendine, former chief executive of state-run bank Banco do Brasil.  Full Article

Petroleo Brasileiro Petrobras SA revises divestiture plan for next 2 years
Tuesday, 3 Mar 2015 06:34am EST 

Petroleo Brasileiro Petrobras SA:Says that its Board of Directors approved, on Feb. 26, a divestiture plan for 2015 and 2016, in the amount of $13.7 billion, divided in the exploration and production section (30 pct), as well as assets in the Downstream (30 pct) and Gas & Energy (40 pct) segments.The approved divestment amounts represent a rise when compared to the US$ 5 - 11 billion allocated in the 2014-2018 Business & Management Plan, as released in Feb. 2014.  Full Article

Moody's downgrades Petroleo Brasileiro Petrobras SA's debt ratings from Baa3 to Ba2
Wednesday, 25 Feb 2015 06:42am EST 

Petroleo Brasileiro Petrobras SA:Moody's Investors Service (Moody's) downgraded company's global foreign currency debt ratings from Baa3 to Ba2.Says its rating is still on review.With this grade Petrobras is no longer an Investment Grade company for Moody's.According to Moody's, the revision reflects concerns with the ongoing investigation of corruption and possible liquidity pressures that may arise if the company is not able to timely deliver its audited financial statements.  Full Article

Fundo de Investimento Imobiliario BTG Pactual Corporate Office Fund renewals leasing agreement with Petroleo Brasileiro Petrobras SA
Friday, 13 Feb 2015 06:02am EST 

Fundo de Investimento Imobiliario BTG Pactual Corporate Office Fund:Says that its wholly-owned subsidiary FII Prime Portfolio, executed a contract with Petroleo Brasileiro Petrobras SA to formally renovate its leasing agreement involving Torre Almirante, in Rio de Janeiro.The current agreement represented 17.9 pct of the company contracted leasing revenue and would expire until the end Feb. 2015.The executed amendment extends the term of the contract until the end of Feb. 2022 and sets leasing price around 13 pct lower than its current value.  Full Article

Petroleo Brasileiro Petrobras SA announces accident aboard FPSO Cidade de Sao Mateus
Thursday, 12 Feb 2015 05:46am EST 

Petroleo Brasileiro Petrobras SA:Says that, on Feb 11, an explosion took place aboard FPSO Cidade de Sao Mateus, operated by BW Offshore and chartered by Petrobras.Out of 74 workers onboard, three died on site; ten sustained injuries and have already been transferred by helicopter to receive medical care in the city of Vitoria; and six are still missing.FPSO operations have been shut down.Production at this platform was of around 2.2 million cubic meters of natural gas per day, which represents around 3 pct of Petrobras natural gas production in Brazil.Petrobras has officially notified the Brazilian Navy as well as Brazil’s National Petroleum, Natural Gas and Biofuels Agency (ANP).  Full Article

Petroleo Brasileiro Petrobras SA announces new composition of Board of Directors
Monday, 9 Feb 2015 05:20am EST 

Petroleo Brasileiro Petrobras SA:Says that it has appointed Aldemir Bendine as Chief Financial Officer (CEO) of the company and Ivan de Souza Monteiro as Chief Financial Officer (CFO).  Full Article

Petroleo Brasileiro Petrobras SA announces discovery of new oil accumulations in Campos Basin
Thursday, 5 Feb 2015 05:50am EST 

Petroleo Brasileiro Petrobras SA:Announces the discovery of new oil accumulations in concession BM-C-35 (exploratory block C-M-535), located in the Campos Basin post-salt layer.The discovery was made while drilling well 1-BRSA-1289-RJS (ANP nomenclature) / 1-RJS-737 (Petrobras nomenclature), informally known as Basilisco.  Full Article

Brazil's Petrobras signs $3.5 bln deal with China Development Bank

SAO PAULO, April 1 - Brazil's state-run oil company Petrobras signed a $3.5 billion financing deal with China Development Bank as part of a cooperation agreement covering 2015 and 2016, according to a securities filing on Wednesday.

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