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

PBR.N on New York Stock Exchange

7.39USD
26 Dec 2014
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Latest Key Developments (Source: Significant Developments)

Petroleo Brasileiro Petrobras SA announces discovery at Colombian Caribbean deep waters
Wednesday, 3 Dec 2014 05:53am EST 

Petroleo Brasileiro Petrobras SA:Announces discovery of natural gas accumulation at Orca - 1 exploratory well, in Tayrona Block, at Colombian Caribbean deep waters, 40 km off the coast of La Guajira.Company is the operator and holds 40 percent interest, in partnership with Ecopetrol (30 percent) and Repsol (30 percent).Well drilling ended in Sept., reaching 4,240 meters and 674 meters of water depth.Natural gas accumulation was confirmed at 3,600 meters and represents the first discovery at Colombian Caribbean deep waters.  Full Article

Petroleo Brasileiro Petrobras SA starts production at St. Malo field
Tuesday, 2 Dec 2014 01:08pm EST 

Petroleo Brasileiro Petrobras SA:Says it started oil and natural gas production at St. Malo field, 450 km from New Orleans, Louisiana.The field is located 2,100 meters under the water surface.The depth of the reservoir is of 8,077 meters.Jack/St. Malo platform, shared by St. Malo and Jack fields, has production capacity of 170,000 barrels of oil a day and 1.2 million cubic meters of natural gas a day.Company sees increasing production rates in the future.  Full Article

Petroleo Brasileiro Petrobras SA starts-up FPSO Cidade de Ilhabelha in Santos Basin pre-salt Sapinhoa field
Friday, 21 Nov 2014 08:03am EST 

Petroleo Brasileiro Petrobras SA:Says that on Nov. 20, the offshore platform Cidade de Ilhabela started-up, in the Santos Basin pre-salt field of Sapinhoa.The platform Cidade de Ilhabela is an FPSO (floating production storage and offloading) vessel.The new unit is part of the set of production projects scheduled for this year as outlined in the company's 2014-2018 Business and Management Plan.The offshore platform was set up at a site where the water depth reaches 2,140 meters, some 310 km off the coast of Sao Paulo state.  Full Article

Petroleo Brasileiro Petrobras approves incorporation of its wholly owned subsidiaries
Tuesday, 18 Nov 2014 06:43am EST 

Petroleo Brasileiro Petrobras SA:Says Board of Directors approved on Nov. 14 incorporation of company's wholly owned subsidiaries Arembepe Energia S.A. and Energetica Camacari Muricy I S.A.  Full Article

Petroleo Brasileiro Petrobras SA Issues Statement Regarding Operacao Lava Jato
Monday, 20 Oct 2014 06:59am EDT 

Petroleo Brasileiro Petrobras SA:Announces on Oct. 17 all the measures adopted so far, related to Lava Jato investigation.Says requested access to the information concerning the process.Reaffirms that is accompanying all process and fully collaborating with the authorities.Says is recognised by the autorities as victim in this process and is studying legal means for compensation of damages.  Full Article

Shares of Petroleo Brasileiro Petrobras SA plunge on election poll-Reuters
Monday, 29 Sep 2014 09:13am EDT 

Petroleo Brasileiro Petrobras SA:Shares of Brazilian state-run companies plunged on Sep. 29 after an election poll released late Sep. 26 showed President Dilma Rousseff gaining on challenger Marina Silva ahead of election-Reuters.Brazilian investors have been heavily critical of Rousseff's government for enacting policies that have gone against minority shareholder interests in state-run companies.At 10:19 a.m. (13:19 GMT), shares of state-run oil producer Petroleo Brasileiro SA, dropped nearly 11 percent.  Full Article

Petroleo and Foro Energy announces signing of technology cooperation agreement
Tuesday, 26 Aug 2014 09:49am EDT 

Petroleo Brasileiro Petrobras SA:Petrobras and Foro Energy announces signing of Technology Cooperation Agreement (TCA) for high power laser drilling research and development.The program with Leopoldo Americo Miguez de Mello Research & Development Center (CENPES) will focus on developing a next generation high power laser drilling system.The TCA sets the framework for collaborative research between Petrobras and Foro Energy over an initial three-year time period with the opportunity for extensions.Ultimate goal of the collaboration will be to achieve a step change in drilling performance in the challenging pre-salt (subsalt) reservoir.High power lasers have the potential to deliver step change performance in drilling by increased rate of penetration, extremely low weight on bit and torque, thereby prolonging bit life and lower drilling cost per foot.Technology Cooperation Agreement was signed by Andre Cordeiro Executive Manager of CENPES and Paul Deutch, CEO of Foro Energy.It follows a previously signed Memorandum of Understanding (MoU) between two companies enabling opportunity for wider collaboration in utilizing high power lasers for additional applications.  Full Article

Galp Energia SGPS SA informs about preliminary results obtained during drill of Apollonia in consortium with Petroleo Brasileiro Petrobras SA
Wednesday, 13 Aug 2014 08:39am EDT 

Galp Energia SGPS SA:Informs, as partner of consortium for exploration of Block BM-S-24, that the preliminary results obtained during the drilling of well 3-BRSA-1246-RJS (3-RJS-732), informally known as Apollonia, have confirmed the presence of hydrocarbons and extension of Jupiter discovery in pre-salt Santos basin.Apollonia is the fourth well drilled in the Jupiter area, where it is being drilled in ultra-deep waters, at a water depth of 2,183 meters, located at 296 km off the coast of Rio de Janeiro, in Brazil, and at 8 km southwest from the Jupiter discovery well (1-RJS-652A).Drilling activities have proved the existence of an hydrocarbon gross column of c.313 meters, from 5,166 meters depth, in rocks presenting good porosity and permeability conditions.Besides the gas cap and condensates, the well identified an oil gross column of c.87 meters.Samples collected from well confirmed similarity of fluids characteristics discovered in the first discovery well 1-RJS-652A (Jupiter) and 3-RJS-683A (Jupiter NE) and 3-RJS-713 (Bracuhy) extension wells, indicating existence of a large common field, gas (natural gas and CO2), condensates and oil.Galp Energia, through its subsidiary Petrogal Brasil, owns a 20 pct stake in the consortium that explores Block BM-S-24, while Petroleo Brasileiro Petrobras SA (operator) holds the remaining 80 pct stake.  Full Article

Petroleo Brasileiro Petrobras SA sells 44.5 pct stake in Transierra SA
Wednesday, 6 Aug 2014 07:45am EDT 

Petroleo Brasileiro Petrobras SA:Sells its 44.5 pct stake in Transierra SA to Yacimientos Petroliferos Fiscales Bolivianos for $106.7 million.  Full Article

Petroleo Brasileiro Petrobras SA in talks for sale of 40 pct stake in Gasmig
Thursday, 17 Jul 2014 07:41am EDT 

Petroleo Brasileiro Petrobras SA:Says it is in negotiations with Cemig - Companhia Energetica de Minas Gerais for the sale of its 40 pct stake in Gasmig.  Full Article

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Petrobras hit with U.S. class action suit over $98 billion in securities

- Brazil's state-run oil company Petroleo Brasileiro SA and some of its executives were hit with a U.S. class action lawsuit by investors in $98 billion of the company's securities over an alleged kickback and bribery scheme.

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