By Lucy Jordan, Senior Contributing Reporter RIO DE JANEIRO, BRAZIL – Brazil’s 11th oil and gas auction, held Tuesday in Rio de Janeiro, raised a record R$2.8 billion, the industry’s regulatory agency said, with Petrobras winning the most blocks, and oil giants, BP, Total, Chevron and ExxonMobil also gaining rights to explore new areas. The [...]
By Maria Lopez Conde, Contributing Reporter RIO DE JANEIRO, BRAZIL – Brazilian state-controlled oil and gas giant Petrobras has said it will keep its promise to invest R$97.7 billion (US$48 billion) in petroleum and natural gas exploration and production in the country this year, affirmed its financial director, Almir Barbassa, at the company’s first trimester [...]
By Ben Tavener, Senior Contributing Reporter SÃO PAULO, BRAZIL – The price of the cesta básica – the “basic basket” of essential foodstuffs – has gone up in all but two cities in the most recent monthly survey by the Department of Statistics and Socioeconomics Studies (Dieese). Sixteen state capitals saw prices rise for basic [...]
By Leo Byrne, Contributing Reporter RIO DE JANEIRO, BRAZIL – The economic fallout from Congress’ divisive decision to overturn the presidential veto on the redistribution of oil royalties continued this week as the main oil producing states reviewed their budgets and prepared themselves for potential revenue cuts. The backlash from producing states was felt almost [...]
By Lucy Jordan and Leo Byrne, Contributing Reporters RIO DE JANEIRO, BRAZIL – After some five hours of impassioned speeches and spirited debate, Brazil’s Congress early Thursday morning voted to overturn President Dilma Rousseff’s line-item vetoes of a new oil royalties bill, under which Rio de Janeiro state and other oil-producing states will lose billions [...]
By Leo Byrne, Contributing Reporter RIO DE JANEIRO, BRAZIL – Brazil’s majority state owned oil giant Petrobras last week officially requested that regulators relax strict requirements on “local content” laws. The term refers to the use of domestic goods and services, and Petrobras has requested changes before the next bidding rounds for new oil and [...]
By Lucy Jordan, Senior Contributing Reporter BRASÍLIA, BRAZIL – Following three consecutive months of increasing domestic oil production, state-controlled oil giant Petrobras reported decreased output in January, dragged down by aging infrastructure and maintenance shutdowns. Petrobras’ production of oil and natural gas in Brazil in January was 2.368 million barrels of oil equivalent per day [...]
The Rio Times is looking for a freelance contributing reporter to provide news stories on local politics (including UPP/Favela news), and the oil and gas industry in Rio and Brazil. Responsibilities: Reporters provide 1 or 2 articles/week, and each needs to be 500 words and include two rights-cleared photo. Proactively find stories as well as [...]
By Andrew Willis, Senior Contributing Reporter RIO DE JANEIRO, BRAZIL – Government-imposed price caps on fuel sold in Brazil continue to cause difficulties for state-led oil firm Petrobras, despite a surge in income during the fourth quarter of 2012. Chief executive Maria das Graças Foster has reportedly warned the government that rising debt levels, linked [...]
By Leo Byrne, Contributing Reporter RIO DE JANEIRO, BRAZIL – Petrobras, Brazil’s majority-state-owned oil producer continued its downward trajectory as it announced profits of R$21.1 billion in 2012, a 36.6 percent slump when compared to the previous year. The figure marks the company’s lowest profit margin for eight years. In a statement the oil giant [...]
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