By Sabrina Valle and Lucia Kassai (Bloomberg) -- To his friends, Rodrigo Berkowitz lived within his means in a rented house in the suburbs of Houston. The former oil trader for state-controlled producer Petroleo Brasileiro SA bought clothes in outlet malls and sent his two daughters to public school. For a family Christmas trip to Orlando, his plan was to drive the … [Read more...]
Unreported Tanker Collision in Brazil Reveals Offshore Regulatory Gaps
By Alexandra Alper and Marianna Parraga RIO DE JANEIRO, Nov 28 (Reuters) - Brazil has more than doubled the number of risky ship-to-ship oil transfers this year, but its monitoring of such offshore maneuvers is lax, to a point where a July 2017 collision between two tankers was not reported, according to a Reuters review of government and shipping records. Transfers are … [Read more...]
Brazil’s New President Set for Offshore Oil Windfall
By Sabrina Valle (Bloomberg) -- Brazil’s President-elect Jair Bolsonaro is staring at an oil windfall. After a decade of stagnant production, Brazil’s offshore mega-projects are about to deliver a double whammy with exports set to surge and Brent prices comfortably above $70 a barrel. This means more revenue for a country beset with fiscal deficits, and more activity in a … [Read more...]
Exxon Makes Major Bet on Brazil as Petrobras Eases Its Grip
By Sabrina Valle and Kevin Crowley (Bloomberg) -- In a single year, Exxon Mobil Corp. has gone from being a tiny bit player in Brazil to the second-largest holder of oil exploration acreage, trailing only state-controlled Petroleo Brasileiro SA. The last 24 concessions the U.S. giant bought with its partners may hold 41 billion barrels, based on preliminary … [Read more...]
Maersk Container Overbookings Delay Brazilian Exports
by Marcelo Teixeira (Reuters) - Brazilian exporters are facing delays shipping goods transported in containers, including coffee and cotton, due to overbooking, the world’s largest container shipping company, A.P. Moller-Maersk, said on Monday. In a report on its operations in Brazil, Maersk said exports fell for the second quarter in a row, citing the practice of some … [Read more...]