Rousseff to Fight to Keep Subsalt Oil Production Sharing
Brazilian President Dilma Rousseff said on Thursday she will "fight to the end" to maintain Brazil's oil production-sharing regime in its offshore Subsalt Polygon area. In the wake of a corruption scandal, Petroleo Brasileiro SA's large debt and weak financial position limit its ability to meet a requirement it finance a minimum 30 percent of all new subsalt projects and run them as formal operator, reducing the chance the giant resource will be developed, critics say. (Reporting by Anthony Boadle)
Oil Leaks Raise Concerns Over Brazil's Santos Basin
.3 miles) of ocean and seabed by an ancient layer of salt. Those fields, announced in 2007, are the focus of state-led oil company Petroleo Brasileiro SA, or Petrobras' $221 billion five-year investment plan and are seen as a key to financing the health and education policies of Brazilian President Dilma Rousseff. The oil in Santos, though, is some of the most difficult discovered or produced anywhere. New unpublished research from the State University of Rio de Janeiro (UERJ) given exclusively to Reuters asks if the high leak rate may be a result of Santos' technological difficulties. "The
Update: Petrobras Denies Shelving Debt Sales
bribes in exchange for steering contracts to SBM Offshore NV, a Dutch oil-production ship leasing company. A former official has also been arrested in an alleged money-laundering case. Opposition lawmakers want to investigate the company because of its relationship with the government of President Dilma Rousseff, who might run for re-election in October. Preferred shares, the company's most-traded class of stock, rose 6.6 percent to 16.46 reais in Sao Paulo trading Monday afternoon. That is the highest level for the stock since December. ($1 =2.22 Brazilian reais) (Reporting by Guillermo Parra
February 2024
