Brazil Selects Gileno Gurjao Barreto as Petrobras Chairman
The Brazilian government selected Gileno Gurjao Barreto on Thursday as its nominee to chair state-run oil giant Petrobras' board.The Mines and Energy Ministry also confirmed Caio Mario Paes de Andrade as its nominee to be Petrobras' chief executive.The nominations, which still need to be approved by shareholders, come weeks after Brazil's President Jair Bolsonaro ousted the company's previous chief executive, who served less than two months on the job.Bolsonaro Fires Second Petrobras CEO in Two MonthsBarreto is a law graduate from the University Center of Brasilia with an MBA from the
Karoon Energy CEO Steps Down after 16 Years at Helm
discoveries in the Browse Basin, reaching the ASX 200 index, developing a strong business in South America and finally leaving the business as an emerging production company with high-quality organic growth options, I believe that I am leaving Karoon in a strong position with an exciting future."Petrobras, Karoon Change Terms of $665M Sale of Baúna Field Stake"I wish to assure shareholders that I am committed to steering Karoon through a seamless transfer to full ownership of the Baúna asset and will work with the board to ensure a smooth transition to the new CEO," Hosking
Petrobras: 10,000 People Accept Voluntary Buyouts
Some 10,000 employees of Brazil's Petrobras, or 22% of its workforce, have accepted voluntary buyouts, Chief Executive Roberto Castello Branco said on Wednesday, as the state-run oil company intensifies its quest to slim down and refocus on core businesses.In a webinar hosted by Brazilian newspaper Valor Economico, Castello Branco said the deadline for employees to sign up for the program was Tuesday. Some have already left, while most will leave the company later this year or in 2021."We have approximately 10,000 people signed up, which means 22% of Petrobras' employees are going to
3,800 Petrobras Workers Might Take Voluntary Severance Offer
Brazil's state-controlled oil company Petrobras aims to save 7.6 billion reais ($1.4 billion) by 2025 through voluntary buyout programs that will affect 3,800 employees, according to a securities filing on Wednesday.Petroleo Brasileiro SA, as the company is formally known, on Wednesday launched a new program focused on employees who are eligible for retirement, and said it is making adjustments to voluntary severance programs already in place.Petrobras in recent years has initiated several waves of buyouts, which have gained urgency as the company sells off hundreds of assets and exits various
Mariner Training in Brazil: Inside the Institute of Nautical Sciences
and post-salt plays in recent and upcoming tenders, expanded training facilities for local maritime officers has become vital to the growth of the maritime sector in Brazil as there is also an unprecedented oceangoing ship construction program under way through the Promef program, whose main client is Petrobras’ maritime company Transpetro, which although marred by a corruption scandal, continues to order new built DP capable tankers for oil export and DP capable shuttle tankers designed to unload oil direct from FPSOs located over remote pre-salt plays, usually located around 300 km from the coast
17 Keppel Employees Pay for Petrobras Bribery Case
Brazil bribery case, a U.S. court document showed, including $8.9 million of financial sanctions, demotions and departures. The measures were revealed after the Singapore-based company agreed to pay $422 million to settle charges it bribed Brazilian officials, including some at state-run oil company Petrobras. Singapore authorities are investigating individuals involved. In the document seen by Reuters, U.S. authorities listed remedial measures taken by Keppel Offshore & Marine as part of 'relevant considerations' towards the deferred prosecution agreement the firm signed as part of the
Flores Named VP at NETSCo
development in the offshore market. While with OSG, Flores was the technical project manager overseeing the development of the MT Overseas Cascade and the MT Overseas Chinook. Both vessels were the first two dedicated shuttle tankers in the Gulf of Mexico and now support the FPSO Pioneer, serving the Petrobras deep water fields known as Cascade and Chinook. In addition, FLores also held various positions at Crowley Maritime Corporation from technical superintendent to manager of new construction projects. Flores holds a Bachelor of Science degree in Ocean Engineering with a specialization in
Petrobras CEO: Wage Hikes of Last Decade are Impossible Today
Brazil's state-led oil company Petrobras is unable to give its workers the kind of pay raises that increased company salaries by about 50 percent in real, inflation-adjusted terms over the past decade, Chief Executive Pedro Parente said on Friday. Petroleo Brasileiro SA, as Petrobras is formally known, is in annual pay talks with its unions, but Parente said that at least some of the employees understand the need for the financially troubled, heavily indebted company to limit pay increases. (Reporting by Jeb Blount; Editing by Chizu Nomiyama)
Oil Workers Reject Petrobras Offer, Strike Possible
Brazil's largest oil workers' federation said Thursday its members voted overwhelmingly to reject a contract offer from Petroleo Brasileiro SA, or Petrobras, and were preparing for a possible strike. Leaders of the FUP union plan to continue talks with Petrobras starting at 2 p.m. (1700 GMT) in Rio de Janeiro and have not yet called on workers to walk off the job. In recent years, Petrobras has given wage increases well in excess of inflation, and this year's annual negotiations are shaping up as a test of mettle for new Chief Executive Officer Pedro Parente, who has pledged to cut
Aker Solutions Opens Subsea Plant in Brazil
customers both in and outside of Brazil. Aker Solutions is also upgrading its subsea services unit in Rio das Ostras to better meet customer demand. The company earlier this year secured a contract to provide maintenance and other services on subsea equipment delivered by Aker Solutions to Petrobras in Brazil. The agreement has a fixed period of three years valued at BRL 435 million (NOK 1 billion) after tax and may be extended by another three years. Aker Solutions has since 1997 delivered more than two-thirds of 290 subsea trees ordered for Petrobras-operated offshore oil and gas fields
Floating Production's Future: The 6 Things You Need to Know Now
of floating regas vessels – have been the total order intake over the past 15 months. This is far below the historical order intake pattern. Contracts for an average of 12 FPSOs and 3 other oil/gas production floaters have been placed annually over the past ten years. 3. Petrobras’ Problems Have Taken a Major Player From the Market Running in parallel with the overall market downturn has been an unprecedented implosion in Petrobras. The Brazilian oil company has been embroiled in a corruption investigation that has led to a financial and contracting meltdown
Petrobras Sees Layoff Plan Saving up to $9.2 Bln
oil company Petroleo Brasileiro SA said on Friday it will launch a voluntary layoff program to cut an estimated 12,000 jobs in a bid to save up to 33 billion reais ($9.20 billion) by 2020. The program will cost 4.4 billion reais and is open to all employees, according to a statement from Petrobras, which has been hard hit by low oil prices, refinery project problems and a massive price-fixing, bribery and political kickback scandal. The company said the planned redundancies would help adjust the size of its workforce to a smaller investment plan and boost productivity. Investors
Brazil Speeds Leniency for Corrupt Firms to Save Jobs
as the economy shrinks. More than 30 of the country's top construction and engineering companies, including Odebrecht SA, Queiroz Galvão, OAS, and Galvão Engenharia SA are on a government blacklist for involvement in price-fixing, bribery and political kickbacks at oil company Petrobras and other state-run firms. The scandal has paralyzed Petroleo Brasileiro SA, Brazil's largest company, which cut off payments to the blacklisted companies. That in turn left hundreds of suppliers on the verge of bankruptcy and led to tens of thousands of layoffs. "The main
Bradesco Asset Management Nominates 2 on Petrobras Board
The assets management unit of Brazilian bank Bradesco has proposed two candidates for seats on the board of the state-run oil company Petroleo Brasileiro SA, or Petrobras. Petrobras said in a filing on Friday that Bradesco Asset Management SA had nominated Eduardo Bunker Gentil and Otavio Yazbek as candidates for the board. Gentil was executive director at the local investment bank Itau BBA as well as an executive director at Credit Suisse. Yazbek is an attorney in Sao Paulo and a director of regulation at the BM&FBovespa commodities and stock exchange in Sao Paulo. Petrobras said
Monforte Quits Petrobras Board
Jose Guimarães Monforte quit his position on the board of directors of Petroleo Brasileiro SA on Friday, two days after he abstained from voting to approve the company's audited financial statements, the state-run oil company said on Friday. Petrobras, as the company is commonly known, gave no reason for the resignation, in a note announcing the resignation sent to Brazil's securities regulator CVM. Monforte was not immediately available for comment after normal Brazilian business hours on Friday. The board on Wednesday voted 7 to 3 to approve audited financial statements that have
Petrobras Chairman Ferreira to take Leave
Murilo Ferreira will take a leave of absence as chairman of state-run oil firm Petrobras, turning his full attention to his job as chief executive of Vale SA as the mining giant grapples with a downturn in the sector. Petroleo Brasileiro SA, as the company is formally known, did not give a reason for Ferreira's leave, which it said would last until Nov. 30. A company source told Reuters he had requested time off to focus on Vale as it navigates a slump in iron ore prices and a slowdown in China. Ferreira, 62, who has been CEO of Vale since 2011, was appointed chairman of Petrobras in April
Petrobras to Appoint Director
Petrobras’ Board of Directors approved at a meeting today (25 Nov.) the appointment of a director of Governance, Risk Management and Compliance, charged with ensuring process compliance and risk mitigation, including the risk of fraud and corruption, and therefore guaranteeing compliance with laws, norms, standards and regulations, including the rules of the Comissão de Valores Mobiliários (CVM - Brazilian Securities and Exchange Commission) and U.S. Securities and Exchange Commission (SEC). In addition to participating in the decisions of the Executive Board, the director of
