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| Petroleo Brasileiro, PETROBRAS (ADR/NYSE)
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OldNick
03.09.2004 20:32
#1959
Endre
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Her er en fersk analyse fra CSFB:
Petrobras Offers 'Unique Investment'
09.03.04, 9:44 AM ET
Credit Suisse First Boston said the market's perception of Petroleo Brasileiro (nyse: PBR) is "still lagging behind" its peers and said it believed the company's shares were "excessively discounted." It noted, "As the market moves to accept a new oil price reality, the valuation discrepancy between Petrobras and its peer group is likely to become even more evident." The research firm, which raised its target price to $52 and maintained its "outperform" rating, said "Petrobras' stock price is currently embedding a long-term oil price scenario of $20 per barrel, which appears excessively discounted." CSFB justified its "bullish outlook" by saying it was confident oil production would grow in Brazil on a quarter-to-quarter basis up until 2006. "Buy more of the shares," advised the research firm. "Petrobas is a unique investment proposition, as a company with strong access to hydrocarbon reserves, market dominance and upstream growth outlook."
PBR har steget bra siden i sommer, og er en av de sterkeste blant større, integrerte aktører. Ved $31,50 er fortsatt P/E ~ 6, og de kommer til å øke produksjonen ca. 30 % de neste par årene. Den vi da nå ca. 2 mboe/dag (fra dagens ca. 1,5). Exxon og BP har f.eks. 4,5-5 mboe oppstrøms-prod, og er 7-10 ganger høyere priset, dessuten stoppet prod-veksten for mange år siden. Problemet er at PetroBras er statsdominert (som Statoil), og bensinprisen (det meste av Petrobras' olje/gass-prod. raffineres og selges innenlands) i Brasil er politisk styrt. Men Brasil har en meget høy vekst nå, og statsfinansene er i god orden.
Sentral-banken i Brasil holder fortsatt en høy rente (på 16-tallet), og valutaen REAL styrker seg (mot USD).
Skagen har PetroBras som sin favoritt innen energi, "verdens billigste oljeselskap" er tonen der i gården.
Nå er 2% av Skagen Vekst, 4,7% av Skagen Global og 6,7% av Skagen Kon-Tiki PetroBras aksjer.
Det finnes en preferanse-aksje (PBRA), den handles ca. 10% lavere. Utbyttet er normalt likt, men pref. kan under gitte betingelser motta mer enn de ordinære. Den ordinære er mer likvid (som ADR i USA).
Kursen på de Brasil-noterte aksjene (ord og pref) ced Sao Paulo-børsen kan finnes ved f.eks. YAHOO-ticker ("petr3.sa" og "petr3.sa")
PetroBras hjemmeside, den er meget bra
[Endret 03.09.04 20:35 av OldNick]
[Endret 03.09.04 20:36 av OldNick]
[Endret 06.09.04 00:50 av OldNick]
[Endret 07.09.04 20:09 av OldNick]
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OldNick
07.09.2004 20:11
#1964
Endre
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Brazilian Economists Boost 2004 Growth Estimate to 4.23 Percent
Sept. 6 (Bloomberg) -- Brazilian economists raised their 2004 growth forecast to 4.23 percent, the highest level in at least 18 months, after a government report last week showed a bigger-than-expected expansion in the second quarter, according to a central bank survey.
The increase in the median forecast of about 100 economists in the weekly central bank survey was the ninth straight, bringing the rate up from 3.5 percent on July 5.
The quickening pace of growth -- the economy grew 5.7 percent in the second quarter, the fastest pace since 1996 -- may prompt the central bank to raise interest rates as soon as this month to keep inflation in check, said Loic Cadiou, who helps manage about $900 million in emerging-market debt and currencies at Credit Agricole Asset Management in London.
``The central bank would take a huge risk not hiking rates this month or at least signaling it may hike rates soon,'' Cadiou said.
Central bankers cut the benchmark overnight lending rate nine times in the 11 months through April, leaving it at a three- year low of 16 percent, to bolster consumer spending and investment in South America's biggest economy.
Economists in the central bank survey also raised their 2004 inflation forecasts in the week, pushing the median estimate up to 7.29 percent, the highest in 14 months. The government targets inflation of 5.5 percent this year and 4.5 percent in 2005.
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OldNick
14.09.2004 21:49
#1978
Endre
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PetroBras frigjorde prod.tall for Aug. idag.
Oppsummert:
Olje: 1,67 mill fat/dag, gass: 0.37 mill. fat oljeekv./dag (2,2 mrd cfpd)
Summert: 2,04 mill boe/d
Snitt 2004, ned ca. 1 % fra hele 2003, litt ned på olje, litt opp på gass.
De neste 2 årene har PetroBras planer om å øke ca. 20% på produksjonen.
[Endret 14.09.04 21:49 av OldNick]
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observer
14.09.2004 21:53
#4786
Endre
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Offshore Brasil, ex Campos : Ned ca 1.500 fat/dag ift juli.
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OldNick
18.09.2004 15:01
#1995
Endre
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Utbytte fra PetroBras:
Distribution of Interest on Own Capital
(Rio de Janeiro, September 17, 2004) - PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces to shareholders and the market in general that the Board of irectors ,meeting today, approved payment to shareholders in the form of interest on own capital, in accordance with Article 9 of Law 9,249/95 and Decrees nº 2,673/98 and 3,381/00.
The amount of R$ 3,290 million to be distributed, corresponding to a gross value of R$ 3.00 per common and preferred shares, is being accrued in our Financial Statements on September 30, 2004 and will be disbursed by February 15, 2005, based on the shareholding position as of September 30, 2004. In accordance with Decrees 2,673/98, and 3,381/00 if the payment occurs after December 31, 2004 interest based on the SELIC rate will be payable from December 31, 2004 through the effective payment date. The shares will be negotiated ex-interest on capital from October 01, 2004. This interest on capital will be offset against any remuneration payable at the end of the 2004 fiscal year and will be subject to income tax of 15% (fifteen per cent) withheld at source except in the case of shareholders who are exempt.
Real står nå i 2,41 vs. NOK, dvs. hver aksje gir: R$ 3 = NOK 7,23 (÷28% skatt, 15 % kildeskatt til Brasil, 13% i tillegg til den norske stat).
PetroBras ordinære (NYSE: PBR) sluttet på US$ 33,80 fredag.
[Endret 18.09.04 15:03 av OldNick]
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OldNick
19.09.2004 18:23
#1998
Endre
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By The New York Times
BRASÍLIA, Sept. 15 - Brazil's central bank increased interest rates on Wednesday for the first time since February 2003, saying that it hoped to rein in inflation without disrupting the country's economic recovery.
In a move that had been widely expected, the bank's monetary policy committee raised its benchmark lending rate by a quarter of a percentage point to 16.25 percent a year. All eight members of the committee voted for a rate increase, with three arguing in favor of an increase of a half percentage point.
The bank had already hinted in the minutes from last month's policy meeting that a rate increase might be in the works when it said that inflation ran the risk of overshooting its year-end target.
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OldNick
27.09.2004 23:32
#2014
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Brazil's Petrobras Predicts Record Output
Friday September 24, 5:07 pm ET
By Harold Olmos, Associated Press Writer
Brazil's Petrobras Forecasts Record Output Despite Delays in Building Oil Platforms
RIO DE JANEIRO, Brazil (AP) -- Despite delays in the construction of oil rigs by U.S. contractors, Brazil's Petrobras expects to raise domestic production to a record 1.74 million barrels per day this year, a top executive said Friday.
"And we expect to close 2005 with production of over 1.8 million barrels per day, and with a daily average of 1.78 million barrels for all of 2005," Petrobras exploration and production director Guilherme Estrella told The Associated Press.
That would be close to the oil self-sufficiency Latin America's biggest country has anxiously sought for nearly 60 years, ever since Petrobras was founded to turn Brazil independent of oil imports that disrupted its economy when international prices shot up.
Brazil currently imports -- mainly from Venezuela, Argentina and the Middle East -- about one-tenth of its domestic requirements of roughly 1.85 million bpd.
Petrobras is confident it will be pumping that much in 2006.
"The company has solid structural production bases to ensure production growth," Estrella said in an e-mail.
Most of Brazil's oil comes from its rich Atlantic fields in the Campos basin, off the coast of Rio de Janeiro state.
Estrella said that with four new rigs scheduled to enter production by December 2005, the company's output will rise by 560,000 bpd.
His remarks addressed fears that delays in the US$2.5 billion (euro2.03 billion) construction of two of those platforms -- known as Barracuda and Caratinga -- by Kellogg Brown & Root, a subsidiary of Halliburton Co., would set back production plans.
That delay would oblige Brazil to raise imports, bad news for Brazilians when prices are nearing $50 per barrel on the international market and could lead the company to boost domestic prices.
Estrella said that construction delays were "normal for this kind of enterprise."
Barracuda was expected to be completed last year, but delivery has been rescheduled for November. The Caratinga unit is scheduled for inauguration in January, a year from the original date.
....
PetroBras gjør nå ATH, både fredag og idag. Kursutviklingen er bare rå (siden i sommer)
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OldNick
02.10.2004 18:30
#2034
Endre
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Fra Aftenposten, 30/9
Det brasilianske underet
Brasils økonomi vokser, inflasjonen er rekordlav, ledigheten går ned, landet betaler avdrag på utenlandsgjelden og president Lula hyldes som en verdensleder. Hva har skjedd?
journalist i Rio de Janeiro
ARNE HALVORSEN
Det var en smørblid president Lula som like før helgen kom tilbake fra FN- toppmøtene i New York. Ikke bare hadde han vunnet gehør for mange av sine ideer i kampen mot sult og fattigdom, men han kom tilbake til et land som for tiden strutter av selvtillit. Daglig settes nye børsrekorder, landets sentralbank oppjusterer de økonomiske utsiktene for 2005, årets ni første måneder har vært en sammenhengende økonomisk opptur og Lulas popularitet øker.
....
Du kan ta del i det Brasilianske underet også, å være medeier i PetroBras er en måte å gjøre det på.
CVRD (Companhia Vale do Rio Doce - RIO:NYSE), størst innen gruvedrift/råvarer er en annen måte.
Sør-Amerika er like hot som Asia, de skal levere de råvare som Asia (Kina) videreforedler.
[Endret 02.10.04 18:35 av OldNick]
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OldNick
07.10.2004 08:18
#2040
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Her er utdrag fra et nyhetsbrev (promotion) fra "Bull Market". Det gjelder ikke PetroBras, men stålindustri. (Det mest velkjente eksemplet fra Brasil er CVRD (mest jernmalm, men også noe stål).
Kursutviklingen for alle 3 selskapene (PBR, RIO og SID) ligner hverandre forbløffende
Dear Friend,
The Brazilian Blastoff is here. I'm sure this doesn't come as a surprise.
***Brazilian Blastoff
No surprise here.
Following 5.7% second-quarter GDP growth, three straight explosive months of retail sales growth and surging oil prices, the Brazilian central bank today raised its inflation forecast for 2004 and 2005.
And how! This year’s estimate jumped from 6.4% three months ago to 7.2% today, while next year’s figure leaps from 4.4% to 5.6%. But it could be worse. Inflation has sunk from a massive 26.5% in 2003.
Economic growth will also rumble in at 4.4% this year - up from a previous forecast of 3.5%.
President Luiz Inácio da Silva (“Lula”) has proved skeptics wrong and is succeeding in prudently nursing Brazil’s economy. Brazilian exports grew by 40% last year and are on target to continue that growth spurt this year.
Here’s one of those lucrative exports, nestled in a thriving, multibillion-dollar industry, that is producing a backlog of global demand. The following guest article comes courtesy of my colleague Erin Beale.
* * * * * * * * * * * * * *
***Steeled for Profits
Intense global demand has created a massive steel supply squeeze. After falling nearly 40% in 2001 and sinking again in 2002, the demand for steel picked up the pace over the past year and kicked into high gear in 2004. So have steel prices, as the raw materials needed to make steel, like iron ore and coke, are rapidly depleting.
In the United States (the number-one global steel manufacturer), once plentiful resources in Pittsburgh, West Virginia and Birmingham, Alabama, have essentially been zapped, making it necessary to buy on the world market. The steady decline of the dollar makes those transactions very expensive. Prices have risen over 60% in 2004 alone.
Middle East construction is flourishing. Saudi Arabia is building. Iraq is rebuilding. And the UAE city of Dubai has become a hot tourist spot, causing a boom in construction.
India, Japan, Indonesia and South Korea are also competing for a short supply of steel. But it’s the neighboring superpower that can really be held accountable for most of the supply crunch…
***The Chinese Connection
China’s explosive economy has become an emerging market phenomenon. Buildings and railroads are constructed as fast as they can be designed. And with preparations for the 2008 Beijing Olympics gaining momentum, China continues to have an insatiable appetite for steel. Although China is one of the largest producers of steel in the world, the country simply can’t keep pace with its own staggering demand.
Since the United States lacks the capacity to fill the need, China turns to Brazil, the largest economy in South America. Brazil is quickly becoming a key player in the worldwide steel industry - particularly since its steel is up to 40% cheaper than in the US.
The Chinese devoured two and a half million tons of Brazilian steel last year alone - a stash that carried a whopping US$730 million price tag. China is slated to import even more steel from Brazil this year, with current estimates topping 3 million tons.
To help ensure Brazil’s position as a global steel powerhouse, the Brazilian Steel Institute recently announced plans to increase steel production by 30% (10 million tons a year) by 2008, and will invest US$7.4 billion in the venture. As a result, Brazil is set to oust Germany as the sixth largest steel producer.
That bodes well for Companhia Siderúrgica Nacional (SID:NYSE) - the largest integrated steel-making complex in Latin America. With the capacity to produce 5.8 million tons of raw steel per year, SID is a vital contributor to the steel market.
***A Steel of a Deal
Better yet, this growing company is undervalued, sporting a P/E of 9 and a PEG of 0.5. And it pays a dividend to boot. Based on SID’s fundamentals and the intense demand for steel, I think it could climb to US$25 - or higher - in the medium term. It’s a buy under US$16.
Best regards,
Erin Beale
Editor, Red Zone Profits and Profit Hog Insider
[Endret 07.10.04 08:21 av OldNick]
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OldNick
14.10.2004 16:20
#2044
Endre
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Brazil's Petrobras to raise gasoline, diesel prices
Thu Oct 14, 2004 09:57 AM ET
SAO PAULO, Brazil, Oct 14 (Reuters) - Brazil's state-owned oil company Petrobras (PETR4.SA, PBR.N) will hike its refinery prices for gasoline by 2.4 percent and for diesel by 4.8 percent as of Friday, the company said on Thursday.
Petroleo Brasileiro (Petrobras) said the adjustments should on average increase gasoline prices at the pump for consumers by 1.6 percent and by 3.8 percent for diesel.
A price hike was expected by the market given the recent surge in international oil prices. The last time Petrobras raised prices for gasoline and diesel was in June.
Economists have been waiting on the size of the hike to gauge what impact it will have on inflation and the central bank's interest rate policy in the coming months.
Crude oil futures were trading near record highs at nearly $54 a barrel on Thursday in New York.
Executives at Petrobras had said they were waiting for international prices to stabilize before increasing prices at home, where Petrobras accounts for practically all oil production and refining.
Although the company is officially free to set its own fuel prices, the inflation-wary government has de facto control over the cost of gasoline, diesel and cooking gas, analysts say.
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OldNick
16.10.2004 14:51
#2052
Endre
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Produksjonstall for september publisert:
Oljeproduksjon i Brasil: 1,54 mbo
Oljeprod internasjonalt: 0,17 mbo
Gassproduksjon: 0,366 mboe
Total produksjon: 2,08 mboe
Vekst i oljeproduksjon over hele linjen, gassproduksjon stabil (ift. 2004). Ift. snitt 2003, omtrent lik oljeprod (+0,6%) , men gass ca. 10% høyere.
Fra Petrobras hjemmeside kan man finne tall over påviste reserver:
Operational highlights
Crude oil and NGL reserves
Natural Gas reserves
Summert reserver av olje, NGL og naturgass
Som man kan lese, var totalt påviste reserver ved utgangen av 2003 ca. 11,6 mrd boe, av dette nesten 90% olje+NGL
Alle reserve-tallene ovr er som rapportert til SEC (USA).
[Endret 16.10.04 20:29 av OldNick]
[Endret 16.10.04 20:30 av OldNick]
[Endret 16.10.04 20:32 av OldNick]
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OldNick
12.11.2004 22:35
#2091
Endre
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Petrobras har levert 3 kv. 2004.
Utdrag:
PETROBRAS reported consolidated net income of R$ 5.488 million in the third quarter of 2004 (3Q-2004), which was virtually stable in relation to the same quarter of the previous year (R$ 5.361 million). Consolidated net income rose 43% over 2Q-2004. Consolidated net operating revenues in 3Q-2004 were R$ 29.075 million and the Company’s market value was R$ 09.152 million on September 30, 2004, 59% higher than market value in the same period of the prior year.
In 3Q-2004, total production of gas, NGL and natural gas remained stable in comparison to the same period of the prior year, reaching an average in the quarter of 2,060 thousand barrels of oil equivalent per day. Production of oil and NGL in Brazil reached an average of 1,523 thousand barrels/day, with 81% of that coming from the Campos Basin (1,235 thousand barrels/day). Production of oil products in the country in 3Q-2004 remained nearly stable in relation to 3Q-2003, and a nominal utilization rate of 86% was reached in the refineries.
Litt merkelig, men i Petrobras har vi nå den situasjonen at de øker overskuddet når oljeprisen reduseres. Dette fordi de har faste markedspriser (eller de endres sjelden), og de må importere en del olje som nå selges med tap. Men Petrobras har planer om å øke produksjonen nok til å dekke Brasils forbruk innen noen år. Når de dette, opprettholder de også en meget sterk vekst som få andre selskap på denne størrelsen kan vise maken til.
P/E er nå ~6, dvs. billig.
Inflasjonen og rentene i BRasil er dog nokså høy (se over), og landet har foreløpig ikke allverdens tillit, men den bedres stadig.
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OldNick
15.11.2004 16:50
#2095
Endre
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Petrobras sees 2004 output down about 3 pct
Fri Nov 12, 2004 01:18 PM ET
RIO DE JANEIRO, Brazil, Nov 12 (Reuters) - Oil production by Brazil's Petrobras will fall short of its target and last year's levels by as much as 3 percent in 2004 due to delays in bringing new oil rigs online, an official said on Friday.
Petroleo Brasileiro (Petrobras) (PETR4.SA: Quote, Profile, Research) (PBR.N: Quote, Profile, Research) Exploration and Production Director Guilherme Estrella told reporters oil production should average between 1.5 million and 1.52 million barrels per day this year.
That is below the 1.54 million bpd which was what the state-run company, which accounts for nearly all crude production in Brazil, pumped last year and had expected to produce this year according to its previous forecast. However, Petrobras expects to boost its output to 1.72 million bpd in 2005.
"We won't be able to meet the target this year due to delays in putting the rigs onstream," Estrella said, referring to the P-43 and P-48 offshore production platforms.
Estrella said the P-43, which had been due to start producing this week, would now only be able to begin pumping oil by mid-December after being held up for weeks at Rio de Janeiro's bay by the authorities due to missing paperwork.
The P-48 platform is scheduled to start production in mid-January, Estrella said, although some analysts, including Frank McGann of Merrill Lynch said further delays to early February are possible.
"These delays are a minor disappointment," McGann said in a report this week. "Importantly, they should have little effect on the dramatic rise in the company's production that we expect in the 2005-2008 period," he added.
Petrobras has a range of projects that should start producing in the next couple of years.
Next year, Petrobras' new projects should produce 480,000 bpd, but declining production rates from mature wells will reduce this amount in terms of net increase.
Also on Friday, Petrobras posted a 2 percent rise in third-quarter profit to nearly $2 billion and a 20 percent rise in net revenue despite a 2 percent drop in domestic output as higher fuel sale volumes and prices helped.
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OldNick
20.11.2004 13:08
#2101
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Petrobras finds oil leak on sea floor off Brazil
Fri Nov 19, 2004 05:35 PM ET
RIO DE JANEIRO, Brazil, Nov 19 (Reuters) - Brazil's state-run oil company Petrobras (PETR4.SA: Quote, Profile, Research) (PBR.N: Quote, Profile, Research) said on Friday it found an oil leak on the sea floor in Marlin Sul, which is expected to become the company's main off-shore producing field. Output was not expected to be affected, Petroleo Brasileiro (Petrobras) said in a statement.
The leak is not from any of the platforms in the region but is located about 50 meters (yards) from the MLS-107 well, which is not yet in operation.
Petroleum consultant Adriano Pires said the immediate impact would be on the environment to a lesser or greater degree depending on the volume of the leak.
But it could eventually delay MLS-107 going on line.
"This is an important question, principally because the output of Petrobras will fall this year, after 14 years of growth," said Pires.
Petrobras accounts for nearly all crude and fuel production in Latin America's largest country.
Petrobras Exploration and Production Director Guilherme Estrella recently said the company would not meet its domestic output target of 1.54 million bpd this year, expecting a fall of up to 3 percent from last year's level of 1.54 million bpd due to delays in putting two new rigs on stream.
As local crude production slipped in the third quarter, Petrobras had to buy more oil on the international market where prices rallied and that boosted its costs.
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OldNick
22.11.2004 18:26
#2107
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Brazil's real gains on dollar inflows, stocks slip
Mon Nov 22, 2004 08:53 AM ET
SAO PAULO, Brazil, Nov 22 (Reuters) - Brazil's currency strengthened in early trade on Monday as exporters repatriated dollars while stocks slipped on rising oil prices.
Brazil's real (BRBY: Quote, Profile, Research) strengthened 0.72 percent to 2.766 per U.S. dollar as heavy dollar inflows allowed traders to shrug off higher petroleum prices.
The main Bovespa index of the Sao Paulo Stock Exchange fell 0.63 percent to 23,881 points as global oil prices spiked on supply troubles in Iraq and low stocks in the United States.
Higher oil prices normally fuel inflation and interest rate hikes in Brazil. Traders fear state-run oil giant Petrobras (PETR4.SA: Quote, Profile, Research) will soon hike its prices to bring them closer to international benchmarks. Petrobras shares were 0.57 percent higher at 91.02 reais in early trade.
Though stocks are suffering, the real continues to test its strongest levels in 2-1/2 years.
"Dollar inflows are very heavy and people aren't having any success weakening the real. This is impacting the futures market and the spot market," Jose Roberto Carreira, head currency trader at the Novacao brokerage in Sao Paulo, said.
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OldNick
25.11.2004 15:52
#2110
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(Rio de Janeiro, November 25, 2004). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, is notifying its customers today that it is increasing the price of its products as of midnight tonight according to the following table(increases in invoice prices ex-refineries, not including ICMS - average for Brazil).
Increase: with CIDE and PIS/Cofins
Gasoline .................................... 4.2 %
Diesel ........................................ 8.0 %
The ex-refinery prices of gasoline and diesel include Petrobras’ realization prices plus federal and state taxes. The federal taxes, CIDE and PIS/Cofins, have fixed values, as shown in the table below:
Product Unit PIS / Cofins CIDE
Gasoline R$/l 0.2616 0.28
Diesel R$/l 0.1480 0.07
The adjustments in the realization prices of Petrobras (excluding all taxes) are 7.0%, for gasoline, and 10.0%, for diesel - average figures for Brazil.
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OldNick
25.11.2004 20:12
#2112
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Brazil BNDES to fund $1 bln Petrobras tanker order
Thu Nov 25, 2004 10:40 AM ET
RIO DE JANEIRO, Brazil, Nov 25 (Reuters) - Brazil's BNDES development bank will fund 90 percent of a $1.1 billion order for 22 tankers, all to be built in Brazil, state oil company Petrobras said in a tender prospectus issued on Thursday.
Companies interested in building the ships have to hand in their offers in sealed envelopes on Jan. 31, said the document by Transpetro, the transport arm of Petroleo Brasileiro (Petrobras) (PETR4.SA: Quote, Profile, Research) (PBR.N: Quote, Profile, Research) .
It will announce pre-qualified firms in March and the winners of the long-awaited tender in June. The first vessel is expected to be delivered in 2006.
The Brazilian Bank for Social and Economic Development (BNDES) will provide the financing at 4 percent annual interest and the credit has to be repaid over 20 years.
At a later, unspecified date, Petrobras will open a tender for another 20 tankers that are estimated to cost another $800 million. A third tender for 10 supply ships and 1 storage vessel will follow.
The first tender is for five types of tankers -- Suezmax, Aframax, Panamax, Products and LPG. Apart from the compulsory construction at shipyards in Brazil, there will be a specific share of local content for equipment.
The order should create 20,000 jobs, the company said. The center left government of President Luiz Inacio Lula da Silva has made local content and services in orders by Brazil's biggest company a policy issue as it has to stick to its election promise of creating millions of new jobs.
A range of foreign companies have shipyards in Brazil in order not to lose lucrative orders.
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OldNick
11.12.2004 01:18
#2123
Endre
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Brazil's Petrobras may pump 1st Santos gas in 2008
Fri Dec 10, 2004 02:01 PM ET
By Andrei Khalip
RIO DE JANEIRO, Brazil, Dec 10 (Reuters) - Brazil's state oil company Petrobras may bring forward the start of natural gas production from a giant reserve in the Santos basin to 2008 as it expects gas consumption to rise over 14 percent a year.
Petroleo Brasileiro SA (Petrobras) (PETR4.SA: Quote, Profile, Research) (PBR.N: Quote, Profile, Research) Gas and Energy Director Ildo Sauer said on Friday he was talking to the exploration and production department to begin output at the Mexilhao field before the original planned start in 2009.
"We can't bring it much forward because this is a huge project which is a technological challenge ... But I'm talking to (Exploration & Production Director Guilherme) Estrella to start in 2008," Sauer told reporters, adding that Mexilhao could produce between 18 million and 20 million cubic meters per day (tilsv. ca. 120.000 boe/d).
He said the early start to the project would depend on the development of the market for natural gas in Brazil, which is still fledgling but growing fast.
Consumption grew this year by 14 percent, reaching an average of 32.7 million cubic meters per day.
"We expect it to continue to grow at 14-14.2 percent annually until 2010, when sales to the market should reach 77 million cubic meters per day, so jointly with Petrobras' own consumption we'll reach a 100 million cubic meter per day mark," Sauer said, not ruling out faster growth.
Les mer her.
[Endret 11.12.04 01:18 av OldNick]
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OldNick
18.12.2004 16:13
#2139
Endre
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Noen nyheter for PetroBras
Petrobras power unit swings to profit, its first
Fri Dec 17, 2004 10:40 AM ET
By Andrei Khalip
RIO DE JANEIRO, Brazil, Dec 17 (Reuters) - The gas and energy unit of Brazil's state oil company, Petrobras, will end the year with its first profit, due to contract renegotiations with thermoelectric plants and better sales, a company official said on Friday.
Ildo Sauer, Petroleo Brasileiro SA's (PETR4.SA: Quote, Profile, Research) (PBR.N: Quote, Profile, Research) director for gas and energy, said he expected a profit of 450 million reais ($167 million) this year, after last year's loss of 1.6 billion reais stemming from its power plants.
Portugal's EDP says to sell stake in Brazil's Fafen
Fri Dec 17, 2004 11:10 AM ET
LISBON, Dec 17 (Reuters) - Energias de Portugal (EDPP.IN: Quote, Profile, Research) said on Friday it will sell its 80 percent stake in Brazil's Fafen Energia to Brazil's state company Petrobras (PETR4.SA: Quote, Profile, Research) for 26 million euros ($34.5 million).
Brazil sees pumping light Golfinho oil in mid-2006
Fri Dec 17, 2004 01:07 PM ET
By Andrei Khalip
RIO DE JANEIRO, Brazil, Dec 17 (Reuters) - Brazil's state oil company, Petrobras, expects to pump the first light oil from its deepwater Golfinho field by mid-2006, a first step in substituting imported light crude with domestic output.
Guilherme Estrella, Petroleo Brasileiro SA's (PETR4.SA: Quote, Profile, Research) (PBR.N: Quote, Profile, Research) exploration and production director, said on Friday a 100,000-barrel-per-day vessel-based floating rig would be installed on the field in the Espirito Santo basin for the first phase of the project.
"In 2006-2007, the Espirito Santo light oil should substitute the light oil we are importing for blending, contributing to full self-sufficiency," Estrella said.
Brazil expects to become a net crude exporter by 2006, but it will have to keep importing light oil for some time after that to blend with heavy crude it produces for refineries to be able to process it. It aims to export 550,000 bpd of crude and products in 2010.
Petrobras expects to reach an output of 1.72 million bpd next year, which compares with the country's current needs of about 1.8 million bpd.
[Endret 18.12.04 16:13 av OldNick]
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OldNick
05.01.2005 22:27
#2150
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Petrobras discovers more light oil in Espírito Santo coast
_________________________________________ ________________________
(Rio de Janeiro, January 5, 2005). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, is pleased to inform that it has evidenced the existence of sandy rock reservoir formations about 90 meters thick saturated with excellent quality light oil in a well drilled at the Golfinho Field delimitation area, the discovery and commercial viability of which has already been announced.
The 3-ESS-156A well was drilled as part of the delimitation process of the discoveries in the former BES-100 block (ANP’s Bid Zero), located in the Espírito Santo Basin. Work on the well will be concluded in January. The well is located about 65 km from the state of Espírito Santo coast and about 12 km from the 1-ESS-123 well, responsible for Golfinho Field find and located in the same block.
3-ESS-156A is located at a water depth of 1,322 meters and reached a final depth of 3,402 meters. During the course of the drilling, major thicknesses of sandy rock formations were detected with excellent traces of oil and natural gas, subsequently confirmed following final analysis with electrical profiles (structural detailing).
Currently, the well is under final evaluation with testing to be undertaken to establish its productivity and estimate with greater precision the additional oil volumes discovered as a result of the initial drilling.
This well is important due to the substantial thickness of the reservoirs discovered and the existence of light good quality oil, which are factors that could result in increased recoverable volumes from the area. Under Petrobras’ Business Plan, the Golfinho Field is scheduled to go into production in 2006.
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OldNick
13.01.2005 14:38
#2158
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Moody's revises Petrobras outlook to positive
Wed Jan 12, 2005 12:54 PM ET
NEW YORK, Jan 12 (Reuters) - Moody's Investors Service on Wednesday revised its outlook on Brazil's state oil firm Petrobras to positive from stable after a similar change in the country's overall debt standing.
Moody's currently rates Petrobras' foreign currency bonds Ba1.
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OldNick
13.01.2005 20:44
#2161
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PETROBRAS - Oil, LNG and Natural Gas Production in 2004
Rio de Janeiro, January 13, 2005 - PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company informs that during 2004 its total average production of oil and liquid natural gas (LNG), and natural gas in Brazil and overseas was 2,020.4 thousand barrels of oil equivalent/day (boed), representing a slight decline of 0.8% compared with 2,036.5 thousand boed in 2003.
The average annual domestic output of oil and LNG was 1,492.6 thousand barrels per day (bpd) against 1,540.1 thousand bpd in 2003. The principal factors behind this reduction were contractual delays in the delivery of the P-43, P-48 and P-50 platforms to the new Barracuda, Caratinga and Albacora Leste fields and problems experienced in the Marlim Sul field, both of which translated into the Company being unable to offset the natural decline in production from the Marlim field. In December, the start-up of platform P-43 in the Barracuda field has already ensured a substantial increase in output to 1,527.9 thousand bpd, 2.3% above the annual average. The Company also wishes to point out that in 2004, the average production at the more mature onshore fields stabilized at 250.5 thousand bpd, a slight increase compared with 2003, when an output of 248.4 thousand bpd was recorded.
By contrast, average Brazilian natural gas output in 2004 was 42,146.2 thousand cubic meters daily (m³d), an increase of 5.8% over production in 2003 of 39,827.3 thousand m³d. This increase reflects the growth in the domestic market for natural gas, among the Company’s strategic objectives, and the larger production of non-associated natural gas in the northern region of the country.
Petrobras’ average international production of oil and LNG grew from 160.9 thousand bpd in 2003 to 168.5 thousand bpd, principally thanks to the normalization of Venezuelan output. The average international production of natural gas grew still more significantly to 15,995.8 thousand m³d in 2004 from 14,443.4 thousand m³d in 2003, once again reflecting the domestic increase in demand for natural gas, in turn boosting production in Bolivia. In this context, the Company also began natural gas production in the Coulumb North field in the Gulf of Mexico.
Production increases in Brazil are expected for early 2005 as the start up of operations at the P-48 platform in the first quarter, accelerated output from P-43, each one with an installed production capacity of 150 thousand bpd, in the second half of 2005 the start up of the P-50 platform (Albacora Leste field), with a 180 thousand bpd capacity, the recovery in production at the Marlim Sul field and, late in 2005, the start-up of platform P-34 in the Jubarte field, with a production capacity of 60 thousand bpd, will all be instrumental in the resumption in growth of the Company’s total oil, LNG and natural gas output in Brazil and overseas. Together, these additional production facilities are important steps towards achieving Petrobras’ strategic target of 3.4 million boed by 2010.
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OldNick
15.01.2005 22:21
#2166
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Petrobras reserver pr. 31/12-04:
Petrobras’ Proven Reserves in 2004 (Rio de Janeiro, January 14, 2005). – PETRÓLEO BRASILEIRO S/A - PETROBRAS,
[Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces its proven reserves of oil, condensate and natural gas in Brazil and abroad for 2004, according to the Society of Petroleum Engineers – SPE and Security and Exchange Commission – SEC criteria.
Petrobras’ Proven Reserves in 2004 (Brazil and International): On December 31st, 2004 Petrobras' Proven Reserves of oil, condensate and natural gas amounted to 14.89 billion barrels of oil equivalent (boe), as per the SPE criteria, distributed as shown in the table below:
Proven Reserves– SPE Criteria Volume (billion boe)
Brazil 13.02
International 1.87
Total 14.89
The volume of proven reserves in 2004 represents an increase of 2.7% over the previous year.
According to the SPE criteria, 1.09 billion boe were incorporated into Proven Reserves in 2004 and 0.70 billion boe were produced, resulting in a net 0.39 billion boe addition to year-end 2003 reserves (14.50 billion boe). Consequently, for each barrel of oil equivalent produced during 2004, 1.56 barrels were incorporated into Proven Reserves, resulting in a Reserve Replacement Index – RRI of 156%. The Reserves/Production ratio (R/P) was 21.3 years.
Proven reserves on December 31 2004 according to the SEC criteria amounted to 11.82 boe, distributed as follows
Brazil 10.57
International 1.25
Total 11.82
Proven Reserves increased by 1.8% in 2004 compared with the previous year. According to the SEC criteria, 0.92 billion boe were incorporated into Proven Reserves during 2004, compared with production of 0.70 billion boe, resulting in a net 0.22 billion addition to year-end 2003 proven reserves (11.60 billion boe). This corresponds to a Reserve Replacement Index – RRI of 131%, or, in other words, for each 1 barrel of oil equivalent produced during 2004, 1.31 barrels were incorporated into Proven Reserves. The Reserves/Production ratio (R/P) was 16.9 years.
....
Petrobras har oljereserver tilsvarende norsk sokkel pr. 2003 (ca. 10 mrd. fat). Gassreservene er dog noe mer moderate (ca. 330 mrd. Sm3 vs. norsk sokkel på ca. 2.500 mrd. Sm3).
Fortsatt er P/E ca. 6 og prising basert på boe ca. 3,5 USD, så Petrobras er grovt undervurdert ift. PEER's
[Endret 15.01.05 22:23 av OldNick]
[Endret 15.01.05 22:25 av OldNick]
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delta
15.01.2005 23:23
#2248
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Men skal ikke PBR prises på mye lavere multipler enn peers pga. det svært høye rentenivået i Brasil? Kursmål? Jeg har fulgt litt med PBR i over ett år, men har ikke tatt steget i å kjøpe aksjen ennå. Kanskje har det brasilianske aksjemarkedet mer oppsidepotensial enn mange andre land i år? Kan EWZ (ETF - en Brasilindeks) være en bra investering?
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OldNick
24.01.2005 23:38
#2178
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PBR skal prises på lavere multipler enn selskap fra US/CA/EU, som du sier p.g.a. rentenivå. Prisingen styres fra Brasil, ingen tvil om det.
Men, som eier av PBR/PBRA får man en meget bra direkteavkastning, siste år. ca. 6% (p.g.a. økt caskflow).
Har økt beholdningen av Petrobras på beskostning av Suncor (p.g.a. av brannen hos Suncor), vil avvente mer m.h.p. skaderapport og kostnad/tid for gjenoppbygging av Suncor's anlegg.
Petrobras to invest more in Venezuela -oil minister
Mon Jan 24, 2005 02:15 PM ET
CARACAS, Venezuela, Jan 24 (Reuters) - Venezuela expects Brazil's oil company Petrobras (PETR4.SA: Quote, Profile, Research) (PBR.N: Quote, Profile, Research) to increase spending in exploration and production of oil and natural gas in the OPEC nation, Venezuela's oil minister said on Monday.
"Petrobras is going to have a decisive presence in Venezuela," Rafael Ramirez told reporters at the Miraflores presidential palace.
Petrobras is considering investments in the exploration and production of natural gas, crude oil from Venezuela's vast Orinoco extra heavy oil reserves, trade and shipping, he said.
Ramirez did not give an investment figure.
Venezuela held talks with a delegation of top Brazilian energy officials at the weekend as part of efforts to spark interest in investment. Petrobras currently operates natural gas fields in Venezuela, and Venezuelan state oil firm PDVSA has discussed building a refinery in Brazil with Petrobras.
Ramirez said Venezuela would announce details on a planned licensing round for natural gas and oil tracts in the Gulf of Venezuela in early February.
Venezuela, the world's No. 5 oil exporter, is searching for investment from Petrobras and other private and state oil firms to help boost its production of crude and natural gas.
Leftist President Hugo Chavez sees greater cooperation with Brazil as another step toward realizing his plan to create a regional energy entity he has named "Petroamerica" to bolster Latin American integration.
Ramirez said Venezuela was likely to announce more details about cooperation with Brazil in mid-February.
"We have teams right now in Argentina, Brazil, working to make this happen," Ramirez said.
Analysts have questioned the feasibility of creating the Petroamerica regional energy company, which would have to overcome significant cross-border regulatory issues.
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OldNick
02.02.2005 17:05
#2187
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Brazil's Petrobras inks pact with CNPC of China
Tue Feb 1, 2005 06:42 PM ET
BRASILIA, Brazil, Feb 1 (Reuters) - Brazilian state oil company Petrobras signed a cooperation pact with China National Petroleum Corp (CNPC) on Tuesday to seek cooperation in refining, pipelines, exploration and oil production projects.
The deal marks increasing Chinese investment in the Brazilian oil and gas market after Brazil's center-left government fostered closer ties with Beijing.
The accord covers operations in Brazil, China and other areas of the world as well as possible exchange of technology and information, Petrobras said in a statement.
The deal is similar to one Petrobras reached with Chinese state oil and gas giant Sinopec Corp (0386.HK: Quote, Profile, Research) (SNP.N: Quote, Profile, Research) in May 2004, covering deep water oil exploration projects and other activities.
Brazil's government expects Chinese companies to invest more than $10 billion in the South American nation over the next two years.
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OldNick
08.02.2005 23:01
#2193
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Petrobra PBR/PBRA har tatt "fyr" de siste dagene.
Opp nesten 10% siste dagene på 2-3 ganger volum (ATH selvsagt), et brudd av sekundær-trendkanalen siden okt i fjor. Det ser også ut til at denne oppgangen i NY har kommet mens Brasil-børsen i Sao Paulo har stengt. Blir interessant å se hva som skjer når den åpner igjen. Aksjene der har mer enn 5% å ta igjen.
Ser man på 5-års chart i NY, har ikke Petrobras steget mer i USD$ enn ca. 50% de siste 5 år. Et dramatisk kollaps i 2002 p.g.a. krisen i Brasil (og kanskje Argentina) førte til at Real måtte flyte (var tidligere fastkurs mot USD 1:1), markedet devaluerte den 60-70%, det er dette som vises i 5-års PBR-chart.
[Endret 08.02.05 23:03 av OldNick]
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OldNick
08.02.2005 23:04
#2194
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Ser man på 12-års chart for den underliggende aksjen i Sao Paulo, PETR3.SA (på Yahoo Finance), ser man en helt annen vekst-historie. Her er det klart den er mange som er blitt styrt-rike på Petrobras, det er vanskelig å finne noe tilsvarende over så lang tid (innen denn bransjen).
Petrobras er nå blitt et USD 50 mrd-selskap, med totalproduksjon på ca. 2 mill boe/dag. Både reservene og veksten er mer enn tilfredstillende for videre oppgang, men det kommer nok noen nye pauser etterhvert.
Skagen sitter på ca. 2,8 mill aksjer (31/12-04, de fleste pref-aksjer, har kjøpt fler i jan-05), lurer på hva de gjør nå ?
Skagen Kontiki har et kursmål på ca. 50 USD på sine pref-ADR (kursen idag sluttet på USD 38,80), SKagen Global har lavere kursmål (kanskje ikke oppgradert ?).
Pref.-aksjene var tidligere ca. 10% lavere i pris enn de vanlige, idag er forskjellen ca. 14%, hvorfor vet jeg ikke. Pref.-aksjer og vanlige har samme utbytte (real/aksje), det er vel årsaken til at Skagen har foretrukket pref.-aksjer.
[Endret 08.02.05 23:18 av OldNick]
[Endret 08.02.05 23:23 av OldNick]
[Endret 08.02.05 23:43 av OldNick]
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OldNick
24.02.2005 18:00
#2220
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Petrobras to Start Up 18 Offshore Platforms in 2005-2008
Business News Americas (BNamericas.com) 2/15/2005
Brazil's federal energy company Petrobras plans to start operations of 18 offshore oil and gas production and/or treatment units in the Campos and Espirito Santo basins in 2005-2008, the company told BNamericas in an e-mail.
The company plans to start up five units this year and another 13 in 2006-2008.
The 150,000 barrel-a-day (b/d) P-48 Caratinga floating production, storage and offloading vessel (FPSO) is scheduled to start first oil production in the first quarter of this year near its sister P-43 Barracuda FPSO in the deep-water Campos basin.
Staying in the Campos basin, the 130,000b/d P-47 oil treatment and storage unit should come online at the Marlim field in March and Petrobras plans to kick start the 180,000b/d P-50 production platform at the Albarcoa Leste field and the 60,000b/d P-34 FPSO at the Jubarte field in the second half of 2005.
In March-May the company plans to start operations of a gas production platform at the Peroa-Cangoa gas field in the Espírito Santo basin.
Petrobras' investment in exploration and production is pegged at US$5bn for 2005 and is part of company efforts to raise production to 1.77 million barrels a day (mb/d) from 1.49mb/d in 2004.
Some US$3bn will be invested in the Campos basin, where over 80% of the company's oil production comes from. The country wants to reach oil self-sufficiency by 2006.
2006 PLANS
In 2006, the company has scheduled the start of operations of another four oil and gas offshore production units. The company will concentrate on developing the Golfinho light crude and gas field project in the Espirito Santo basin.
In the first half of 2006, the company should start production with a leased 100,000b/d platform in Golfinho and another similarly sized unit for the nearby ESS-132 block.
Also in the first half, the company should start operations of a unit with 6 million cubic meters a day natural gas production capacity in the northeastern Manati gas field in the Camamu-Almada basin and a 100,000b/d oil production unit in the Espadarte field in the Campos basin.
2007-2008 PLANS
In 2007-2008, the company plans to start operations of another 10 production units in the Campos basin to continue development of the Marlim and Roncador fields.
In the first half of 2007, the P-52 and the P-57 units, each with capacity to produce 180,000b/d, should start operations on the Roncador field.
In the second half, the company will start the 180,000b/d P-53 platform at the Marlim Field, while in Albarcoa a second 100,000b/d oil production unit should come online.
In the Frade field, also in the Campos basin, a 100,000b/d oil production unit should start operations in the second half, when the PRA-1 pumping platform with capacity of 815,000b/d should also start operations.
In 2008, the following four platforms should come online in the Campos basin: the 180,000b/d P-51 and the 100,000b/d P-56 units should start production in the Marlim Sul field; the P-55 is planned for the Roncador field and the P-57 should start operations in the Jubarte field.
Most of the fields are over 100km from the coast at water depths of more than 1km.
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OldNick
26.02.2005 14:46
#2223
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PETROBRAS reported consolidated net income of R$ 4.566 million in the fourth quarter of 2004 (4Q04). For the full year 2004, PETROBRAS’ consolidated net income was R$ 17.861 million.
Consolidated net operating revenues in 4Q04 were R$ 28.692 million and R$108.202 million for the full year 2004. The Company’s market value was R$ 112.458 million on December 31, 2004, 29% increase over the previous year.
Vekslingskurser nå: R/$ = ca. 0,38, R/NOK = ca. 2,4.
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OldNick
28.02.2005 21:02
#2226
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Petrobras sees big output, investment rise
Mon Feb 28, 2005 02:34 PM ET, By Denise Luna
RIO DE JANEIRO, Brazil, Feb 28 (Reuters) - Brazil's state oil company Petrobras on Monday cranked up a 150,000 barrels per day new offshore rig and said output this year should rise by a net 13.9 percent following a 3 percent drop in 2004.
Petroleo Brasileiro SA (Petrobras) (PETR4.SA: Quote, Profile, Research) (PBR.N: Quote, Profile, Research) Financial Director Jose Sergio Gabrielli also said the company would propose to stockholders on March 31 a sharp 38 percent rise in its investment from last year's levels.
Investments would reach 30 billion reais ($11.5 billion), including 15.8 billion reais in exploration and production. Analysts said Petrobras had enough cash flow for such investment.
The announcement came after Friday's release of a 52 percent jump in fourth-quarter profit, with the company posting a new record annual net income of 17.9 billion reais and analysts expecting further growth on bright output prospects.
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OldNick
01.03.2005 17:22
#2229
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Brazil real firms on bond, stocks dip post-rally
Mon Feb 28, 2005 05:16 PM ET
SAO PAULO, Brazil, Feb 28 (Reuters) - Brazil's currency firmed on Monday on a new bond issue and stocks sagged as investors cashed in sharp gains made during February, when equities markets had their biggest rise since October 2002.
The Brazilian real (BRBY: Quote, Profile, Research) ended 1.1 percent stronger at 2.59 per U.S. dollar after the country issued $1 billion worth of 10-year bonds. The currency firmed nearly 0.8 percent in February helped by inflows of greenbacks into Brazilian assets amid an economic boom.
"Two factors have prevailed -- an improvement in macroeconomic indicators in Brazil and a level of liquidity favorable for Brazil," said Sandra Utsumi, chief economist with BES Investimentos.
So far this year, the real has appreciated 2.4 percent despite central bank buying of dollars in the open market. It stands close to its strongest levels in about 2-1/2 years.
Some analysts said the currency might begin to ease in March and in the months ahead, especially after the central bank signaled its monetary policy tightening cycle may be nearing its end.
Sky-high interest rates in South America's biggest economy have lured a lot of foreign cash into its assets.
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OldNick
01.03.2005 17:42
#2230
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OOOPS! Ikke bra, forklarer vel sannsynligvis mye av 4%-nedgangen idag. Dette kan vel ende i rettsalen ?
RIO DE JANEIRO (Dow Jones)--An administrative court of Brazil's tax authority has fined state-oil company Petrobras S.A. (PBR) 3 billion reals ($1=BRL2.59) for not paying taxes when renting offshore oil rigs outside Brazil, Valor Economico Newspaper said Tuesday.
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OldNick
01.03.2005 20:25
#2231
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Petrobras plans stock split after recent rally
Tue Mar 1, 2005 12:42 PM ET
RIO DE JANEIRO, Brazil, March 1 (Reuters) - Brazil's state oil company Petrobras (PETR4.SA: Quote, Profile, Research) (PBR.N: Quote, Profile, Research) plans to split its stock after a recent rally took its American Depositary Receipts to a record $50, Financial Director Jose Sergio Gabrielli said on Tuesday.
"We are very fond of a stock split idea, but we've been limited by the price of our stocks abroad," he told a conference call. "Now there are conditions for a split." He did not say how the stock would be split.
Petroleo Brasileiro's (Petrobras) stock in New York rose from around $38 in mid-January to all-time highs of $50 on Friday before a bout of profit-taking took them lower to around $47 on Tuesday.
Analysts said a 36 percent rise in planned investment this year to nearly 30 billion reais ($11.5 billion), announced on Monday, and a possible 3 billion reais fine for allegedly unpaid taxes contributed to profit-taking.
The stock had risen ahead of Friday's release of Petrobras's results, which showed a sharp 52 percent rise in fourth quarter profit.
Analysts generally hailed the results as very strong, although some said the annual profit increase of less than 1 percent meant that Petrobras underperformed world peers, whose profits ballooned on a world crude price rally. Brazil's government has de-facto control over key fuel prices.
Gabrielli tried to calm concerns over the fine, saying the company will appeal.
"It is improbable that we will be obliged to pay this fine, so we won't even provision it," he said.
As for higher investment, which the market fears may mean lower debt amortization and dividends, he said it had to rise after world oil prices boosted the costs of equipment and services.
He added though that Petrobras will obtain about 7 billion reais of the funds from third parties. That includes bonds, project financing and partnerships.
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OldNick
01.03.2005 20:43
#2232
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Motley Fool
Does Petrobras Deserve Parity?
Tuesday March 1, 12:54 pm ET
By Stephen D. Simpson
While earnings are critically important to investment success, they are only half of the equation. Companies can exercise some control over their earnings growth, but the other half of the equation -- valuations -- are the bailiwick of the market.
ADVERTISEMENT
In the case of Brazilian energy behemoth Petrobras , there seems to be a bit of a disconnect between the quality of the company and the market's estimation of the company's worth. Petrobras trades at less than 10 times trailing earnings -- well below the peer average of 15 and below comparable companies like Total , Royal Dutch , or PetroChina .
So the question then becomes, why?
Like most other large energy companies, Petrobras reported strong results for the fourth quarter. Net revenue climbed 20% and net income rose 51% as higher energy prices boosted results.
So far, so good.
Part of the trouble, though, is that production for the quarter was up only 1% and was clearly well below the company's past double-digit production rates. Although Petrobras is looking for double-digit production growth next year (which is huge for a company this size), the market seems to be a bit skeptical about management's ability to follow through.
There are also concerns about the company's refining operations. Given that most of the crude oil produced in Brazil isn't suitable for the company's refineries, they must import a great deal of oil. Considering the high prices of oil and oil shipping of late, it's no surprise, then, to see refining margins under pressure.
Debt is also a major issue for Petrobras, as its long-term debt-to-equity ratio is far above the industry average. What's more, much of Brazil's oil is in deep water or ultra-deep water regions, making it more expensive to lift out of the ground.
Brazil itself is something of a problem as well. Its government has a major stake in Petrobras and has been known to run the company for political advantage as opposed to shareholders' economic advantage. What's more, the Brazilian economy has had crushing bouts of inflation in the past, and many investors remain skeptical about the country as a whole.
So is there anything to like about Petrobras? Over the long haul, yes. The company should be able to ramp up production to a level that will put other major producers to shame. It also has a 25% higher reserve-production ratio than its peers -- meaning its current production is supported by a relatively higher level of reserves than other oil companies. Petrobras generates good cash flow from its production, the dividend payout is reasonable, and it is trading at a low valuation to its peers.
Longer term, it's anyone's guess as to what the future holds for the oil sector. While many pundits are suggesting that we'd best get used to high oil prices, most Wall Street analysts are projecting oil to decline back to below $30 a barrel within two years.
Should this be the case, major oil companies would likely go back to their normal plodding, high-dividend yield ways. If oil stays high, though, investors could be in for a prolonged period of capital gains and higher dividend growth.
In either case, while Petrobras isn't my favorite idea for investors looking to invest in energy, it does deserve a look for more value-conscious investors who aren't afraid of coming into the industry a bit late in the cycle.
Fool contributor Stephen Simpson, a chartered financial analyst, owns shares of PetroChina.
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OldNick
17.03.2005 12:58
#2275
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Brazilian real {BRL}: The central bank raised its target overnight interest rate 0.5 percentage point to 19.25 percent yesterday (March 16) after trading in Sao Paulo closed.
The rate change met the median estimate of 30 economists surveyed by Bloomberg. The real advanced 0.1 percent yesterday to 2.7623 per dollar.
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OldNick
18.03.2005 18:27
#2279
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(source Bloomberg)
Petroleo Brasileiro SA (PETR4 BS): Brazil's government may allow Petrobras, as the state-controlled oil company is known, to increase fuel prices if oil in international markets keeps close to record level, said Nelson Rocha Augusto, president of the $49 billion BB DTVM, Latin America's largest asset manager. ``If oil prices stay at this level, a price increase in the local market is inevitable,'' Augusto said in an interview in Sao Paulo.
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OldNick
28.03.2005 23:02
#2287
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Brazil Says It Will End Loan Agreement With IMF
March 28 (Bloomberg) -- Brazil, the largest developing- nation debtor, decided not to renew a $15.5 billion loan agreement with the International Monetary Fund as the country's foreign reserves rise and the economy enters a second year of growth.
The decision ends almost seven years of Brazilian loan accords with the IMF. Brazil, the IMF's biggest borrower with $24.3 billion in outstanding loans, first signed an accord in 1998 in a bid to shore up its currency and bonds in the aftermath of Russia's debt default.
``Brazil is in a position today where they can afford not to have a program,'' said Claudio Loser, who was director of the IMF's Western Hemisphere Department from 1994-2002. ``The economy is doing much better.''
President Luiz Inacio Lula da Silva decided to end the accord even as rising interest rates in the U.S. are prompting investors to pull their money out of emerging-market securities such as Brazilian bonds and stocks. Brazil's benchmark bond due in 2040, the most widely traded emerging-market security, has plunged 10.75 cents on the dollar since March 7 to 108.25, driving its yield up almost 1 percentage point to 10.14 percent.
`More Vulnerable'
``This announcement is an invitation to a continuing of the crisis,'' Raphael Kassin, who manages $1.8 billion in emerging- market securities at ABN Amro Management Services Ltd. in London, said in a telephone interview from London. ``The situation in the market is volatile. This decision doesn't help; it makes the country more vulnerable.''
Kassin said the decision to end the accord will prompt investors to demand higher yields on Brazilian bonds the next time the government sells debt in international markets.
Finance Minister Antonio Palocci, speaking at a news conference in Brasilia, said the Brazilian economy is stronger now than in previous years, allowing it to keep growing even as international borrowing costs surge. Brazil's economy expanded 5.2 percent in 2004, the fastest expansion in a decade.
``This decision reflects the strength of Brazil's economy and of its economic policies,'' U.S. Treasury Secretary John Snow said in a statement. ``It is terrific news, a hallmark of financial accomplishments for the country and great credit goes to President Lula for this success.''
Markets Rebound
IMF Managing Director Rodrigo de Rato said the fund's ``staff and management fully support'' Brazil's decision because of the improvement in the country's economy.
Palocci said the government remains committed to a target it had set with the International Monetary Fund of a budget surplus before interest payments, known as the primary surplus, of 4.25 percent of gross domestic product. The government's overall budget deficit, including interest payments, fell to 2.47 percent of GDP in the 12 months through January, the lowest since the central bank began keeping monthly figures in 1990.
``We are going to carry out the necessary fiscal effort to maintain the downward trend in our debt, to maintain the sustainability of our accounts and to ensure that growth is sustainable,'' Palocci said.
Brazil's currency erased losses and bonds pared declines after Palocci reaffirmed the primary surplus target. The currency gained 0.6 percent to 2.772 reais to the dollar at 2:32 p.m. New York time, reversing an initial loss of as much as 0.4 percent. The government's 2040 bond trimmed its loss on the day to 0.35 cent from an earlier decline of as much as 0.95 cent.
Reserves, Exports
``I don't think the government will abandon the prudent way it's been conducting the economy just because it doesn't have an agreement,'' said Alexandre Sant'anna, who manages about 1.3 billion reais ($474 million) in stocks and bonds for Rio de Janeiro-based ARX Capital Management.
Brazil's debt has dropped to 54.5 percent of GDP from 65.5 percent when Lula took office in January 2003, sparked by Lula's efforts to rein in spending and the economy's rebound. The central bank's foreign reserves, including money from IMF loans, have jumped to $61.9 billion from $37.8 billion at the end of 2002 as exports have soared to almost $100 billion, a record high for South America's biggest economy.
``We are confident that Brazil has begun a cycle of sustainable growth, a cycle of improving fundamentals,'' Palocci said.
Loser, who oversaw the signing of Brazil's 1998 loan accord with the IMF, said the decision to end the agreement with the fund will likely bolster Lula's support in congress and across the country a year ahead of presidential elections. Lula is eligible to run for re-election next year.
Politics
``Internally it will play very well, in the sense that now Brazil can do its thing, follow its policies without any constraint,'' said Loser, who is now a senior fellow at Inter American Dialogue in Washington.
Desmond Lachman, who spent 24 years at the IMF, said that by turning down an IMF accord now, the government runs the risk of having to turn to the IMF again in months ahead if the declines in emerging-markets worsen and Brazil loses access to international capital markets.
``Brazil has made these kinds of mistakes before,'' said Lachman, who is now a resident fellow at the Washington-based American Enterprise Institute. ``Brazil would be making a very big mistake to be assuming that the world is going to be as benign as it has been to emerging markets over the last two years.''
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OldNick
30.03.2005 19:29
#2291
Endre
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Petrobras, PDVSA offer to buy or rent Lyondell refinery
Wed Mar 30, 2005 11:31 AM ET
RIO DE JANEIRO, Brazil, March 30 (Reuters) - Brazil's Petrobras (PETR4.SA: Quote, Profile, Research) (PBR.N: Quote, Profile, Research) and Venezuela's PDVSA have offered to buy or rent Lyondell Chemical Corp.'s (LYO.N: Quote, Profile, Research) stake in a Houston oil refinery, a Petrobras executive said Wednesday
The two state-run oil companies want to use the facility to refine heavy crude extracted from Petrobras's Marlim field in the Campos basin off Brazil's southeast coast and sell it in the U.S. market, said Nestor Cervero, director of Petrobras's international affairs office.
"We are at a very initial stage. We made the first contact and now Lyondell has to decide if it wants to open talks," Cervero told Reuters.
A Lyondell official was not immediately available for comment.
PDVSA's U.S. subsidiary, Citgo Petroleum, already owns a 41 percent stake in the facility through a joint venture with Lyondell.
Cervero said the refinery can process 268,000 barrels per day of oil and is one of the few facilities in the United States capable of working with Brazil's heavy oil, meaning it would not need additional investment.
If the bid is successful, the facility would represent Petrobras's first foray into refining on U.S. soil.
The deal is one of many joint projects Petrobras is developing with PDVSA, he added.
"We created a bilateral group and by August we'll have to define various projects, such as the new refinery in Brazil," said Cervero, referring to Petrobras' plans to build an oil refining facility in Brazil's northeast with PDVSA.
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OldNick
01.04.2005 02:13
#2293
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Petrobras breaks new oil production record
(Rio de Janeiro, March 31, 2005). – PETRÓLEO RASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces that, yesterday, on March 30 2005, the Company broke its daily oil production record in Brazil with an output of 1,650,947 barrels, exceeding the previous record of 1,640,509 barrels reached on March 14 2003.
This performance is particularly significant when compared with average oil production in Brazil for the fourth quarter 2004 of 1,510,530, representing a 9.3% increase. In comparison with the average for 2004, the figure represents an increase of 10.5%.
Hvorfor denne veksten nå ? Se innlegg over [Oldnick 2221]
Samme emne, ny melding fra PetroBras (vet ikke hvorfor de gir disse så ofte, men men - det går ihvertfall riktig vei):
PETROBRAS, a Brazilian international energy company, announces that, yesterday, on April 04 2005, the Company broke its new daily oil production record in Brazil with an output of 1,666,492 barrels.
Ny oppdatering:
The Associated Press/RIO DE JANEIRO, Brazil
Brazilian oil production hits new record
APR. 7 3:13 P.M. ET Brazil's domestic oil output has hit a record 1.72 million barrels, moving the country closer to oil self-sufficiency, the state oil company Petrobras said Thursday.
The surge was led by the new P-43 and P-48 offshore oil rigs near Rio, Petrobras said. The two rigs are producing 185,000 barrels a day, and the company predicts output will rise to 300,000 barrels a day by July.
[Endret 06.04.05 02:11 av OldNick]
[Endret 08.04.05 07:27 av OldNick]
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OldNick
06.04.2005 21:11
#2305
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Petrobras Overpays for Ships to Heed Lula's Jobs Plan in Brazil
April 6 (Bloomberg) -- At the Brasfels shipyard on Brazil's southern coast, hundreds of khaki-clad workers swarm over a maze of steel, piecing together a 40-story-high offshore platform for state-run oil company Petroleo Brasileiro SA.
Petrobras placed the contract with the yard, which five years ago was lying idle and overrun with weeds, to comply with orders from President Luiz Inacio Lula da Silva to use only local shipbuilders to build its rigs and vessels.
Lula's policy comes at a price. Rio de Janeiro-based Petrobras may pay as much as 25 percent more for the 42 tankers it needs over the next decade than it would have if they were made in South Korea or China, says Sergio Bacci, Brazil's transportation development secretary. That has investors concerned.
``This type of policy is clearly bad for the company because it shows politics is influencing decisions,'' says Regis Abreu, who manages 1.3 billion reais ($479 million) of stocks and bonds at Mercatto Gestao de Recursos in Rio de Janeiro, including 36 million reais in Petrobras shares. ``The company should be maximizing efficiency and profits.''
Lula's directive, issued soon after he took office in 2003, aims to boost employment and foster a revival of shipbuilding in South America's biggest economy, Bacci says.
``We will be compensated because we will create jobs here, boost wages and generate more tax revenue for the government,'' says Bacci, 40. ``If we buy cheaper ships abroad, the jobs will be created abroad.''
....
Lula's orders to Petrobras, Latin America's biggest company by market value, are one reason its shares are cheaper than other oil producers, says Ricardo Fernandez, senior equity analyst at ING Bank NV in Sao Paulo. Petrobras trades at 3.5 times earnings before interest, taxes, depreciation and amortization, compared with Irving, Texas-based Exxon Mobil Corp.'s price of 6.9 times earnings and Moscow-based OAO Lukoil's 6.1 times earnings.
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OldNick
13.04.2005 01:29
#2315
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Petrobras Brazilian oil output up 3.1 pct in March
Tue Apr 12, 2005 04:02 PM ET
RIO DE JANEIRO, Brazil, April 12 (Reuters) - Oil output by Brazil's state-run Petrobras rose 3.1 percent in March from the previous month to 1.57 million barrels a day, its first increase this year as new wells were connected to a recently launched rig.
Petroleo Brasileiro SA (Petrobras) (PETR4.SA: Quote, Profile, Research) (PBR.N: Quote, Profile, Research) , which accounts for nearly all crude production in Latin America's biggest country, said in a statement on Tuesday the P-48 rig on the Caratinga field helped to boost production.
The entry in operation of a crude treatment system on the P-43 rig, which has been pumping oil from the neighboring Campos basin Barracuda field since December, also contributed to the improved March output, which was up 5.6 percent from a year ago.
On April 6, Petrobras set a new daily output record when it produced 1.72 million bpd in Brazil. The P-43 and P-48 then produced 185,000 bpd together. They have yet to reach full capacity of 150,000 bpd each.
Petrobras' natural gas production in Brazil rose 1.7 percent in March from February levels to 42.4 million cubic meters per day (mcmd), also thanks to the two rigs.
The company's foreign oil output slipped 0.3 percent to 164,293 bpd, but natural gas output abroad rose 3.1 percent to 16.9 mcmd, which the company attributed to higher production levels in Bolivia.
Petrobras also produces oil or gas in Angola, Argentina, Bolivia, Colombia, Ecuador, Peru, Venezuela and the United States.
Petrobras' total output of oil and gas at home and abroad of about 2.1 million bpd in oil equivalent was 2.6 percent higher than in February and 4 percent higher than in March 2004.
Petrobras expects domestic crude output to rise by a net 13.9 percent this year following a 3 percent drop in 2004. Despite the positive news on March output, Petrobras stocks were off 0.4 percent to 100.1 reais in afternoon trade as oil prices sagged again.
The only other major oil producer in Brazil, Royal Dutch Shell (RD.AS: Quote, Profile, Research) (SHEL.L: Quote, Profile, Research), pumps less than 60,000 bpd.
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OldNick
21.04.2005 04:49
#2335
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Brazil Raises Benchmark Lending Rate to 19.5 Percent (Update2)
April 20 (Bloomberg) -- Brazil's central bank unexpectedly raised its benchmark lending rate for an eighth straight month, seeking to rein in inflation at the risk of throttling the country's economic expansion.
The nine-member board headed by bank President Henrique Meirelles today voted unanimously to lift the overnight interbank rate a quarter percentage-point to 19.5 percent. Nineteen of the 30 economists surveyed by Bloomberg forecast policy makers would leave the benchmark rate at 19.25 percent.
Central bankers are trying to lower an inflation rate that is running 2 percentage points above their year-end target of 5.1 percent. Inflation accelerated to 7.5 percent in the 12 months through March and stands to quicken further as electric utilities increase rates and international oil prices jump, which may prompt President Luiz Inacio Lula da Silva's government to bolster domestic gasoline prices.
``There are still a lot of risks going forward, like oil,'' Gustavo Rangel, an economist with Barclays Capital Inc., said in a telephone interview from New York. ``Recent inflation numbers have been higher than expected.''
The interest-rate increase may deepen a slowdown in South America's biggest economy, said executives such as Alvaro Vidigal, president of Banco Paulista.
`Asphyxiated'
``This decision is surprising because our economy is already asphyxiated,'' Vidigal said. ``It starts to get hard to understand why this process doesn't end as industry is now showing signs of fatigue.''
Retail sales rose at their slowest pace in 15 months in February and industrial output grew at its weakest pace in four. The International Monetary Fund said last week it expects Brazilian economic growth to slow to 3.7 percent this year from 5.2 percent in 2004, which was the fastest expansion in a decade. The median forecast in a central bank survey of about 100 economists is for growth of 3.7 percent this year.
``Brazilians like to finance purchases of consumer electronics, and the cost of borrowing is simply too high,'' Pierre Courty, chief executive of Pinault-Printemps-Redoute's Brazilian unit, said in a telephone interview from Sao Paulo.
Courty expects same-store sales growth at Pinault-Printemps- Redoute in Brazil will slow to 15 percent this year from 20 percent last year as costlier lending discourages consumption.
The company's same-store sales would probably grow another 20 percent or more had the central bank not started raising interest rates in September, he said.
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OldNick
01.05.2005 17:52
#2365
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Bolivia senate approves 32 pct tax on oil firms
Fri Apr 29, 2005 09:59 AM ET
LA PAZ, Bolivia, April 29 (Reuters) - Bolivia's Senate approved early on Friday a new hydrocarbons law that imposes a 32 percent direct tax on foreign-owned energy companies, but the controversial bill must get the Chamber of Deputies' final approval next Tuesday.
It was not clear if President Carlos Mesa would back the latest version of the bill, which sparked road blockades and strikes by Bolivia's indigenous majority demanding a bigger share of the country's vast natural gas reserves, nearly toppling Mesa in March.
After 15 hours of debate, the Senate approved the law creating a nondeductible 32 percent direct tax, on top of an 18 percent royalty already in place.
Legislators from the Movement Toward Socialism opposition party, led by firebrand Evo Morales, said on Friday "the people will return to the streets next week until Congress reviews what the senators have done."
Morales had proposed a 50 percent royalty, while Mesa had asked that the direct tax be deductible against other corporate levies.
Brazil's Petrobras (PETR4.SA), Spain's Repsol (REP.MC) and Britain's BP (BP.L) are among the main companies operating in Bolivia.
The country's 53 trillion cubic feet of natural gas reserves have attracted energy investors and the government has granted 76 contracts for exploration, exploitation and commercialization
Petrobras to make new union offer, no strike now
Fri Apr 29, 2005 10:30 AM ET
RIO DE JANEIRO, Brazil, April 29 (Reuters) - Brazil's state oil company Petrobras has promised to come up with a new profit-sharing proposal next Tuesday, and unions are suspending their strike threat for now, a union official said on Friday.
"The strike threat is on hold," said Divanilton Pereira, director of the United Oil Workers' Federation (FUP) umbrella labor group.
"We received an official notice from Petrobras saying they will present a counterproposal on May 3 and we summoned unions to discuss it the following day," he said, adding that Petroleo Brasileiro (Petrobras) (PETR4.SA, PBR.N), had not revealed any conditions of the new proposal.
In mid-April, FUP rejected Petrobras profit-sharing offer and threatened a five-day strike if there was no new proposal by April 25. It later extended the deadline to Friday.
Pereira pointed out the strike depended on the presenting or not of the new proposal rather than on its conditions, which could be negotiated further.
"For now, we evaluate that initiative of theirs as positive," he said. Petrobras officials confirmed a meeting with union leaders was marked for Tuesday. Petrobras President Jose Eduardo Dutra, himself a former union leader, said on Tuesday the company was "open to negotiations."
The union says the company's profit-sharing awards of 660 million reais (US$260 million) granted to workers based on 17.9 billion reais in net earnings in 2004 are insufficient. Petrobras awarded 777 million reais in 2003 with nearly the same net gains of 17.8 billion reais.
Unionists say Petrobras earlier this month simply repeated its offer that the union had already rejected and after which oilmen went on a 24-hour strike in late March.
A five-day walkout would affect national oil production. Petrobras accounts for practically all crude production and refining in Latin America's largest country. It produces about 1.6 million barrels of oil per day.
Last October, Petrobras and the unions negotiated a sweetened wage hike of 12.1 percent to avoid a costly strike.
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OldNick
05.05.2005 23:22
#2378
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UPDATE 1-Petrobras output in Brazil jumps in April
Thu May 5, 2005 04:01 PM ET
By Denise Luna and Andrei Khalip
RIO DE JANEIRO, Brazil, May 5 (Reuters) - Brazil's state oil company Petrobras on Thursday said its domestic crude output in April exceeded 1.7 million barrels per day for the first time, meaning it is on track to meet Brazil's oil needs next year.
"There has been a change in our production threshold, which went up from 1.5 million barrels per day to 1.7 million, confirming our plans to reach self-sufficiency in 2006," Petroleo Brasileiro SA (Petrobras) (PETR4.SA, PBR.N) President Jose Eduardo Dutra told reporters.
Crude output in Latin America's largest country, where Petrobras accounts for nearly all production, jumped 6.7 percent in April from March to 1.704 million bpd. Petrobras expects this year's average output to be at this level, which is about 14 percent higher than last year's average.
Next year, output should rise to 1.92 million bpd, which would make the country a net exporter of oil.
Brazil consumes about 1.8 million bpd of crude and oil products. It imports up to 400,000 bpd of light crude to mix with local heavy oil for Petrobras refineries to be able to process it and exports over 250,000 bpd of heavy oil.
Exploration and Production Director Guilherme Estrella said that by 2010, Petrobras should have 300,000 bpd of excess oil that will be exported.
Company officials said the P-43 rig, which has been pumping oil from the Barracuda field in the Campos basin since December, reached its maximum capacity of over 150,000 bpd in April, helping to boost output.
Earlier this year Petrobras also put online the P-48 rig on the Caratinga field, which is now pumping around 50,000 bpd.
This year's projected rise, to come after a 3 percent drop in 2004, will also be backed by the 180,000 bpd P-50 rig on Albacora Leste, due to start working in September, and the 80,000 bpd P-34 on the Jubarte field, to start in December.
In 2006, Petrobras hopes to crank up the Golfinho light oil project with a first-phase 100,000 bpd rig, which will be rented. The second 100,000 bpd phase should open either next year or in 2007, Petrobras officials said.
Separately on Thursday, the state-run Brazilian Bank for Economic and Social Development (BNDES) approved funding worth a total of $642 million for two new Petrobras rigs -- the 180,000 bpd P-51 and the P-54, with the same capacity.
P-54 should start working on Roncador field in Campos basin in 2007 and P-51 will be pumping oil from the Marlim Sul field either in 2007 or 2008. There are also smaller projects being developed, both onshore and offshore.
In its table of new projects, Petrobras also provided an estimate for the start of the 100,000 bpd Frade project, operated by ChevronTexaco Corp. (CVX.N) , as 2008. Chevron officials declined to comment on the start date, but they had previously mentioned 2006 as possible.
Anglo-Dutch oil group Royal Dutch/Shell (RD.AS, SHEL.L) is the only foreign company to produce oil in Brazil alongside Petrobras. Shell's Bijupira-Salema project produces about 50,000 bpd after peaking at 80,000 bpd earlier.
Petrobras will release its full output data for April with natural gas and international output around mid-May, as usual.
......
Union rejects Petrobras profit-share offer, again
Thu May 5, 2005 09:58 AM ET
RIO DE JANEIRO, Brazil, May 5 (Reuters) - Brazil's oil workers' union rejected the latest profit-sharing offer from state oil company Petrobras but has not set a date for a strike it had threatened earlier, calling for more talks.
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OldNick
12.05.2005 17:58
#2395
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Brazil oilmen union accepts sweetened profit share
Thu May 12, 2005 09:12 AM ET
RIO DE JANEIRO, Brazil, May 12 (Reuters) - Brazil's main oil workers' union that had threatened a five-day strike at oil company Petrobras, has accepted the state-run firm's sweetened profit-sharing offer after months of talks.
Roberto Ribeiro, director of the United Oil Workers' Federation (FUP) umbrella union, said on Thursday Petroleo Brasileiro (Petrobras) (PETR4.SA, PBR.N) had agreed to increase the overall profit-sharing awards to slightly over 700 million reais ($285 million) from 660 million reais.
"After a long discussion last night, we decided to recommend that unions accept the latest increased proposal," Ribeiro told Reuters. Smaller unions tend to approve FUP recommendations.
In the meantime, a Petrobras spokesman could only immediately confirm a rise in the base and ceiling payouts, but not the overall sum. The floor went up by 26.9 percent and the ceiling is now 2.5 times the floor payment.
"That means that those who earn less will get more of the profit-sharing awards," said the spokesman. Earlier, Petrobras officials said the total awards figure could only be changed with the consent of a shareholders' assembly.
The initial offer of 660 million reais was based on 17.9 billion reais in net earnings in 2004, and it caused discontent among the workers as Petrobras had awarded 777 million reais in 2003 with nearly the same net gains of 17.8 billion reais.
FUP had rejected Petrobras' offer three times. It resorted to a 24-hour strike that did not affect output in late March and has been threatening a five-day strike since then.
Petrobras accounts for practically all crude production and refining in Latin America's largest country. It produces about 1.7 million barrels of oil per day.
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OldNick
15.05.2005 15:26
#2398
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Petrobras 1q-05, publisert 13 mai etter børsslutt.
PETROBRAS RELEASES FIRST QUARTER 2005 RESULTS
(Rio de Janeiro – May 13, 2005) – PETRÓLEO BRASILEIRO S.A. – PETROBRAS released its consolidated results today, expressed in millions of reais, according to Brazilian GAAP.
Consolidated net income in 1Q-2005 was R$ 5.021 million, due to profits from the sale of by-products, with gross margin of 46% in 1Q-2005, 1% higher than gross margin in 1Q-2004. This increase was due to: adjustments in the average realization prices of basic by-products in the domestic market since the second half of 2004; exports, reflecting higher oil prices in the international market; and increased sales volumes and prices in the Southern Cone.
This increase was partially offset by growth in the average unit cost of products sold, which was caused by: higher expenses with imports of oil products, technical services, equipments rental, public services, as well as with salaries and benefits (pension and health plans).
In 1Q-2005, consolidated gross and net revenues were R$ 39.798 million and R$ 28.917 million, respectively. Growth in consolidated gross and net revenues in relation to 1Q-2004 was R$ 7,144 million (22%) and R$ 5.705 million (25%), respectively.
Total production of oil, LNG and natural gas rose 4% over 1Q-2004, reaching an average of 2,071 thousand barrels of oil equivalent per day. This was partly due to the start-up of FPSO-MLS (Marlim Sul) in June 2004, and platforms P-43 (Barracuda) and P-48 (Caratinga) in December 2004 and February 2005, respectively. Production of oil and LNG in Brazil reached an average of 1,543 thousand barrels per day, of which 82% came from the Campos Basin (1,259 thousand barrels per day).
Net financial debt of the PETROBRAS System remained stable, going from R$ 39.202 million at December 31, 2004, to R$ 39.267 million at March 31, 2005. The net debt/EBITDA ratio was 3.8. At the close of 1Q-2005, net debt corresponded to 58% of shareholder’s equity.
In 1Q-2005, generation of consolidated cash (measured by EBITDA) was R$ 10.448 million, growth of 23% over 1Q-2004 (R$ 8.504 million).
The Company’s market value at March 31, 2005 was R$ 122.208 million, a 21% increase over December 31, 2004, and representing 176% of the Holding Company’s shareholder’s equity (R$ 69.371 million).
In 1Q-2005, investments made by PETROBRAS companies were R$ 5.281 million, with R$ 2.834 million going towards development of its oil and natural gas production capacity. These investments include those made by Special Purpose Companies (SPCs), which totaled R$ 457 million.
The value added by the PETROBRAS System in 1Q-2005 was R$ 27.298 million (R$ 21.730 million in 1Q-2004), with R$ 15.786 million (R$ 13.626 million in 1Q-2004) destined for government participation and federal, state and municipal taxes, R$ 4.318 million (R$ 2.579 million in 1Q-2004) to financial institutions and suppliers for payment of financial expenses, rent and freight, R$ 5.005 million (R$ 3.910 million in 1Q-2004) to shareholders, and R$ 2.189 million (R$ 1.615 million in 1Q-2004) to salaries, benefits and charges.
[Endret 15.05.05 15:35 av OldNick]
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OldNick
15.05.2005 15:32
#2399
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A word from the president, Mr. José Eduardo de Barros Dutra
The first quarter of 2005 was of singular importance in the development of the Company’s businesses. We continued consolidating our strategy and created the bases necessary to obtain expressive growth in our production. Our net income in this quarter was R$ 5.021 million, which is a 32% increase over the same period of last year. These strong results are a combination of favorable macroeconomic factors and the Company’s excellent operating performance.
In the quarter, R$ 5.281 million was invested in Brazil and abroad, including project finance investments. Of note are the Exploration & Production and Supply areas, which received 54% and 13% of the total amount invested.
Our cash generation was R$ 10.448 million (measured by EBITDA), which enabled us to reduce our net debt by R$ 131 million.
In furthering our Strategic Plan, we managed to advance on several operating and corporate fronts, some of which I would like to highlight below:
• Oil production began at FPSO P-48 on February 28th. This unit, the second of the Barracuda and Caratinga project in the Campos Basin to begin operations, has the capacity to produce 150,000 barrels of oil per day;
• The start-up of these and other projects, combined with operational measures that seek to continue to improve production capacity at our facilities, helped us reach a new daily oil production record in Brazil. On March 30th our production was 1,650,947 barrels. Several production records were subsequently broken, reinforcing our belief that we will be able to reach our average production goal of 1,700,000 barrels per day in 2005;
• Signature of contracts that will result in US$ 910 million in financing for implantation of the Director Plan for Oil Treatment and Transport in the Campos Basin (PDET). This Plan includes organization of assets intended for oil production and transport from five platforms to be installed in the Campos Basin;
• New discovery of excellent quality light oil on the coast of the state of Espírito Santo, in wells drilled in the area delineated by the Golfinho field;
• Discovery of light oil 33-grade API in the state of Rio de Janeiro in the Santos Basin. In addition to the discovery of this new bed, this well proved the natural gas discoveries made previously at well 1-RJ-587;
• Petrobras’ refineries in Brazil broke records in the daily processing of oil with a volume of 1,869,914 barrels per day. This result, achieved on March 9, 2005, is a reflection of the integrated work of the Company’s teams, which seek to maximize oil refining, assure profitability and meet market needs according to the most advanced standards of environmental preservation;
• In pursuit of our strategy to improve the profitability of employed capital, a Term of Obligation was signed containing conditions for the suspension of arbitration and legal proceedings under way, so as to pursue negotiations that may involve Petrobras’ acquisition of the MPX thermoelectric plant;
• In the International area, we highlight the start of our exploration activities in Libya, which is the fourth African country in which Petrobras is present.
In the Corporate arena, we are streamlining our health and complementary social security models in order to provide our employees with tranquility and our shareholders and investors with complete transparency. Thus, we have thoroughly updated the actuarial assumptions related to our Health and Pension Plans in an effort to track the development of the profile of our group of employees, retirees and pensioners. We seek to increase the robustness of the benefits plans in order to make them adequate for the longer life expectancy of the beneficiaries.
Thus we close the first quarter of 2005 with the certainty of having achieved many of our objectives, mainly those focused on growth of the production of oil, natural gas and by-products.
We are preparing the Company to operate at a new level and to achieve average daily production of 3,421,000 barrels of oil equivalent in Brazil and abroad by 2010. This production volume will place us among the largest oil companies in the world. Meanwhile, this new dimension will provide us with even greater challenges, both in the areas of operational and corporate management, as well as questions regarding health, the environment and operational safety.
Each quarter, with the consolidation of our goals and continuous record-breaking, we are even more certain that the future of the Company – thanks to the creativity and determination of its workforce – is to obtain profitable and sustainable growth, with respect for its stakeholders.
[Endret 15.05.05 15:32 av OldNick]
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OldNick
16.05.2005 06:32
#2403
Endre
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(Rio de Janeiro, May 10, 2005) - PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces to shareholders that it will effect the dividend payments and interest on own capital, on May 17, 2005, based on the adjusted result of fiscal year 2004 to the owners of shares on March 31, 2005 in accordance with the value deliberated for the Petrobras’ Ordinary General Shareholders meeting held on March 31, 2005, as follows:
DIVIDEND PAYMENTS AND INTEREST ON OWN CAPITAL
..............Value in Reais (R$)
..............Restatement..Total on
Principal..SELIC rate....May 17, 2005
0,6000........0,0398........0,6398....As dividend
1,0000........0,0663........1,0663....As Interest on own capital
1,6000........0,1061........1,7061
The interest on own capital (R$ 1,00) will be subject to 15% withholding tax while the value of R$ 0,1061, corresponding to the variation in the SELIC rate, since December 31 2004 until May 17, 2005 will be subject to 22,5% withholding tax. The above-mentioned Withholding Tax is not applicable to tax immune or exempt shareholders.
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OldNick
03.06.2005 03:46
#2428
Endre
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Lula's mid-term blues
Jun 2nd 2005 | SÃO PAULO
From The Economist print edition
Utdrag:
SCANDAL, receding popularity and sagging economic growth are not the best preparation for an election. For the moment, at least, Brazil's president, Luiz Inácio Lula da Silva—who hopes to win a second term in office in a vote due in October 2006—is suffering all three. His government is fighting a losing battle to suppress a probe by Congress into corruption allegations. Figures released this week showed that after months of rising interest rates the economy grew a mere 0.3% in the first quarter of 2005, its slowest quarterly rate since 2003. Unsurprisingly, Lula's popularity, though still high, is slipping.
Les mer her.
Selv om Lula's popularitet daler og veksten er svak, forbedres PetroBras fundament kontinuerlig. Dette selskapet er overlegent andre i denne klassen under børsnoterte giganter som XOM, CVX, COP, BP, Shell og Total i vekst.
Og med tanke på inntjeningen må man også huske på at oljeprodukter i Brasil ikke selges til verdensmarkedspriser, prisene er underlagt statlig kontroll. Nå reflekterer prisene en underliggende oljepris under 40 USD/fat, dvs. en "rabatt" på >10 USD.
I fjor fikk PetroBras tillatelse til 3 prisøkninger, men det har ikke vært noen så langt i 2005. Det forventer vi dog skal skje.
Produksjonen øker ca. 10% i år (snittprod.), og til neste år blir Brasil nettoeksportør av olje. For å få til denne veksten har dog selskapet varslet kraftige investeringer i årene fremover.
Nå er Brasil's sentralbanks kortsiktig lånerente 19.75%. Det har endelig bremset veksten, men kanskje for kraftig. Det har også hatt den effekten at valutaen Reais har styrket seg >30% siste 12 mnd. Nå betaler du 2.40 BR/USD.
For fjoråret fikk aksjonærene ca. 6% utbytte totalt (utbetalt i 2005), i år tror jeg det vil falle til mellom 3 og 4%, fortsatt brukbart.
[Endret 03.06.05 03:47 av OldNick]
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OldNick
04.06.2005 17:41
#2433
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(Rio de Janeiro, June 02, 2005). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces that in May 2005, it posted a monthly average production of 1.729 million barrels of oil per day (bpd) in Brazil, 21.1 % more than the volume produced in May 2004 (1.428 million bpd). This result is also 1.5% up on volume for April of this year (1.704 million bpd) and 15.8 % above the average for last year (1.493 million bpd). With these new production levels, the company remains on track to ensuring Brazilian self-sufficiency in oil by the end of 2005 or early in 2006.
The May monthly average surpasses by 25,000 bpd the previous monthly record in April 2005 of 1.704 million bpd, and by more than 236,000 bpd the average production for 2004 (1.493 million bpd).
During nine days in May, production exceeded 1.750 bpd while the record for daily output was also broken on May 12 when 1.820 million barrels were processed.
This latest jump in domestic production reflects the increased operational efficiency of the platforms located in the waters off the coasts of the states of Rio de Janeiro and Espírito Santo, as well as the enhanced output from mature fields in the North and the North East regions of Brazil and the state of Espírito Santo.
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OldNick
06.06.2005 23:34
#2437
Endre
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Brazil Stocks, Bonds, Currency Decline on Corruption Probe
June 6 (Bloomberg) -- Brazil's stocks, bonds and currency sank on concern a congressional probe of corruption within the government will prompt President Luiz Inacio Lula da Silva to boost spending in an effort to win backing from legislators.
Brazil's benchmark Bovespa index tumbled 4.1 percent, the biggest decline since April 14, and the currency lost 1.9 percent. The government's benchmark bond due in 2040 fell more than 1 cent on the dollar.
Lower house deputy Roberto Jefferson said he told Lula his Workers' Party paid lawmakers in exchange for support for government-backed legislation, Folha de S. Paulo reported today. Jefferson, leader of the Labor Party and the subject of a corruption investigation, said he met with Lula twice in January to tell him Workers' Party Treasurer Delubio Soares was offering 30,000 reais ($12,400) to lawmakers for support, Folha said.
``The market has been strongly affected by the deterioration in the political scenario,'' said Rodrigo Boulos, senior trader on the treasury desk at Banco Standard do Brasil in Sao Paulo. ``Every time there is a deterioration of the political scenario, there is a concern the government may implement populist measures.''
Opposition lawmakers gathered last month a majority of signatures in congress to start an inquiry into allegations that Jefferson helped suppliers win business from the state-owned mail company through bribery. Jefferson has denied any wrongdoing.
`Dominate'
Finance Minister Antonio Palocci may speed up disbursement of budgeted funds for projects sponsored by lower house deputies, seeking to quell dissatisfaction with the government, O Estado de S. Paulo said last week, citing lawmakers within Lula's coalition. Lula has helped spark a rally in Brazilian markets since taking office in 2003 by reining in the budget deficit, which has bolstered investor confidence in the South American country.
Lula trimmed the government's deficit to 2.5 percent of gross domestic product in the 12 months through April from 5 percent in January 2003, the month he took office.
``The political fight will dominate the picture in the short- term,'' said Regis Abreu, who manages 1.3 billion reais of bonds and stocks for Mercatto Gestao de Recursos in Rio de Janeiro in a phone interview. ``The market will be pressured until there's a clearer idea on what can happen in terms of changes in ministries, state-controlled companies.''
The real fell for the fourth day in five, dropping to 2.4736 to the dollar at 12:40 p.m. New York time from 2.4255 at the end of last week. The losses pare the real's gains this year to 7.4 percent, which is still the best performance of the 16 major currencies.
`Early Rounds'
Brazil's benchmark bond maturing in 2040 fell 1.35 cents on the dollar to 117.55, boosting its yield to 9.3 percent, according to JPMorgan Chase & Co. The bond has fallen the past two days after reaching a record high of 119.9 on June 2.
Dario Pedrajo, who manages about $400 million of emerging- market securities, including Brazilian bonds, at Biscayne Americas Advisors in Miami, said the allegations may be a sign the opposition has started to try to weaken Lula before next year's elections. Lula stands to run for re-election.
``It's the early rounds of the political process -- the dissention process -- and there's going to be people throwing a little mud around,'' Pedrajo said in a telephone interview. ``At least from what I read, there doesn't seem to be a lot of meat behind the allegations.''
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OldNick
15.06.2005 18:51
#2447
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Petrobras har kommet med siste produksjonstall:
Nedenfor er listet snitt 2004, samt for de 5 første månedene i år, jan-mai:
Olje (mill f.o.e./d): 1.66, 1.69, 1.69, 1.74, 1.88, 1.89
Gass (mill scf/d): 2155, 2189, 2149, 2198, 2302, 2308
Tot (mill f.o.e./d): 2.02, 2.06, 2.05, 2.10, 2.26, 2.28
Olje = Råolje+NGL
Petrobras' lifting cost er nå ca. USD6/fat (excl. royalty), 13.5 inkl. Det synes å være en 40-50% økning siden 15 måneder siden.
Ved utgangen av 2004 hadde Petrobras ca. 11 mrd fat olje+NGL-reserver i Brasil, og ca. 2 mill. f.o.e. gass-reserver.
Internasjonalt hadde Petrobras tilsvarende ca. 1 mrd. fat olje+NGL, samt tilsv. 0.92 mrd. f.o.e. NG. Alle disse tallene er utarbeidet etter SPE-regler. Tilsvarende reserver beregnet etter SEC-regler er ca. 25% lavere totalt (det meste av forskjellen ligger i gass-reservene).
[Endret 15.06.05 19:22 av OldNick]
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yemaya 2
17.06.2005 19:35
#1313
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Petrobras produserer også skiferolje (oleo de xisto) men innbyggerene langs Rio Iqaacu klager over forurensning i form av kvikksølv og arsenikkutslipp ( mercurio, arsenio) fra produksjonen.
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OldNick
18.06.2005 12:19
#2451
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De er ikke snaue med splitt'en, 4:1.
Men kursen i Bras R$ er på ca. 120, og for USD er brasiliansk valuta på rask vei mot parity (hvis man har litt lang horisont). Gårsdagens R$/US$-kurs på 0.4225 høyeste på 3 år, hvor bunnen (0.25) var høsten 2002, da finansmarkedene (USA) bunnet ut.
Jeg har fortsatt noen få aksjer å fylle på før jeg er fornøyd, men jeg tror jeg venter på et itlbakefall.
re. Yemaya, har du noe spesifikke tall på skiferolje-produksjon ?
......
Brazil Petrobras proposes stock split
Fri Jun 17, 2005 07:49 PM ET
SAO PAULO, Brazil, June 17 (Reuters) - Brazil's state-owned oil firm Petrobras (PETR3.SA, PETR4.SA) (PBR.N, PBRA.N) proposed on Friday a stock split of 4 shares for each 1. Petroleo Brasileiro S.A. said it will seek shareholder approve at a meeting July 22.
It plans to split each of its preferred and voting stocks, as well as each of its American Depositary Receipts (ADR).
"The split aims at making it easier for small investors in the Brazilian market to buy Petrobras' stocks, therefore expanding the number of its shareholders," said Petrobras in the statement.
Its shares closed 2.09 percent higher on Friday, at 107.70 reais.
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OldNick
25.06.2005 13:39
#2467
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Petrobras surpasses the 1.83 million barrel per day mark in Brazil
(Rio de Janeiro, June 24, 2005). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4,
NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces that it has taken one further step towards achieving the target of Brazilian self-sufficiency - now close to being met -, on June 23 2005, lifting a total of 1,834,505 barrels.
This was approximately 15,000 barrels more than the previous record of May 12 2005 (1.820,000 barrels); 6.1% higher than the last monthly record in May of this year (1,729,000 barrels per day); 13.7% higher than the average for the first five months of 2005 (1,613,000 barrels per day) and 22.9% above the average output for 2004 (1,493,000 barrels per day).
This is the tenth daily production record Petrobras has reported in 2005, and similar to the others, reflects the exceptional operating performances of the platforms in the Campos Basin and enhanced recovery from fields located in mature production areas in the North and North East regions and the state of Espírito Santo.
Platforms P-43 in the Barracuda Field and P-48 in the Caratinga field, recently installed in the Campos Basin, operated at full capacity and together, contributed 308,000 barrels to the latest daily production record.
DATE - RECORD PRODUCTION AMOUNTS (in barrels)
March 30 2005: 1,650,947
April 4 2005: 1,666,492
April 5 2005: 1,703,789
April 6 2005: 1,720,096
April 18 2005: 1,725,351
April 19 2005: 1,759,300
April 24 2005: 1,768,140
April 25 2005: 1,791,615
May 12 2005: 1,819,604
June 23 2005: 1,834,505
Platforms P-43 in the Barracuda Field and P-48 in the Caratinga field, recently installed in the Campos Basin, operated at full capacity and together, contributed 308,000 barrels to the latest daily production record.
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OldNick
25.06.2005 17:17
#2470
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Stensruds store tabbe
Kristoffer Stensrud angrer på aksjesalg. - Jeg tabbet meg skikkelig ut, sier han
Artikkel av: Odd Steinar Parr (24.6.05 15:42)
Høye oljepriser har fått ekspertene til å nedjustere sine anslag for veksten i verdensøkonomien. Citigroup har ifølge Finansavisen kuttet 2005-veksten fra 3,4 til 3,2 prosent.
Men hvor høyt kan oljeprisen gå?
Det er umulig å si. Det er som med tankrater: De er hele tiden på vippen, med gitt tilbud på kort sikt, svarer investeringsdirektør Kristoffer Stensrud i Skagen Fondene.
Dagens pris rundt 50 dollar er vel a nice, round figure. Hadde du spurt meg for noen måneder siden, da de amerikanske lagertallene steg, ville jeg sagt 30 dollar. Men i stedet for å falle har prisene fortsatt å stige. Jeg tabbet meg skikkelig ut, solgte Petrobas (brasiliansk oljegigant, red. anm.) og greier, fortsetter Stensrud overfor avisen.
......
Han burde fulgt sine egne råd, etter Skagens oppfatning burde fortsatt PetroBras tilfredstille deres kriterier (og de har fortsatt noe PBR/PBRA igjen), men hvorfor selge vinnerne ?
Skagen har derimot fortsatt å holde bred bransje-spredning, og unnlatt å vekte seg mer opp i olje/service, derfor har de begynt å lagge andre fond. Dessverre. Men, det er aldri for sent å snu.
[Endret 28.06.05 15:23 av OldNick]
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OldNick
28.06.2005 15:22
#2477
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Fra Reuters, 27.06.2005
Shares of Petroleo Brasileiro SA, or Petrobras (PETR4.SA: Quote, Profile, Research) , soared 4 percent to 110.80 reais with the exchange's heaviest turnover as traders said the company might be ready to raise gasoline prices as oil futures vaulted to over $60 a barrel in New York.
Petrobras director Paulo Roberto da Costa said the company has no plans to raise prices on the back of the a more expensive oil, forecasting oil prices will return below $60.
But traders shrugged off the denial, saying that Petrobras will likely suffer less political pressure to not raise prices as inflation slows in Brazil.
"I have been hearing much talk about a (gasoline) rise on the back of rising oil prices," said Kelly Trentin, an analyst with SLW brokerage.
"Investors think: 'Oil is rising and inflation is lower, so there is a bigger possibility (Petrobras') prices will rise,'" added Trentin.
Other traders said the speculation added to an already improved outlook for Petrobras. On Friday, the company announced its daily output in Brazil set a record on June 23 of 1.83 million barrels of crude oil.
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OldNick
01.07.2005 16:08
#2479
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PetroBras ex. utbytte idag. R2.00 pr. aksje, men det utbetales 31 ja. 2006.
PetroBras: Distribution of Interest on Own Capital
(Rio de Janeiro, June 17, 2005) - PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces to shareholders and the market in general that the Board of Directors ,meeting today, approved payment to shareholders in the form of interest on own capital, in accordance with Article 9 of Law 9,249/95 and Decrees nº 2,673/98 and 3,381/00.
The amount of R$ 2,194 million to be distributed, corresponding to a gross value of R$ 2.00 per common and preferred shares, is being accrued in our Financial Statements on June 30, 2005 and will be disbursed by January 31, 2006, based on the shareholding position as of June 30, 2005. In accordance with Decrees 2,673/98, and 3,381/00 if the payment occurs after December 31, 2005 interest based on the SELIC rate will be payable from December 31, 2005 through the effective payment date. The shares will be negotiated ex-interest on capital from July 01, 2005. This interest on capital will be offset against any remuneration payable at the end of the 2005 fiscal year and will be subject to income tax of 15% (fifteen per cent) withheld at source except in the case of shareholders who are exempt.
[Endret 01.07.05 16:08 av OldNick]
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OldNick
06.07.2005 22:25
#2489
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Petrobras target price raised to 67 usd from 62 usd at CSFB
6:22 AM ET Jul 06, 2005
LONDON, Jul 06, 2005 (XFN-ASIA via COMTEX) -- CSFB has raised its target price for Petroleo Brasileiro SA's ADRs to 67 usd from 62 usd, saying that the Brazilian oil company's stock remains "highly attractive" even though it has outperformed the Brazilian market and its global peers year to date.
"Although the rally has diminished the valuation gap between the stock and its emerging market peers, the gap still remains, which we view as unwarranted given Petrobras' superior growth opportunities and access to reserves," said Emerson Leite, an analyst at CSFB in Sao Paulo.
He also noted that Petrobras' earnings should receive a boost from maturing downstream investments, which should drive higher refining margins due to the more complex cracking capabilities.
CSFB has revised upwards oil price assumptions for the benchmark West Texas Intermediate (WTI) for 2005 to 54 usd from 47 usd.
It also raised its WTI estimate for 2006 to 50 usd from 45 usd and to 45 usd from 40 usd for 2007.
Yesterday, Petrobras' ADRs closed 1.34 pct higher at 52.85 usd, while the Bank of New York Latin American ADR index closed 0.75 pct lower.
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OldNick
09.07.2005 16:25
#2504
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Alt går bedre for dette selskapet, og kursen øker jevnt og trutt.
(Rio de Janeiro, July 8, 2005). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces that the rating agency, Moody’s Investor Services has increased the Company’s local currency debt rating from Baa1 to A2. This increase reflects Moody’s new rating methodology for government-related issuers (GRIs).
Petrobras’ foreign currency rating was reconfirmed as Ba1 (with a positive outlook), that is, only one level below investment grade.
With this decision, Moody’s recognizes the significance of the Company’s assets, revenues, and oil and gas reserves, the importance of the integration of its operations, its position as a leader in the Brazilian market and strong growth potential for the production of oil and gas both in Brazil and overseas.
7/7 meldte de også om produksjonsrekord (innenlands), men fordi linken (se "Press Release" side ikke virker, vet jeg ikke det eksakte tallet. Forrige rekord var 1.83 mill b/d. Det finnes en liste over produksjonsutviklen i vår lenger oppe i tråden.
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OldNick
15.07.2005 19:57
#2531
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Fra Bloomberg, 15/7
Petroleo Brasileiro SA (PETR4 BS), Brazil's state oil company, fell 1.02 reais, or 0.9 percent, to 106.98 reais. Petrobras is reviewing its six-year investment plan and may postpone development of some projects because of increased costs, Valor Economico newspaper reported today.
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OldNick
16.07.2005 13:34
#2532
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Petrobras har kommet med siste produksjonstall:
Nedenfor er listet snitt 2004, samt for de 6 første månedene i år, jan-juni:
Olje (mill f.o.e./d): 1.66, 1.69, 1.69, 1.74, 1.88, 1.89, 1.92
Gass (mill scf/d): 2155, 2189, 2149, 2198, 2302, 2308, 2273
Tot (mill f.o.e./d): 2.02, 2.06, 2.05, 2.10, 2.26, 2.28, 2.30
Olje = Råolje+NGL
Juni-tall ca. 15 % økning fra snitt 2004, snitt 2005 er ca. 8 % høyere enn snitt 2004 (første 6 mnd).
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OldNick
04.08.2005 01:03
#2537
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Petrobras has gasoline price lag of 30 pct - ANP
Wed Jul 27, 2005 06:26 PM ET
BRASILIA, Brazil, July 27 (Reuters) - Gasoline prices charged by Brazil's state company Petrobras (PETR4.SA: Quote, Profile, Research) (PBR.N: Quote, Profile, Research) lag 30 percent behind international rates and are pinching private refiners, the head of the National Petroleum Agency (ANP) said on Wednesday.
Haroldo Lima, director general of the government's energy market watchdog, said Petrobras diesel prices, which along with gasoline have remained unchanged since last year, were 20 percent below soaring international levels.
Lima on Wednesday met Energy Minister Silas Rondeau to discuss the plight of Rio de Janeiro's Manguinhos refinery, which is facing a financial crunch due to Petrobras prices and has warned it may stop production this month.
The country's only other private refinery, Ipiranga, is in a similar situation.
Earlier this month, Lima said that if asked by the private refiners, the ANP could launch a probe into Petrobras prices that he said were "political" and regulated by the inflation-wary government rather than the stock exchange-listed company. Petrobras is formally free to set fuel prices.
But on Wednesday, Lima sounded more moderate saying the likely solution for private refiners was not in a price hike, which would be unpopular, but alternatives such as leasing part of their infrastructure by Petrobras or a government levy to compensate them.
Spain's Repsol-YPF (REP.MC: Quote, Profile, Research) holds a 30 percent stake in Manguinhos and its officials have asked the government to resolve the situation.
Manguinhos and Ipiranga are the only ones to compete with Petrobras' 11 big oil processing units which account for over 95 percent of the country's refining capacity.
The two have sharply reduced their output of late as they cannot compete with Petrobras prices.
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OldNick
11.08.2005 22:05
#2569
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Petrobras postpones results announcement to Monday
Thu Aug 11, 2005 03:15 PM ET
RIO DE JANEIRO, Brazil, Aug 11 (Reuters) - Brazil's state oil company, Petrobras, on Thursday postponed the announcement of its second-quarter results to Monday from Friday due to a government meeting.
A company spokeswoman said Cabinet chief Dilma Rousseff and Finance Minister Antonio Palocci, who are on the Petroleo Brasileiro SA (Petrobras) (PETR3.SA, PBR.N) board, will be in Brasilia on Friday for a Cabinet meeting and will not be able to take part in the approval of the books.
She also said revisions to the company's strategic plan until 2010 will be now discussed on Monday instead of Friday, but signaled they may not be approved yet as some details needed to be clarified. Petrobras had initially been due to announce the revisions last Monday.
According to a Reuters poll of six analysts this week, Brazil's industrial flagship should post a more than 50 percent increase in second-quarter profit due to a steep rise in oil output, tax benefits and a stronger local currency.
Under its existing strategic plan, Petrobras intends to spend $53.6 billion between 2004 and 2010, when its domestic crude output should reach 2.3 million barrels per day, up from the current level of just below 1.8 million bpd.
......
PetroBras (PBR.N) falt noe (ca. 1) tilbake idag, men Reias'en falt mer, ca. 3% saavidt jeg kan se (uvisst av hvilken grunn som jeg vet dog, men sikkert politisk), slik at PetroBras kurs paa Sao Paulo borsen er opp ca. 2%.
Kjopsmulighet tror jeg.
[Endret 11.08.05 22:06 av OldNick]
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Villfar
11.08.2005 22:08
#2580
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Oldnick, dette ser ut å være din streng. Kan man spørre om du bor og/eller eller har familie i Brazzilll siden denne fokus på Petrobas ?
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OldNick
12.08.2005 17:14
#2572
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re. Villfar,
Jeg startet denne, men dette er ikke MIN topic, hele Stocktalk er tilgjengelig for alle, saa velkommen.
Jeg skriver stort sett bare her paa utenlandsforumet, da In the Pit er infisert med spammere, folk som stort sett ikke har noe aa si, det odelegger bare.
Skulle denne forumet bli like ille, ville jeg nok si takk og farvel, men naa er det relativt ensomt her. Jeg bruker topic'ene stort sett som arkiv.
De selskapene jeg skriver om, har jeg enten aksjer i og/eller faglig interesse for. Jeg bor ikke i Brasil, ei heller har jeg noen spesifikk detaljkunnskap i samfunnet der, utover det nordmenn generelt burde ha.
Brazil's Bonds Fall as Lula Prepares to Address Nation on Graft
Aug. 12 (Bloomberg) -- Brazil's government bonds, currency and stocks declined ahead of an address by President Luiz Inacio Lula da Silva to defend allegations of government corruption.
Lula will speak to today on national television, O Estado de S. Paulo newspaper said, without saying how it obtained the information. Ana Maria Matos, a spokeswoman for Lula in Brasilia, declined to comment on the report.
The president's speech would be his second in a month to respond to fresh allegations from a congressional graft probe. The investigation is eroding support for Lula, 59, and may prompt him to boost spending ahead of next year's presidential election, said investors such as Loic Cadiou at Credit Agricole. A new poll today showed Lula's approval rating this week fell to its lowest ever.
``The risk is of a more populist Lula and that it in turn contaminates the credit,'' said Cadiou, who manages more than $1 billion in emerging market debt, including Brazilian bonds, for Credit Agricole Asset Management in London.
The yield on the government's 11 percent bond due 2040 rose as high as 9.33 percent from 9.285 percent yesterday, according to JPMorgan Chase & Co. The price, which moves inversely to the yield, fell 0.2 cent on the dollar to 117.85 cents at 9:45 a.m. in New York, to yield 9.27 percent. The yield to the 2015 call date on the bond rose to 8.33 percent from 8.27 percent.
Brazil's currency lost 0.3 percent against the dollar to 2.3780. The Bovepsa stock index fell as much as 3.4 percent and was down 1.8 percent 26,163.83 at 9:47 a.m. in New York.
The Brazilian real had it biggest drop in almost three years yesterday and stocks and bonds tumbled after Lula's 2002 election campaign manager, Duda Mendonca, testified that he was partly paid for services with money from a federal contractor under investigation by Congress.
......
The Senate this week voted to boost the minimum wage by 48 percent, a move that would tack on 45 billion reais to government spending in the next two years. The increase, which needs lower house approval, can by vetoed by Lula.
......
``The fundamentals of Brazil are looking pretty decent,'' Peta said. ``The orthodox policies that have being put in place by Lula administration we think they are still pretty much accepted as the way to go. We don't really see at this point a whole lot of backtracking in economic policy.''
......
Lula has cut the government's annual budget deficit by three- quarters to 2.8 percent of gross domestic product in June by trimming pension expenses, clamping down on tax evasion and social security fraud and slowing the pace of state investments. Brazil's currency is the world's best performer this year against the dollar among 60 tracked by Bloomberg with a gain of 11 percent. The Bovespa stock index is up 13 percent in dollar terms.
Lula's comments today would be the first time he responds to allegations of government corruption since an Aug. 8 radio address when he pledged to punish all those found guilty of wrongdoing.
......
Venezuelan President Hugo Chavez, who dined with Lula last night in Brasilia, said today the political opposition engineered the bribery scandal.
``I sense that this is a campaign by the traditional political class, specifically the Brazilian right,'' Chavez, 51, told reporters early today. ``It's a barrage, an attack against the president, and I believe this has to be coming from some kind of planning center here inside Brazil or, even, outside Brazil.''
......
Lula's approval rating fell to 31 percent on Aug. 10 from 35 percent in a July 21 poll and 36 percent on June 16, Sao Paulo- based DataFolha polling company said today on its Web site. The rating is the lowest since Lula took office in January 2003 and down from as high as 45 percent on August last year.
Les mer her
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OldNick
12.08.2005 23:03
#2573
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Brazil's Lula Apologizes to Nation Amid Graft Claims (Update8)
Aug. 12 (Bloomberg) -- Brazil's President Luiz Inacio Lula da Silva apologized to the nation amid allegations of government corruption and called on his cabinet to ensure a congressional probe into the claims doesn't stunt economic growth.
``I urge you please not to lose faith,'' Lula, 59, said today in the nationally televised address. ``All those who are found responsible will be brought to justice.''
The nation's bonds, currency and stocks erased initial losses after Folha de S. Paulo's newswire reported that the government may raise its 2006 target for the budget surplus before interest payments. Folha, citing Tarso Genro, president of Lula's Workers' Party, said the government may raise the target to 5 percent of gross domestic product from 4.25 percent of GDP.
The Bovespa stock index gained 0.2 percent, erasing a loss of 3.4 percent earlier in the day, at 2:48 p.m. New York time. The currency strengthened 0.1 percent to 2.3630 per dollar. The yield on the 11 percent bond due 2040 was unchanged at 9.26 percent. The price, which moves inversely to the yield, fell 0.05 cent on the dollar to 118 cents, according to JPMorgan Chase & Co.
``It would reinforce the view of a highly disciplined and prudent fiscal policy stance at a time of political uncertainties,'' said Mohamed El-Erian, who manages $27 billion for Newport Beach, California-based Pacific Investment Co.
The Brazilian real had it biggest drop in almost three years yesterday and stocks and bonds tumbled after Lula's 2002 election campaign manager, Duda Mendonca, testified that he was partly paid for services with money from a federal contractor under investigation by Congress.
`Betrayed'
``I feel betrayed by unacceptable practices,'' Lula, speaking from the presidential ranch after a cabinet meeting. ``I am conscious of the gravity of this political crisis.''
Les mer her
Begge gigantene PetroBras og CVRD var ned 3% i innledende handel idag, men begge endte over gaarsdagens noteringer (Sao Paulo).
Sannelig mye berg- og dalbane her, og saann vil det nok fortsette. Se paa dette som kjopsanledninger. Case't Petrobras er ikke saerlig svekket etter undertegnedes mening.
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Villfar
12.08.2005 23:11
#2593
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Hvor er disse brasse aksjene notert og hvordan nåes de fra Norge (bruker vanligvis Nordnet) ?
mvh Villfar
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OldNick
15.08.2005 11:41
#2580
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re. Villfar, PetroBras er notert på Sao Paulo-børsen og som ADR ved NYSE. De har 2 klasser, ord. og pref.aksjer, de sistnevnte har ingen stemmerett, men har samme rett til utbytte.
Se kursdiagram:
PetroBras ord. Sao Paulo: PETR3.SA
PetroBras pref. Sao Paulo: PETR4.SA
PetroBras ord. NYSE: PBR
PetroBras pref. NYSE: PBRA
Venezuela's Chavez Blames Right for Brazil Scandal (Update1)
Aug. 12 (Bloomberg) -- Venezuelan President Hugo Chavez said the political opposition engineered a bribery scandal that's engulfed Brazil's ruling party, and he pledged more oil to Brazil as a sign of support for President Luis Inacio Lula da Silva.
Chavez, 51, said allegations that Lula's Workers' Party bribed lawmakers in exchange for support for government legislation came from a ``planning center'' run by the political right. Venezuela, the world's fifth-largest oil exporter, fully supports Lula, he said.
``I sense that this is a campaign by the traditional political class, specifically the Brazilian right,'' Chavez, 51, said early this morning in Brasilia after a three-hour dinner with Lula. ``It's a barrage, an attack against the president, and I believe this has to be coming from some kind of planning center here inside Brazil or, even, outside Brazil.''
As a sign of support for Lula, Chavez proposed giving Brazilian state-controlled oil producer Petroleo Brasileiro SA the right to exploit with Venezuela's state-run Petroleos de Venezuela SA one of 27 oil fields set to be explored near the Orinoco River. He said the lease may hold 50 billion barrels of reserves.
Chavez said executives of the two companies and both countries' energy ministers also discussed his proposal for PDVSA to buy oil tankers form Brazilian shipyards.
The bribery allegations forced more than two dozen government and Worker's Party officials from office, including Jose Dirceu, Lula's chief of staff.
``I am convinced that Lula is an honest man a tremendous comrade,'' Chavez told four reporters outside his hotel ``When he gets past this difficult situation, he will walk with his head held high.''
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OldNick
16.08.2005 01:46
#2581
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UPDATE 1-Brazil's Petrobras quarterly profit up 49 pct
Mon Aug 15, 2005 06:56 PM ET
RIO DE JANEIRO, Brazil, Aug 15 (Reuters) - Brazilian state oil company Petrobras (PETR4.SA, PBR.N) on Monday posted a 49 percent increase in second-quarter net profit from a year ago on the back of a steep rise in domestic output.
The company said in a statement that net consolidated profit was 4.9 billion reais ($2.1 billion). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 36 percent to 11.8 billion reais, Petrobras said in a statement.
Analysts, on average, had expected Brazil's industrial flagship to post net consolidated profit of about 5.9 billion reais and EBITDA of 11.4 billion reais.
Petrobras said exports of crude and oil products rose 40 percent from a year earlier in the quarter and exceeded imports. Net exports reached an equivalent of $900 million, helping to boost the profit.
Net revenue reached 32.3 billion reais, some 16 percent higher than a year earlier.
The local currency's appreciation against the dollar also helped as lowered costs for imported equipment and oil. Domestic oil output, which last year fell 3 percent to below 1.5 million barrels per day, jumped a steep 18 percent above year-ago levels in the second quarter to average more than 1.7 million bpd.
Her fullrapport fra PetroBras jemmeside
($1 = 2.33 reais)
[Endret 16.08.05 03:17 av OldNick]
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OldNick
17.08.2005 01:50
#2586
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Motley Fool
Petrobras Still Looks Well-Oiled
Tuesday August 16, 2:43 pm ET
By Stephen D. Simpson, CFA
When true bull markets hit a sector, investors will often bid up any and all comers -- while ignoring solid players just outside the mainstream. Though Brazil's Petrobras (NYSE: PBR) is a major oil company by any reasonable meaning of the term, the stock trades at a single-digit P/E while other majors are valued in the low teens.
The company's financial and operational performance doesn't offer a ready explanation. Net revenue rose 16% in the second quarter as the company boosted hydrocarbon production by about 15% year over year (and 10% sequentially). While the appreciation of the Brazilian real vs. the dollar ate away a chunk of this quarter's growth, double-digit performance is still not bad.
Other line items offered good news as well. Operating margins improved annually and sequentially, and the company posted positive free cash flow despite ongoing investments in capital projects. Furthermore, the company reduced its debt and maintained a respectable dividend payout.
On another happy note, lifting costs improved in the quarter. Though up 18% over last year, the cost of getting oil out of the ground dropped by nearly 20% on a sequential basis. Although Petrobras has rather respectable lifting costs (in part because of lower wages in its home country), I would expect these to continue to rise. With the deals that Petrobras has signed with drillers such as Transocean (NYSE: RIG) and Noble (NYSE: NE), and the company's commitment to aggressive production increases, costs almost have to go up.
Given that these shares recently hit a 52-week high, it's hard to say that the corruption scandal in Brazil has really hurt this stock (as it has some other Brazilian equities). All the same, though, they still look quite reasonably priced relative to the likes of BP (NYSE: BP), ExxonMobil (NYSE: XOM), or Total SA (NYSE: TOT). True, energy prices may head back down, but Petrobras has excellent margins, bold production targets, and a good yield -- some or all of which may help cushion any possible fall.
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OldNick
18.08.2005 02:52
#2589
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Brazil stocks gain on weak oil prices
Energy stocks weigh on Toronto, Mexico is flat
By MarketWatch
Last Update: 6:20 PM ET Aug. 17, 2005
NEW YORK (WSJ.com) -- Brazilian stocks advanced Wednesday as local shares tracked higher overseas markets that were boosted by falling oil prices. The main Sao Paulo stocks index gained 1.2% to 27,416 points.
Trading was volatile early in the session, as players struggled to influence the market ahead of the settlement of August futures contracts.
Investors, meanwhile, largely shrugged off the threat of rising inflation abroad, signaled by a jump in U.S. producer prices, after overseas oil prices began to move sharply away from the record highs seen in recent weeks. That could have a positive effect on local indicators as Brazil's central bank may be encouraged to make deeper-than-foreseen cuts in interest rates at its upcoming meetings, traders noted.
The bank, however, kept the reference lending rate unchanged for a third consecutive month at its meeting Wednesday in a bid to hold off lingering threats of inflation and ensure that its long-term inflation targets are met.
The central bank's monetary policy committee maintained the reference Selic rate at an annual 19.75%, and set no bias for the rates going forward.
Telecoms were among star advancers, with long-distance carrier Embratel gaining 5.0% to 4.81 reals, and heavyweight fixed-line operator Telemar rising 2% to 35.90 reals.
The power and steel sectors also showed some strong gains. Celesc rose 4.4% to 1.18 reals and Transmissao Paulista advanced 4.1% to 21.55 reals, while Acesita gained 3.2% to 30.46 reals and Usiminas climbed 2.7% to 48.20 reals.
Elsewhere, leading retail bank Bradesco rose 2.6% to 98 reals and state-controlled oil company Petrobras (PBR: news, chart, profile) declined 1.8% to 118.60 reals.
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OldNick
18.08.2005 23:35
#2591
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UPDATE 1-Brazil posts record July current account surplus
Thu Aug 18, 2005 09:55 AM ET
BRASILIA, Brazil, Aug 18 (Reuters) - Brazil's current account surplus widened 44 percent in July on the back of a record trade surplus and the country also posted a strong rise in foreign direct investment, central bank figures showed on Thursday.
The current account surplus in July -- the widest measure of Brazil's international transactions and reliance on foreign capital -- rose to $2.59 billion from $1.8 billion in July 2004.
The result slightly exceeded the high end of analysts' estimates, which ranged between $2.2 billion and $2.5 billion, and was a record for the month.
It compared with a $1.2 billion current account surplus in June.
But the bank lowered its 2005 current account surplus estimate to $4 billion from a $4.8 billion as a stronger country's currency encourages companies to buy dollars and sent capital abroad.
Foreign direct investment, which comes under the balance of payment's capital account, was $2.03 billion in July, up strongly from $1.3 billion in June 2005 and $1.6 billion in July 2004.
Brazil on Aug. 1 posted a a trade surplus of $5.01 billion in July, the largest ever for any month, according to the trade ministry.
In June this year, Brazil's current account surplus was $1.2 billion.
Brazil's improving trade performance, fueled largely by a relatively cheap currency in historical terms, has allowed it to post a current account surplus in each of the last two years after years of destabilizing current account deficits.
The trade surplus has grown thanks in part to booming exports of farm crops and other commodities like iron ore, along with an expanding pool of buyers and manufactured products.
The amount of FDI, which includes long-term investments such as fixed assets, has grown and is seen as a gauge of foreign investor confidence in the country's economic future.
In the first seven months of 2005, foreign direct investment rose to $10.6 billion from $5.65 billion in the year-ago period.
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OldNick
19.08.2005 20:45
#2593
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Petrobras snaps up 53 Gulf of Mexico blocks
Fri Aug 19, 2005 09:10 AM ET
RIO DE JANEIRO, Brazil, Aug 19 (Reuters) - Brazil's state oil giant Petrobras has won exploration rights for 53 blocks in the U.S. part of the Gulf of Mexico, paying over $30 million, and plans to start drilling next year.
Petroleo Brasileiro SA (Petrobras) (PETR4.SA, PBR.N) said in a statement issued late on Thursday it had bid for 57 blocks in an auction held by the U.S. Minerals Management Service.
Petrobras is already actively prospecting for oil in the area and the company's CEO Jose Sergio Gabrielli said in a recent interview it had obtained very good exploration results and was expanding its investment in the Gulf area.
Petrobras said in the statement it planned to invest $150 million in 2005 there and some $1.7 billion up to 2010 to reach an output target of over 100,000 barrels per day in the Gulf of Mexico in five years.
Petrobras singled out the deep-water Garden Banks area as one of the most promising. It won a new block there close to its Cottonwood reported oil find. Petrobras said Cottonwood production may start as soon as in 2007.
Some other areas where Petrobras won licenses are in the westernmost part of the Gulf and include Corpus Christi, Padre Island and Mustang Island quadrants. The company did not specify what blocks it won in partnership with other oil firms, as is often the case.
......
Petrobras to phase out discounts for Bolivian gas
Fri Aug 19, 2005 10:02 AM ET
RIO DE JANEIRO, Brazil, Aug 19 (Reuters) - Brazil's state oil company, Petrobras, said on Friday it will phase out discounts on imported Bolivian natural gas for its clients by January due to rising production and transport costs.
Petrobras sells Bolivian gas at home at a 27 percent discount and has absorbed price increases in Bolivia since early 2003, a spokesman said.
But from Sept. 1, the price of the gas plus transport will rise by 13 percent and from Nov. 1 by another 10 percent. All discounts will end from the start of next year.
Meanwhile, the price of locally produced natural gas will rise by 6.5 percent from Sept. 1 and by 5 percent from Nov. 1, the company said in a statement.
Petrobras declined to predict the impact on final consumer, saying adjustments would depend on gas distributors.
"The price adjustment has become necessary in the view of a significant rise in exploration, production, purchase and transport costs of natural gas," Petrobras said. In a statement it said that the chosen form of price hikes was designed to sustain Petrobras efforts to develop the local gas market.
"It is Petrobras' understanding that these adjustments maintain the product competitive compared to other fuels."
Brazil's natural gas market is still young but growing at a fast pace. The country expects to consume about 100 million cubic meters per day by 2010, nearly three times the current levels.
Brazil is the biggest importer of Bolivian gas, mainly via Petrobras, which brings some 24 million cubic meters of gas per day to Brazil from the neighboring country along a 30 mcmd pipeline.
In June, Bolivia started charging a 32 percent tax on foreign oil and natural gas firms, boosting the total levy to 50 percent. Petrobras did not specifically mention the impost on Friday, but its officials have previously said the profitability of its Bolivian operations has halved.
[Endret 19.08.05 21:00 av OldNick]
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OldNick
20.08.2005 01:20
#2594
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UPDATE 1-Ecuador defense minister quits, oil loan sought
Fri Aug 19, 2005 05:30 PM ET
By Carlos Andrade and Alexandra Valencia
QUITO, Ecuador, Aug 19 (Reuters) - Ecuador's defense minister resigned on Friday during protests which have crippled oil production and forced the country to ask Venezuela for a loan of crude oil so it can keep up exports, officials said.
Ecuador will seek a $400 million emergency loan from the Latin American Reserve Fund to avoid balance of payments problems resulting from the protest in two provinces and import $140 million worth of fuel, Economy Minister Magdalena Barreiro said.
The protests pushed U.S. crude oil futures up $2 above $65 a barrel in New York on Friday. Ecuador is South America's fifth largest producer of crude oil and, after Venezuela, is the second-largest South American supplier of oil to the United States.
Defense Minister Solon Espinoza resigned at the request of President Alfredo Palacio for his handling of the worst crisis since Palacio took office in April, officials at the president's office said.
Palacio blamed Espinoza for allowing protests to get out of hand and named a popular retired army general, Osvaldo Jarrin, in his place, they said.
The government declared a state of emergency on Wednesday and ordered troops to restore order in Sucumbios and Orellana provinces where protesters began to invade oil camps, sabotage equipment and block highways on Monday.
The protesters are demanding foreign oil companies operating in the region provide financing for infrastructure projects and more job opportunities.
Demonstrators also want the government to renegotiate contracts with Occidental Petroleum Corp. (OXY.N: Quote, Profile, Research) , Petrobras (PETR4.SA: Quote, Profile, Research) (PBR.N: Quote, Profile, Research) and EnCana Corp. (ECA.TO: Quote, Profile, Research) , to raise state participation.
Troops fired tear gas at protesters who tried to free the mayor of the jungle city of Lago Agrio from a police station on Friday, local radio reported.
Army Gen. Gonzalo Mesa told Reuters the situation in Lago Agrio was "manageable."
Troops have retaken control of local airports and are clearing obstacles left on the runways, he said.
OIL OUTPUT DOWN UNTIL NOVEMBER
Oil output at state-owned Petroecuador, which has fallen to zero from its usual 201,000 barrels per day, will only return to normal in November, Economy Minister Magdalena Barreiro told reporters.
Most of Petroecuador's exports go the United States. The company suspended its exports on Thursday, declaring force majeure - a contractual clause invoked in case of events beyond the company's control.
Ecuador will ask Venezuela to lend it crude oil so it can meet export commitments, Barreiro said.
"We need the crude loan for us to be able to export and partly normalize our exports," Barreiro said.
She did not say how much oil Ecuador wanted but said Foreign Minister Antonio Parra would present the request to Venezuelan President Hugo Chavez at a meeting in Cuba on Friday.
Ecuador will meet its debt liabilities despite the protest, Barreiro said.
Ecuador defaulted on foreign bonds in 1999 but has since grown strongly with low inflation, partly thanks to the introduction of the U.S. dollar as currency in 2000.
The government has accused former President Lucio Gutierrez, who was sacked by Congress in April and is now in Peru, of being behind the demonstrations.
But Palacio himself might have helped trigger the protests by inflaming popular expectations with moves including diverting money from a fund previously destined for debt payments to pay for social programs, according to Alberto Ramos, an economist at Goldman Sachs in New York.
These moves have been harshly criticized by foreign bond holders.
The government is "extremely vulnerable to social activism and other rent-seeking pressures," Ramos said in a research note.
Three Ecuadorean presidents have been toppled amid popular unrest since 1997.
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OldNick
20.08.2005 14:52
#2596
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Friday, August 19, 2005 - 07.40 pm/22.40 GMT
Brazilian stocks fall, but losses cut towards day's end
São Paulo, 19 - Brazilian stocks ended 0.95% lower at 26,643.7 points at the São Paulo Stock Exchange (Bovespa) on Friday, and trading volume totaled R$ 1.851 billion ($755.51 million).
There was only one relevant piece of news on the local stok exchange on Friday.
Rogério Buratti, a former aide of Finance Minister Antônio Palocci, accused the minister of accepting R$ 50,000 ($1 = R$ 2.45) in monthly bribes from a garbage contractor while he was mayor of Ribeirão Preto (São Paulo state).
Prior to the release of this piece of news the Bovespa was trading 1% higher than at Thursday's close, but it rapidly went into the red and at its trough fell almost 3%.
However, as trading proceeded the loss was cut.
"Buratti's statement had a sure target: Palocci. The market felt the blow as soon as the news was known," said a broker.
"But to a degree that was almost surprising, the bourse began to react and closed on a light loss given the seriousness of the moment," he added.
"Given the seriousness of the accusation and the way in which the dollar rose the bourse fell by very little today," explained the source, who said that once again foreign traders shored up the Bovespa.
Les mer her
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OldNick
21.08.2005 16:40
#2602
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PetroBras har vedtatt en revidert investeringsplan for perioden 2006-2010 (publisert fredag 19/8). Forventet investeringer er økt US$22 mrd. til US$56. Alt dette vil finansieres av intern cashflow (ex. dividende), og forutsetningene er brent-olje $45 i 2006, $30 i 2007 og $25 i 2008-10, vekslingskurs Reais/USD=3.0 (dagens kurs 2.45) og GDP-vekst i Brasil på 4%/år. Dette gir en ROCE på 15%, men investeringene tåler Brent-pris på US$19.
I 2010 forventes total prod. ca. 3,5 mill foe/d, av dette 2,9 fra Brasil, resten internasjonalt. (2004-prod. var 2,02 mill foe/d).
Liftingcost forventes å bli ca. US$4,5 pr foe (netto ex. skatt+avgift), og raff.kost. ca. US$2 pr. fat.
PETROBRA - Business Plan for 2006-2010
(Rio de Janeiro, August 19, 2005). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces that its Board of Directors, at a meeting today, approved the Business Plan for 2006-2010.
This Business Plan takes as its fundamental premise, the positioning defined in the Petrobras Strategic Plan for 2015, which was approved in May 2004. The monitoring of corporate scenarios has shown that there is no need to alter this positioning, regarding the Mission, the Vision or corporate objectives.
In general terms, the Business Plan for 2006-2010 maintains the aggressive targets of company growth established in the previous Plan for 2010. This includes oil production, NGL and natural gas in Brazil (2,860,000 boed), which will make possible a larger use of national petroleum in the throughput (91%), guaranteeing self-sufficiency in 2006.
The Business Plan for 2006-2010 includes total investments of US$ 56.4 billion during the period. This represents an average of US$ 11.3 billion each year. 87% (US$ 49.3 billion) of this amount is in Brazil and 13% (US$ 7.1 billion) is abroad. Regarding the international business, 82% of the investment is being applied in the core areas (Latin America, West Africa and the Gulf of Mexico). Of the investment in Brazil, in addition to a significant increase in E&P and Supply, the growth in Gas and Energy (150%) should be highlighted, to account for the expanding demand for gas in the country.
The Company is maintaining in its Business Plan for 2006-2010 a policy of pricing tied to the international market. Petrobras estimates its cash generation approximately US$ 58.9 billion during the period (net of dividend payments), an amount sufficient to cover the entire Investment Plan. The funding in the financial market will be US$ 12.2 billion and the amortization of debts will be US$ 14.7 billion.
Petrobras will continue with its policy of lengthening its debt duration and reducing financial leverage. The Company is maintaining in its Business Plan for 2006-2010 a policy of pricing tied to the international market. Petrobras estimates its cash generation approximately US$ 58.9 billion during the period (net of dividend payments), an amount sufficient to cover the entire Investment Plan. The funding in the financial market will be US$ 12.2 billion and the amortization of debts will be US$ 14.7 billion. Petrobras will continue with its policy of lengthening its debt duration and reducing financial leverage.
Det er en del tabeller i Adobe-dokumentet som ikke kan kopieres inn.
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OldNick
23.08.2005 20:04
#2610
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Petrobras capex plan seen positive on new projects
Mon Aug 22, 2005 04:12 PM ET
By Andrei Khalip
RIO DE JANEIRO, Brazil, Aug 22 (Reuters) - Shares of Brazil's Petrobras rose on Monday after the fast-growing state-run oil company boosted its 2006-2010 investment plan by 64 percent.
"About half of the spending increase came due to higher costs but the other part is new investment," said Lucrecia Tam, an analyst with Deutsche Bank Securities in New York.
Despite the rise in investment to $56.4 billion for the period, Petrobras did not increase its production targets, but that did not dampen analysts' spirits. They singled out new natural gas projects such as the BS-500 natural gas reserve which should start producing in 2010.
"They decided to accelerate certain projects and have new investment (in projects) that will not necessarily be completed by 2010," Tam said.
Petroleo Brasileiro SA (Petrobras) stocks in Sao Paulo (PETR4.SA) were about 2 percent higher in late afternoon, while on New York's big board the company's ADRs (PBR.N) leaped 3.5 percent to end at $58.53.
Petrobras Chief Executive Jose Sergio Gabrielli said on Monday the BS-500 project in the Santos basin should start producing in 2010, two years after the expected start date of the neighboring Mexilhao field.
Investment in natural gas and energy was increased to $6.5 billion from the $2.6 billion under the previous master plan.
"The overall increase came not very different from what had been expected, but the big positive news was an increase in natural gas and energy spending, including for new projects like the BS-500," said Gina Montone of ABN Amro brokerage in Sao Paulo.
She said the field is expected to produce 15 million cubic meters of natural gas per day (mcmd), the same as Mexilhao.
Petrobras expects the natural market to grow by an average of 21 percent a year until 2010, when it should consume about 100 mcmd without taking into account Petrobras' own usage.
Gabrielli said some $2.5 billion in projects had been canceled or delayed, including a floating production, storage and offloading unit (FPSO) for the Marlim Sul field, but other projects were included in the plan as new.
"There is a whole bunch of projects that are either new or becoming more structured and accelerated, such as the BS-500 gas, BC-60 Baleia Franca oil and a couple of different project modules like the phase 2 of Jubarte and Roncador 3," Tam said. "The Marlim Sul exclusion is not unexpected."
Petrobras has also maintained 2008 as the expected start date for Gasene pipeline, which will connect Brazil's northeastern and southeastern gas networks, and envisaged an increase in the capacity of a 30 mcmd pipeline from Bolivia to 34 mcmd with the help of compressors.
As for its foreign operations, Petrobras more than doubled its investment in the U.S. Gulf of Mexico to $1.4 billion until 2010. "This is not just costs, there is a lot of new investment there," Gabrielli told reporters, reminding that last week Petrobras won exploration rights for 53 new blocks there.
On the downside, Petrobras said it had to revise its foreign oil output target lower due to delays in a big Nigerian project, in which Petrobras has a share. Gabrielli did not specify what project that was.
Output abroad is expected to reach 339,000 barrels of oil per day in 2010, up from this year's estimate of 198,000 bpd. That is lower than 479,000 bpd in the original Petrobras strategic plan for 2004-2010. In the meantime, natural gas output outside of Brazil should increase compared with the original plan to 206,000 bpd in oil equivalent.
In 2010, Petrobras expects to produce 2.3 million bpd of crude in Brazil, meeting the nation's oil needs and exporting a net 172,000 bpd. Total exports should then reach 522,000 bpd, but Brazil would still need to import some 159,000 bpd of lighter crude to mix with heavier local crude for refining, plus some 191,000 bpd of oil products.
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OldNick
23.08.2005 23:26
#2611
Endre
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Brazil's Real Falls on Graft Outlook: World's Biggest Mover
Aug. 23 (Bloomberg)
Brazil's currency declined, the biggest fluctuation of any currency, on concern testimony before congressional committees probing government graft may implicate President Luiz Inacio Lula da Silva's top economic policy maker.
The real fell as much as 2.2 percent ahead of the scheduled appearance in congress by Rogerio Buratti, who has alleged that Finance Minister Antonio Palocci took bribes during his term as a city mayor before joining the Cabinet. The hearings involving Lula's top economic advisor will be held by just one of the three separate congressional committees now probing allegations of graft made against Lula's Workers' Party and government.
``The concern is that in Buratti's testimony there may come out more allegations against Palocci,'' said Jose Roberto Carreira, foreign exchange manager at Novacao Corretora in Sao Paulo, whose clients include Brazil's fourth-biggest importer.
Les mer her
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OldNick
25.08.2005 18:30
#2616
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Brazil's Central Bank Says CPI Outlook More Benign (Update1)
Aug. 25 (Bloomberg) -- Brazil's central bank said the country's inflation outlook is becoming ``increasingly'' benign after nine interest-rate rises curbed consumer demand.
``A benign scenario for inflation is appearing in an increasingly defined way,'' the central bank said in the minutes from last week's monthly monetary policy meeting. The bank left the benchmark rate at a 22-month high of 19.75 percent at the meeting.
Policy makers also dropped from the notes, which were released today, the phrase ``maintenance of the benchmark interest rate for a sufficiently long period of time,'' which they had included the previous two months. Nuno Camara, an economist with Dresdner Kleinwort Wasserstein, said the removal of that phrase signals the bank may start cutting the benchmark rate as soon as next month to bolster the country's economic expansion.
Yields on interest-rate futures declined after the minutes were released as traders stepped up bets on rate reductions. The yield on the overnight loan contract for January delivery fell 4 basis points, or 0.04 percentage point, to 19.14 percent at 10:20 a.m. New York time.
``The most significant aspect is that the bank removed the phrase,'' Camara said in a telephone interview from New York. ``This makes me think that the cut may come next month.''
Inflation slowed for a third month in July, with the annual rate declining to a 13-month low of 6.6 percent. The inflation rate will decline to 5.3 percent by year-end, according to the median estimate in a weekly central bank survey of about 100 economists taken Aug. 19.
The central bank targets inflation of 5.1 percent this year.
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OldNick
26.08.2005 06:09
#2622
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Brazil Real Rises 1st Day in 3 on Palocci's Ex-Aide Testimony
Aug. 25 (Bloomberg) -- Brazil's real rose for the first day in three after a former aide to Finance Minister Antonio Palocci failed to implicate the country's top economic policy maker in a congressional probe of government graft.
The real lost 7.6 percent in 10 days on concern Rogerio Buratti might back up allegations that the minister took bribes as a city mayor in the 1990s. Buratti, an ex-aide to Palocci today testified that he based statements that his former boss took bribes only on information from a friend who is now dead.
``Buratti's comments were tranquilizing,'' said Alexandre Vasarhelyi, head of currency trading at ING Bank in Sao Paulo. ``He didn't bring any new allegations and that has moved the markets, helping them calm down. The fact that he can't prove the allegations is another calming factor.''
The real rose 2.3 percent to 2.3966 per dollar at 3:33 p.m. New York time from 2.4528 late yesterday, the biggest gain among the 16 most traded currencies, and pared its loss since June 30 to 2.7 percent, the worst performance of the major currencies.
The allegations against Lula's top economic policy maker, in charge of South America's No. 1 economy since January 2003, had fueled concern Palocci might be forced from the Cabinet, scuttling efforts to cap government spending and inflation.
During Palocci's time as finance minister, Brazilian stocks and the benchmark bond have more than doubled and the currency has gained 46 percent against the dollar. The economy grew 5.2 percent last year, the fastest expansion in a decade, as exports rose to record levels.
Les mer her
Brazil's Lula Proposes Stricter Money Laundering Laws (Update3)
Aug. 25 (Bloomberg) -- Brazilian President Luiz Inacio Lula da Silva proposed increasing fines for money laundering in response to a congressional probe into allegations the governing Workers' Party used funds paid to a state contractor to finance campaigns and bribe lawmakers.
Lula proposed legislation to raise the fine for money laundering to 2 million reais ($816,000) from 200,000 reais and increase the number of money laundering-related offenses in the criminal code. There are currently eight such offenses listed.
The proposal may fail to address the main problem -- enforcement of money laundering laws, said Luiz Flavio Gomes, a former federal judge and author of ``Organized Crime and Money Laundering in Brazil.'' Congress is probing allegations the Workers' Party laundered at least $25 million, according to lawmakers investigating the claims. The party, in several statements since July, denied any wrongdoing by its board and said it is looking into fundraising decisions by some members.
``I am skeptical that changes in the law alone will lead to an improvement, simply because the problem here is not about the quality of the legislation but the way it is enforced,'' Gomes, 39, said in a phone interview from Sao Paulo. ``Brazil must hire specialized staff to deal with money laundering and the state must earmark more money to fight that problem.''
The proposal would require financial institutions to be informed a day ahead of any planned transfers and withdrawals that surpass limits to be set by the central bank.
Les mer her
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OldNick
27.08.2005 16:19
#2624
Endre
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Ikkeno med olje eller PetroBras å gjøre, men interessant allikevel:
Brazil Expects Drop in Amazon Deforestation in 2005 (Update1)
Aug. 26 (Bloomberg) -- Brazil expects deforestation in the Amazon rainforest, the world's largest, to slow this year after the government stepped up efforts to fight illegal logging, Environment Minister Marina Silva said.
Preliminary data from a satellite system the government uses to monitor the Amazon indicated a 9.1 million-hectare, or 22.5 million-acre, reduction in the forest in the 2004-2005 period, compared with estimated deforestation of 18.7 million hectares in the 2003-2004 season, Silva said in a news conference in Brasilia.
(1 acre = ca. 0.4 hectare, 1 hectare = 0.01 km2, min komm.)
President Luiz Inacio Lula da Silva, 59, has lowered the pace of deforestation to about a fifth of what it was before he took office in 2003, as the government conducted four investigations that led to 183 arrest warrants and the dismantling of illegal wood exploitation operations, Silva said. Lula also designated 82,000 square kilometers for conservation.
``There's clear evidence that deforestation is dropping,'' Silva said. ``The reduction comes as a result of a serious work, without pyrotechnics.''
Les mer her
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OldNick
01.09.2005 20:32
#2642
Endre
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Petrobras gets operating rights in Nigeria block
Wed Aug 31, 2005 09:51 AM ET
RIO DE JANEIRO, Brazil, Aug 31 (Reuters) - Brazil's state oil company Petrobras bought operating rights to explore at an offshore block in Nigeria for $81 million, expanding its presence in the African country expected to become Petrobras' key overseas production base.
Petrobras (PETR4.SA, PBRA.N) said in a statement issued late Tuesday it won a 45 percent stake in the deep-water Block 315, with Norway's Statoil (STL.OL) holding another 45 percent and Nigeria's Ask Petroleum System with the remaining 10 percent.
Block 315 lies at depths ranging from 1,000 to 2,000 meters below sea level off the northern Niger delta, presenting similar geological conditions as giant oil fields Bonga and Erha, as well as the Abo field, already in production, Petrobras said.
Petrobras is already working at 3 blocks in Nigeria, including two that discovered big oil fields - Akpo and Agbami, which should start producing in 2008, according to the statement.
Petrobras President Jose Sergio Gabrielli said last week, however, there may be delays in at least one of the Nigerian projects that made the company lower its 2010 overseas oil production target by some 140,000 barrels per day.
On the home front, Petrobras said it found promising signs of oil at its Santos basin ultradeep offshore block BM-S-10, where it has a 65 percent stake. BG Group Plc (BG.L) hold a 25 percent stake and Portugal's Partex has 10 percent.
"Since this is a new exploration frontier, these preliminary results are very important. SO, additional investment will be applied to evaluate the hydrocarbons signs," Petrobras said.
A Petrobras spokesman said on Wednesday it was too early to define the type of oil. Most of the crude found in Brazil is heavy.
Earlier this month, Petrobras said it drilled a record deep well at the block of 6,915 meters, piercing a cluster of salt under which is expected to find "promising deposits of light oil and natural gas".
og
Petrobras may become Brazilian bellwether stock
Wed Aug 31, 2005 05:39 PM ET
RIO DE JANEIRO, Brazil, Aug 31 (Reuters) - Brazilian state oil giant Petrobras (PETR4.SA) could overtake telecoms company Telemar (TNLP4.SA) as the country's bellwether stock by the beginning of next year, analysts said on Wednesday. Telemar has had the heaviest weighting on Brazil's benchmark Sao Paulo stock market since 2001 but its share is slipping and analysts see Petrobras as its natural successor.
"The leading company has to be the biggest one," said Mauro Giorgi, an investment consultant at the Geracao Futuro brokerage.
There is little more than a percentage point between the weightings of Telemar and Petrobras, with each now holding 9.1 percent and 7.9 percent of the index, respectively.
Petrobras is splitting its preferred stock from Thursday in a move expected to make it four times cheaper and raise its accessibility to buyers.
Petrobras stock has gained 30.67 percent so far this year, thanks largely to expectations the company will raise domestic oil prices after a spike in international prices.
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OldNick
11.09.2005 16:54
#2688
Endre
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Petrobras to Raise Brazil Gas Prices 10%, Diesel 12% (Update1)
Sept. 9 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, raised the price of gasoline and diesel fuel for the first time this year after Hurricane Katrina in the U.S. helped push world oil prices to record highs.
Rio de Janeiro-based Petrobras will raise the price it charges distributors for gasoline 10 percent and the price of diesel 12 percent effective midnight tonight, Petrobras said in a statement sent to reporters by e-mail.
Increases paid by consumers at the gas-station pump will be smaller after taxes and the addition of ethanol -- a quarter of all commercial gasoline mixtures -- are taken into account. That may limit the potential impact on Brazilian inflation, which fell to a 15-month low in August.
``Inflation is very calm in Brazil,'' said Alexandre Lintz, chief Brazil strategist at BNP Paribas SA in Sao Paulo in a telephone interview. ``The gas and diesel price increase won't threaten the benign inflation dynamic.''
Petrobras' Chief Executive Jose Sergio Gabrielli, 56, has declined to raise Brazilian fuel prices to the same degree as world oil prices. Oil has gained 47 percent in the last 12 months on the New York Mercantile Exchange while Petrobras, before the increase announced today, has raised prices about 7 percent in the same period.
Crude oil for October delivery rose 41 cents, or 0.6 percent, to $64.90 a barrel at 11:53 a.m. on the New York Mercantile Exchange. Futures reached a record $70.85 on Aug. 30 after Katrina struck.
The government of President Luiz Inacio Lula da Silva, Petrobras' controlling shareholder, has made fighting inflation a key goal.
Prices
Before today's announced increase, consumers in Rio de Janeiro paid about 2.22 a liter ($3.64 a gallon) for gasoline according to an Aug. 7 to Aug. 13 survey of prices by Brazil's national petroleum regulator and published on Petrobras' Web site. They paid about 1.64 reais a liter for diesel.
Petrobras did not release the actual amount it will charge per liter of gasoline after the increase. Applying the increases to the petroleum regulator's survey, the price charged to distributors for gasoline, plus federal social-assistance taxes, will rise 1.14 reais per liter from 1.03 reais. Diesel will rise to 1.34 a liter from 1.20 reais a liter.
The prices do not include a 32 percent goods and services tax on gasoline and 13 percent goods and services tax on diesel or an average 14 percent distributors profit margin for gasoline and 13 percent margin for diesel.
Half of the price of gasoline paid by consumers goes to taxes.
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OldNick
13.09.2005 03:43
#2694
Endre
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No new fuel hikes while oil at $60-$70 - Petrobras
Mon Sep 12, 2005 04:39 PM ET
By Rodrigo Gaier
RIO DE JANEIRO, Brazil, Sept 12 (Reuters) - Brazil's state oil company, Petrobras, which hiked its fuel prices for the first time since November on Friday, does not plan any further rises if world oil prices stay between $60 and $70 per barrel.
Jose Sergio Gabrielli, president of Petroleo Brasileiro (PETR4.SA: Quote, Profile, Research) (PBR.N: Quote, Profile, Research) , said on Monday the company saw the range as a new benchmark for oil prices for now.
"We are taking into account international prices between $60 and $70 per barrel ... There will be no new adjustment" of fuel prices, if this level is maintained, Gabrielli told reporters.
Raul Campos, Petrobras executive manager for investor relations, said earlier, if there were no extraordinary events like a new hurricane like Katrina, "for us the rise is sufficient."
Petrobras, which accounts for practically all oil output and refining in Latin America's largest country, hiked its refinery-gate gasoline prices 10 percent and diesel fuel 12 percent on Friday.
Gabrielli acknowledged that a drop in inflation in the past few months was the key factor that allowed Petrobras to raise prices. Although Petrobras is formally free to set its fuel rates, the inflation-wary government in fact has the last say.
Petrobras stocks rose 0.7 percent in late trade on the Sao Paulo Stock Exchange while the broader market was 0.7 percent in the red.
Analysts hailed the fuel price rise, even though they say Petrobras prices for these two types of fuel still lag behind international ones after a rally on the world market over the past few weeks, especially in the aftermath of Katrina.
Frank McGann of Merill Lynch, who has a buy recommendation on Petrobras, said in a note diesel prices were 6 percent below international levels, while gasoline was a steep 28 percent below.
"But, prices are now in line with prices of just a few weeks ago ... the increase should be well received by investors. It should be seen as a strong indication of the commitment reiterated in recent strategic plans of maintaining prices in line with international prices," McGann said.
Artificially low fuel prices charged by the giant Petrobras, which some say were designed to curb broader inflationary pressures, have driven Brazil's two only private refiners, Ipiranga and Manguinhos, to a stoppage.
Joao Carlos De Luca, president of Repsol (REP.MC: Quote, Profile, Research) in Brazil, said Manguinhos, in which Repsol has a stake, will now evaluate an eventual resumption of output following the hike by Petrobras.
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OldNick
15.09.2005 21:49
#2705
Endre
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Petrobras August output in Brazil drops from July
Thu Sep 15, 2005 10:46 AM ET
RIO DE JANEIRO, Brazil, Sept 15 (Reuters) - Domestic oil production by Brazil's Petrobras dropped nearly 3 percent in August from July because of malfunctions and scheduled rig stoppages but was still way above year-ago levels.
Output by Petroleo Brasileiro SA (Petrobras) (PETR4.SA, PBR.N) averaged 1.696 million barrels a day last month, up 12 percent from August 2004, the company said on Thursday. Petrobras accounts for practically all crude output and refining in Latin America's largest country.
Petrobras said in a statement a power problem at the Albacora field rig halted gas lift operations between Aug. 13 and 20, while unspecified problems at three wells at the Caratinga field also contributed to the output drop.
One well resumed work at the end of August and another two will start producing again only at the end of September.
Scheduled maintenance stoppages occurred at two Marlim field rigs last month. Both have resumed work since.
Domestic natural gas production dropped 1.7 percent from July to 43.3 million cubic meters per day.
Petrobras also produced 165,800 bpd of oil abroad, the same as in July, while natural gas output abroad rose to 16.65 mcmd from 16.34 mcmd in July.
The Brazilian company produces crude or natural gas in Angola, Argentina, Bolivia, Colombia, Ecuador, Peru, Venezuela and the United States.
Including natural gas output and international operations, Petrobras had daily output in August of 2.232 million bpd in crude equivalent, down from 2.286 million bpd in July, but up from 2.04 million bpd a year earlier.
Petrobras expects average domestic output of around 1.7 million bpd this year and says it is on track to meet Brazil's oil needs next year. This year's projected rise of about 14 percent would come after a 3 percent drop in 2004. Next year, output should rise to 1.92 million bpd.
Petrobras launched two new 150,000 bpd rigs since December and two more rigs are scheduled to start working before the end of the year.
......
Men PetroBras ser ut til aa havne paa ATH i kveld, PBR naer $68 paa NYSE (R$ 39 tilsv. R$ 156 gammel kurs for splitt i Sao Paulo), sterkt.
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OldNick
21.09.2005 23:12
#2724
Endre
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ATH nesten hver kveld, ogsaa idag, + 4.8% - paa news:
Petrobras Expects Self-Sufficiency by 2005; Finds Gas (Update2)
Sept. 21 (Bloomberg) -- Brazil will produce enough oil to meet the country's needs by the end of 2005, a year earlier than expected, as Petroleo Brasileiro SA increases output, the state- controlled oil company's chief executive said.
Rio de Janeiro-based Petrobras will reach average daily production of 1.85 barrels of crude this year and will sustain production at or above those levels for ``many years,'' Petrobras Chief Executive Jose Sergio Gabrielli, 55, told reporters in Brasilia late yesterday.
``Self-sufficiency is sustainable in the long run,'' Gabrielli said. ``The level of developed reserves should remain stable for at least the next 20 years or so.''
Petrobras is developing new reserves and production as part of a $56 billion 2006-2010 investment plan announced Aug. 19. Under the plan Petrobras will be producing about 3.4 million barrels a day in 2010, about as much as Mexico, the hemisphere's largest producer, produces today.
Brazil will still import oil after achieving self- sufficiency because much of its production is heavy crude that Petrobras refineries can't handle, Gabrielli said. The heavy crude will be sold and proceeds used to buy lighter grades Petrobras can refine, he said.
Petrobras produced 1.86 million barrels of oil a day in August, 1.7 million barrels of that from Brazilian wells. The rest was produced overseas in such countries as the U.S., Argentina and Nigeria.
In recent days, Petrobras found natural gas in the Gulf of Mexico off the U.S. coast, according to a note sent by e-mail to reporters last night.
The note said the discovery, in an exploration block operated and 80 percent owned by Petrobras' U.S. unit, was of ``high quality'' but did not make an estimate on the size of the find. This is the first drilling and exploration project operated by Petrobras in the U.S. Petrobras has minority non-operating stakes in several other U.S. wells.
og
Brazil Increases Current Account Surplus Forecast (Update1)
Sept. 21 (Bloomberg)
Brazil's central bank raised its 2005 forecasts for the country's trade and current account surpluses because of stronger-than-expected export growth.
The central bank lifted its current account surplus forecast to $9.4 billion from a previous forecast of $4 billion. The bank raised its trade surplus l total $38 billion, up from an earlier forecast of $30 billion, the bank said in a report today. Brazil had a record trade surplus of $33.7 billion last year and a record current account surplus of $11.7 billion.
The growing surpluses are sparking a rally in Brazil's currency. The real has surged 25 percent in the past 12 months, the biggest gain among the 60 currencies Bloomberg tracks against the dollar. The real rose 0.5 percent today to 2.285 reais to the dollar at 11:30 a.m. New York time.
The central bank predicts the country's exports of products such as cars, soybeans and coffee will rise to a record $114 billion this year. That's up from its previous forecast of $108 billion. It forecasts imports will climb to $76 billion this year, down from a previous forecast of $78 billion.
Brazil's imports last year were $62.8 billion while exports totaled $96.5 billion.
The current account surplus narrowed in August as a strengthening currency boosted imports in the month, a central bank report showed today. The surplus in the current account, the broadest measure of trade in goods and services, narrowed to $822 million in August from a record $2.59 billion in July.
The central bank expects the current account surplus to widen to $2.5 billion in September, Altamir Lopes, head of economic research at the central bank, said at a news conference in Brasilia today.
Foreign direct investment in Brazil fell to $1.14 billion last month from $2.04 billion in July, the central bank report showed.
og
Brazil Lower House Head Severino Cavalcanti Resigns (Update2)
Sept. 21 (Bloomberg) -- Brazil's lower house President Severino Cavalcanti stepped down after a businessman said the lawmaker took kickbacks to grant a restaurant concession in congress.
Cavalcanti, 74, resigned today from his seven-month-old tenure as president of the house and from the seat he held for nine years, denying in a speech to congress he received bribes from restaurant owner Sebastiao Buani. The restaurateur said at a news conference Sept. 8 he was forced to pay Cavalcanti money in exchange for a new contract for his business inside congress.
``I want to reiterate and repeat that the accusations against me are inconsistent,'' Cavalcanti, a member of the Progressive Party, said in his resignation speech at the plenary floor today. ``Truth be told, they are false lies and I will prove that in the courts.''
Cavalcanti's departure gives President Luiz Inacio Lula da Silva's Workers' Party a chance to regain control of congress by helping an ally win the post, said Cristiano Noronha, a political analyst with Brasilia-based Arko Advice. Supporting a candidate from a small ruling-coalition party would increase Lula's chances of having an ally replace Cavalcanti as congress probes allegations the governing party bribed legislators, Noronha said.
``The name would have to be well-accepted by the opposition and able to restore the house's credibility,'' Noronha said in a telephone interview from Brasilia. ``The Workers' Party is battered and weakened, without a name that would lead to consensus.''
Ruling-coalition deputies Beto Albuquerque of the Brazilian Socialist Party and Aldo Rebelo of the Brazilian Commun
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OldNick
27.09.2005 15:14
#2756
Endre
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Brazil's Real May Extend Gains on Optimism Over Trade, Finance
Sept. 27 (Bloomberg) -- Brazil's real may extend a rally that drove the currency yesterday to its strongest level in four years on optimism rising exports will boost inflows of dollars to the country.
Brazil's real climbed yesterday after central bank President Henrique Meirelles said he has no plans to stem the currency's 16- month increase against the U.S. dollar. The gains were bolstered by a government report showing the trade surplus was almost $32 billion from January through Sept. 25, up 28 percent from the same period a year earlier, on higher exports.
``You are seeing a formidable improvement in Brazil's financial accounts, both the public sector as well as the trade surplus,'' Lawrence Goodman, a managing director and head of emerging market foreign-exchange strategy at Bank of America Corp., said in a telephone interview from New York.
The real rose 0.7 percent to close yesterday at 2.2485 per dollar, the strongest since May 10, 2001. The currency has increased its gain against the dollar to 18.1 percent this year, the best performance among the 16 major currencies.
The yield to the 2015 call date on Brazil's benchmark 11 percent bond maturing in 2040 fell to 7.86 percent yesterday, while the yield to maturity fell to 8.99 percent, from 9 percent the day before, according to JPMorgan Chase & Co. The price, which moves inversely to the yield, rose 0.15 cent on the dollar to 121.30 cents.
Meirelles said in an interview Sept. 25 the central bank ``doesn't plan to direct or influence the trend in the exchange rate.''
``We're not here to decide which exchange rate is good or bad for the country,'' Meirelles said in the interview in Washington.
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OldNick
30.09.2005 22:45
#2781
Endre
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UPDATE 1-Petrobras selling $3 bln Brazil oil field-source
Tue Sep 27, 2005 11:09 PM ET
By Charlie Zhu and I***o Kao
TOKYO, Sept 28 (Reuters) - Brazil's state energy company Petrobras is auctioning a heavy oil field to raise up to $3 billion, a person familiar with the situation said on Wednesday.
The auction by Petroleo Brasileiro SA (Petrobras) (PETR4.SA, PBR.N) had entered the final stage and the oil field carries a roughly estimated value of $2 billion to $3 billion, the source, who spoke on condition of anonymity, told Reuters.
Two other sources familiar with the process told Reuters that Petrobras had shortlisted Mitsubishi Corp. (8058.T) , Mitsui & Co. (8031.T) and Sumitomo Corp. (8053.T) for the Brazilian offshore heavy oil block called Jubarte that has yet to be developed.
"Only one of them will be awarded. It's an offshore block yet to be developed and it is expected to produce very heavy crude oil," said one source, who spoke on condition of anonymity.
The first source said the field was put up for sale very recently and up to 10 international energy companies had looked at the asset.
"Petrobras is conducting an auction in Brazil. Bidders have been shortlisted," the source said, with elaborating.
Spokepeople at all the three Japanese trading houses, and Petrobras were not immediately available for comment.
Japanese trading houses have been sinking billions of dollars into oil and gas production assets around the world, and their earnings have hit record highs, thanks to their heavy exposure to the natural resources sector, including metals and coal.
Mitsubishi and Mitusi, Japan's two largest trading houses, have already taken part in a few energy projects in Brazil, including the Barracuda and Caratinga offshore oil fields.
Details of Petrobras' asset being sold, such as reserves and forecast production, were not available. Petrobras is spending heavily on exploration and production. The giant expects its upstream spending would reach $11.5 billion this year.
UPDATE 5-Japan firms bid for Brazil oilfield, Petrobras denies
Wed Sep 28, 2005 10:08 PM ET
TOKYO/RIO DE JANEIRO, Sept 29 (Reuters) - Three Japanese trading houses have been shortlisted to bid for a Petrobras oilfield in a $3 billion auction, sources said on Wednesday, but Brazil's state oil company said the offshore field was not for sale.
Four sources told Reuters in Tokyo on Wednesday that Petrobras was holding an auction for a heavy crude block called Jubarte and had shortlisted Mitsubishi Corp., Mitsui & Co. and Sumitomo Corp.
One of the sources said the auction had entered the final stage and the field carries an estimated value of $2 billion to $3 billion.
"Petrobras is conducting an auction in Brazil. Bidders have been shortlisted," said one source, adding the field had been put up for sale very recently.
A Petrobras spokeswoman later on Wednesday denied the sale.
"There is no sale, there is no auction for Jubarte. There is no project finance scheme either. Petrobras is denying everything," said Mirian Guaraciaba, a spokeswoman for Petroleo Brasileiro SA (Petrobras) President Jose Sergio Gabrielli.
But a Mitsubishi spokesman in Tokyo insisted on Thursday morning that talks were going on.
"Everybody is highly interested in a possible deal," he said. "We are in talks over one of the blocks in the field."
Jubarte is already pumping a small amount of oil with a 20,000 barrels per day (bpd) temporary rig, and a 60,000 bpd Petrobras P-34 rig is due to replace it next year in the first phase of the project.
The next phase is still in the works but it should encompass a 180,000 bpd rig to be installed in 2010.
Mitsubishi and Mitsui, Japan's two largest conglomerates, have already taken part in a few energy projects in Brazil, including the Barracuda and Caratinga offshore oilfields.
Japanese trading houses have been sinking billions of dollars into oil and gas production assets worldwide, and their earnings have hit record highs thanks to their heavy exposure in natural resources, also including metals and coal.
"Japanese trading houses' buying interest in overseas oil and gas interests are still very strong despite high oil prices, which, on the other hand, allows them to take more risks," said Yoshinori Moda, an analyst at Nikko Citigroup Ltd.
If the deal is sealed, it would be one of the largest overseas oil and gas asset acquisitions by any of the Japanese trading houses.
Petrobras' profits and cash flows are rising amid higher oil prices and growing production, which, analysts say, means it does not need to sell any assets. It is spending heavily on exploration and production. The giant expects its upstream spending will reach $11.5 billion this year.
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OldNick
30.09.2005 22:49
#2782
Endre
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Petrobras to share refinery cost 50-50 with PDVSA
Thu Sep 29, 2005 11:09 AM ET
RIO DE JANEIRO, Brazil, Sept 29 (Reuters) - Brazilian state oil company Petrobras said Thursday it would split the cost of a planned $2.5 billion joint venture refinery in northeastern Pernambuco state with Venezuelan state oil firm PDVSA.
Petroleo Brasileiro SA (Petrobras) (PETR4.SA, PBR.N) and PDVSA will each use half of the capacity at the 200,000 barrel-per-day heavy oil refinery, which will be located in the Suape port area.
The two companies will continue with detailed studies of the plant, to be at full capacity in 2011, Petrobras said in a statement issued as Venezuelan President Hugo Chavez arrived in Brasilia.
The refinery should be ready by 2010.
Petrobras also said the board had approved a draft agreement to form a joint venture with PDVSA to develop natural gas fields in Venezuela's north Paria area, where estimated reserves reach 11 trillion cubic feet.
Talks on that project, which requires $2.2 billion in investment, will go on until January 2006.
According to the statement, PDVSA agreed to provide geological data for Carabobo oil field in the Orinoco belt for potential joint exploration.
The Petrobras share of the field, which has potential to pump 150,000 bpd of extra heavy 9 API oil, will be 49 percent, according to the statement.
The two will also mull a possible joint venture to develop the Lido, Limon, Nieblas, Adas and La Paz fields in Venezuela with estimated reserves of 437 million barrels of oil and 1.4 tcf of natural gas.
The Pernambuco refinery and other joint venture plans form part of Venezuela's efforts to develop strategic energy alliances in Latin America and the Caribbean as an alternative to U.S. economic dominance.
Brazilian President Luiz Inacio Lula da Silva has been supportive of Chavez' integration plans.
Petrobras officials have said earlier the Brazilian share of the oil for the new refinery will come from the Marlim field in the Campos basin. Venezuela's part will come from the Orinoco belt. The crude from both regions is heavy.
Petrobras said on Thursday the refinery will focus on diesel, liquefied petroleum gas and naphtha production to substitute imports.
Brazil, which refines about 1.8 million barrels of crude per day, built its last refinery in 1980.
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OldNick
06.10.2005 23:08
#2825
Endre
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Brazil Real Falls for 5th Day on U.S. Inflation, Growth Outlook
Oct. 6 (Bloomberg) -- Brazil's real fell on concern slower U.S. growth and rising inflation will crimp inflows of export revenue and investment into South America's largest economy.
The currency extended a 3.1 percent, five-day decline after a U.S. government report today showed jobless claims unexpectedly rose. Earlier this week, a report showed a slowdown in U.S. services industries and a U.S. Federal Reserve official have signaled that policy makers are concerned about inflation.
``Emerging markets in their entirety are being attacked by the inflationary perspective in the U.S.,'' said Marcelo Fleury, a partner at R.F. Partners Consultores in Sao Paulo.
The real fell 0.7 percent to 2.2840 per dollar at 10:01 a.m. New York time from 2.2678 late yesterday, paring its 2005 gain against the dollar to 16.3 percent. The real on Sept. 29 reached 2.2085, its strongest since trading at 2.1920 on May 7, 2001.
og
Brazil Industrial Output Quickens, Led by Appliances (Update1)
Oct. 6 (Bloomberg) -- Brazil's industrial production rose more than expected in August as companies bolstered output capacity to meet growing demand for home appliances and cars.
Output by miners and manufacturers rose 3.8 percent from the year-earlier period, up from growth of 0.6 percent in July and faster than the 2.8 percent median forecast in a Bloomberg survey of 17 economists, a government report showed.
``There are means across the industry to sustain these growth rates because we now have bigger factories and better technology,'' Fernando Mieli, chief financial officer at Petroquimica Uniao SA, which makes a quarter of the petrochemicals consumed in Brazil, said in an interview last week in Sao Paulo.
Industrial production growth may quicken further South America's biggest economy in months ahead as the central bank cuts the benchmark lending rate, said Tatiana Pinheiro, an economist with ABN Amro Bank NV in Sao Paulo.
Pinheiro predicts the central bank will lower the benchmark overnight rate to 17.75 percent by year-end from 19.5 percent today in a bid to bolster the country's economic expansion. Policy makers last month cut the rate a quarter-point from a two-year high of 19.75 percent. The reduction was the first in 17 months.
The government forecasts the economy will expand 3.4 percent this year, following growth of 4.9 percent last year.
Les mer her
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OldNick
17.10.2005 06:34
#2853
Endre
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Moody's raises Petrobras foreign currency ratings
Thu Oct 13, 2005 01:52 PM ET
NEW YORK, Oct 13 (Reuters) - Moody's Investors Service on Thursday raised the foreign currency bond ratings of Petroleo Brasileiro S.A., prompted by Moody's upgrade of Brazil.
Moody's raised by two steps Petrobras' rating to "Baa2," which is the second lowest investment grade rating, from "Ba1," which is the highest junk rating.
Moody's said the rating outlook on the Brazilian state-owned oil giant is stable.
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OldNick
17.10.2005 16:16
#2858
Endre
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Argentine Oil Workers Strike for Second Day, Factories Shut
Oct. 17 (Bloomberg) -- About 28,000 Argentine oil workers demanding higher wages extended a nationwide strike into a second day after failing to reach agreement with companies including Repsol YPF SA and Petroleo Brasileiro SA.
Workers at Argentine units of Madrid-based Repsol, Rio de Janeiro-based Petrobras and other oil and natural gas producers walked off the job yesterday because the companies refused to make an offer to raise salaries, said Alberto Roberti, head of the Federation of Oil and Gas Workers in a telephone interview. The union is demanding an increase of 260 pesos ($88) a month.
``We'll keep the strike for an indefinite time until they agree with our demands,'' Roberti said. Orlando Di Pino, a spokesman in Buenos Aires at Petrobras Energia Participaciones SA, the country's second-biggest oil company, declined to comment.
Argentina's exports swelled to a record high of $3.8 billion in August, helped by higher oil prices and increased demand for oil and natural gas from China and Brazil. Argentina produces 107,800 cubic meters of oil and 140.4 million of cubic meters of natural gas a day.
The National Federation called for higher wages after oil companies in the southern province of Chubut agreed with workers' demands to raise salaries by 260 pesos per month. Roberti said the increase should extend to workers across the country.
Argentine exports of crude oil rose in the first eight months of the year to $1.7 billion from $1.4 billion in the same period last year, while gas exports rose to $736 million from $711 million in 2004, according to the government.
og
AP Report: Brazil Oil Workers to Strike
Friday October 14, 5:40 pm ET
Brazil Oil Workers to Go on Strike for 24 Hours Monday to Protest Petrobras, Report Says
RIO DE JANEIRO, Brazil (AP) -- Oil workers in Brazil will go on strike for 24 hours Monday in a protest against state-oil company Petrobras, the Agencia Estado news service said Friday. The workers demanded a wage increase of 10.2 percent, while Petrobras last week offered an increase of 4.98 percent, the Agencia Estado said.
The workers also oppose a government auction for oil and gas exploration blocks scheduled for Monday through Wednesday by the National Petroleum Agency, the Federation of Oil Workers, or FUP, said.
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OldNick
18.10.2005 06:05
#2865
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High Oil Prices Add Allure To Emerging Market Oil Stocks
17 Oct 17:08
By Claudia Assis Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Several emerging-market oil and gas companies are well positioned to benefit from sky-high energy prices and access to domestic oil reserves, and investors would do well to take note.
An "incredibly favorable" production outlook for Brazil's state-run oil company Petroleo Brasileiro SA (PBR), or Petrobras, a higher appetite for risk favoring the oil sector in Russia and Indian oil companies becoming more visible are some of the factors in play.
Petrobras, which enjoys a monopoly on oil production in Brazil, is expected to increase output by 14% and 10% this year and next, respectively, said Lucrecia Tam, an analyst with Deutsche Ixe.
Moreover, there's consensus among analysts that the company's production will increase between 8% and 10% each year until 2010, with several new projects coming on line, she added.
In addition to its healthy production outlook, Petrobras is also shielded from the ups and downs of oil prices because it is an integrated company, Tam noted. If oil prices go up, Petrobras makes profit selling it for a higher price to its refinery division. If prices go down, then it is the refineries' turn to make more profits, she said.
The bellwether has heavily invested in infrastructure over the years and it is now reaping the benefits, Tam said.
Deutsche Ixe has a buy rating on Petrobras and a 12-month price target of $86. On Monday afternoon, stock of Petrobras added 2.2% to $63.58.
Petrobras is trading at a 30% to 40% discount compared to global emerging market oil companies in terms of enterprise value to debt-adjusted cash flow multiples, Tam said.
Petrobras produces a heavier crude oil, sold usually at a $7- to $8-dollar discount to Brent per barrel, but still benefits from the high oil prices.
"Oil prices are very,very iffy," Tam said, referring to the recent see-saw trading and the surge in prices due to hurricane-related concerns, including those generated by Tropical Storm Wilma, which was gathering strength in the Caribbean basin Monday. "But I don't think we are going to below $50 (per barrel) in the near term at all...It's a very comfortable situation for (oil companies)," Tam said.
As a government-controlled company, Petrobras is subject to some volatility with next year's presidential elections in Brazil and a possible change of management. Jose Sergio Gabrielli, Petrobras current president, is well-liked by investors, Tam said. But even if he were to go, people who manage technical aspects of the company generally stay, ensuing a smooth transition, she added.
Stock of Petrobras appreciated 67% in the last 12 months, Tam said. By comparison, shares of Asian-based oil companies such as China's PetroChina (PTR) appreciated on average 48%; shares of the major oil companies such as Royal Dutch Shell PLC (RDSB.LN) gained 14.5%, European oil companies added 29% and shares of U.S. mid-capitalization companies appreciated 25%.
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OldNick
18.10.2005 13:59
#2866
Endre
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2nd Update: Petrobras,Devon,Repsol Win Brazil E&P Blocks
10-17-05 05:39 PM EST
(Updates with number of blocks auctioned and other details.)
RIO DE JANEIRO -(Dow Jones)- Brazilian state-run oil company Petroleo Brasileiro SA (PBR), Devon Energy Corp. (DVN), and Spanish-Argentine energy firm Repsol-YPF (REP) won the first high-potential oil and natural gas blocks in a Brazilian government auction of exploratory blocks that started Monday.
In results characterized as partial and preliminary, Brazil's National Petroleum Agency, or ANP, said it sold 48 out of the first 436 oil and gas blocks on offer. In auctions covering the morning session only, the government earned 304 million reals ($136 million), ANP said.
Petrobras won two deep offshore blocks, the C-M-401 and the C-M-403, in the oil-rich Campos Basin, for which it will pay BRL44 million.
The blocks are close to the BC-30 block, where Petrobras has hit heavy crude in two wells. The company has to inform the ANP by the end of 2006 whether it will develop those wells for production.
In another block in the Campos Basin, the C-M-535, Petrobras won a 65% stake, with Devon being awarded 35%. The two companies will pay a total of BRL22 million for the block.
Devon and Petrobras also won joint bids for the nearby C-M-471 and C-M-473 blocks, in which Devon has 50% stakes and will serve as the chief operator. The companies will pay BRL184 million for the two blocks combined.
"Oil in this area usually is very heavy," Murilo Marroquim, the president of Devon's Brazilian unit, said. "But, of course, we are in these blocks to earn money."
Marroquim couldn't say when Devon might start to drill for oil in the newly awarded blocks.
Repsol-YPF won the operatorship in the C-M-539 block, also in the Campos Basin. Norway's Statoil ASA (STL.OS) took a 50% stake in the block.
Repsol also won a bid for the ES-M-737 block in the ultra-deep waters of the Espirito Santo Basin, for which it will pay BRL52 million. Repsol also has 40% in a consortium for a winning bid for the ES-M-665 block, where Amerada Hess Corp. (AHC) will be lead operator with 60%.
The blocks are located at a distance of about 100 kilometers from the Golfinho field, where Petrobras plans to produce light crude from next year on. A consortium in which Petrobras holds 80% and Statoil 20% won another block in the same basin, the ES-M-594.
Petrobras also won a bid for a fourth block in the Espirito Santo Basin, in which Petroleos de Portugal (PDP.YY) holds 20%.
The same consortium also won bids for three blocks in the Potiguar Basin off the northeastern states of Ceara and Rio Grande do Norte. In two other blocks in Potiguar, Petrobras has 60% stakes, with EnCana Corp. (ECA) and Petroleos de Portugal (PDP.YY) each holding 20%.
Petrobras also won a bid for the SM-1226 field in the Santos Basin. Other areas in that basin close to the Mexilhao field, where Petrobras is planning to start producing 12 million cubic meters of natural gas a day in 2008, are scheduled to be auctioned later Monday or Tuesday.
Petrobras also snapped up four exploration blocks in the Potiguar on-land area in the state of Rio Grande do Norte, and another four in the Reconcavo region on land in Bahia state.
In the Portiguar on-land areas, Petroleo de Portugal also won bids for four blocks as operator. Small oil companies, such as Brazil's ARBI Petroleo Ltda., also won bids for several on-land oil blocks.
The ANP last week qualified 44 companies, among them most oil majors, to bid for 1,134 oil and gas exploratory blocks at its seventh annual auction Monday through Wednesday. Only 87 blocks are considered to be of high potential to hit oil or gas.
In addition to 20 Brazilian companies, 24 foreign companies qualified to bid, including Exxon Mobil Corp. (XOM), Royal Dutch Shell PLC (RDSB.LN), Total SA ( TOT), BG Group PLC (BRG), Kerr-McGee Corp. (KMG) and Eni SpA (E).
Petrobras, which still accounts for more than 95% of Brazil's oil production, in the past six auctions has snapped up most Brazilian exploration and production blocks, either alone or in joint bids with other oil companies.
Wednesday, the ANP will auction 17 small, mature oil fields on land in the northeastern states of Bahia and Sergipe.
At an auction last year, the ANP sold 154 blocks out of the 913 put up for sale, including 619 offshore and 294 on land.
This week's auction was expected to earn the ANP more than BRL600 million.
Petrobras, which has the best knowledge of Brazil's offshore and onshore basins, last year won 102 blocks and participated as a non-controlling shareholder in five others, cementing its dominant position in Brazilian oil exploration and production.
-By Bernd Radowitz, Dow Jones Newswires; (55 21) 3288 5004; bernd.radowitz@ dowjones.com
(END) Dow Jones Newswires
10-17-051739ET
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OldNick
27.10.2005 23:53
#2919
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Brazil to reach oil self-sufficiency next year, explores other sources
By ASSOCIATED PRESS
October 25, 2005
BRASILIA, Brazil (AP) - Brazil will achieve its long-sought goal of oil self-sufficiency next year, Mines and Energy Minister Silas Rondeau said Tuesday.
Latin America's biggest country, an oil importer for decades, now produces about 1.73 million barrels of oil a day and projects year-end consumption of 1.85 million barrels a day. But next year, Brazil will produce more than it uses.
"Self-sufficiency in petroleum should be reached ... in 2006," Rondeau said in a radio interview.
It's quite a change from the 1970s, when Brazil imported 85 percent of the oil it consumed, deepening a foreign debt that caused a financial crisis lasting more than a decade.
Les mer her
og
Brazil Low Inflation Supports Rate Cuts, Bank Says
Oct. 27 (Bloomberg) -- Brazil's central bank said its inflation forecasts for this year and next are below the targets of 5.1 percent and 4.5 percent, signaling there is room to keep cutting the benchmark lending rate.
The bank said in the minutes of its Oct. 18-19 policy meeting -- in which it lowered the overnight rate a half- percentage point to 19 percent -- that the risks of a widespread economic slowdown are limited and that interest-rate reductions in months ahead wouldn't spark inflation. The bank didn't specify what its inflation forecasts are.
By saying that a recent pickup in inflation is a ``temporary'' result of an increase in fuel prices, the bank signaled that it will reduce the benchmark overnight rate by about half a percentage point in both November and December, said Emy Shayo, an economist with Bear Stearns & Co.
``The tone is one of gradual decreases and vigilance over the trend of inflation in the longer term,'' Shayo said in an interview from Sao Paulo.
Last week's rate cut was the second in two months, bringing the benchmark rate down from a two-year high of 19.75 percent, as policy makers seek to bolster the expansion in Latin America's biggest economy.
Future Yields
``The flexibility of the ongoing monetary policy won't put at risk the recent victories obtained in controlling inflation,'' the bank said in the minutes. ``The space and time in which we will see lower real interest rates will come as a consequence of the improvements in the general perception of the economy.''
Brazil's annual inflation rate is 6 percent, down from a 16-month high of 8.1 percent in April.
Central bankers ``are taking quite a dovish stance,'' Juliano Cecilio, chief economist at Sao Paulo-based Banco Safra, said in an interview. He said policy makers may cut the overnight rate to 18 percent by year-end.
[Endret 30.10.05 17:40 av OldNick]
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OldNick
31.10.2005 17:39
#2937
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Brasil på alles lepper
Kristin Vallevik Gjerde
Brasil er det foretrukne landet blant europeiske fonds-forvaltere de neste fem årene, ifølge en fersk undersøkelse fra Morningstar.
Hele 81 prosent av de europeiske fondsforvalterne tror vekstutsiktene er best i Brasil på fem års sikt, viser Morningstar European Fund Trends for oktober.
Den positive holdningen til Brasil viser seg også i forvalternes porteføljer. Hele 64 prosent av de spurte har en overvekt i Brasil. Kun seks prosent holder en overvekt i Mexico.
Viktige valg
Mange av landene i Latin-Amerika går nå en spennende tid i møte, på grunn av de kommende valgene i flere av landene. Forvalterne tror utfallet av valgene vil bli avgjørende for utviklingen på børsene. 14 prosent sier valgene er meget viktige, mens 78 prosent sier de er viktige.
Etter den positive utviklingen i Latin-Amerika er det imidlertid få fondsselskaper som oppgir at de ønsker å lansere nye fond som investerer i regionen. Kun tre prosent av de spurte sier de ønsker å lansere nye fond i regionen, ifølge undersøkelsen.
Rentehopp truer
Utviklingen på børsene i regionen er sterkt styrt av utviklingen i det amerikanske markedet og tendensene i økonomien. Et høyere rentenivå i USA vil mest sannsynlig kunne legge en demper på børsoppgangen i regionen.
Hele 59 prosent av de spurte mener at Latin Amerikanske aksjer vil bli mer negativt påvirket av høyere USA renter enn andre fremvoksende økonomier.
Morningstars analytikere utførte denne undersøkelsen mellom 17. og 24. oktober. Totalt 43 fondsforvaltere deltok i undersøkelsen, deriblant tre norske.
......
Velkommen etter, de er bare 3 år for sent ute. Men det er fortsatt betydelig potensial fremover på lengre sikt, selv om mye av det kortsiktige er tatt ut.
og jeg må dessverre takke nei til denne invitasjonen, da jeg ikke er "i området" den aktuelle dagen :-)
Dear Mr/Mrs X,
Petrobras kindly invites you to visit, on November 7 th (Monday), its production platform P-50. With oil & NGL production capacity of 180,000 barrels per day, the FPSO ship (Floating, Production, Storage and Offloading) will be used at Campos Basin in Albacora Leste field and it is currently anchored at Mauá-Jurong shipyard, in Niterói City, under final phase of construction.
Participants will be leaving at 8:30 am (local time) and the return is expected to take place at 11:30 am. The meeting point will be at Petrobras' headquarters, where buses will be available for the transfer.
The complete schedule, which will include a presentation by company executives and a visit to the unit installations, will be sent opportunely to the interested people.
Given to vacancy limitation, priority will be granted according to the order of confirmation, which may be addressed to: alerta.ri@petrobras.com.br
Sincerely,
Raul Adalberto de Campos
Investor Relations Executive Manager
[Endret 04.11.05 23:38 av OldNick]
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OldNick
05.11.2005 12:17
#2963
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Brasil $R (Real eller Reais) styrker seg jevnt og sikkert.
Brazil's real firms to 4-1/2-year high, stocks off
Fri Nov 4, 2005 04:55 PM ET
SAO PAULO, Brazil, Nov 4 (Reuters) - Brazil's currency closed on Friday at its strongest point in 4-1/2 years on strong dollar inflows while stocks declined after four sessions of gains.
The Brazilian real (BRBY) strengthened 0.41 percent to finish at 2.212 per dollar, its strongest since May 2001, after a five-session winning streak.
"There is no way the real will weaken because the amount of dollars that has flowed into the market and that is still expected to come from bond issues abroad is very big," said Paulo Fujisaki, an analyst with Socopa brokerage in Sao Paulo.
The real traded near Thursday's close for most of the day as market players awaited the central bank to drain dollars out of the market as usual, but rallied after it bought less greenbacks than expected by the market.
Les mer her
Dette er en ikke ubetydelig del av PetroBras kursstigning de siste årene. Men det gjelder først og fremst internasjonale investorer (som nordmenn :-), se her sammenligning av Petrobras (ordinære aksjer) notert på Sao Paulo-børsen kontra PBR - ADR's notert på NYSE.
Differansen er betydelig, for å si det mildt. Men, appresieringen er ikke ventet å avta, da Brasil's økonomi vokser fenomenalt, og kredittsituasjonen bedrer seg. Landet har overskudd på budsjettene, og betaler ned utenlandsgjeld.
En usikkerhet er korrupsjonsbeskyldningene mot Lula's regjeringsparti (det finnes det mer info om lenger oppe i tråden), og til neste år skal han på valg igjen. Men landet har bedre tillit i utlandet enn det har hatt noengang.
[Endret 05.11.05 12:20 av OldNick]
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OldNick
11.11.2005 16:32
#2972
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UPDATE 2-Brazil Petrobras profit up less than expected
Fri Nov 11, 2005 11:19 AM ET
By Denise Luna and Andrei Khalip
RIO DE JANEIRO, Brazil, Nov 11 (Reuters) - Brazilian state oil company Petrobras (PETR4.SA, PBR.N) on Friday posted a record high third-quarter net profit on a rise in output and fuel prices, but the result fell short of market consensus.
Net consolidated profit of 5.6 billion reais ($2.6 billion) came at the low end of market expectations and the results also showed rising oil extraction costs.
Petrobras said in a statement profit rose 27 percent from 4.4 billion reais a year earlier, excluding a one-time tax benefit obtained in the third quarter of last year. But when compared to its total profit of 5.56 billion reais, the increase from a year earlier was only about 1 percent.
Petroleo Brasileiro SA (Petrobras) stocks slumped nearly 4 percent after the results announcement, but then pared some of the losses to trade 2.8 percent lower at 30.9 reais.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 12.4 billion reais from 9.5 billion reais a year earlier, Petrobras said.
Analysts, on average, expected Brazil's industrial flagship to post net consolidated profit of about 6 billion reais and EBITDA of 13 billion reais.
Net consolidated revenues rose 18 percent to 35.7 billion reais, the company said.
"The result came in line with what we had been expecting, but seems others had overestimated and the bottom line frustrated some," said Felix Cavallari, an analyst with Fator brokerage in Sao Paulo.
Added ABN Amro Real analyst Jose Francisco Cataldo: "It's a good result. I see no reason for the stock to fall that much. Probably foreign investors are following bourses in Europe where oil companies' stocks are falling. Oil prices are slipping, too," he said.
A number of foreign brokerages had come up with much higher estimates, projecting a positive impact from the real currency's strong rally against the dollar on Petrobras' bottom line, while in fact it mostly boosted costs.
Petrobras' domestic oil output rose a steep 13 percent from year-ago levels, reaching nearly 1.73 million barrels per day on average as two new rigs started operating on the Barracuda and Caratinga fields in the Campos basin.
The costs of oil extraction in Brazil between January and September rose 33 percent from a year earlier to $5.54 per barrel despite an increase in output. They also rose 19 percent in the third quarter from the previous quarter.
Petrobras attributed the increase to a 16 percent appreciation of the local currency against the dollar and a rise in drilling and production equipment costs on the world market.
Refining costs rose 50 percent in the period due to the currency effect and programmed maintenance stoppages at four refineries. ($1 = 2.16 reais)
[Endret 11.11.05 16:55 av OldNick]
[Endret 11.11.05 20:48 av OldNick]
[Endret 12.11.05 15:02 av OldNick]
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