Petrobras Could Get Back 5.5 billion Reais in Corruption Probe

Brazilian state-controlled oil company Petróleo Brasileiro SA could receive up to 5.5 billion reais ($1.6 billion) back as a result of an ongoing corruption probe, Chief Executive Officer Pedro Parente said on Friday.

Speaking at a news conference in Curitiba, he estimated Petrobras lost roughly 6 billion reais due to a kickback scheme involving major politicians and executives. The company got 204 million reais back on Friday, adding to more than 500 million reais it had already received.

Source: Global Oil update

Please leave comments and feedback below

Comments

Uganda’s Big Shift To Oil—Can It Work?

Uganda's oil success depends upon tapping the 6.5 billion barrels of crude which sits within Uganda’s Lake Albert Basin.

Second explosion in one year on Aces FPSO in Pakistan

A fire broke out aboard the partially scrapped ACES FPSO at a shipbreaking plot in Gadani Pakistan.

Total Happy to be First Western Oil Firm to do Iran Deal

The boss of French oil and gas company Total said on Monday that it would be happy to be the first Western oil company to reach an agreement with Iran, but he said a deal had not yet been signed. "Discussions are going on and we'll see if we can sign in the coming days," Patrick Pouyanne told CNN Money on the sidelines of an Abu Dhabi petroleum conference. Asked about the estimated $6 billion value of the potential deal, Pouyanne said: "...developing a phase of South Pars (gas field) is more in the range of $2 billion dollars than $6 billion." Iran's SHANA news agency said on Monday that Total and China National Petroleum Corp (CNPC) would sign new contracts on Tuesday with National Iranian Oil Company (NIOC) on the second phase of the South Pars gas field. Total has had a previous involvement in South Pars, one of the largest natural gas deposits in the world, which is located in the middle of the Persian Gulf. In 1997, Iranian authorities awarde...

GLOBAL OFFSHORE UPDATE

Search This Blog