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TotalEnergies CEO, Patrick Pouyanne, has expressed interest in partnering with Petrobras on projects outside of Brazil as TotalEnergies expands in Latin America. Pouyanne mentioned Namibia, Suriname, and Angola as potential areas for cooperation. TotalEnergies is also close to approving a 220,000-barrel-a-day project in Suriname. This interest in partnering with Petrobras abroad reflects a rebound in offshore exploration, despite the slower-than-expected energy transition. TotalEnergies also has significant investments in wind energy in Brazil, with a focus on onshore wind. [Extracted from the article]

SBM Offshore NV, a major supplier of oil vessels, is awaiting tenders from Petrobras to further accelerate growth in Brazil, the largest oil-producing country in Latin America. The company has a production vessel en route to Brazil and another nearing completion in a Chinese shipyard. SBM is also waiting for Petrobras to re-launch a tender for two floating production storage and offloading vessels for an offshore project. The rapid growth in Brazil and Guyana is increasing global oil supply and complicating efforts by OPEC+ to control prices. SBM is also a supplier to Exxon Mobil Corp. in Guyana and is waiting for TotalEnergies SE to make a final investment decision for an FPSO in Suriname, which could potentially lead to opportunities in Namibia. [Extracted from the article]

Brazilian President Luiz Inacio Lula da Silva's efforts to increase the supply and reduce the cost of natural gas in Brazil have raised concerns about interventionist policies that could discourage investment from major oil companies. A recent decree allows Brazil's oil regulator to determine the amount of natural gas that oil producers reinject into reservoirs, potentially diverting more gas to the fuel market instead. This could impact the economics of offshore projects being studied by companies like Equinor and Shell, as they may be required to build gas pipelines and limit gas reinjection. Experts warn that such regulations could discourage investment and affect the country's oil production. [Extracted from the article]

Brazil's state-controlled oil producer, Petrobras, is seeking shale gas deals in Argentina to increase its fuel supplies and promote industrial growth. The company is looking to acquire a stake in Tecpetrol SA, a unit of the Techint Group. Petrobras aims to expand internationally, focusing on oil and gas projects in Latin America and off Africa's Atlantic coast. However, this strategy has sparked controversy within the government, which is also prioritizing environmental initiatives. Petrobras' interest in importing Argentine gas may conflict with Brazil's goal of becoming a global leader in the energy transition, as it could displace renewable energy sources. [Extracted from the article]

Brazil is turning to liquefied natural gas (LNG) as a backup power source due to a drought that is threatening its hydroelectric production. The country typically relies on hydroelectricity for its power needs but switches to gas when water levels are low. Energy suppliers in Brazil, including state-owned Petroleo Brasileiro SA, are seeking six LNG cargoes for delivery in September. This increased use of gas will impact consumers and industries, leading to higher bills. The situation is not as critical as in 2021, but the purchases coincide with strong demand in Asia and Europe due to various factors. [Extracted from the article]

Brazil is turning to liquefied natural gas (LNG) as a backup power source due to a drought that is threatening its hydropower production. The country typically relies on hydroelectricity for its power needs but switches to gas when water levels are low. Energy suppliers in Brazil, including state-owned Petroleo Brasileiro SA, are seeking six LNG cargoes for delivery in September. This increased use of gas will impact consumers and industries, leading to higher bills. The situation is not as critical as in 2021, but the purchases coincide with strong demand in Asia and Europe due to various factors. [Extracted from the article]

Brazil is turning to liquefied natural gas (LNG) as a backup power source due to dry weather conditions that are threatening its hydropower production. The country typically relies on hydroelectricity for its power needs but switches to gas when water levels are low. Energy suppliers in Brazil, including state-owned Petroleo Brasileiro SA, are seeking six LNG cargoes for delivery in September. This increased reliance on gas will impact consumers and industries, leading to higher bills. The situation is not as critical as in 2021, but the purchases coincide with strong demand in Asia and Europe due to various factors. [Extracted from the article]

Brazil is turning to liquefied natural gas (LNG) as a backup power source due to dry weather threatening its hydropower production. The country typically relies on hydroelectricity for its power needs but switches to gas when water levels are low. Energy suppliers in Brazil, including state-owned Petroleo Brasileiro SA, are seeking six LNG cargoes for delivery in September. This increased use of gas will impact consumers and industries, leading to higher bills. The situation is not as critical as in 2021, but the purchases coincide with strong demand in Asia and Europe due to various factors. [Extracted from the article]

Magda Chambriard, the new CEO of Petrobras, addressed investor concerns about government intervention and emphasized the company's commitment to guaranteeing returns for shareholders. Her appointment comes after her predecessor was fired due to a dispute over dividend payments. Chambriard's comments were well-received by investors, with Petrobras's preferred shares rallying in response. She also discussed the need to accelerate exploration off Brazil's coast and criticized licensing delays for drilling in environmentally sensitive areas. Additionally, Chambriard stated that Petrobras will continue to work to shield consumers from short-term fluctuations in oil prices. [Extracted from the article]

Magda Chambriard, the new CEO of Petrobras, has reassured investors about the company's ability to provide returns. Chambriard's appointment comes at a time when investors are concerned about government intervention in Petrobras. President Luiz Inacio Lula da Silva wants the company to invest more in sectors like refining and job creation. Chambriard also emphasized the need to accelerate exploration off Brazil's coast and criticized licensing delays for drilling in environmentally sensitive areas. Additionally, she stated that Petrobras will continue to shield consumers from short-term fluctuations in oil prices. [Extracted from the article]

Magda Chambriard has been appointed as the new CEO of Petrobras, the state-controlled oil company in Brazil. She has been given a mandate to increase investments in sectors such as refining. This decision has caused concern among investors, who worry that the company will prioritize less profitable areas like refining and renewable energy over more profitable deep-water oil extraction. Petrobras has historically been influenced by Brazilian presidents, who have used the company to further their economic agendas. Chambriard, an engineer, has a long history with Petrobras and previously served as the head of the Brazilian National Agency for Petroleum, Natural Gas, and Biofuels. [Extracted from the article]

Petrobras, the Brazilian state-owned oil company, has reached an agreement with Brazil's antitrust watchdog, Cade, to keep eight oil refineries that it had previously planned to sell. This decision comes as the company aims to expand its facilities and increase investments under pressure from the current administration to stimulate economic growth and job creation. The move represents a shift in strategy since the new administration took office, with Petrobras now focusing on areas such as refining, fertilizers, and renewable energy, which may be less profitable but align with the government's priorities. [Extracted from the article]

Magda Chambriard, an oil-industry veteran with close ties to Brazilian President Luiz Inacio Lula da Silva, has been appointed as the new CEO of Petrobras, the state-controlled oil company. Chambriard has a history of supporting large investment projects, which has concerned shareholders worried about overspending. Investors have shown their disapproval of her appointment, causing shares of Petrobras to decline. Chambriard's appointment is seen as a sign of government intervention, and she is expected to align with the government's priorities, including refinery expansions and using the company to stimulate economic growth. However, there are concerns about her ability to balance shareholder interests and government directives. [Extracted from the article]

Magda Chambriard, an oil-industry veteran with ties to Brazilian President Luiz Inacio Lula da Silva, has been appointed as the new CEO of Petrobras, the state-controlled oil company. Chambriard has a history of supporting large investment projects, including refinery expansions, which aligns with Lula's economic growth plans. However, investors have expressed concern about her appointment, leading to a decline in Petrobras shares. Chambriard's appointment is seen as positive by oil unions, who hope she will revive Brazil's offshore industry and build new refineries. She has also criticized licensing delays that have hindered exploration in Brazil. [Extracted from the article]

Brazil's junior oil drillers are shifting their focus to corporate acquisitions as Petrobras moves away from oil-field divestment. Companies like PRIO SA, 3R Petroleum Oleo e Gas SA, Enauta Participacoes SA, and PetroReconcavo SA, which grew by buying Petrobras' fields, are now engaged in merger negotiations or assessing potential acquisitions. These junior oil explorers offer investors an alternative to Petrobras and contribute to Brazil's goal of becoming one of the top five global sources of crude and gas. The trend towards consolidation is exemplified by the battle for 3R, with PetroReconcavo and Enauta competing for a merger. Petrobras, after facing financial difficulties, began selling mature fields and shallow-water assets, providing opportunities for other drillers. While Petrobras has shifted its focus back to onshore and international operations, it continues to review its portfolio and divest lower-performing fields. Junior drillers like PRIO are interested in acquiring assets, such as the Peregrino offshore field operated by Equinor ASA. Other potential acquisition targets include the Brazilian units of Karoon Energy Ltd. and BW Offshore Ltd. PetroReconcavo is evaluating smaller drillers, and Seacrest Petroleo Bermuda Ltd. is looking for a buyer for its onshore fields. The consolidation of positions in the Brazilian oil sector is expected to continue as companies assess the potential of their new holdings. [Extracted from the article]

Petrobras, the Brazilian state-controlled oil producer, is waiting for other companies to make bids for a stake in petrochemicals producer Braskem after Abu Dhabi National Oil Co. (Adnoc) withdrew its bid. Petrobras may also exercise preferential rights for the stake. The financially strained controlling shareholder of Braskem has been struggling to find a buyer for its stake. Petrobras is open to working with a financially strong partner and has ongoing dealings with Adnoc. [Extracted from the article]

Constellation Oil Services Holding SA's bondholders are benefiting from increased demand for the company's offshore rigs from Petroleo Brasileiro SA (Petrobras), resulting in a sharp recovery for the business. The notes due in 2026 have risen approximately 25 cents since November 2022, providing investors with a total return of around 45%. Constellation, which emerged from bankruptcy protection in Brazil in June 2022, expects its day rates to increase due to strong demand and plans to reprice a large portion of its contracts in 2025. Petrobras anticipates requiring 280 new wells through 2028, contributing to the demand for drilling rigs. [Extracted from the article]

Pietro Mendes, the government-appointed chairman of Petroleo Brasileiro SA (Petrobras), has been suspended by a court in São Paulo due to alleged conflicts of interest. Mendes, who also serves as the secretary of oil and gas in Brazil's Mines and Energy Ministry, was removed from his position after a complaint was filed by a state lawmaker. The court stated that Mendes' role could influence his decisions at Petrobras, leading to a conflict of interest. The suspension further complicates the ongoing leadership struggle within the company, as the Brazilian government considers whether to replace Mendes or Petrobras CEO Jean Paul Prates. [Extracted from the article]

Petrobras CEO Jean Paul Prates spoke at an event in Rio de Janeiro, emphasizing the potential for exploration in Brazil's Equatorial Margin offshore region. He also mentioned that Petrobras plans to resume operations abroad. Prates avoided addressing rumors about his potential replacement, stating, "Crisis? What crisis?" This article provides insight into Prates' perspective on the future of Petrobras and highlights the ongoing speculation surrounding his position. [Extracted from the article]

Constellation Oil Services Holding SA's bondholders are benefiting from increased demand for the company's offshore rigs from Petroleo Brasileiro SA (Petrobras), resulting in a sharp recovery for the business. The notes due in 2026 have risen approximately 25 cents since November 2022, providing investors with a total return of around 45%. Constellation, which emerged from bankruptcy protection in Brazil in June 2022, expects its day rates to increase due to strong demand and plans to reprice a large portion of its contracts in 2025. Petrobras anticipates requiring 280 new wells through 2028, contributing to the demand for drilling rigs. [Extracted from the article]

Constellation Oil Services Holding SA's bondholders are benefiting from increased demand for the company's offshore rigs from Petroleo Brasileiro SA (Petrobras), leading to a sharp recovery for the business. The notes due in 2026 have risen approximately 25 cents since November 2022, resulting in a total return of around 45% for investors. Constellation, which emerged from bankruptcy protection in Brazil in June 2022, expects its day rates to increase due to strong demand and the repricing of contracts in 2025. Petrobras plans to require 280 new wells through 2028, contributing to the demand for drilling rigs. [Extracted from the article]

Brazil's oil industry is experiencing increased merger activity, with Enauta Participacoes SA announcing plans to merge with 3R Petroleum Oleo e Gas SA. 3R is also considering a potential combination with PetroReconcavo SA. The news of these potential mergers has caused 3R's shares to rise by 7.3% and Enauta's shares to fall by 6.4%. These mergers are part of a trend among smaller oil companies in Brazil to expand and continue growing after the state-controlled Petroleo Brasileiro SA stopped selling oil fields. The proposed merger between Enauta and 3R is subject to shareholder and regulatory approval. [Extracted from the article]

Enauta Participacoes SA, an offshore oil junior in Brazil, has announced plans to merge with 3R Petroleum Oleo e Gas SA, which has oil fields on land and off the coast of Brazil. This comes after 3R Petroleum revealed its consideration of a potential combination with PetroReconcavo SA, another Brazilian oil producer with land-based oil fields. The proposed merger between Enauta and 3R is subject to approval by shareholders and regulatory authorities. These mergers are part of a trend among smaller oil companies in Brazil to expand after state-controlled Petroleo Brasileiro SA stopped selling oil fields. [Extracted from the article]

Brazilian state-controlled oil company Petrobras is increasing its imports of liquefied natural gas (LNG) to compensate for maintenance work on a major offshore pipeline. Petrobras is making regasification terminals in Bahia state and Rio de Janeiro's Guanabara bay fully available for up to 50 million cubic meters a day of imports. The company is also maximizing supply from other domestic sources of gas, reducing the use of fuel at its refineries, and increasing imports from Bolivia. The maintenance work on the pipeline and Mexilhao platform does not have a specified end date. [Extracted from the article]

Petrobras, the state-owned oil producer in Brazil, experienced a significant drop in market capitalization after deciding to skip a special dividend due to political pressure from President Luiz Inacio Lula da Silva. However, bondholders have not been affected, with Petrobras bonds remaining relatively stable since the announcement. The company's net debt has increased, but it is still considered the most solid borrower in Latin America's oil industry. Analysts believe that Petrobras can handle volatility caused by government actions for several years and that there are no signs of cash constraints to pay bonds. The company is now focusing on renewable energy projects under the Lula administration. [Extracted from the article]

Brazilian President Luiz Inacio Lula da Silva's return to power has raised concerns among investors about the use of state-owned oil company Petrobras to drive economic growth at the expense of shareholder returns. Petrobras CEO Jean Paul Prates is now facing pressure as Lula becomes more aggressive in enlisting the company to stimulate industrial investments and accelerate economic growth. The tensions highlight the struggle over Petrobras's identity and strategy, with previous management teams focusing on profitable oil projects while Prates argues for a plan to survive the energy transition. The recent decision to withhold dividends has caused market turmoil and raised fears of state intervention in the company. [Extracted from the article]

Brazilian President Luiz Inacio Lula da Silva has stated that state-owned oil producer Petroleo Brasileiro SA (Petrobras) needs to prioritize investment over dividend payouts. Lula's comments come after Petrobras decided against making an extraordinary payout on its 2023 earnings, causing its shares to fall. Lula wants the company to focus on reducing the prices of gasoline, cooking gas, and diesel for ordinary Brazilians, rather than solely benefiting shareholders. The market reacted negatively to Lula's comments, and he is set to meet with Petrobras' CEO to discuss the dividend matter. [Extracted from the article]

Brazilian President Luiz Inacio Lula da Silva has stated that Petrobras, the state-controlled energy company, needs to prioritize investment and be mindful of the Brazilian people as its shareholders. This statement comes in response to dividend cuts that have caused market turmoil. Lula emphasized his commitment to reducing the prices of gasoline, cooking gas, and diesel, which has led to a drop in Petrobras' shares. Lula is scheduled to meet with Petrobras CEO Jean Paul Prates to discuss the dividend issue. [Extracted from the article]

Petrobras, Latin America's largest oil company, plans to shift towards renewable energy and expects that half of its revenue will come from wind, solar, and renewable motor fuels within 10 years. The company's CEO, Jean Paul Prates, stated that Petrobras will be more cautious about issuing large dividends as it transitions into a renewable energy powerhouse. While some analysts predict that Petrobras could announce extraordinary dividends of up to $8 billion, Prates emphasized the need for caution and a conservative approach. Petrobras is also exploring acquisition opportunities in both renewables and oil, as well as petrochemicals and fertilizer production. The company is in talks with Mubadala Capital to become a partner in a refinery project that focuses on renewable fuels. Prates also highlighted the importance of government coordination and support for energy policy decisions and industrial development. [Extracted from the article]

Petrobras, Latin America's largest oil company, plans to shift towards renewable energy sources, with CEO Jean Paul Prates stating that caution will be exercised in issuing large dividends as the company transitions. Prates emphasized the need for acquisitions to facilitate this shift, while also acknowledging the necessity of investing in oil exploration to ensure continued crude production. Petrobras shares fell following this announcement. Unlike some international peers, Petrobras is committed to clean energy, with plans to invest in wind, solar, and plant-based fuel projects. The company is also exploring partnerships with Mubadala Capital to participate in a refinery project focused on renewable fuels. [Extracted from the article]

Petrobras, Latin America's largest oil company, plans to shift towards renewable energy and expects that half of its revenue will come from wind, solar, and renewable motor fuels within 10 years. The company's CEO, Jean Paul Prates, stated that Petrobras will be more cautious about issuing large dividends as it undergoes this transition. While some analysts predict that Petrobras could reward investors with billions of dollars in extraordinary dividends, Prates emphasized the need for caution and conservatism during this period of becoming an oil company in transition. Petrobras is also exploring acquisition opportunities in renewables, oil, petrochemicals, and fertilizer production. The company is in talks with Mubadala Capital to potentially become a partner in a refinery project focused on renewable fuels. Prates also highlighted the importance of Brazil's offshore wind projects and the need for a strong supply chain to support the country's oil projects as the world moves away from hydrocarbons. Petrobras is engaging in conversations with the government to develop an industrial policy that supports equipment suppliers and shipyards in Brazil. The company aims to participate in energy policy decisions with the government while maintaining its independence in business strategy. [Extracted from the article]

According to the CEO of Petrobras, Jean Paul Prates, oil prices could reach over $90 per barrel this year if attacks on ships in the Red Sea escalate. Prates expressed concern about the vulnerability of the oil and gas business in the region due to the proximity of Yemen and Somalia. However, Petrobras has not been affected by these attacks as it does not heavily rely on shipping oil through the Gulf. Prates also mentioned that Brazil will assist in mediating the border dispute between Venezuela and Guyana, and Petrobras may consider investing in oil projects in either country. Without any escalation, oil prices are expected to trade between $70 and $90 this year. [Extracted from the article]

We're in full on discussions about the plan", Fernanda Diniz, an energy-efficiency manager at Petrobras, said at a conference in Rio de Janeiro on Monday. (Bloomberg) -- Petroleo Brasileiro SA is in the final stretch of drafting its next five-year business plan, and the Brazilian oil major is still grappling with how to divide spending between energy-transition projects and its main business of producing oil and gas. [Extracted from the article]

(Bloomberg) -- Mubadala Capital, the investment arm of Abu Dhabi's sovereign wealth fund, is bullish on Brazil's growth prospects under President Luiz Inacio Lula da Silva and plans to invest more than $1 billion a year to expand its holdings in the country that range from an oil refinery to a toll road. Mubadala Capital and Petrobras recently signed an agreement to look into a biofuels unit at the Mataripe refinery for renewable diesel and aviation fuel, which could become one of the biggest renewable fuel producers on the planet, Fahlgren said. The firm just closed a second Brazil-specific fund with more than $710 million, more than double its first fund, and it should start raising capital for an even larger fund in 2024, Fahlgren said. [Extracted from the article]

(Bloomberg) -- Brazil's state-controlled oil giant Petrobras is capturing and storing a growing amount of carbon dioxide below the seabed in a strategy that helps it boost oil and natural gas production. Petrobras produces oil that is comparatively low in carbon, both from the amount of energy used to produce the oil, and the chemical makeup of the oil itself. [Extracted from the article]

(Bloomberg) -- A reef habitat near the mouth of the Amazon River is threatening to derail Brazil's biggest bet on expanding oil output. Read more: Idle Rig Shows the Costs of Petrobras' Offshore Drilling Fight Petrobras's opportunities to boost oil production are dwindling. State-controlled producer Petroleo Brasileiro SA, or Petrobras, is shutting down a drillship at the Foz do Amazonas exploration block and will put it to work on other offshore sites in the country's southeast, Petrobras said in an emailed statement. [Extracted from the article]

Investors are closely watching the board election and are concerned that the Luiz Inacio Lula da Silva administration will start undermining Petrobras's internal governance rules to have a freer hand to intervene in its business decisions. (Bloomberg) -- Brazil's government is planning to elect a chairman and two other members to the board of oil producer Petrobras even though they failed to pass the state-controlled company's internal audits, according to people familiar with the matter. [Extracted from the article]

(Bloomberg) -- Jean Paul Prates, the head of Brazil's state-controlled oil company, isn't deterred by the world's energy transition. "We will get market share", Prates, chief executive officer of Petrobras, said in an interview in Rio de Janeiro. [Extracted from the article]

(Bloomberg Businessweek) -- When Shell Plc's new chief executive officer, Wael Sawan, landed in Brazil last month on his first official trip abroad, the reception was warm. Even Jean Paul Prates, whom Lula handpicked to run Petrobras, said at an international oil conference in Houston earlier this month that the export tax wasn't a smart way to resolve Brazil's fiscal problems, but added that he was confident the tax would expire in June, as planned. [Extracted from the article]

During his first earnings call with analysts and investors, Jean Paul Prates said Petroleo Brasileiro SA, as the company is formally known, will continue paying robust dividends, while also saying it needs enough money to invest in traditional oil operations and the energy transition. (Bloomberg) -- Petrobras's new chief executive officer is navigating between Brazil's ambitions for industrial development and investors who expect to be compensated with profits and dividends. [Extracted from the article]

(Bloomberg) -- Brazil's Finance Minister Fernando Haddad stepped up calls for lower interest rates one day after unveiling a plan to shore up public finances by imposing levies on oil exports and phasing out fuel tax breaks. Haddad denied that the government is intervening in the way Petrobras, as the oil company is known, sets fuel prices. [Extracted from the article]

(Bloomberg) -- It didn't take long for Brazil's state-controlled oil giant Petrobras to come under fire from President Luiz Inacio Lula da Silva, who is struggling to avert a major slowdown in Latin America's largest economy. Even so, the government has strongly denied it's intervening in Petrobras's internal decisions and said fuel prices were above international levels before the company adjusted them lower. Gleisi Hoffmann, the speaker of the lower house and a Lula ally, summed up the ruling Workers' Party position in a tweet, where she called for an end to the "indecent distribution of dividends" and more "fair" fuel prices. [Extracted from the article]

Haddad denied that the government is intervening in the way Petrobras, as the oil company is known, sets fuel prices. (Bloomberg) -- Brazil will tax oil exports to raise an estimated 6.6 billion reais ($1.3 billion) while gradually removing fuel tax breaks in a victory for Finance Minister Fernando Haddad who's struggling to shore up public finances. [Extracted from the article]

The government will change the company's dividend policy, using some of the hefty dividends it has rewarded shareholders with for investments focused on energy transition instead, a person familiar with the matter said. (Bloomberg) -- Brazil's state-controlled oil company Petrobras sank on growing concerns that it will slash dividends and start subsidizing fuel under President Luiz Inacio Lula da Silva. [Extracted from the article]

(Bloomberg) -- The conflict between Brazil's ambitions to become a more responsible environmental steward while also ramping up lucrative oil exports has turned into an early test for President Luiz Inacio Lula da Silva. Off the coast of northern Brazil where the Amazon River enters into the South Atlantic, state-controlled oil giant Petroleo Brasileiro SA has had an oil rig on site since early December that hasn't started drilling. [Extracted from the article]

(Bloomberg) -- Brazilian President Luiz Inacio Lula da Silva has pledged to steer the state-controlled oil giant Petrobras in a more populist direction and investors aren't happy. Petrobras's incoming chief executive officer, Jean Paul Prates, said the tax break will give Petrobras enough time to review its own pricing policy. [Extracted from the article]

(Bloomberg) -- Brazilian President Luiz Inacio Lula da Silva has pledged to steer the state-controlled oil giant Petrobras in a more populist direction and investors aren't happy. Read more: Petrobras' Dividend Cushion Adds Protection Against Lula Stress Brazil's energy ministry is expected to name Prates to Petrobras's board on Tuesday. [Extracted from the article]

Jean Paul Prates, a senator for Lula's Workers' Party, confirmed Lula's invitation in a note sent from his press office. (Bloomberg) -- President-elect Luiz Inacio Lula da Silva has selected a senator and former Petrobras official to lead Brazil's state-controlled oil giant with the aim of turning it into a renewable energy powerhouse. [Extracted from the article]

(Bloomberg) -- President-elect Luiz Inacio Lula da Silva has selected a senator and former Petrobras official to lead Brazil's state-controlled oil giant with the aim of turning it into a renewable energy powerhouse. Read more: Lula Appoints Leftist Economist to Head Brazil Development Bank Prates was a point person on Lula's energy team during the campaign and was in charge of talking to investors about oil and energy. [Extracted from the article]

(Bloomberg) -- Petroleo Brasileiro SA approved 43.7 billion reais ($8.57 billion) in dividends from third-quarter earnings on Thursday, a move that is likely to generate pushback from politicians. Brazil's main oil union, known as FUP, and minority holders association, Anapetro, pledged to contest the massive dividends in court before the announcement. [Extracted from the article]