petroleo brasileiro-spon adr (PBR) Key Developments
US Class-Action Investors Files Lawsuit Against Petrobras
Dec 9 14
A US class-action investors lawsuit filed against Petrobras accuses the company of failing to disclose 'a culture of corruption' that has sent shares plunging. The suit for violations of the Securities Exchange Act was filed in a New York federal court by the law firm Wolf Popper LLP on behalf of Peter Kaltman and others. It covers all investors who bought American Depositary Shares (ADS) of Petrobras, traded on the New York Stock Exchange, between May 20, 2010 through November 21, 2014. The plaintiffs are seeking an unspecified amount of money for 'all losses and damages' suffered as a result of the alleged violations and ensuing scandal that have hammered Petrobras shares. The complaint alleges that Petrobras issued materially false and misleading statements by misrepresenting facts and failing to disclose a culture of corruption at the company that consisted of a multi-billion dollar money-laundering and bribery scheme embedded in the company since 2006. The company is alleged to have overstated its property, plant and equipment line item on its balance sheet because overstated amounts paid on contracts were carried as assets on the balance sheet. The Brazilian company operates in 17 other countries, including the United States where it produces oil and gas and has refining operations.
Petróleo Brasileiro S.A. - Petrobras, Board Meeting, Dec 12, 2014
Dec 2 14
Petróleo Brasileiro S.A. - Petrobras, Board Meeting, Dec 12, 2014. Agenda: To consider reports on the Abreu e Lima and Comperj refineries.
Petrobras Starts Production at St. Malo in the Ultra-Deep Waters of the U.S. Gulf of Mexico
Dec 2 14
Petróleo Brasileiro S.A. - Petrobras announced that production started at the St. Malo field . The field is located approximately 280 miles (450 km) south of New Orleans, Louisiana, in water depths of approximately 7,000 feet (2,100 m) in the Walker Ridge area of the Gulf of Mexico. The reservoir depth is in the order of 26,500 feet (8,077 m).
Petróleo Brasileiro S.A. - Petrobras, Board Meeting, Nov 25, 2014
Nov 26 14
Petróleo Brasileiro S.A. - Petrobras, Board Meeting, Nov 25, 2014. Agenda: To create the position of Executive Director of Governance, Risk and Compliance with the duty of ensuring process compliance and risk mitigation, including, fraud and corruption, therefore guaranteeing compliance with laws, norms, standards and regulations, including Comiss o de Valores Mobili rios (Securities and Exchange Commission) of Brazil (CVM) and U.S. Securities and Exchange Commission (SEC) rules.
Petróleo Brasileiro S.A. - Petrobras Announces Drilling of First Appraisal Well in Libra Consortium Area
Nov 24 14
Petroleo Brasileiro S.A. Petrobras completed, on November 6th, the drilling of the first appraisal well in the Libra Consortium area, the 3-BRSA-1255 (3-RJS-731), informally known as NW1. Located in the northwest portion of the Libra block, in the pre-salt layer of the Santos Basin, the well is approximately 4 km Southeast of the discovery well, the 2-ANP-2A-RJS. The well has reached a final depth of 5,734 meters and is located 185 km off the coast of Rio de Janeiro, at a water depth of 1,963 meters. The drilling results have confirmed an oil column of approximately 290 meters and a reservoir that shows good porosity and permeability. Samples collected from the well have confirmed that the oil of 27 degrees API is the same as the one found in the well 2-ANP-2A-RJS. A formation test is expected in the oil-bearing zone to verify its characteristics and the reservoir productivity. The Libra Consortium - which is composed by Petrobras (operator, with 40%), Shell (20%), Total (20%), CNPC (10%), CNOOC Limited (10%) and the state company Pr -Sal Petr leo S.A. (PPSA) - will proceed with the activities set in the Exploratory Plan approved by Brazil's National Petroleum, Natural Gas and Biofuels Agency (ANP). At this moment, the second well being drilled by the Libra Consortium -3-RJS- 735 - informally known as L2C1, has reached the base of salt and the Operator forecasts that the drilling of the reservoir layers will happen in a few days.