Petrobras Faces Arbitration Over Failure to Repair Subsea Pipeline

Zacks01-09 19:27

Petróleo Brasileiro S.A. - Petrobras PBR, Brazil's state-owned integrated oil and gas company, faces an arbitration proceeding over unfulfilled pipeline repair obligations. Seacrest Petroleo, an oil ...

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Seacrest Petroleo, an oil ...</p>\n\n<a href=\"https://finance.yahoo.com/news/petrobras-faces-arbitration-over-failure-112700853.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Petrobras Faces Arbitration Over Failure to Repair Subsea Pipeline</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPetrobras Faces Arbitration Over Failure to Repair Subsea Pipeline\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-01-09 19:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/petrobras-faces-arbitration-over-failure-112700853.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Petróleo Brasileiro S.A. - Petrobras PBR, Brazil's state-owned integrated oil and gas company, faces an arbitration proceeding over unfulfilled pipeline repair obligations. Seacrest Petroleo, an oil ...</p>\n\n<a href=\"https://finance.yahoo.com/news/petrobras-faces-arbitration-over-failure-112700853.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://finance.yahoo.com/news/petrobras-faces-arbitration-over-failure-112700853.html","article_id":"2502117870","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2502117870","pubTimestamp":1736422020,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Petróleo Brasileiro S.A. - PetrobrasPBR, Brazil's state-owned integrated oil and gas company, faces an arbitration proceeding over unfulfilled pipeline repair obligations. Seacrest Petroleo, an oil and gas field operator in Brazil, recently announced that two of its subsidiaries have filed arbitration proceedings against Petrobras before the International Court of Arbitration of the International Chamber of Commerce  to claim damages of about $71 million for non fulfillment of a sale and purchase agreement.In April 2023, Petrobras announced thesaleof its entire stake in four onshore production fields in the State of Espírito Santo  to Seacrest Petróleo SPE Norte Capixaba Ltda  for $544 million. The agreement also included the repair of the TNC pipelines as part of its sale of the Norte Capixaba Cluster.Flotek Industries develops and delivers prescriptive chemistry-based t","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"巴西国家石油公司因未能修复海底管道面临仲裁","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PBR":1,"GPRK":1,"AETUF":1,"FTK":0.9},"content_text":"Petróleo Brasileiro S.A. - Petrobras PBR, Brazil's state-owned integrated oil and gas company, faces an arbitration proceeding over unfulfilled pipeline repair obligations. Seacrest Petroleo, an oil and gas field operator in Brazil, recently announced that two of its subsidiaries have filed arbitration proceedings against Petrobras before the International Court of Arbitration of the International Chamber of Commerce (\"ICC\") to claim damages of about $71 million for non fulfillment of a sale and purchase agreement.\nBreach of Purchase Agreement by PBR\nIn April 2023, Petrobras announced the sale of its entire stake in four onshore production fields in the State of Espírito Santo (jointly called the Norte Capixaba Cluster) to Seacrest Petróleo SPE Norte Capixaba Ltda (Seacrest) for $544 million. The agreement also included the repair of the TNC pipelines as part of its sale of the Norte Capixaba Cluster.\nHowever, PBR’s failure to fulfill its contractual obligations by completing the repairs made it difficult to transport heavy oil at required temperature and pressure levels, leading to a cumulative damage of about $71 million due to production inefficiencies and forced sales of subpar oil blends at significant discounts. Therefore, Seacrest requested suspending its $71 million post-closing payment due to Petrobras on Jan. 2, 2025.\nActions Against PBR by Local Court\nA local court also issued an injunction against Petrobras in December, limiting the company’s ability to take any action against Seacrest following its refusal to pay the post acquisition cost of $71.2 million, which was due to Petrobras on Dec. 31 for the purchases of the Cricaré and Norte Capixaba clusters.\nPBR’s Zacks Rank and Key Picks\nRio de Janeiro-based Petrobras is the largest integrated energy firm in Brazil. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks, as well as refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons. Currently, PBR has a Zacks Rank #3 (Hold).\nInvestors interested in the energy sector might look at some better-ranked stocks like GeoPark Limited GPRK, ARC Resources Ltd. AETUF and Flotek Industries, Inc. FTK. While GeoPark currently sports a Zacks Rank #1 (Strong Buy), ARC Resources and Flotek Industries carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.\nHamilton, Bermuda-based GeoPark Ltd is an explorer, operator and consolidator of oil and gas. The Zacks Consensus Estimate for GPRK’s 2024 earnings indicates 19.39% year-over-year growth.\nCalgary, Canada-based ARC Resources is engaged in the exploration, acquisition and development of oil and natural gas properties. AETUF’s expected EPS (earnings per share) growth rate for next year is 50.78%, which aligns favorably with the industry growth rate of 11.60%.\nFlotek Industries develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. The Zacks Consensus Estimate for FTK’s 2024 earnings indicates 125% year-over-year growth.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nPetroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report\nArc Resources Ltd. (AETUF) : Free Stock Analysis Report\nFlotek Industries, Inc. (FTK) : Free Stock Analysis Report\nGeopark Ltd (GPRK) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2502117870"}