Brazil’s state-run oil company Petroleo Brasileiro SA (PETR4) said production increased 9 percent in the third quarter as output rose at new platforms, according to a statement in O Globo newspaper.
The Rio de Janeiro-based company produced 2.09 million barrels of oil per day in the three-month period ending Sept. 30, it said. The jump from the same period last year in part reflects higher output at production platforms P-58, P-55, P-62 and Cidade de Paraty, Petrobras wrote in the two-page statement.
It connected 15 new production wells in the quarter, bringing the total to 46 for the first nine months of 2014. Petrobras said it will publish audited financial results as soon as possible, and non-audited earnings on Dec. 12.
PricewaterhouseCoopers, the company’s outside auditor, said last month it wouldn’t sign off on financial results and would alert U.S. authorities if appropriate action wasn’t taken to probe allegations of corruption, according to two people with knowledge of the matter.
A multibillion-dollar money laundering and corruption probe dubbed Car Wash spread to Petrobras earlier this year after investigators uncovered ties between Paulo Roberto Costa, the company’s former head of refining, and a black-market money dealer.
Costa, who is under house arrest as part of a plea bargain with prosecutors, later told police he received bribes from a group of construction companies and shared the proceeds with politicians who are part of the ruling coalition. Parties in the coalition and building companies denied the allegations.
The company said it is stepping up internal governance to mitigate the risk of corruption and is performing internal investigations into any wrongdoing. It’s cooperating with authorities on the investigation.
The company will hold a conference call with analysts and investors on Nov. 17, according to the statement. Petrobras shares fell 2.9 percent on Nov. 14 in Sao Paulo.
bloomberg.com
The Rio de Janeiro-based company produced 2.09 million barrels of oil per day in the three-month period ending Sept. 30, it said. The jump from the same period last year in part reflects higher output at production platforms P-58, P-55, P-62 and Cidade de Paraty, Petrobras wrote in the two-page statement.
It connected 15 new production wells in the quarter, bringing the total to 46 for the first nine months of 2014. Petrobras said it will publish audited financial results as soon as possible, and non-audited earnings on Dec. 12.
PricewaterhouseCoopers, the company’s outside auditor, said last month it wouldn’t sign off on financial results and would alert U.S. authorities if appropriate action wasn’t taken to probe allegations of corruption, according to two people with knowledge of the matter.
A multibillion-dollar money laundering and corruption probe dubbed Car Wash spread to Petrobras earlier this year after investigators uncovered ties between Paulo Roberto Costa, the company’s former head of refining, and a black-market money dealer.
Costa, who is under house arrest as part of a plea bargain with prosecutors, later told police he received bribes from a group of construction companies and shared the proceeds with politicians who are part of the ruling coalition. Parties in the coalition and building companies denied the allegations.
The company said it is stepping up internal governance to mitigate the risk of corruption and is performing internal investigations into any wrongdoing. It’s cooperating with authorities on the investigation.
The company will hold a conference call with analysts and investors on Nov. 17, according to the statement. Petrobras shares fell 2.9 percent on Nov. 14 in Sao Paulo.
bloomberg.com
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