Petrobras chairman Mendes reinstated by Brazil court [Seeking Alpha]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
Company Research
Source: Seeking Alpha
The company had appealed last week's suspension over a conflict of interest regarding Mendes' role in the Ministry of Energy. The same lower court also had suspended Sergio Machado Rezende from the Petrobras ( PBR ) board over "alleged failure to comply with the requirements of the company's bylaws in the appointment." Separately, analysts say Petrobras' ( PBR recent oil discovery in Brazil's Equatorial Margin is a milestone for exploration and production in the region, BNamericas reports. Oil in the Anhangá prospect was found in Albian turbidite sandstones, a "very different" case from the Pitu Oeste discovery, where the oil-bearing rock consists of older, less porous and less potentially productive sandstones, geologist Pedro Zalán says. The Anhangá oil play is similar to those found in oil-rich countries such as Guyana, Suriname and Ivory Coast, according to Zalán.
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