Petroleo Brasileiro S.A. - Petrobras (PBR)

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$PBR Petrobras says Libra test production could start by late September

Petrobras (PBR +3.9%) says oil production from the first rig to operate in the offshore Libra area should start in late September or October, after technical problems delayed officials' previous forecast of a July start.

The PBR-led consortium had problems connecting the well to the rig, as it prepares the extended duration production test with a view to initially produce 30K bbl/day of oil per day.

Separately, a Brazilian federal court temporarily halts PBR's sale of a 50% stake in thermal power station operator TermoBahia to Total (TOT +1.5%), which was part of a $2.2B deal signed in December as part of a strategic alliance between the two companies.

Finally, Brazilian prosecutors today filed corruption and money laundering charges against former PBR CEO Aldemir Bendine; he has been under arrest since late July for his alleged role in the crime.