Random Graphic; Proved Reserves -- December 29, 2014

This is not an investment site. Just because there seems to be a lot of oil left does not mean it might be a good commodity to short or an opportunity to go long. The graphic is simply there because I thought it looked "neat," and, hey, I sometimes needs a reminder of the various "categories." 

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This Is Not An Investment Site

Brazil's state-run oil company Petrobras could be declared in technical default on some of its foreign debt as early as Tuesday if bondholders adhere to a campaign to force it to speed up its assessment of losses in a giant corruption scandal.

The campaign, which is being led by New York-based Aurelius Capital, applies only to the $54 billion of Petrobras bonds governed by U.S. law in New York state.

Aurelius, a "distressed debt" or "vulture" fund, is asking investors to put the company into default as "a precautionary step," according to a Dec. 29 letter from the firm reviewed by Reuters. Under the terms of those bonds, Petrobras is required to provide third-quarter financial statements within 90 days of the end of a quarter, in this case by Monday, December 29, 2014.

Petrobras has not published those accounts because allegations of contract-fixing and bribery at the company have raised doubts about the true value of its assets. For the default declaration to take effect on any of the more than 20 U.S. law bonds outstanding, investors holding at least 25 percent of each series must request the action, Aurelius said in the letter to fellow bondholders.