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Brazil’s central bank cut its benchmark interest rate to a new all-time low of 5.00% on Wednesday as expected, but signaled that further easing may be less aggressive than it has been in recent months, despite inflation running well below target. In a change from recent statements, the bank’s policymakers warned that the historically low... Continue Reading →
Brazil’s Petrobras aspires to reduce the amount of time from oil discovery to first production at its deepwater fields by almost 50% by 2029, while exploring ways to skip the exploratory drilling phased, an executive said on Wednesday. Petroleo Brasileiro SA (PETR4.SA), as the firm is formally known, wants to cut the period of time... Continue Reading →
Oilfield services provider Baker Hughes reported a rise in its third quarter 2019 profit as its orders grew by 35 percent when compared to the same period last year. According to its quarterly report on Wednesday, Baker Hughes’ orders were $7.8 billion in the third quarter 2019, up 35% year-over-year when its orders were $5.7... Continue Reading →
Oil and gas giant Shell’s current cost of supply earnings, excluding identified items, in the third quarter of 2019 fell 15 percent. CCS income was ~$4,8 billion, down from ~$5,6 billion a year ago. The third-quarter revenue was $86,6 billion, down from $100,1 billion a year ago. Shell on Thursday said that compared with the... Continue Reading →
Spanish oil company Repsol reported a drop in 3Q 2019 profit. Net profit for the quarter was 333 million euros, a 46,7% drop from 625 million euros in 3Q 2018. Adjusted net income in the third quarter was €522 million, 11% lower year-on-year. In Upstream, adjusted net income was €218 million, €150 million lower than... Continue Reading →
The ExxonMobil-operated Liza-1 development, located in the Stabroek Block offshore Guyana, is now expected to start production through the Liza Destiny FPSO in December 2019, which is earlier than expected. The Liza field sits in the giant Stabroek block, which covers almost 27,000 square kilometers, circa 200 kilometers offshore Guyana. ExxonMobil has struck more than... Continue Reading →
Oct 31, 2019 Brazilian oil company Petrobras has reportedly managed to sell the ultra-deepwater drillship Vitoria 10000 after its first auction received no bids. According to the Norwegian rig broker Bassoe Offshore, the drillship was sold earlier this week for around $15 million. “The second auction for the Petrobras-owned drillship, Vitoria 10000, the highest bid... Continue Reading →
October 31, 2019 Petróleo Brasileiro S.A. – Petrobras in addition to the press release issued on October 23, 2019, reports that the signing of the Amendment to the Transfer of Rights Agreement was postponed for tomorrow, November 1, 2019. The new signing date was approved by the company's Board of Directors, as it complies with... Continue Reading →
As global oil firms make ever-bigger bets on Brazil’s massive deepwater fields in its ‘subsalt’ area, a swarm of small and mid-sized companies has sprung up to specialize in lower-profile fields that still produce over a third of the country’s crude. The proliferation of niche players, ranging from private equity firms to domestic and international... Continue Reading →
Oct 30, 2019 The oil produced in the pre-salt is increasingly supplying the foreign market and also the cash of Açu Petróleo, owner of the only private oil logistics infrastructure, the T-Oil terminal of Porto do Açu Port. The company's client list includes large oil companies operating in the region. The top three are Petrobras,... Continue Reading →
Brazil Energy Insight 