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Political risk is again emerging as a major source of market instability in Brazil, as a series of setbacks for President Jair Bolsonaro sucks the life out of a broad-based recovery that had appeared to be gathering momentum following March’s market crash. Brazil’s status as the world’s No. 2 COVID-19 hot spot, Bolsonaro’s mishandling of... Continue Reading →
Jun 29, 2020 In the middle of one of the biggest crises in the oil and gas sector, two new companies specializing in recovering mature fields will start operations this year in the Brazilian market. However, 3R Petroleum and Trident Energy will face a very different scenario than the two expected when they signed, in... Continue Reading →
Jun 29, 2020 The government is making progress in developing guidelines for Petrobras' divestments in the refining sector. On Friday (26), the Ministry of Mines and Energy (MME) announced a new position by the National Petroleum Agency (ANP) on the subject. The guideline states that the refinery's logistics infrastructure must be operated by companies other... Continue Reading →
Jun 29, 2020 The National Petroleum Agency (ANP) approved the revisions of eight of the ten fields that were owned by Petrobras and were taken over by Trident Energy. The areas in question are: Badejo, Linguado, Marimbá, Piraúna, Bonito, Enchova, Enchova Oeste and Trilha, all located in the Campos Basin. The ANP also approved the... Continue Reading →
June 29, 2020 Petróleo Brasileiro S.A. - Petrobras informs that the Board of Directors of its wholly-owned subsidiary Petrobras Transporte S.A. (Transpetro), approved the creation of a Voluntary Severance Program (PDV), exclusive to its employees. The PDV is an important staff management tool, being yet another measure focused on cost reduction, in order to strengthen... Continue Reading →
A group of 19 companies including oil majors, trading houses and state-run firms were approved by Guyana's government for the next phase of a competitive process aimed at selecting an agent for marketing its share of crude produced in the country. PetroChina Co, Sinochem International, China Offshore Oil, ExxonMobil Corp, BP Plc, Total SA, Royal... Continue Reading →
June 26, 2020 Petróleo Brasileiro S.A. - Petrobras informs that its Board of Directors has approved the company's new Code of Ethical Conduct. The document, which unites the Code of Ethics with the Guide to Conduct, follows the best corporate integrity practices and represents another step towards strengthening the company's integrity culture. The unification is... Continue Reading →
June 26, 2020 Petróleo Brasileiro S.A. – Petrobras announces that, following up to the release disclosed on July 25, 2019, it has received R$ 265 million related to the second installment of the leniency agreement executed by Technip Brasil and Flexibras (companies of the Technip Group). This payment arises from the damages suffered by Petrobras’... Continue Reading →
June 26, 2020 Petróleo Brasileiro S.A. - Petrobras informs that it has started the opportunity disclosure stage (teaser), referring to the sale of its entire stake in a set of seven onshore production concessions located in the Solimões Basin, in the state of Amazonas. The teaser, which includes key information about the opportunity, as well... Continue Reading →
Norway’s recent tax relief package for the oil and gas industry is expected to cut breakeven prices by 40 per cent, thereby boosting the country’s rig demand while the UK’s plunges, according to Rystad Energy. A Rystad Energy assessment of the temporary tax relief package for the petroleum industry that Norway recently approved reveals that... Continue Reading →
Brazil Energy Insight 