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The FPSO owned by the 50/50 joint venture between OOG and Teekay Partners is heading to Brazil on a voyage expected to last around 65 days, ending in early June. Pioneiro de Libra will be the first to produce oil in the giant Libra Block. Since the naming of the FPSO in December of last... Continue Reading →
U.S. oil giant Exxon Mobil is at it again. The company on Thursday announced “positive results” on the Snoek well offshore Guyana, confirming a new – third – discovery on the Stabroek Block. Drilling targeted similar aged reservoirs as encountered in previous discoveries at Liza and Payara, Exxon said. Read more
Deepwater oil and gas industry, generally considered an expensive investment, has managed to cut its costs to a certain level, allowing its most attractive deepwater projects to now compete with US tight oil plays, Wood Mackenzie said. However, more cuts are needed to drive the deepwater breakevens further down. Read more
Brazil's former speaker of the lower house, Eduardo Cunha, was found guilty and sentenced to more than 15 years in prison on corruption charges on Thursday, according to the ruling from a federal court. The former politician's defense team said they would appeal the decision but Cunha will remain imprisoned pending appeal. Cunha, who drove... Continue Reading →
Petrobras signed the work order to restart work for the completion of the Emission Abatement Unit of the Abreu e Lima Refinery (RNEST), in Pernambuco. The start-up of the unit is planned for June 2018, which will allow the operation of the first refinery train at full load. The contract for the supply of goods... Continue Reading →
Rio de Janeiro, March 29, 2017 – Petróleo Brasileiro S.A. – Petrobras, in continuation to the material facts of 10/6/2016, 12/20/2016, and 3/15/2017 and to the press release of 11/21/2016, clarifies that it has notified the Federal Supreme Court of the impossibility to proceed with the divestment process for the transfer of rights relating to... Continue Reading →
The Brazilian government on Wednesday enacted a bigger spending freeze than anticipated while keeping tax hikes to a minimum as it seeks to reach a fiscal deficit target key to regaining the country's investment-grade rating. Finance Minister Henrique Meirelles told a news briefing the government would freeze 42.1 billion reais ($13.48 billion) in spending to... Continue Reading →
Odebrecht Óleo & Gás SA, the offshore oil drilling firm owned by Brazil's Odebrecht SA [ODBES.UL], could seek an out-of-court reorganization with creditors to speed up the restructuring of $5 billion in debts, two people familiar with the plan said on Monday. According to the people, an out-of-court workout would help the company known as... Continue Reading →
Brazil will start to sell oil and natural gas from production sharing contracts with oil companies around September, the head of the state firm managing these contracts, Ibsen Flores, told Reuters on Tuesday. Flores, the president of Brazil's state-controlled company Pré-sal Petróleo SA (PPSA), said companies working through the relatively new contracts are expected to... Continue Reading →
Brazil will start to sell oil and natural gas from production sharing contracts with oil companies around September, the head of the state firm managing these contracts, Ibsen Flores, told Reuters on Tuesday. (Reporting by Marta Nogueira; Writing by Marcelo Teixeira; Editing by Richard Chang)
Brazil Energy Insight 