Brazil's President Michel Temer is increasingly likely to depend on lower interest rates and an unpopular agenda of legislative reforms to revive a moribund economy, analysts said, as a deep recession risks entering a third year. Temer's best chances to spark growth lie in quickly pushing through Congress an unpopular pension reform unveiled this month.... Continue Reading →
Benthic ‘prodding’ at Petrobras’ Libra field (Brazil)
Brazil’s Petrobras has hired Benthic, a geosciences company, to carry out an offshore geotechnical investigation in the Libra field, offshore Brazil. Benthic’s PROD (Portable Remotely Operated Drill) will perform in-situ testing and sampling to a maximum penetration depth of 80 meters below the mudline, in water depths ranging from 400 to 2,300 meters. Following data collection, Benthic will... Continue Reading →
ANP EXTENDS FRADE FIELD CONCESSION UNTIL 2041
Chevron, which is in prolonged silence in Brazil, got good news from the ANP: the extension of the concession contract for the Frade field in the Campos Basin until 2041, while the previous agreement went only until 2025. The US company operates the area, with a 52% stake, and had a major setback in... Continue Reading →
Contract of Independent Audit Firm for 2017 to 2019 Fiscal Years/Petrobras
Rio de Janeiro, December 21, 2016 – Petróleo Brasileiro S.A. – Petróleo Brasileiro S.A. – Petrobras informs that its Board of Directors, in a meeting held yesterday, approved hiring KPMG Auditores Independentes (KPMG) to provide independent audit services for the fiscal years from 2017 to 2019, which may be renewed for two more years. After... Continue Reading →
Brazil court upholds injunction on Petrobras oilfields sale
A Brazilian federal court has rejected an appeal by Petroleo Brasileiro SA to allow the state-controlled oil company to proceed with the sale of two oilfields to Karoon Gas Australia. The court's decision to uphold a Nov. 19 injunction on the sale of the Baúna and Tartaruga Verde fields was made public on Monday and... Continue Reading →
Odebrecht, Braskem to pay $417.5 million in fines to U.S., Swiss governments
The Brazilian construction firm Odebrecht SA [ODBES.UL] and petrochemical company Braskem SA (BRKM5.SA) will pay 1.4 billion reais ($417.5 million) to the U.S. and Swiss governments as part of a settlement in a sweeping corruption case, a source close to the negotiations told Reuters Tuesday The deals, first reported by the Folha de S.Paulo newspaper,... Continue Reading →
Exxon Plans to Greenlight Giant Guyana Oil Discovery in 2017
Exxon Mobil Corp. plans to formally approve investing in the 1.4-billion barrel Liza oil discovery off the coast of Guyana by the end of 2017. Exxon hired SBM Offshore NV to design a floating production and storage vessel that will handle crude pumped from the field 120 miles (193 kilometers) off Guyana’s coast, the Irving,... Continue Reading →
Brazil’s central bank to add excess reserves to toolkit
The Brazilian central bank will add excess reserves to its toolkit to control liquidity and increase the efficiency of monetary policy, central bank chief Ilan Goldfajn said on Tuesday. In a briefing, Goldfajn announced measures to reduce credit costs for companies and consumers in the medium- to long-term as part of the government's push to... Continue Reading →
Production start-up in the Lapa field, in the pre-salt layer of Santos Basin
Rio de Janeiro, December 20, 2016 – Petróleo Brasileiro S.A. – Petrobras and its partners in the BM-S-9 consortium started the oil and natural gas production yesterday in the Lapa field, in the Santos Basin pre-salt layer, through the FPSO Cidade de Caraguatatuba. This is the third unit to enter operation in the pre-salt this... Continue Reading →
Government will auction adjacent areas to the pre-salt in the 14th Round
12/20/2016 The federal government will include in the next auction, ten exploratory areas with potential for pre-salt, six in Rio de Janeiro and four in Espírito Santo. If successful, they will be under the concession regime. "They are not in the pre-salt polygon, but they are adjacent areas, but who guarantees that the pre-salt... Continue Reading →
Brazil Energy Insight 