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Brazilian state-run oil firm Petrobras flagged another major production boost on Wednesday, while formally scuttling a refinery project outside Rio de Janeiro, underlining its laser-like focus on offshore oil exploration and production. At a breakfast with journalists, Petrobras Exploration and Production Director Carlos Alberto de Oliveira said the firm would produce more than 2.7 million... Continue Reading →
December 13, 2019 Following the announcement on December 11, 2019, with respect to the contract signature for FPSO Sepetiba, SBM Offshore is pleased to announce that it has entered into a shareholder agreement with its long standing business partners Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK) regarding the divestment of a 35.5% interest... Continue Reading →
December 12, 2019 Petrobras received from Ibama an operating license authorizing the start of the Farfan Reservoir Long Term Test, one of the discoveries made in the region. The plan foresees the installation of FPSO Cidade de São Vicente, connected to a production well. The license is valid for up to 180 days and by... Continue Reading →
December 12, 2019 The development of Buzios production in the Santos cluster will require the hiring of seven new FPSOs. The units will be able to produce at least 180,000 bpd - 30,000 bpd more than the platforms contracted for the project so far. The development plan was unveiled to the press last Wednesday (11/12)... Continue Reading →
Conditions for buoyant economic growth in Brazil have rarely, if ever, been better, making 2020 a “make-or-break” year for Latin America’s largest and long underachieving economy. Unprecedented monetary stimulus, huge strides on the government’s reform agenda to bring public finances under control and open up the economy, and a record low exchange rate should help... Continue Reading →
December 11, 2019 Petrobras President Roberto Castello Branco said Wednesday that the company wants to make an initial IPO of Gaspetro in the second half of 2020. The oil company has a commitment to Cade to leave the natural gas distribution segment. According to Castello Branco, however, there is resistance from Mitsui to be the... Continue Reading →
Dec 11, 2019 Petrobras and China's CNPC have ended talks on the possibility of building a refinery at Comperj in Itaboraí (RJ) after concluding that the project would not be economically viable, Petrobras president Roberto Castello Branco said on Wednesday. The executive stressed that it "makes no sense" strategically for the company to invest in... Continue Reading →
S&P Global Ratings revised on Wednesday 11 December 2019 Brazil’s sovereign rating outlook to positive from stable and affirmed the debt grade at ‘BB-’, citing as main driver behind the revision fiscal consolidation measures aimed at reducing Brazil's still large fiscal deficit. Moody's credit rating for Brazil was last set at Ba2 with stable outlook.... Continue Reading →
Dec 12, 2019 Seismic services provider Polarcus has been awarded a marine seismic acquisition program in Brazil. Polarcus said on Thursday that the program would start in the third quarter of 2020 with a duration of approximately ten months. The program comprises 4D acquisition in obstructed areas with a multi-azimuth component. Polarcus has not revealed... Continue Reading →
Brazil’s central bank cut its benchmark Selic interest rate to an all-time low of 4.50% on Wednesday, but indicated that with borrowing costs so low and economic growth starting to pick up, it may mark a pause in the easing cycle, if not the end. The unanimous decision by the bank’s nine-person rate-setting committee, known... Continue Reading →
Brazil Energy Insight 