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Nov 8, 2019 (Reuters) - Brazil’s state-run oil firm Petrobras, which dominated this week’s disappointing offshore oil auctions, has no interest in farming out its Buzios block to be operated by another firm, its head of exploration and production said on Friday. Major global oil firms snubbed a second Brazilian oil auction in a row... Continue Reading →
Offshore telecommunication services provider RigNet has signed a multi-year agreement with Petrobras to supply O3B VSAT technology to six of its FPSO vessels. RigNet said on Tuesday that the agreement for the six FPSOs was in addition to a deal for work on four Petrobras’ FPSOs awarded to the company last year. “This represents RigNet’s... Continue Reading →
Petrobras CEO Roberto Castello Branco said the reason most major oil companies didn’t show up for Brazil’s massive auction was because of the astronomic price tag and regulatory uncertainties. “The amount that companies would need to commit upfront, with license fees and compensation to Petrobras, was too high,” Castello Branco said in an interview Wednesday... Continue Reading →
Brazil’s Supreme Court decided on Thursday to end the mandatory imprisonment of convicted criminals after they lose their first appeal, a politically charged ruling that may lead to the release of former leftist President Luiz Inacio Lula da Silva. The reinterpretation of Brazil’s penal code, allowing convicts to exhaust their appeal options before being locked... Continue Reading →
Major global oil firms snubbed a second Brazilian oil auction in a row on Thursday, passing up promising offshore blocks and forcing officials to reconsider a bidding system that gives a privileged position to state-run Petroleo Brasileiro SA (PETR4.SA). The only block awarded in Thursday’s bidding went to the Brazilian oil firm, known as Petrobras,... Continue Reading →
For the second day, state-controlled energy giant Petrobras led the sole bid as major foreign producers sat out an auction of Brazilian oil deposits. Petroleo Brasileiro SA, as the company is also called, made a successful joint bid with China National Oil & Gas Exploration & Development Co. for the Aram block in Thursday’s sale... Continue Reading →
Brazil’s state-run Petrobras and CNODC, a unit of China National Petroleum Corp, were awarded rights to explore and produce oil at the Aram block in the country’s Santos basin by offering the minimum allowed profit oil of 29.96 percent. This was the only bid of the 6th Pre-Salt Round. The other blocks did not recieve... Continue Reading →
Brazil’s biggest-ever oil auction frustrated expectations on Wednesday, as high prices and the dominant role of state-run oil company Petrobras scared off global oil majors. Petroleo Brasileiro SA (PETR4.SA), as the Brazilian firm is also known, and Chinese state firms CNOOC (0883.HK) and CNODC [CNPC.UL] made the only bids out of over a dozen major... Continue Reading →
November 6, 2019 Petróleo Brasileiro S.A. – Petrobras informs that will be the operator with 90% stake in the consortium with CNODC Brasil Petróleo e Gás Ltda. (5% stake) and CNOOC Petroleum Brasil Ltda. (5% stake), which acquired today the exploration and production rights ofthe surplus volume of Búzios field from the Transfer of Rights... Continue Reading →
Nov 6, 2019 (Reuters) - A consortium led by Brazilian state-run oil company Petrobras and including China’s state-run companies CNOOC and CNODC was awarded the most promising block of the nation’s Transfer of Rights auction on Wednesday. The Buzios block was won by the companies by offering the minimum profit oil allowed for that area,... Continue Reading →
Brazil Energy Insight 