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(U) The Brazilian government forecasts the country’s oil production will grow 70% by the end of the decade, propelled by multibillion-dollar investments from state-controlled company Petrobras and other operators. Brazil is recovering faster when compared to the world’s largest economies, Mines and Energy Minister Adolfo Sachsida said Monday during the opening ceremony of the Rio... Continue Reading →
(U) Equinor is set to sanction development of the giant Pao de Acucar gas condensate field on Block BM-C-33 in Brazil’s Campos basin, according to an executive with the Norwegian major. "It will be soon," Ana Serrano Onate, Equinor's senior vice president for petroleum technology, told Upstream when quizzed about the timing of a long-awaited... Continue Reading →
(U) US supermajor ExxonMobil expects oil and natural gas will remain an important part of the energy mix in the decades to come, in order to meet an expected rise in energy demand around the world. Third-party studies estimate that $13 trillion of new oil and gas investments will be required by 2050 to meet... Continue Reading →
Australia’s oil and gas company Karoon Energy has decided to postpone intervention activities on the fourth well at a field, located offshore Brazil. As a result, a Maersk Drilling-owned semi-submersible rig, which was used during the three-well intervention campaign, will now carry out drilling operations on another Brazilian field for Karoon. Back in April 2021,... Continue Reading →
(U) The first bid round featuring pre-salt acreage under the permanent offer mechanism will be the last auction of the current four-year term of Brazil’s President Jair Bolsonaro. Scheduled for 16 December, the round has attracted interest from supermajors in the US and Europe, as well as from oil companies in Asia looking for a... Continue Reading →
(U) Brazil’s Prio intends to become one of the largest independent oil and gas companies in the Americas and is counting on more than doubling its production over the next two years to meet that target. With a solid cash position of $1.2 billion, the company is simultaneously developing a pair of clusters in the... Continue Reading →
(U) Brazil has for decades been the king of the floating production, storage and offloading vessel market, and it should easily retain the crown for years to come as oil companies operating in the South American nation continue to opt for FPSOs to develop their hydrocarbon resources. Petrobras already has dozens of FPSOs spread across... Continue Reading →
(U) After years of uncertainty and stagnation, the offshore drilling market is making a comeback in 2022, with demand for rigs rebounding around the world. Brazil, one leg of the “golden triangle” of offshore oil and gas — the other two being the Gulf of Mexico and West Africa — is expected to lead rig... Continue Reading →
(Mint) In a landmark development to diversify crude oil sourcing for energy security in India, Bharat Petroleum Corporation Limited (BPCL), a ‘Maharatna’ and a Fortune Global 500 Company on Saturday signed a Memorandum of Understanding (MoU) with Brazilian oil firm Petrobras. The signing of the MOU will strengthen future crude oil trade relations between the... Continue Reading →
(Bloomberg) -- Next week’s elections in Brazil pose a challenge to Petrobras investors. Former President Luiz Inacio Lula da Silva, the front-runner, has vowed to use the company as a vehicle for national development. Incumbent Jair Bolsonaro, who’s fighting for a come-from-behind upset, is proposing the complete opposite, with plans to privatize the state-run giant.... Continue Reading →
Brazil Energy Insight 