(Bloomberg) --Canadian oil prices are poised to strengthen next year as Mexican heavy crude exports to U.S. Gulf Coast refineries dwindle, according to BMO Capital Markets. Heavy Western Canadian Select’s discount to the West Texas Intermediate benchmark could narrow to $5 to $7 a barrel next year, BMO said in a report Wednesday. Oil sands... Continue Reading →
Petrobras Boosts Output Forecast
Brazilian state-run oil company Petrobras said on Tuesday that 2020 production should exceed previously disclosed estimates, as the firm ramps up production at some of its most prolific offshore oilfields. Petroleo Brasileiro SA, as the company is formally known, said it expects to produce roughly 2.84 million barrels of oil equivalent per day (boepd) this... Continue Reading →
Petrobras Highlights on production and sales in 3Q20
Petrobras' operational performance in 3Q20 was very good, considering the challenging scenario imposed by the COVID-19 pandemic. Our oil and gas production in Brazil grew by 9.0% in the first nine months of this year compared to last year. The production of the pre-salt fields increased by 32%, while in the other areas, post-salt, shallow... Continue Reading →
Petrobras on S-10 Diesel production and sales record
Petróleo Brasileiro S.A. – Petrobras reports that in September, for the fourth month in a row, it surpassed the record production of S-10 low sulfur diesel, reaching the 1.89 million m³ mark. Also in September, Petrobras reached the sales record of the same product when 1.91 million m³ were sold. The growth in production of the... Continue Reading →
Petrobras on refinery sales
Petróleo Brasileiro S.A. - Petrobras informs that today the plenary composition of the Supreme Federal Court (STF), by majority vote, denied the preliminary injunction request formulated by the Federal Senate and Congress comitees regarding the Complaint 42576 to suspend the processes of divestment in refining and their respective logistic assets. Therefore, the company will continue... Continue Reading →
FOR 6 VOTES TO 4, THE SUPREME COURT APPROVES THE SALE OF PETROBRAS REFINERIES WITHOUT CONGRESS APPROVAL
The Supreme Federal Court (STF) has decided that Petrobras can proceed with the sale of half of its refining park. The voting score ended 6 to 4 in favor of the oil company. As is well known, the judgment on the theme in the Court originated after the Senate and Chamber of Deputies questioned the... Continue Reading →
Exxon expects another loss from production business as oil downturn drags on
(Reuters) - Exxon Mobil Corp XOM.N expects to post a quarterly loss from its production business for the third consecutive time this year, the largest U.S. oil major said in a filing on Thursday, as it continues to suffer from a crash in commodity prices due to the coronavirus pandemic. Exxon reported its first back-to-back quarterly loss... Continue Reading →
Petrobras defends that selling refineries is vital and subsidiary model brings more value
Petrobras' asset portfolio reorganization program, which foresees the sale of eight refineries, is vital to the health of the company that remains the "most indebted oil company in the world", said the lawyer for the state-owned company, Tales David. Macedo, in support of the Federal Supreme Court (STF). The judgment, in an action against sales... Continue Reading →
Petrobras on refineries
September 21, 2020 Petróleo Brasileiro S.A. – Petrobras, in relation to the news published in the media, referring to the divestment of the Presidente Getúlio Vargas Refinery (Repar), clarifies that the binding stage of the competitive process counts with the participation of Ultrapar Participações S.A., the consortium led by Raízen S.A. and China Petroleum &... Continue Reading →
Pemex projects production declines, AMLO’s new refinery to slash oil export volumes
Sept 18, 2020 (Bloomberg) --Petroleos Mexicanos expects a drastic drop in oil exports over the next three years as the company faces the twin challenges of declining output and supplying crude to a controversial new $8 billion refinery championed by the country’s President Andres Manuel Lopez Obrador. Pemex, as the state oil company is also... Continue Reading →
Brazil Energy Insight 