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(Reuters) - Petrobras is expected to receive binding proposals on December 10 for its refinery in Rio Grande do Sul, Refap, from the Indian conglomerate Essar Group and local companies Raízen and Ultrapar Participações among potential stakeholders , said people involved in the negotiations. All three companies were pre-qualified for the binding phase of the... Continue Reading →
Total trimmed its 2020 investment target on Friday after a sharp drop in third-quarter net profit, though the French oil and gas producer maintained its dividend. The company cut its investment target to $13 billion from $14 billion and said it was keeping a lid on operating costs too, even as it strives to grow... Continue Reading →
(Reuters) - Petrobras is in the advanced stages of several major divestments, executives said on Thursday, indicating that the company’s ambitious deleveraging program may quicken after a pause during the worst of the coronavirus outbreak in Brazil. Speaking to analysts following the company's third-quarter results, executives at Petroleo Brasileiro SA PETR4.SA, as the state-run oil firm... Continue Reading →
In November 2007 Brazil’s national oil company, Petrobras, shocked the E&P world by announcing a 5-to-8-Bbbl discovery in a completely unknown geological play: carbonate reservoirs below a 2-km layer of salt, offshore Brazil, in a 2,000-m water depth. This announcement marked the beginning of a complete turnaround in the history of Brazil’s oil and gas... Continue Reading →
(Reuters) Chevron Corp will lay off about 25% of Noble Energy's employees who joined the oil major after its $4.1 billion purchase of the smaller rival earlier this month, the company told Reuters on Tuesday. A collapse in crude oil prices has forced most oil and gas producers to drastically cut costs by laying off thousands... Continue Reading →
(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 →
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' 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 →
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 →
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 →
