The Brazilian government awarded on Friday rights for companies to explore high-potential oil blocks in Brazil’s pre-salt offshore region. Six out of eight blocks offered received bids. The pre-salt blocks offered to investors will be governed by production-sharing contracts. Companies had to agree to pay a fixed signing bonus and offer the government a share... Continue Reading →
Shell wins three oil blocks in Brazil’s deepwater
Oil major Royal Dutch Shell Plc RDSA.L won half the blocks awarded in Brazil’s deepwater oil auction on Friday, while rival BP (BP.L) took two blocks and Exxon Mobil Corp (XOM.N) took one in a historic opening of the pre-salt play to foreign operators. Read more
BP keen to develop Brazil oil blocks quickly: executive
Oil major BP Plc plans to move quickly to develop oilfields in the two blocks that it won in Brazil’s deepwater oil region on Friday that it sees as a good bet in any price scenario, senior executives said. Read more
Shell, Exxon win blocks in Brazil’s pre-salt oil auction
Oil majors Royal Dutch Shell RDSA.L and Exxon Mobil (XOM.N) won blocks in Brazil’s coveted pre-salt oil region in an auction on Friday. Shell was part of consortia that won two of the four blocks on offer in the first part of an eight block auction. Exxon, in a consortium with Norway’s Statoil (STL.OL) and... Continue Reading →
Consortia with Shell, Total win pre-salt block in Brazil
RIO DE JANEIRO (Reuters) - A consortia led by Royal Dutch Shell Plc (RDSa.L) and including French major Total SA (TOTF.PA) won the right to explore Brazil’s pre-salt oil block, named Sul de Gato do Mato, during an auction on Friday. The companies pledged 11.53 percent of the oil after costs to the government, oil... Continue Reading →
Brazil confident of oil auction, appeals injunction
Brazil’s government has appealed an injunction suspending a pre-salt oil auction and expects the bidding to go ahead as planned on Friday, the Mining and Energy minister Fernando Coelho Filho told Reuters. Read more
Big Oil executives jet to Rio for deepwater oil sale
Brazil will auction eight blocks in its coveted deepwater oil region on Friday, a prospect that has attracted top executives from the world’s biggest oil companies to Rio de Janeiro for the bidding round. The oil companies and Brazilian officials expect to see aggressive bidding for the more than 12 billion barrels of estimated oil... Continue Reading →
First oil from Libra on November 15
First oil production from the giant Libra oil field offshore Brazil is expected to be achieved on November 15, 2017. According to Brazil’s O’Globo news paper, the new date has been shared by the Petrobras Libra Project Manager, Orlando Ribeiro. O’Globo reports that the new date marks a four month delay compared to the last... Continue Reading →
Big Oil Is Heading to Rio With $50 Crude No Longer a Nightmare
Output is surging at Brazil’s so-called pre-salt region. This decade it has gone from nothing to 1.3 million barrels a day. Better yet for international oil majors, the country is opening its prized region to foreign operators as part of a wider move to reduce the state’s role in the economy and boost competition. Majors... Continue Reading →
Petrobras expects bidding for all pre-salt oil blocks on Friday
The world’s top energy companies will compete fiercely for deepwater oilfields Brazil will auction on Friday and all eight pre-salt blocks are likely to be awarded, according to the head of state-run oil giant Petroleo Brasileiro SA. Read more
Brazil Energy Insight 