Petrobras wants to contract platform outside of Brazil to be installed in the Libra area, the big bet on the pre-salt Santos Basin. The company requested the National Agency of Petroleum (ANP), the release of the obligation to hire Brazilian suppliers for the construction of the vessel, with the argument that prices in Brazil are... Continue Reading →
Petrobras Cost-Cutting Is Making Traders in Oil-Rig Bonds Uneasy
Oil giant Petroleo Brasileiro SA’s cutbacks are reverberating in the bond market. QGOG Constellation SA, which rents rigs to Brazil’s state-controlled crude producer, has seen its $700 million of notes due in 2019 drop 11 percent in the past three months. The slump reflects mounting concern that Petrobras, as the oil company is known, may not... Continue Reading →
Brazil oil law change key to attracting investment: Statoil
The company logo of Norwegian energy firm Statoil is seen at the headquarters outside Oslo, Norway, November 28, 2014. REUTERS/Berit Roald/NTB Scanpix Norway's Statoil sees changes to Brazil's oil industry laws, including the end of mandatory participation by Petrobras in all subsalt blocs, as key for attracting foreign investment, Chief Executive Officer Eldar Saetre said... Continue Reading →
GE Oil & Gas inks FPSO agreement with MODEC in Brazil
9/7/2016 World Oil LONDON -- GE Oil & Gas has signed a major agreement with MODEC, an owner/operator and EPCI general contractor of floating production systems, to supply and service gas turbines for FPSOs in Brazil. MODEC ordered GE gas turbines for eight FPSOs based in Brazil and signed a 25-year maintenance contract for... Continue Reading →
Brazil prosecutors reject SBM leniency deal for Petrobras graft
Federal prosecutors in Brazil rejected a $328.2 million (247.34 million pounds) deal on Thursday allowing Dutch oil-ship lesser SBM Offshore NV (SBMO.AS) to avoid prosecution for corruption related to its contracts with state-led oil company Petrobras. The decision was made by a federal prosecutor review board, which said numerous problems needed to be addressed before... Continue Reading →
Brazil expects new Petrobras oil-rights deal by year-end
Brazil expects to renegotiate by year-end the price of 5 billion barrels of oil and gas rights purchased by Petrobras in a 2010 stock-for-oil swap, an energy ministry official said on Wednesday, removing a complication in the state-led company's plans to finance and develop major new offshore discoveries. Petrobras bought the rights from Brazil's federal... Continue Reading →
Brazil, Petrobras to revise subsalt oil contract terms this year
Aug 31 The Brazilian government and state-controlled oil company Petróleo Brasileiro SA could finalize a thorough revision of contractual terms for the exploration of a vast offshore oil region before year-end, a senior official said on Wednesday. The revision of a clause granting Petrobras the right to operate a minimum 30 percent of exploration and... Continue Reading →
Petrobras to gain $11 billion on sale of Brazil oil rights to Statoil: CEO
New chief executive of Brazil's state-run oil company Petroleo Brasileiro SA, Pedro Parente, gestures during his inauguration ceremony in Rio de Janeiro, Brazil, June 2, 2016. REUTERS/Sergio Moraes By Stine Jacobsen | STAVANGER, NORWAY The sale of a stake in Carcara, the giant Brazilian offshore oil prospect, to Norway's Statoil ASA (STL.OL) will gain Brazil's... Continue Reading →
Petrobras to study use of smaller platforms in the pre-salt to cut costs
Seeking to reduce costs, while maintaining the high productivity of the pre-salt wells, Petrobras is studying the use of smaller platforms for oil production in the area. According to the director of Exploration and Production of Petrobras, Solange Guedes, some pre-salt wells are achieving daily production of up to 50,000 barrels, an amount which allows... Continue Reading →
Statoil and Petrobras strengthen strategic partnership in Brazil
Statoil and Petrobras took a step forward in strengthening their cooperation in Brazil by signing a Memorandum of Understanding (MoU). The MoU was signed by Statoil CEO, Eldar Sætre (left), and Petrobras CEO, Pedro Parente. (Photo: Ole Jørgen Bratland) The intention of the MoU is to evaluate joint participation in future tenders for exploration areas... Continue Reading →
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