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Brazil has experienced a tremendous spurt in crude oil production, propelled by the development of its pre-salt resources. However, taking Brazil’s oil production to its current level certainly didn’t come cheap. Petrobras has paid over 78% of Brazil’s $396 billion bill for exploration (excluding dry well costs), development and operations from 2010 to 2018. This,... Continue Reading →
For a range of reasons not all related to costs, offshore operators have stated their preference for floating production with a recent slew of orders, a report by dedicated floating production watchers said this week. The world’s floating production supply chain — especially those offering front-end engineering and fabrication — can point at the end... Continue Reading →
November 28, 2019 - Petróleo Brasileiro S.A. - Petrobras reports that it signed today with PetroRio Jaguar Petróleo Ltda., subsidiary of Petro Rio S.A. (“PetroRio”), a contract for the sale of 30% stake in the Frade concession, located in the Campos Basin, north coast of the state of Rio deJaneiro for US$ 100 million. Currently,... Continue Reading →
Nov 28, 2019 Petrobras received eight bids for the purchase of Victoria 10,000, the largest of which was $U$ 15 million, after reducing the minimum bid price from $ 47.5 million to $ 5 million. In the first attempt to sell the rig, no proposal was submitted. Vitória 10,000 is a Petrobras rig, but it... Continue Reading →
November 28, 2019 - Petróleo Brasileiro S.A. - Petrobras informs that its Board of Directors approved, in a meeting held yesterday, the Strategic Plan for the 2020-2024 five-year period, in line with the company's strategic positioning, released on September 26, 2019, where we aim to be the best energy company in generating value for the... Continue Reading →
A former Petroleo Brasileiro SA oil trader who went by the code name “Phil Collins” told a Brazilian judge he received bribes from Vitol Group to favor the firm in contracts with the crude producer, court documents show. Carlos Roberto Martins Barbosa said he collected payoffs between 2003 and 2005 to steer fuel oil contracts... Continue Reading →
Nov 26, 2019 Without revealing amount of investments, oil company announces number of wells for next year Petrobras will drill seven to eight exploratory wells in 2020. The information was released by the oil company's E&P director Carlos Alberto Oliveira during the 2nd Pre-Salt Petroleum Technical Forum, anticipating that most of the campaign will be... Continue Reading →
November 26, 2019 Petrobras found evidence of oil and gas in well 4-BRSA-1372-RJS, within the Marlim Leste block, in the Campos Basin pre-salt. The discovery took place in a water depth of 2,024 meters, according to data published by the National Petroleum Agency (ANP). The field has two FPSOs (P-53 and Cidade de Niterói), with... Continue Reading →
November 26, 2019 Petróleo Brasileiro S.A. - Petrobras announces that, regarding to the sale of 100% of its equity interest in Araucária Nitrogenados S.A. (ANSA) and in Nitrogen Fertilizer Unit III (UFN-III), the ongoing negotiations with Acron Group have been closed, without business execution. Nevertheless, Petrobras informs that its strategic position of fully exiting the... Continue Reading →
November 25, 2019 Pre-Sal Petróleo SA (PPSA) estimates that the demand for new FPSOs could reach 28 new units to be installed between 2021 and 2030 to develop the reserves contracted under the production sharing model. There are a total of 17 exploration and production contracts signed between 2013 and this year, when TOR and... Continue Reading →
