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Brazil’s central bank could soon be forced to fire up the money printing presses if the coronavirus-fueled recession facing Latin America’s largest economy is as devastating as some economists fear. Hopes for any growth this year have all but evaporated. Many observers expect Brazil’s $1.8 trillion economy to post its first annual contraction since 2016.... Continue Reading →
Mar 25, 2020 ANP is launching today (3/25) the “Study on the Use of Pre-Salt Natural Gas”. The publication focuses on increasing the commercialization and participation of natural gas from the Pre-Salt in the country's energy matrix, in line with the guidelines established in Resolutions nº 10/2016, 17/2017 and 16/2019 of the National Energy Policy... Continue Reading →
Mar 25, 2020 Brazil's oil production totaled 2.97 million barrels per day (bpd) in February, down 6.2% from a record in January, but still up 19% from the same month in 2019. , pointed out data published by the National Petroleum, Natural Gas and Biofuels Agency (ANP) on its website. The contraction compared to the... Continue Reading →
One of the most powerful officials in the biggest U.S. oil state has been invited to OPEC’s inner sanctum in June in a rare rapprochement between two historically antagonistic crude powers. Texas Railroad Commissioner Ryan Sitton said Friday he was invited by OPEC Secretary General Mohammad Barkindo to attend the group’s summer meeting in Vienna.... Continue Reading →
The Trump administration plans to send a special energy envoy to Saudi Arabia to work with the kingdom on stabilizing the global oil market, officials said on Friday, as the U.S. scrambles to deal with a price crash so deep that regulators in Texas considered curbing production there for the first time in nearly 50... Continue Reading →
Mexico's oil regulator approved on Friday a request by French oil company Total SA to give up its exploration and production rights to a deep water block in the southern Gulf of Mexico that the firm had won at auction in 2016. The regulator said Total decided to return the block due to the results... Continue Reading →
March 19, 2020 - Petro Rio S.A. (“Company” or “PetroRio”) (B3: PRIO3), following best practices in corporate governance, updates its shareholders and the market in general about the results of the 3rd Phase of Polvo’s (“Polvo”, or “Field”) Revitalization Plan and the resulting impact from lower royalty rates incurring on the production of the new wells.... Continue Reading →
Mar 19, 2020 (Reuters) - Brazil’s central bank said on Thursday that the $60 billion foreign exchange swap line facility provided by the U.S. Federal Reserve does not imply any economic policy conditionality. In a statement, Brazil’s central bank said the facility will be used to increase the provision of dollar liquidity where necessary, and... Continue Reading →
Brazil cut its benchmark interest rate by half a point to a record low in a bid to mitigate the effects of the coronavirus pandemic that’s likely to push Latin America’s largest economy into recession. The central bank’s board, led by its President Roberto Campos Neto, on Wednesday lowered the Selic to 3.75%, as forecast... Continue Reading →
Mar 18, 2020 It is premature to discuss the postponement of auctions for oil exploration areas in 2020, defended the president of IBP, Clarissa Lins, in an interview with Estadão. The current planning is to carry out this year, the 17th concession round and the 7th pre-salt sharing auction. - "At the moment, the most... Continue Reading →
