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Brazil will push to expand oil drilling in its massive “pre-salt” oil and gas area off its coast in spite of growing global concerns about climate change, the country’s energy minister told Reuters on Monday. Brazil’s Mines and Energy Minister Bento Albuquerque spoke on the sidelines of a climate summit underway in Madrid where UN... Continue Reading →
Brazil’s central bank will lower its key interest rate to a new low of 4.50% on Wednesday, according to the unanimous view of economists in a Reuters poll, but stronger-than-expected economic data suggest this may be the last cut in the cycle. While inflation is well below the central bank’s target and widely expected to... Continue Reading →
Following a meeting in Vienna last Friday, the 7th OPEC and non-OPEC Ministerial Meeting decided for an additional adjustment of 500 tb/d to the adjustment levels as agreed at the 175th Meeting of the OPEC Conference and 5th OPEC and non-OPEC Ministerial Meeting. These would lead to total adjustments of 1.7 mb/d. In addition, several... Continue Reading →
Exxon Mobil Corporation XOM is planning to commence a 31-well exploration campaign offshore Guyana, per Argus. The company has submitted requests to the Environmental Protection Agency of Guyana for this drilling program, which will be executed in the Stabroek, Kaieteur and Canje blocks. Drilling from these three blocks is not expected to have any significant impact... Continue Reading →
Big oil companies operating in Mexico have launched a drive to convince leftist President Andres Manuel Lopez Obrador to resume auctions of oil and gas contracts he has branded a failure in reviving the industry. Chevron Corp, Exxon Mobil Corp and Royal Dutch Shell Plc, among other firms in Mexico's Association of Hydrocarbon Companies (Amexhi),... Continue Reading →
With Mexico's government insisting that energy companies increase oil and gas output before it auctions off more of the country's vast reserves or offers more partnerships with state-run Pemex, firms ranging from foreign majors to local players are scrambling to buy and sell blocks they already own. The negotiations are creating a dynamic secondary market... Continue Reading →
Dec 4, 2019 By 2030, Brazil is expected to more than double net natural gas production, according to a projection by the state-run Energy Research Company (EPE) linked to the Ministry of Mines and Energy. The estimate predicts a jump from the current 59 million to 147 million cubic meters (m³) per day. The data... Continue Reading →
December 3, 2019 Petróleo Brasileiro S.A. – Petrobras announces that it has started the opportunity disclosure stage, referring to the sale of its interest in two onshore exploratory blocks, located in the Espírito Santo Basin. Petrobras holds a 50% stake in each of the blocks, in partnership with Cowan Petróleo e Gás, which is the... Continue Reading →
Norway’s central bank Norges Bank has revoked „the observation” of the Brazilian oil company Petrobras. The bank manages Norway’s $1 trillion sovereign wealth fund, popularly known as the oil fund, and makes decisions on the observation and exclusion of companies in the Fund’s portfolio. Petrobras was under the bank’s observation since 2016 due to the... Continue Reading →
Dec 02, 2019 The October pre-salt production increased by 4.6% over September, totaling 2.394 million barrels of oil equivalent per day (MMboe / d), with 1.905 million barrels per day (MMbbl / d) of oil and 77 , 6 million cubic meters per day (MMm3 / d) of natural gas. Compared to October 2018, the... Continue Reading →
