Rio de Janeiro, December 06, 2018 – Petróleo Brasileiro S.A. – Petrobras, in compliance with article 12 of CVM Instruction no. 358, dated of 1/3/2002, reports that it was notified by BlackRock, Inc. ("BlackRock") that the latter has acquired preferred shares issued by the company and as of December 04, 2018 it manages share interests... Continue Reading →
The U.S. Just Became a Net Oil Exporter for the First Time in 75 Years
America turned into a net oil exporter last week, breaking 75 years of continued dependence on foreign oil and marking a pivotal -- even if likely brief -- moment toward what U.S. President Donald Trump has branded as "energy independence." The shift to net exports is the dramatic result of an unprecedented boom in American... Continue Reading →
Insight: Development of production to focus on Búzios
12/6/18 The Búzios field, in the Santos Basin pre-salt, will absorb 20% of Petrobras' total development investments between 2019 and 2023, in the order of US $ 48.4 billion. The onerous assignment project will receive US $ 9 billion in the period, according to Petrobras' new business plan for the period, released on Wednesday (5/12).... Continue Reading →
Petrobras to invest US $ 3.7 billion in gas over the next four years
12/06/18 Petrobras will invest about US $ 3.7 billion in natural gas for the period between 2019-2023, according to the business plan released on Wednesday (5/12) by the company. Despite changes in its operations in the domestic market, Petrobras intends to develop its operations in the global gas market. Among the main projects that will... Continue Reading →
Petrobras to spend $68.8B on E&P. Plans to order 7 new FPSOs
Brazilian oil company Petrobras has set aside $84 billion dollars to spend between 2019 and 2023. Most of this will go on E&P where the company plans to boost output by putting 13 FPSOs in production, seven of which it has yet to order. Continue reading
Petrobras revises production target of 6 million barrels
December 6, 2018 Petrobras will no longer pursue the goal of producing 6 million boe / day within five years. BE Petroleo has determined that the oil company intends to reach an average annual production of 3 million boe / day to 3.5 million boe day, in the medium term. The premise was established in... Continue Reading →
Bassoe: Whatcha gonna do with all those rigs, China?
There’s still over 50 newbuild jackups stranded in Chinese shipyards. It’s the end of 2018, and nobody knows when or how many of those rigs are coming to the market. Everyone knows China’s got an issue with the amount of capital the shipyards tied up during the jackup newbuilding boom that started over eight years ago.... Continue Reading →
Mexico’s President Calls for Oil Bid Hiatus Until Companies Show Results
This may be good news for Brazil Mexico’s newly inaugurated president Andres Manuel Lopez Obrador is turning up the heat on foreign oil companies to show results before he holds new auctions. “We can’t continue giving oil territory if there’s not a more significant investment” from foreign oil companies in Mexico, he said in a... Continue Reading →
IHS Markit to floating rig owners: Curb your enthusiasm!
Following several years of depressing market conditions, offshore rig owners have started showing optimism about the market outlook, encouraged by a recent rise in oil prices and the expectations that the oil majors must start spending more on exploration after years of underinvestment. However, it’s worth noting that the oil prices and underinvestment are not... Continue Reading →
Transocean wraps up $2.7B Ocean Rig acquisition
Offshore drilling giant Transocean has become even bigger as it on Wednesday evening announced the completion of the acquisition of Ocean Rig UDW, an ultra-deepwater drilling specialist. However, it’s not the size that’s driving the acquisition, it’s the quality. In a brief update, Transocean said the acquisition added nine high-specification ultra-deepwater drillships, two harsh environment... Continue Reading →
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