Rio de Janeiro, October 16, 2018 - Petrobras informs that today it signed an Integrated Project Business Model Agreement (“IPBMA” or “Business Model Agreement”) with China National Oil and Gas Exploration and Development Company (“CNODC”), a subsidiary of CNPC, advancing towards their Strategic Partnership, as disclosed to the market on July 4, 2018. The Business... Continue Reading →
Brazil far-right candidate could revise pre-salt oil contracts: report
Brazil’s far-right presidential front-runner Jair Bolsonaro could revise the country’s model of production-sharing contracts in its coveted pre-salt oil fields if he wins this month’s election, newspaper Valor reported on Monday. The poll leader ahead of the Oct. 28 run-off vote could also end overseas financing by state development bank BNDES, Valor reported, citing unnamed... Continue Reading →
IEA: Oil demand and supply close to new peaks
According to IEA’s report from last Friday, fifteen years ago, forecasts of peak supply were all the rage, with production from non-OPEC countries supposed to have started declining by now. In fact, production has surged, led by the U.S. shale revolution, and supported by big increases in Brazil, Canada, and elsewhere. Read more
Oil Majors Offload Gulf of Mexico Fields to Hunt Bigger Find
Big Oil is giving up looking for singles and doubles in the Gulf of Mexico: Now it’s home runs or bust. Exxon Mobil Corp. and Royal Dutch Shell Plc, the world’s two biggest oil companies, have put a slew of assets in the Gulf up for sale in recent weeks, while Brazil’s state-run Petrobras this... Continue Reading →
Engie, Caisse Plan to Bid $9 Billion For Petrobras Pipeline
French utility Engie SA and a Canadian pension fund plan to offer as much as $9 billion (34 billion reals) for Petrobras’s natural gas pipeline network, potentially a $1 billion boost from their initial bid, according to people with knowledge of the matter. Petroleo Brasileiro SA is now finalizing terms with Engie and the Canadian fund, Caisse de Depot... Continue Reading →
Petrobras to ditch Camarão Norte discovery off Brazil
Brazilian oil company Petrobras is abandoning the Camarão Norte discovery located south of the Manati field offshore Brazil. The Manati field is operated by Petrobras and QGEP is one of its partners. QGEP informed on Thursday that the Consortium of Block BCAM-40 has begun the relinquishment process with the National Agency of Petroleum, Natural Gas and... Continue Reading →
$85 Oil Opens Chasm Between Emerging-Market Winners, Losers
Oil prices have been creeping upwards for more than a year, quietly gaining ground as emerging-market investors fretted about trade and the end of cheap money. But now that crude is near the highest in four years, it’s suddenly a hot topic. For energy importers, the squeeze in supply is stoking inflation, while climbing U.S.... Continue Reading →
Brazil presidential frontrunner’s advisers clash over Petrobras
Nationalistic and free market advisers to Brazil’s right-wing presidential frontrunner are deeply split about the future of state-run oil company Petroleo Brasileiro, foreshadowing a showdown over divestments and fuel subsidies. Read more
Ensco-Rowan: All water depths with truly global footprint
Offshore drillers Ensco and Rowan earlier this week announced they would merge to create an offshore drilling company with the broadest geographic presence of any offshore driller in the market. Norwegian oil and gas intelligence firm Rystad Energy agrees. In a comment following the Ensco-Rowan merger announcement, Rystad labeled the deal as “A merger of equals,”... Continue Reading →
Itapu’s FPSO tender may come out this year
10/1/18 Petrobras is expected to launch the tender to contract Itapu's FPSO in the Santos Basin pre-salt in 2018. With the first oil planned for 2021, the platform will have the capacity to produce 120,000 barrels of oil per day. Sources believe that Petrobras may choose, as an alternative to chartering, the contractual modalities of... Continue Reading →
Brazil Energy Insight 