Big Oil’s fortunes are becoming tied more closely to natural gas than ever before. Majors including Royal Dutch Shell Plc and BP Plc have boosted their proportion of gas output in recent years, helping them trim Exxon Mobil Corp.’s lead as the world’s most valuable oil company. Meanwhile Chevron Corp. added two giant Australian liquefied natural gas projects and... Continue Reading →
Ibama approves FPSO for Tartaruga Verde. Unit will be the third to produce in the year
June 23, 2018 The Campos dos Goytacazes FPSO has been in the Green Turtle field since May. Photo: Courtesy Ibama IBAMA has issued the operating license for the FPSO Cidade de Campos dos Goytacazes, which will produce in the field of Tartaruga Verde, in the Campos Basin post-salt. The license is valid until June 25,... Continue Reading →
Canadian pension fund CPPIB wants to expand investments in Brazil, looking at infrastructure
6/21/18 - The Canada Pension Plan Investment Board (CPPIB) plans to raise Brazil's share of its investment portfolio in coming years, Canadian pension fund executives said on Wednesday. CPPIB currently invests 12.3 billion Canadian dollars throughout Latin America, of which about 4 billion in Brazil, where it focuses its activities in the real estate segment... Continue Reading →
Petrobras – Unfavorable Decision in the Process on Minimum Compensation per Level and Working Regime
Rio de Janeiro, June 21, 2018 – Petróleo Brasileiro S.A. – Petrobras reports that the Full Court of the Superior Labor Court (TST) has issued unfavorable decision with 13 votes against and 12 votes in favor of the Company in a trial held today on labor suits, the purpose of which is to review the... Continue Reading →
Petrobras boosted refinery output in April, May
Refineries owned by Brazil’s Petroleo Brasileiro SA kicked up fuel production to between 83 and 85 percent capacity in April and May, from 67 percent at the end of last year, a source at the state-controlled oil company told Reuters on Tuesday. Read more
Deep-Water Drilling Is Back
The Gulf of Mexico has been the vanguard of global experimentation for offshore oil, and success this time could encourage more drilling in the world’s hot new oil basins in countries including Brazil, Guyana, Mexico, and Mozambique. Further on, it could even encourage more U.S. offshore production, if President Trump is able to fulfill his plan to... Continue Reading →
Bassoe: This is why jackup rig dayrates will double
Let the newbuilds come. The jackup market is far from oversupplied. We like to predict the future of the rig market. That involves extrapolating current trends, looking at history, listening to what oil companies and rig owners are saying, and (admittedly) speculating sometimes. But it doesn’t take a lot of speculating to conclude that the... Continue Reading →
Petrobras – Pre-payment of debt and new financing with Crédit Agricole CIB
Rio de Janeiro, June 20, 2018 – Petróleo Brasileiro S.A. – Petrobras informs that today it prepaid a debt with Crédit Agricole CIB, in the amount of US$ 500 million, whose maturity would occur in 2022. Simultaneously, it borrowed new financing with the same bank, in the amount of US$ 400 million, with maturity in... Continue Reading →
ExxonMobil drilling heralds oil era in Guyana
Keen to add to its production base, ExxonMobil hopes to have the oil flowing from offshore Guyana within two years It's not yet certain whether the tiny Caribbean state of Guyana is in good shape to handle the revolutionary economic and social impact of a multi-billion-dollar oil industry, but we are about to find out.... Continue Reading →
Relaxing of Brazil local content rules will boost oil output capacity: report
Brazil’s move to ease rules forcing oil producers to buy from domestic suppliers means Latin America’s top producer will be able to sustain output of 5 million barrels per day (pbd) by the mid-2020s, compared to just 3.7 million bpd under prior rules, consultancy Wood Mackenzie said in a report on Wednesday. Read more
Brazil Energy Insight 