1st Block - Uirapuru – 4 bidders Winner – Petrobras (30%), Exxon (28%), Statoil (28%)and PetroGalp (14%) Bonus – R$ 2.650 billion, Projected Investment- R$ 2.450 billion 2nd Block – Dois Irmaos – 1 bidder Winner – Petrobras (45%), BP (30%), Statoil (25%) Bonus – R$ 400 million 3rd Block – Tres Marias... Continue Reading →
Brazil – Crisis of the refining monopoly/Opinion
06/06/2018 The replacement/resignation of the president of Petrobras was not a one-off stumble of Brazil’s oil market regulation strategy, implemented by the Temer government. In fact, if the crisis that led to the change of command at Petrobras – a crisis that is not yet over - led to abandoning the current strategy of international... Continue Reading →
Oil majors to bid on choice stakes in Brazil’s offshore
Executives from oil majors were set to gather in Rio de Janeiro on Thursday to compete for stakes in Brazil’s pre-salt oil play, home to some of the world’s most alluring offshore geology, as rising oil prices boost appetite for expensive offshore projects. A record 16 companies, including Chevron Corp, BP Plc and Royal Dutch... Continue Reading →
Repsol to invest over $9 billion in Upstream unit by 2020
Spanish oil company Repsol has updated its 2016-2020 Strategic Plan after achieving all the goals set out in the plan two years ahead of schedule, with an aim to invest 7.9 billion euros ($9.3B) in its Upstream unit by 2020. Namely, between 2018 and 2020, Repsol plans to invest 15 billion euros: 53% in its... Continue Reading →
Oil and gas mergers and acquisitions up 200% in the first quarter
06/06/18 The number of mergers and acquisitions in the oil and gas sector increased 200% in the first quarter of this year compared to the same period in 2017. There were 24 transactions this year against eight in the same period last year. It is the best result for a quarter since 2015, according to... Continue Reading →
Government plans one oil auction per year until 2021
June 6, 2018 BRASÍLIA - The National Council for Energy Policy (CNPE) plans to hold a round of oil field bidding each year until 2021, in the concession modality. In a meeting of June 5th, the board proposed to hold the 17th and 18th rounds of block bids, respectively in 2020 and 2021. The board... Continue Reading →
Equinor sells part of Carcara field for $955M to Exxon and Galp
Norway’s Equinor has sold parts of its stake in an offshore block containing the giant Carcara oil field, offshore Brazil under the agreements signed in 2017. Equinor sold a 36.5% interest in the BM-S-8 block to ExxonMobil and a 3% interest to Galp. In return, Equinor has received payments totaling around $955 million, with further... Continue Reading →
Petrobras – TAG sales process
Rio de Janeiro, June 5, 2018 – Petróleo Brasileiro S.A. – Petrobras informs that the 4th Panel of the 5th Federal Regional Court ordered, by majority, the suspension of the sale of the shares of subsidiary Transportadora Associada de Gas (TAG). However, the company reiterates that the aforementioned sale follows Petrobras’ Divestment Program, aligned with... Continue Reading →
Petrobras – Exercise of Pre-emption Right in the Fifth Bidding Round of areas under Production Sharing Regime
Rio de Janeiro, June 5, 2018 - Petróleo Brasileiro SA - Petrobras informs that today it submitted to the National Energy Policy Council (CNPE) an expression of interest to exercise the pre-emption right for the 5th Bid Round of Exploration Block under the production sharing regime, pursuant to Brazilian Law 12.351/2010 and Federal Decree 9.041/2017.... Continue Reading →
Brazil regulator seeks comment on fuel price change frequency
Brazilian oil regulator ANP said on Tuesday it would seek public comment over a period of several weeks on a potential rule that could set limits on how often fuel prices change in the country. The comment period, which will take place from June 11 to July 2, follows a nationwide trucker strike over diesel... Continue Reading →
