Venezuela and Mexico are still coping with the fallout from the downturn while Brazil is set to start adding barrels again No region was hit quite as hard by the downturn as Latin America. Oil production across the region has fallen 20%, from 9.6m barrels a day as the crisis took hold in 2015, to... Continue Reading →
Exclusive: As Venezuelans suffer, Maduro buys foreign oil to subsidize Cuba
Venezuela’s state-run oil firm PDVSA has bought nearly $440 million worth of foreign crude and shipped it directly to Cuba on friendly credit terms - and often at a loss, according to internal company documents reviewed by Reuters. The shipments are the first documented instances of the OPEC nation buying crude to supply regional allies... Continue Reading →
Clarification on the revision process of the Transfer of Rights Agreement
Rio de Janeiro, May15, 2018 – Petróleo Brasileiro S.A. – Petrobras, in relation to the news published today in the press about the revision process of the Transfer of Rights Agreement, clarifies that discussions are ongoing between Petrobras’ internal committee, responsible for negotiating the Revision of the Transfer of Rights Agreement, and the Interministerial Commission,... Continue Reading →
Petrobras New Contracting Rules as of May 15th, 2018
The new Act (13,303/16) provides on the legal status of state-owned companies, mixed-capital companies and their subsidiaries, within the scope of the Union, the States, the Federal District, and the Municipalities. Sanctioned on June 30, 2016, the Act represents a regulatory framework for these companies’ performance and sets procedures and responsibilities for this. As a... Continue Reading →
CNPE sets at R$ 6.82 billion the bonus that will be paid to the Union in a new pre-salt auction
The National Energy Policy Council (CNPE) set the amount of the signing bonus to be paid to the Union by the winners of the 5th round of pre-salt blocks bidding at R $ 6.82 billion. The auction is scheduled for September 28 and will offer four areas. The signature bonus is paid for the... Continue Reading →
Petrobras Advances in Corporate Governance and Moves to Level 2 of B3
Rio de Janeiro, May 14, 2018 - Petróleo Brasileiro S.A. – Petrobras, further to the Material Fact from 10/26/2017 and to the press release from 12/15/2017, reports that the Brazilian Stock Exchange B3 authorized the company’s access to the special listing segment Level 2 of Corporate Governance. As from today, Petrobras' shares will start being... Continue Reading →
Brazil election poll shows right-winger Bolsonaro holds lead
Right-wing Brazilian presidential candidate Jair Bolsonaro held on to his lead in early polling ahead of October elections, with leftist Ciro Gomes challenging the more moderate Marina Silva for second place, a survey showed on Monday. Read more
Consortium signs agreement to invest in construction of Mero’s FPSO
05/14/18 Consortium formed by Modec, Mitsui, Mol, Marubeni and Mitsui E & S signed an agreement to invest in the construction of the FPSO of the first definitive system of the field of Mero, in the block of Libra. The Libra consortium chartered the FPSO Guanabara MV31 for 22 years to Modec, according to a... Continue Reading →
Petrobras tenders for Mero with operation for December 2019
05/14/18 The Libra consortium last week launched a tender for chartering two deepwater rigs to the Mero field. The deadline for submission of proposals is 2 August. The surprise of the process was due to the start-up period of the units, set for December 2019 and not staggered from July this year. The market predicted... Continue Reading →
Where next for jack-up rates?
Analysis of RigLogix data shows that recently, jack-up day rates around the world had risen to slightly above operating costs, allowing rig owners to finally make a little profit. That trend may not continue in all regions. In 2017, jack-up day rates in the Middle East and Southeast Asia, although not much above operating costs,... Continue Reading →
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