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Barring additional oil production cuts by OPEC in 2020, Norwegian energy intelligence company, Rystad Energy, forecasts a substantial build of global crude stocks and a corresponding drop in oil prices. A showdown is taking place in Vienna as OPEC countries plus Russia will gather in the Austrian capital on 5-6 December to discuss oil output... Continue Reading →
December 2, 2019 – Petróleo Brasileiro S.A. – Petrobras announces that it has started the opportunity disclosure stage, referring to the sale of its interest in the onshore fields of Dó-Ré-Mi and Rabo Branco, belonging to the BT-SEAL-13 Concession, located in the SergipeAlagoas Basin. The teaser, which contains key information about the opportunity, as well... Continue Reading →
The U.S. solidified its status as an energy producer by posting the first full month as a net exporter of crude and petroleum products since government records began in 1949. The nation exported 89,000 barrels a day more than it imported in September, according to data from the Energy Information Administration Friday. While the U.S.... Continue Reading →
Brazil has experienced a tremendous spurt in crude oil production, propelled by the development of its pre-salt resources. However, taking Brazil’s oil production to its current level certainly didn’t come cheap. Petrobras has paid over 78% of Brazil’s $396 billion bill for exploration (excluding dry well costs), development and operations from 2010 to 2018. This,... Continue Reading →
Brazilian oil company Petroleo Brasileiro SA on Thursday trimmed its oil and gas production outlook for next year, weighing on its shares despite more ambitious long-term output forecasts in its new five-year strategic plan. Petrobras, as the state-run firm is known, aims to produce 2.2 million barrels of oil per day (bopd) next year, below... Continue Reading →
Malaysia's state energy firm Petroliam Nasional Bhd said on Tuesday its third-quarter profit nearly halved due to lower demand and impairment charges, and warned of further risks to demand. Profit for the July-September period at Petronas, as the company is better known, dropped to 7.4 billion ringgit ($1.77 billion) from 14.3 billion ringgit a year... Continue Reading →
The U.S. government will launch a “global entry” program for Brazilians traveling to the United States to allow expedited clearance for pre-approved, low-risk travelers upon arrival, the Brazilian government said on Monday. Brazilian business people who travel frequently to the United States have been waiting since 2012 - when the two sides were close to... Continue Reading →
Investigators have executed search warrants at Swiss addresses linked to Vitol and Trafigura, their counterparts in Brazil said on Thursday, as a sprawling probe into the global commodity trading industry intensifies. In a statement, Brazilian federal prosecutors said Swiss investigators had searched the Geneva addresses as part of a probe made public late last year.... Continue Reading →
Economists have lowered their forecasts for the Brazilian government’s primary budget primary deficit this year but raised it for next year, an economy ministry survey showed on Tuesday. The expected increase in the 2020 deficit compared with forecasts a month ago follows the disappointing ‘Transfer of Rights’ oil auction last week that analysts say will... Continue Reading →
Nov 12, 2019 Petrobras' divestment plan will gain reinforcement of major exploration and production assets, especially in the Campos Basin. The new strategy began to be reviewed by the E&P area in partnership with the Portfolio Management Executive Management following the auctions held last week. The selection of new projects for sale is expected to... Continue Reading →
Brazil Energy Insight 