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After making a few stops on the way, a floating, production, storage and offloading (FPSO) vessel, destined for Petrobras’ revitalisation project, has arrived in Brazil. Letters of Intent for this FPSO project were awarded to Malaysia’s Yinson in October 2019 by Petrobras. Several months later, the two players entered into definitive contracts and in April 2020, Sumitomo... Continue Reading →
(U) Trident Energy expects to start looking next month for buyers of stakes in two of the 10 oil concessions it wholly acquired from Petrobras in 2020, its top boss said on Wednesday. The UK firm has hired Brazilian bank Itaú BBA to run the competitive process, Jean-Michel Jacoulot, chief executive officer of Trident, told... Continue Reading →
(EV) TotalEnergies plans to continue pressing ahead with short-cycle projects in Angola but also add a new hub on the Cameia-Golfhino finds. Patrick Pouyanné, speaking during the company’s strategy and outlook presentation, highlighted the attractiveness of Angola’s role in Total’s portfolio. The company aims to take a final investment decision on the new Angola hub... Continue Reading →
About 157,706 barrels, or 9%, of oil production in the U.S. Gulf of Mexico were shut on Wednesday by Hurricane Ian, said offshore regulator Bureau of Safety and Environmental Enforcement. Hurricane Ian was lashing Florida's Gulf Coast with powerful winds and drenching rain, but the Category 5 storm steered clear of the Gulf's richest oil production areas. ... Continue Reading →
(U) The first bid round featuring pre-salt acreage under the permanent offer mechanism will be the last auction of the current four-year term of Brazil’s President Jair Bolsonaro. Scheduled for 16 December, the round has attracted interest from supermajors in the US and Europe, as well as from oil companies in Asia looking for a... Continue Reading →
(U) Brazil’s Prio intends to become one of the largest independent oil and gas companies in the Americas and is counting on more than doubling its production over the next two years to meet that target. With a solid cash position of $1.2 billion, the company is simultaneously developing a pair of clusters in the... Continue Reading →
(U) After years of uncertainty and stagnation, the offshore drilling market is making a comeback in 2022, with demand for rigs rebounding around the world. Brazil, one leg of the “golden triangle” of offshore oil and gas — the other two being the Gulf of Mexico and West Africa — is expected to lead rig... Continue Reading →
Brazilian oil company Petro Rio has signed a deal with TotalEnergies for the acquisition of a 40% interest in the BM-C-32 Block (“Itaipu Field” or “Itaipu”). Together with the 60% interest in Itaipu acquired from BP in July 2021, this transaction will bring Petro Rio's interest to 100% of the concession after the acquisition is... Continue Reading →
(Mint) In a landmark development to diversify crude oil sourcing for energy security in India, Bharat Petroleum Corporation Limited (BPCL), a ‘Maharatna’ and a Fortune Global 500 Company on Saturday signed a Memorandum of Understanding (MoU) with Brazilian oil firm Petrobras. The signing of the MOU will strengthen future crude oil trade relations between the... Continue Reading →
(Bloomberg) -- Next week’s elections in Brazil pose a challenge to Petrobras investors. Former President Luiz Inacio Lula da Silva, the front-runner, has vowed to use the company as a vehicle for national development. Incumbent Jair Bolsonaro, who’s fighting for a come-from-behind upset, is proposing the complete opposite, with plans to privatize the state-run giant.... Continue Reading →
Brazil Energy Insight 