In the midst of the process of change in its high command, Petrobras launched this week a new tender that promises to move the market. The state-owned company published a public notice to contract up to five offshore drilling rigs. The opening of the envelopes with the bidders' proposals is scheduled for March 15th. The... Continue Reading →
Colombia’s Ecopetrol 2020 net profit down 87.3%, to invest up to $15 billion by 2023
(Reuters) - Colombia’s majority state-run oil company, Ecopetrol, will make up to $15 billion of organic investment between 2021 and 2023, it said on Tuesday, as it reported an 87.3% drop in 2020 net profit. The company will invest $12 billion to $15 billion over the next three years, Ecopetrol said in a statement, averaging... Continue Reading →
Brazil distributors scramble for diesel amid Petrobras shakeup
(Reuters) - Brazilian fuel distributors are scrambling to secure diesel supplies for March and April after state-run oil company Petrobras said it would not fully meet their demand, adding to uncertainty amid a sudden management shakeup. National oil industry regulator ANP confirmed to Reuters that distributors are searching for alternative diesel supplies after Petrobras turned... Continue Reading →
Rumours of $100 oil return as crude recovers from Covid grip
While the oil price collapse is still fresh in our minds, rumours are starting to emerge that by the end of next year prices could once again top $100 a barrel. Bloomberg quoted Azerbaijan’s Socar which predicted that global benchmark Brent could hit triple digits in the next 18 to 24 months. Bank of America also... Continue Reading →
Saipem develops CO2 estimation tool for offshore projects
Italian oilfield services company Saipem has developed a new tool for the estimation of the carbon footprint of its offshore projects. Saipem said on Wednesday it has won the Environmental Sustainability Award in International Marine Contractors Association’s (IMCA) 2020 Awards programme, for an innovative CO2 estimation tool in its offshore projects. The tool is named SOCE (Saipem... Continue Reading →
Petrobras gets single offer from SBM for Mero 4 oil platform
(Reuters) - Brazil’s state-controlled oil company Petrobras received only one proposal, from Holland’s SBM Offshore, in a bid to contract construction of the Mero 4 oil platform in the Santos Basin pre-salt, two sources with knowledge of the matter told Reuters. Petrobras’ business plan foresees Mero 4 entering operation in 2025 with a capacity to... Continue Reading →
Petrobras on Extraordinary General Meeting call
Petróleo Brasileiro S.A. - Petrobras, following up the press release disclosed on February 19, 2021, in response to the Ministry of Mines and Energy's Official Letter requesting measures to convene an Extraordinary General Meeting (EGM) in order to promote the replacement and election of a member of the Board of Directors, and appointing Joaquim Silva... Continue Reading →
BofA hikes 2021 Brent price view by $10/bbl on strong oil balances
(Reuters) - Bank of America (BofA) Global Research lifted its forecast for Brent crude oil prices for this year citing tighter supplies due to the Texas freeze and OPEC+ output curbs and unmatched global monetary stimulus, it said in a note dated Monday. The bank now expects Brent crude oil to average $60 per barrel... Continue Reading →
Mero 4 FPSO has only one proposal
SBM, after successive postponements, was apparently the only company to bid on Petrobras' tender for the chartering of the FPSO Mero 4, which will be installed in the production sharing field of the same name, in the Santos Basin. Modec did not offer and Misc Berhard, which analyzed the project but did not submit. (Reuters)... Continue Reading →
Brazil’s Petrobras rebounds as board meets on succession
(Reuters) - Brazilian state-run oil group Petrobras recovered some of its recent share price losses on Tuesday as the board met to consider Brazil President Jair Bolsonaro’s nomination of a retired general to replace the company’s market-friendly CEO. Shares in Petroleo Brasileiro SA, as the company is officially known, rose as much as 8% after... Continue Reading →
