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Brazil’s central bank will lower its key interest rate to a new low of 4.50% on Wednesday, according to the unanimous view of economists in a Reuters poll, but stronger-than-expected economic data suggest this may be the last cut in the cycle. While inflation is well below the central bank’s target and widely expected to... Continue Reading →
Dec 9, 2019 Petrobras has completed a feasibility study with Chinese oil company CNPC on refining operations at the Comperj refinery in Itaboraí (RJ), said the Petrobras executive director of refining and natural gas Anelise Lara. The executive added that Petrobras is seeking to recover a volume of gas from an existing contract to import... Continue Reading →
December 9, 2019 Despite the climate of disappointment with the absence of major oil companies in the last two pre-salt auctions in November, the oil and gas labor market is once again gaining momentum in Brazil. After five years of shrinking without respite, the percentage of open positions for middle and senior management positions in... Continue Reading →
Shares in oil and gas company Tullow Oil tanked on Monday morning after the company announced the departure of its chief executive and exploration director as well as plans to reduce capital expenditures and suspend the dividend. Paul McDade, Tullow Chief Executive Officer, and Angus McCoss, Exploration Director, have resigned from the board of Tullow by... Continue Reading →
December 9, 2019 Petróleo Brasileiro S.A. – Petrobras, in accordance with them commitments made through the Agreement, signed with the Administrative Council for Economic Defense (CADE), on July 8, 2019, informs that it is starting the process of leasing the LNG Regasification Terminal of Bahia (TR-BA), at Salvador/BA, and its integrated pipeline. Thus, the company... Continue Reading →
The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on... Continue Reading →
Following a meeting in Vienna last Friday, the 7th OPEC and non-OPEC Ministerial Meeting decided for an additional adjustment of 500 tb/d to the adjustment levels as agreed at the 175th Meeting of the OPEC Conference and 5th OPEC and non-OPEC Ministerial Meeting. These would lead to total adjustments of 1.7 mb/d. In addition, several... Continue Reading →
Mexican state oil company Pemex said on Friday it has discovered a deposit in southeastern Mexico that could yield 500 million barrels of crude, calling it the largest such finding in more than 30 years. Pemex said it first discovered the field in Tabasco state in May, before beginning studies to evaluate its viability. The... Continue Reading →
The chief executive of Brazilian state-run oil firm Petroleo Brasileiro SA (Petrobras) said on Friday he wants to sell the company’s stake in petrochemical company Braskem SA within a year. At the London leg of an international investor roadshow, top Petrobras officials presented plans to sell tens of billions of dollars in assets to reduce... Continue Reading →
Exxon Mobil Corporation XOM is planning to commence a 31-well exploration campaign offshore Guyana, per Argus. The company has submitted requests to the Environmental Protection Agency of Guyana for this drilling program, which will be executed in the Stabroek, Kaieteur and Canje blocks. Drilling from these three blocks is not expected to have any significant impact... Continue Reading →
