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zoom UK oil major BP will take a $750 million hit in its second quarter 2017 results over unsuccessful exploration efforts offshore Angola. The oil company informed in an update on Thursday that, as part of the ongoing portfolio evaluation, it had decided to relinquish its 50% interest in Block 24/11 offshore southern Angola. Katambi, a gas discovery... Continue Reading →
A total of 54 FPSOs are expected to start operations globally by 2021. South America will continue to lead globally with planned deployment of more than 20 FPSOs, followed by Africa and Asia by 2021. Among countries Brazil continues to dominate in terms of deployment of planned FPSOs, followed by the UK and Angola. Petróleo... Continue Reading →
ExxonMobil, Hess and Statoil consortium has been awarded a production sharing contract for Block 59 offshore Suriname, by the country’s energy agency Staatsolie. At the same time, Staatsolie said, an agreement was reached with Statoil for Block 60. The blocks were awarded to the consortium and Statoil as a result of Staatsolie’s ‘Open Door Policy Offshore... Continue Reading →
It's hard to catch a breath in Brazil. Just the other day President Michel Temer dodged a brick, surviving potentially job-ending charges in electoral court that he'd won his mandate with dirty campaign money. Political bulls promptly declared Temer a survivor who would not only salvage vital political and economic reforms but also tough out his beleaguered... Continue Reading →
A Brazilian Senate committee has backed a bill to overhaul the country’s decades-old labor laws in a minor boost for the government of embattled President Michel Temer. The Constitution and Justice Committee voted 16 to 9 in favor of the proposal, which prioritizes direct negotiations between workers and employers. There was one abstention. The bill... Continue Reading →
Brazil's government on Thursday lowered its annual inflation target for the first time in more than a decade, cutting it from 4.5 percent to 4.25 percent in 2019 and 4.00 percent in 2020. The reduction had been widely expected by economists and investors, according to Reuters polls conducted since January. It follows a plunge in... Continue Reading →
Nielmar de Oliveira - Agência Brasil Faced with expectations of rising fuel demand in the coming years, Brazil could consolidate the position of net exporter of oil and net importer of derivatives, mainly diesel oil and aviation kerosene. The opinion is made by José Mauro Coelho, Director of Petroleum, Natural Gas and Biofuels Studies... Continue Reading →
The National Oil, Natural Gas and Biofuels Agency (ANP) said on Tuesday (27) that the 14th Round of Bids for exploration and production of oil and natural gas has an optimistic scenario in the market. The agency held a public hearing on the subject, with the objective of discussing suggestions for drafting the final text... Continue Reading →
June 27, 2017 Prumo announced two important deals with Siemens and BP for the sale of a stake in its wholly owned subsidiary Gás Natural Açu (GNA). In the case of the agreement signed with the German company, the agreement provides for exclusive negotiations and preliminary non-binding conditions for the acquisition of 33% of GNA's... Continue Reading →
Petróleo Brasileiro SA should cut the maximum amount of natural gas it buys from neighboring Bolivia in half in an effort to encourage domestic importers and distributors to enter the market, according to a Brazilian government study. The study by a Mines and Energy Ministry research arm, seen by Reuters on Tuesday, recommended that Brazil's... Continue Reading →
Brazil Energy Insight 