Brazil – Oil & Gas 360

Petro-Victory signs exclusivity agreement to acquire 13 oil-producing fields in Brazil

December 18, 2024

(World Oil) – Petro-Victory Energy Corp. has announced the signature of an exclusivity agreement with Brava Energia S.A. for the potential acquisition of 13 oil-producing fields in Rio Grande do Norte, Potiguar Basin. Petro-Victory together with Azevedo e Travassos Petróleo S.A. jointly signed an exclusivity agreement with Brava for the potential acquisition of two producing assets – Porto Carão Cluster

Petrobras E&P strategy aims to get max oil output from current fields

October 18, 2024

(World Oil) – Petrobras is pushing to extract as much oil as possible from its existing fields in Brazil while simultaneously hunting for new reserves to prevent production from starting to decline in the 2030s. The mantra “all the oil counts” will guide the company’s next strategic plan that will be unveiled in late November, members of the management team

Brazil’s oil giant must assess the impact of drilling on indigenous communities

May 9, 2024

Oil Price Brazil’s environmental protection agency has required state-held oil and gas giant Petrobras to conduct a series of studies on how its plan to drill in an environmentally sensitive area offshore the mouth of the Amazon River would impact indigenous communities. In recent weeks, the agency, Ibama, has sent the requests to Petrobras, asking it to carry out studies

Brazil’s plans to drill for oil in the Amazon hit stiff Indigenous resistance

April 18, 2024

Yahoo Finance OIAPOQUE, Brazil (Reuters) – State-run energy firm Petrobras has hit growing resistance from Indigenous groups and government agencies to its premier exploration project, which would open the most promising part of Brazil’s northern coast to oil drilling. Environmental agency Ibama denied Petrobras a license for exploratory drilling offshore in the Foz do Amazonas area last year, citing possible

Brazil exploring ways to import gas from Argentina’s Vaca Muerta play, energy minister says

March 22, 2024

Nasdaq HOUSTON – Brazil is exploring ways to import natural gas from Argentina’s massive Vaca Muerta formation, including the possible reversal of a pipeline now used for transporting Bolivian gas, as it looks to ease its gas deficit, Mines and Energy Minister Alexandre Silveira told Reuters on Thursday. Brazil has become Latin America’s largest crude oil producer, but its gas

Brazil to join OPEC+ but won’t cap oil output, Petrobras CEO says

December 1, 2023

Nasdaq RIO DE JANEIRO – Brazil is expected to join the OPEC+ group of oil-producing countries in January but would not take part in the group’s coordinated output caps, the chief executive of state-run oil firm Petrobras PETR4.SA told Reuters. The group’s surprising announcement on Thursday that the South American nation would join it raised immediate questions on whether Brazil would take part

Exxon ends major drilling campaign in Brazil after failing to find oil

April 5, 2023

Oil Price After years of failing to make a major oil discovery offshore Brazil, ExxonMobil has ended a major drilling campaign there, but hasn’t ruled out further exploration in the country, The Wall Street Journal reported on Wednesday, citing sources with knowledge of the plans. Exxon, the first oil and gas company to set up operations in Brazil in 1912 under the name of

Petrobras CEO undeterred by energy transition, reveals goals to increase Brazil’s oil production

March 24, 2023

World Oil (Bloomberg) – Jean Paul Prates, the head of Brazil’s state-controlled oil company, isn’t deterred by the world’s energy transition. He says Latin America’s largest producer should keep increasing fossil fuel output for decades to come. “We will get market share,” Prates, Chief Executive Officer of Petrobras, said in an interview in Rio de Janeiro. “We may be

Brazil transition team asks Bolsonaro govt to halt Petrobras asset sales

November 22, 2022

Investing The transition team for Brazil’s President-elect Luiz Inacio Lula da Silva asked the current administration to halt ongoing asset sales by state-run oil giant Petrobras until a new Mines and Energy Minister is appointed, a member of the group said on Tuesday. The remarks by Professor Mauricio Tolmasquim, tapped last week to participate in the mining and energy

Brazil’s Petrobras swaps CEOs amid political blowback on fuel prices

June 20, 2022

Nasdaq SAO PAULO, June 20 – The chief executive of Brazil’sstate-run oil company Petrobras PETR4.SAresigned on Monday in the face of mounting pressure from politicians after the firm announced a fuel price hike last week, adding to inflation concerns in an election year. Petroleo Brasileiro SA, as the company is formally known, said in a securities filing that Chief Executive

Brazil greenlights study of Petrobras privatization, analysts remain skeptical

June 3, 2022

US News SAO PAULO – Brazil President Jair Bolsonaro’s government said it aims to include state oil company Petrobras in its privatization program on Thursday, despite analysts calling it a long-shot for the far-right leader seeking reelection. Rather than triggering privatization in itself, the move – not final until Bolsonaro signs a decree – would enable the country’s Investment Partnerships

Exclusive: U.S. asked Brazil’s Petrobras if it could raise oil output; it said no

May 10, 2022

Reuters U.S. government officials in March asked Brazil’s state-run oil company Petrobras whether it could increase crude output after Russia’s invasion of Ukraine sent global prices soaring, three people with knowledge of the matter told Reuters. They came away empty-handed, the sources said. Officials at Petrobras, formally Petroleo Brasileiro SA, said output levels were a function of business strategy rather than diplomacy and also

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