From Bloomberg There’s enough as-yet-unassigned oil under the Atlantic Ocean off Brazil’s Rio de Janeiro to keep the entire world running for almost six months. So why is the crude just sitting there? A contract dispute between oil giant Petrobras and the government has been dragging on since 2013, and until it’s resolved, drillers can’t start targeting those deep-water deposits.
From Bloomberg When the giant P-67 floating oil production vessel lit its flare tower earlier this month, it marked the start of a Brazilian supply boom that’s poised to challenge OPEC’s efforts to balance the global market. The mammoth facility — long and wide enough to fit an American football field — is the first of four similar platforms to begin pumping crude this
Shell And Partners Start Deep-Water Production At Lula North In Brazil
From Reuters Common shares in state-controlled oil company Petroleo Brasileiro SA rose almost 4 percent on Monday after a newspaper said the government had settled on the amount it will pay the firm to settle a dispute over an oil-producing zone known as the transfer-of-rights area. Brazilian newspaper Valor Economico said the government had planned to pay Petrobras, as the
From Houston Chronicle Brazilian state oil company Petrobras will terminate more than 50 Houston jobs next year after selling much of its Gulf of Mexico assets into a new joint venture. Petrobras, which has struggled financially amid a nationwide corruption scandal in Brazil, opted to sell its Gulf assets earlier this year into a JV in which it will only
From Houston Chronicle The slow deepwater recovery in the Gulf of Mexico and the rest of the world is now threatened by falling oil prices and the projected cost rise of drilling rigs and other services. A new report Tuesday by research firm Wood Mackenzie highlights how the offshore sector has returned to viability through costs reductions and greater
Sale of stake in 34 onshore fields in Rio Grande do Norte Rio de Janeiro based Petrobras’ board of directors approved yesterday the full sale of its stake in 34 onshore production fields, located in the Potiguar Basin, in Rio Grande do Norte state, to the company 3R Petroleum. The 34 concessions are mature fields in production for over 40
Latin American E&P operator GeoPark Limited (ticker: GPRK) released a production update today, noting that current production is currently at 35 MBOEPD. This figure includes production from the recent Argentina acquisition. Oil production increased by 33% to 27,345 BOPD (up 8% compared to Q4 2017) Colombian oil production increased by 37% to 26,303 BOPD (up 8% compared to Q4 2017)
Brazil’s 15th Bidding Round raised over USD$2.4 billion – this sets a new record for Brazil’s auctions. According to the Brazilian National Petroleum Agency, the 15th round will generate investments of USD$361.6 million in the first/exploration phase of the concession contracts alone. Brazil said that 22 offshore blocks were acquired out of the 47 offered. However, there were no offers
Brazil’s state-controlled oil company, Petrobras, has hedged a portion of its 2018 oil production. The move should protect cash flow against downturns in the marketplace. Bloomberg reported that the company hedged 128 MMBbls, or 350,685 BOPD at an average Brent price of $65/bbl. The average cost, a company filing on Wednesday said, is about $3.48 a barrel. Petrobras has become
Statoil ASA (ticker: STO) and Petroleo Brasileiro S.A. – Petrobras (ticker: PBR) have agreed that Statoil will acquire a 25% interest in Roncador, a large oil field in the Campos Basin in Brazil. The transaction nearly triples Statoil’s production in Brazil. Total consideration comprises an initial payment of $2.35 billion, plus additional contingent payments of up to $550 million. “This
From The Wall Street Journal In a few months, Brazil’s federal government will start receiving crude oil from a huge field, known as Libra, off the coast of Rio de Janeiro. But the government has no tanker ships to unload oil from the platform where it will be pumped. It has no terminals to store oil, no pipelines to transport
