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Montevideo, August 17th 2017 - 23:17 UTC

Tag: Petrobras

  • Tuesday, August 8th 2017 - 17:28 UTC

    Petrobras cuts gasoline prices to regain market share lost to imports

    Petrobras gasoline cost 0.16 real per liter less than U.S. imported gasoline in Brazil as of Aug. 1, according to data from the consultancy.

    Brazil's Petrobras has reduced prices for the gasoline it sells in Brazil to below parity with the fuel imported from the United States, reducing profit margins to regain market share. The company has sharply reduced the price gap between the value of gasoline sold at its refineries and the spot price in the U.S. Gulf of Mexico since early July, when it announced changes to its pricing to adopt almost daily adjustments, according to fuel market experts.

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  • Thursday, July 6th 2017 - 19:16 UTC

    Chinese company will exploit energy resources in Brazil

    Since 2013, Petrobras and CNPC have partnered to explore the Libra offshore oilfield in southeast Brazil, considered the most valuable oilfield in the country

    Petrobras announced that it signed a memorandum of understanding with the China National Petroleum Corporation (CNPC) to exploit energy resources in Brazil and abroad. In the statement, Petrobras said that the deal will allow the two state oil companies to benefit from each other's capacity and experience in oil and gas production.

  • Thursday, July 6th 2017 - 06:57 UTC

    Brazilian plan to review purchase of Bolivian natural gas

    Petrobras, which financed and built the pipeline on both sides of the border, is allowed to buy up to 30.1 million cubic meters of gas per day

    Petrobras 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.

  • Thursday, July 6th 2017 - 06:42 UTC

    Petrobras awards pipeline inspection services contract to Fugro and its new vessel

     Built specifically for the Brazilian market by Wilson Sons shipyard in São Paulo,  Fugro Aquarius is an 83-m, DP-2 ROV support vessel.

    Netherlands Fugro has been awarded a further two-year contract by Petrobras to provide comprehensive inspection, repair and maintenance (IRM) and pipeline inspection services in Brazil.

  • Thursday, May 18th 2017 - 22:37 UTC

    Bovespa plummets 8.8% and Real suffers the largest drop in 14 years

    Bovespa stock index closed 8.8% lower, its biggest daily decline since 2008.  Trading was halted for an hour after a 10%t drop triggered a circuit-breaker mechanism.

    Brazilian markets plummeted on Thursday as allegations that President Michel Temer condoned bribes to silence a key witness deflated investor optimism about the prospects for his ambitious pension and labor reform agenda.

  • Wednesday, May 17th 2017 - 15:53 UTC

    Petrobras performance improving: largest quarterly earnings in two years

    Petrobras has benefited in recent quarters from a hands-off approach by the government regarding fuel prices, which it has been forced to subsidize at times.

    Brazilian state-controlled oil company Petrobras reported its largest quarterly earnings in two years as crude prices rose and the government allowed it to sell fuel at a profit in the domestic market. Petrobras posted a 4.5 billion reais net profit (US$ 1.4bn) in the January to March period, reversing a 1.25 billion reais loss (US$ 400 million) in the first three months of 2016.

  • Thursday, May 4th 2017 - 05:44 UTC

    Petrobras reveals Libra field achieves a breakeven price of US$ 35/bbl

    The Libra consortium aimed to reduce the breakeven price by focusing on cost optimization and increased recovery factor of the block’s deposits.

    Brazil's oil and gas company Petrobras shared innovations and efficiency gains related to the Libra field at the Offshore Technology Conference (OTC) in Houston. Petrobras revealed collaboration between Libra area partners has produced a US$13/bbl reduction to the project's breakeven price.

  • Monday, April 3rd 2017 - 13:52 UTC

    Brazil rapidly becoming global supplier of light crudes

    Petrobras Guilherme said company's production ”consists of much lighter oil than we used to produce in the past; we have demand for more than we can deliver.”

    Brazil is poised to sharply increase oil exports this year as heavy investments spur new output and demand for its lighter crudes win more buyers, especially in China and India. Production is projected to rise 210,000 barrels per day (bpd) in 2017, second only in the size of additional supply to the United States among non-OPEC producers.

  • Wednesday, March 15th 2017 - 08:04 UTC

    Lula da Silva denies all charges in court; “I have been a victim for three years”

    ”I have absolutely no reason to have any problem with the testimony of Cervero, no reason at all. I don't know (him),” Lula said, according to a video from the court.

    Brazil's former president has appeared in court to deny allegations he was part of a plot to obstruct a massive corruption probe by keeping a former Petrobras executive from revealing what he knew. News media websites in Brazil published Tuesday's testimony by Lula da Silva, who told a federal court in Brasilia that he didn't even know Nestor Cervero, a former director of the State oil company.

  • Tuesday, February 21st 2017 - 10:58 UTC

    Petrobras exporting record volumes from sub-salt offshore oil fields

    Brazil’s sub-salt production rose to 1.26 million barrels per day (bpd) in December, equivalent to 46% of the country’s total output – up from 34% a year earlier.

    Rising output from Brazil’s sub-salt offshore oil fields is allowing Petrobras to export record volumes of oil and import less light crude for its refineries, a senior executive said. Cláudio Mastella, executive manager for refining and natural gas logistics, said the move is helping to reduce Petrobras’ operational and logistical costs because lighter oil is easier and cheaper to refine into products like gasoline and diesel.

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