Brazilian President-elect Jair Bolsonaro's future Economy Minister Paulo Guedes Monday announced Economist Roberto Castello Branco has accepted the invitation to become the next Petrobras chairman.Add your comment!
Brazilian markets soared for a second day on Wednesday on an opinion poll confirming right-wing presidential candidate Jair Bolsonaro was gaining steam ahead of Sunday’s vote and was on track to beat his likely leftist rival in a second-round runoff.
The latest report from Global Data, FPSO Industry Outlook, suggests that a total of 74 planned and announced floating production, storage, and offloading units (FPSOs) are expected to start operations globally by 2025. Globally, South America leads with 32 planned and announced FPSO additions by 2025, including four in the Falkland Islands, followed by Africa and Europe with 17 and seven FPSOs, respectively.
Oil majors are set to gather in Rio de Janeiro this Friday to unveil bids for stakes in Brazil’s high potential offshore areas ahead of elections that are casting a cloud of uncertainty over the industry.
Petrobras, Brazil's state oil company, has agreed to pay more than US$ 853m to the United States and Brazil, ending a long-running corruption investigation. The probe stemmed from a bribery scheme at the firm, which involved millions in payments that were concealed from investors and regulators.
Brazil’s state-run oil giant Petrobras aims to raise output as much as 10% to around 2.3 million barrels per day (bpd) in 2019 and cut net debt by US$10 billion, according to Chief Financial Officer Rafael Grisolia. The world’s most indebted oil company is on course to reduce debt to US$ 69 billion by the end of this year despite falling short of its US$ 21 billion asset sales target, Grisolia pointed out.
Brazil's benchmark Bovespa index rose 1.75% on Tuesday, rallying for a second straight day largely on a spike in commodities prices. Two of the Bovespa's most heavily weighted equities, miner Vale and oil giant Petrobras benefited from rising commodity prices worldwide amid escalating China-U.S. trade tensions and signals OPEC is not prepared to raise output to address shrinking supplies from Iran.
Norway's Equinor will invest up to US$ 15 billion in Brazil over the next 12 years to develop oil, gas and renewable energy sources, the company said. Coinciding with an expected drop in output from many aging oilfields off the cost of Norway, Brazil is expected to become a core region for Equinor as the firm takes advantage of the country’s opening in recent years to more foreign investment.
Brazil’s oil regulator ANP has approved the applications of six companies—including Big Oil’s BP, Shell, and Total—to bid in next month’s oil auction of four blocks in the coveted pre-salt layer, ANP announced on Wednesday.
Brazil’s Petrobras benefited from the rising oil prices and booked a thirty-fold yearly jump in its second-quarter net income, which also beat analyst expectations.