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Montevideo, December 13th 2017 - 12:57 UTC

Tag: Petrobras

  • Tuesday, November 28th 2017 - 09:21 UTC

    Total begins oil production in the giant Libra field in Brazil's pre-salt zone

    The Libra field, situated in the prolific Santos Basin, is one of the world’s biggest discoveries in the last few years.

    The giant Libra field in Brazil’s pre-salt zone has started producing oil, French Total said on Monday without providing details about the production rate at the field.

  • Friday, November 17th 2017 - 08:03 UTC

    Petrobras counts on pre-salt production to compete with a boom in US shale output

    Parente said it is crucial to be a low-cost producer as a boom in U.S. shale output is upending the oil market and as societies look to lower carbon emissions

    Brazil's low-cost oil will help Petrobras compete in a tough market as it seeks to turn around its business, Pedro Parente, CEO of the state-owned oil giant anticipated. Oil majors such as Exxon, Mobil, BO, Royal Dutch Shell, Total and Statoil have been snapping up blocks in the Atlantic Ocean off the coast of Brazil that hold crude under thousands of meters of salt.

  • Wednesday, November 8th 2017 - 18:11 UTC

    Petrobras looking to sell its African oil exploration venture

    Petrobras is seeking to offload US$21 billion in assets through 2018 and has moved aggressively to cut debt.

    Brazil’s Petrobras on Tuesday revealed plans to sell its stake in an African oil exploration venture as part of a wider divestment plan. The state managed oil company is looking to sell its 50% stake in Petrobras Oil & Gas BV, or Petrobras Africa.

  • Thursday, October 26th 2017 - 06:49 UTC

    YPF unveils ambitious US$ 30bn five-year investment plan

    YPF plans to invest US$21.5 billion in the country from 2018 to 2022 and increase oil production by 26%, the company said in a statement on Wednesday.

    Argentina's state-controlled energy company YPF has unveiled a US$ 30bn five-year investment plan to boost oil production and sharpen its focus on electric power generation. Some US$21.5bn will come from YPF's own coffers, with the remainder to be sourced from its project partners, the company said in a statement on Wednesday.

  • Tuesday, October 17th 2017 - 12:16 UTC

    Federal audit freezes Rousseff and Gabrielli assets over losses in refinery purchase

    Ex president Rousseff was chief of staff for President Lula da Silva at the time of the refinery purchase and chaired the Petrobras board of directors.

    Brazil's federal audit court ordered a freeze of former President Dilma Rousseff's assets as well as those of José Sérgio Gabrielli, ex-head of state-run oil company Petrobras, over a US$580 million loss in the 2006 purchase of a Texas refinery.

  • Wednesday, October 4th 2017 - 08:22 UTC

    Petrobras controversy: Brazil denies any current plans to privatize the company

    Minister Coelho Filho said in the interview that a privatization plan could be feasible at some point down the road. “I think it is going to happen. It is a way”

    A senior official in Brazil said there are no current plans to privatize the national oil company to deal with its massive debt, according to a new report by Reuters. Fernando Coelho Filho, the minister of mines and energy, had suggested that Petrobras could face such a sale in the future, but did not provide a concrete timeline.

  • Wednesday, September 20th 2017 - 22:26 UTC

    Petrobras recovers significant investment risk and trims debt burden

    Petrobras sold US$1 billion each worth of senior unsecured bonds due in 2025 and 2028, respectively.

    Petrobras raised US$2 billion from the sale of seven- and 10-year securities, replacing more expensive shorter-dated bonds as it seeks to trim a debt burden that is the largest among major oil firms. Petrobras sold US$1 billion each worth of senior unsecured bonds due in 2025 and 2028, respectively. Market experts said Petrobras sold the January 2025 bond at a yield of 5.3%, and the January 2028 bond at 6%.

  • 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.

  • 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.

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