Brazil’s move to ease rules forcing oil producers to buy from domestic suppliers means Latin America’s top producer will be able to sustain output of 5 million barrels per day (pbd) by the mid-2020s, compared to just 3.7 million bpd under prior rules, consultancy Wood Mackenzie said in a report on Wednesday.
Brazil’s state-controlled Petrobras expects oil production to start by the end of June at its Tartaruga Verde e Mestica offshore platform, the second of seven facilities planned to be installed this year, a company executive said on Monday.
Brazil’s Raizen Combustiveis SA agreed to buy downstream assets in Argentina from Royal Dutch Shell for US$ 950 million, according to a securities filing on Tuesday. Raízen Combustiveis, a joint venture between Brazil´s Cosan SA Indústria e Comércio and Shell, will have a 20% market share in fuel distribution in Argentina.
By Mathew Smith<br />
After being caught up in major corruption scandals and suffering from what some have claimed was its worst economic downturn in 100-years, Brazil has pulled itself back from the brink. The economy commenced growing again in 2017 with gross domestic product (GDP) expanding by 1 percent and 2018 GDP growth forecast by the International Monetary Fund (IMF) to be 2.3%.
By Irina Slav for Oilprice.com - Say what you will about offshore oil and gas exploration, but it's still alive and kicking—high production costs and all. The latest demonstration of the viability of deepwater projects, even in the post-2014 oil industry era, comes from none other than Brazil.