Brazil's suspended president, Dilma Rousseff, on Wednesday accused interim head of state Michel Temer of intending to privatize the oil discovered in recent years in deep waters of the Atlantic Ocean and thus deprive the nation's education sector of funding.
State-controlled oil giant Petrobras, which is mired in a corruption scandal that has rocked Brazil, said Monday it was cutting investment by 37% during the 2015-2019 period. Investment during the period will now total $130.3 billion, down from the $220.6 billion originally planned, Petrobras said in a filing with the Sao Paulo Stock Exchange.
Petrobras’ Exploration and Production Director, Solange Guedes, received the OTC Distinguished Achievement Award for Companies, Organizations and Institutions, the highest recognition that an oil company can be given as an offshore operator.
The Petrobras-led Libra consortium has said that the first extension well in the Libra area, known as 3-BRSA-1255-RJS (3-RJS-731), has proven the discovery of high-quality oil in the northwest portion of the structure.
Brazil's government is considering proposals to open operatorship of its pre-salt projects to companies other than state-run Petrobras and this change might be made, Mayer Brown partner Alexandre R. Chequer told the law's firm's annual energy conference in Houston last week.
Brazilian Government has decided that any future bidding rounds involving pre-salt blocks will only be launched according to the local industry capability to supply the demand in equipment and services needed by the sector. Local industry has been struggling to keep up with the demand placed by O&G players already involved in pre-salt E&P in Brazil, which are all Petrobras partners, such as BG and others.