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Montevideo, July 24th 2024 - 09:20 UTC

Tag: oil boom

  • Tuesday, December 1st 2020 - 08:53 UTC

    Is Brazil’s Oil Boom in danger?

    The global push to reduce emissions means that demand for lighter sweeter low sulfur content crude oil grades, which are cheaper and easier to refine, will keep growing

    By Matthew Smith for – Brazil’s massive offshore oil boom, notably in the deepwater offshore pre-salt oilfields, is continuing to grow despite weaker oil prices and the sharp impact of the COVID-19 pandemic. Strong demand from Asian refiners, especially those in China, for lighter sweeter crude oils saw demand for Brazilian crude oil soar since the end of 2019.

  • Tuesday, November 27th 2018 - 09:00 UTC

    Brazil Eyes US$ 30 Billion Offshore Oil Boom

    The area at stake is the so-called ‘transfer of rights’ area, where Petrobas holds 100% of the rights to produce 5 billion barrels of oil

    Over the past few years, Brazil has held several very successful oil auctions under production-sharing contracts in its pre-salt layer, attracting major oil companies to its prized offshore oil area.

  • Tuesday, April 24th 2018 - 08:42 UTC

    Brazil poised for historic oil boom

    A range of analyst and oil company estimates put the breakeven price for pre-salt fields at less than US$ 40 per barrel compared to US$ 45 seven years ago.

    By Mathew Smith<br />
    <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%.

  • Wednesday, November 13th 2013 - 00:09 UTC

    OPEC admits shale oil boom, mostly in the US, will have an impact on world supply

    But IEA dismisses reports that shale oil could weaken OPEC role in world supply

    OPEC said on Tuesday its rivals will produce more oil than expected this year, as it continued backpedaling from its previous skepticism over the significance of a US shale boom. The views of the Organization of the Petroleum Exporting Countries show it is narrowing its differences with oil consumers on the impact of resurgent North American output.