Brazilian major oil corporation Petrobras has discovered oil and natural gas accumulations in the ultra-deepwater of the Sergipe-Alagoas Basin offshore northeast Brazil.
Brazil's government will reclaim promising oil exploration blocks won by companies in a bidding round five years ago but never formally leased to the winners, the country's energy minister Edison Lobao said.
Operating costs for Brazil's state oil company Petrobras will be lower in the coming quarters Chief Financial Officer Almir Barbassa told financial newspaper Valor Economico in an interview published on Monday.
Brazil’s government managed Petrobras said its plan to more than double oil output will boost cash flow and eliminate the need to tap debt markets after about 10 years. Profits from oil sales will be enough to cover operating and debt costs starting in about 10 years, said Chief Financial Officer Almir Barbassa.
Brazil will reduce the ethanol content in gasoline in another effort to contain inflation since sugar (and ethanol) prices because of a poor crop have been soaring, according to the Sao Paulo press.
Brazil’s oil reserves, including recent discoveries in deep waters of the Atlantic Ocean, are of a similar size to those found in the North Sea, said a Petrobras exploration official in an interview in London.
Brazil’s state-controlled oil company Petrobras discovered natural gas in an onshore field near an area where Brazil plans to auction exploration licenses later this year.
The UK said that Brazil has the best science base outside the G8, and Brazil’s state-controlled oil and gas giant Petrobras CEO Jose Sergio Gabrielli predicted that his country will shortly become the world's largest market for deep offshore oceanic hydrocarbon exploration equipment.
Petrobras oil and gas corporation needs to control costs in its investment program, Brazil's Finance minister said on Monday, days after he and other board members told the company to revise an update of its 224 billion US dollars spending plan.
Petrobras announced Friday in an official release that President Dilma Rousseff’s administration former chief of staff Antonio Palocci had resigned to his post in the Administration Council of the country’s oil and gas state-controlled corporation.