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Production has commenced from the eighth platform installed in the Lula field, offshore Brazil. The BM-S-11 concession is operated by Brazilian state-owned, Petrobras where Shell and Petrogal Brasil are partners. Oil and natural gas is being produced from the P-69 FPSO in the Lula field through eight producing wells and utilising seven injection wells. Lula field entered into production phase in October 2010.
Brazilian state-owned Petrobras was yesterday charged by the Securities and Exchange Commission (SEC) for misleading US investors. SEC alleged that Petrobras falsely showed payments made by US investors as expenditures to "acquire and improve assets". This inflated the actual value of the Petrobras’ assets by an approximately $2.5 billion. Petrobras will pay $853 million penalty, as well as $933 million in disgorgement and prejudgment interest to settle all the charges.
CEO of Petrogal, Miguel Pereira informed about the company’s expansion plans in Brazil in order to increase its stake offshore and to develop its oil and gas assets. The company will invest $800 million to $1 billion annually. Petrogal is the third largest oil and gas producer of Brazil and currently wants to enhance its presence in offshore pre-salt areas of Brazil.
The offshore division of Jumbo has been awarded an LNG contract by Sapura at Sergipe, Brazil. Under the scope of this contract, Jumbo will provide the transportation and installation services for FSRU mooring system and also, project management and engineering services. The whole task is expected to be over by December 31st, 2018. Loading of the structure will take place in Indonesia and transported from there.
As previously announced, auction for the four blocks in Rio de Janeiro in the Santos in Campos basins will be held just a week before the presidential elections, on Friday. The companies registered for this are CNOOC, Chevron Corp, Equinor, BP and Total. These companies will have the last chance to try for one of the most wanted Brazil’s offshore oil. There is a fear regarding obstacles for foreign investment.
ANP, oil industry regulator of Brazil has permitted 6 energy companies, Shell, Total, BP, DEA of Germany, CNODC Brasil Petroleo e Gas Ltda of China and QPI from Qatar to bid for four pre-salt blocks located in the Campos and Santos Basins. The auction will be on Sept. 28. The fifth pre-salt round will be the final chance for the companies to lock Brazil’s offshore oil deposit stakes.
Crude oil export from Brazil climber 50% higher than 2017, hitting 8.1 million tonnes peak last month. Brazilian Government data showed nearly three times jump in Brazil’s crude shipments from June stats. State-run Petrobras began operations on the platforms in Buzios field and Tartaruga field in June. The Brazilian government refrained from commenting over the record July export statistics.
Brazilian stat-owned, Petrobras, yesterday released statistics of its oil and gas production in June. Petrobras’ total production of oil and gas, including natural gas liquids (NGL), for June, was around 2.62 million barrels of oil equivalent per day (boed), out of which 2.53 million boed was domestic production and 98, 000 boed production overseas.
EPC giant, TechnipFMC has entered into a 3-year long master services agreement with Brazilian oil major, Petrobras to provide subsea services in Brazil. The agreement covers technical assistance, maintenance services, inspection and end-fitting re-termination of flexible pipes and umbilicals, installation support and engineering analysis of operations and installation conditions, among other services.
Brazilian oil major, Petrobras in a statement said that its refinery output saw a hike, while a sharp decrease in crude oil exports was observed in June. Brazilian Government had to promise subsidized diesel prices to end a trucker’s strike. Adhering to the Government’s directive, Petrobras had to direct its crude supply towards refineries to produce more fuel, due to which Brazil’s crude export fell 53.8% to 2.86 Mbpd.
With a plan to invest in solar and on-shore wind projects in Brazil, oil major Petrobras, has joined forces with its strategic ally, Total and its renewable energy subsidiary, Total Eren. They have signed a non-binding Memorandum of Understanding (MoU) to analyze the possibilities of business development in solar and wind in Brazilian market which follows a strategic partnership agreement sealed by Total and Petrobras in February 2017.
An international tribunal fined Petrobras yesterday with a whopping $622 million for breaching a 2009 contract with a unit of Vantage Drilling. Petrobras found out that its executive had unduly awarded Vantage a contract, and notified Vantage in 2015 that its contract has been terminated, claiming Vantage breached terms. In return, Vantage filed an arbitration claim against PAI, PVIS and Petrobras reasoning for “wrongful termination.”
Skandi Recife, a Brazilian-flagged flexible lay and construction vessel, has begun operations under its eight-year charter contract with Petrobras. The vessel is owned by the joint venture (JV) formed between TechnipFMC and DOF. TechnipFMC has to look after flexible pipelay, while DOF Subsea will be accountable for marine operations. The vessel will operate in the Campos, Santos and Espírito Santo basins.
The Brazilian oil regulators National Agency of Petroleum, Natural Gas and Biofuels (ANP) has awarded Equinor exploration rights for the Uirapuru and Dois Irmãos blocks in the pre-salt area offshore Brazil. The Norwegian oil major joined forces with ExxonMobil (combined stake 28%) and Petrogal Brasil (14%) for the Uirapuru block, and with Petrobras and BP for the Dois Irmãos block. The exploration rights have added highly prospective acreage to Equinor’s exploration portfolio.
Brazilian city, Rio de Janeiro is all set to host the Subsea UK’s conference themed 'Underwater for longer: Subsea 4.0’ from 5-7 June. Focused on subsea production systems, the conference will address new technologies and practices. The event will explore the advancement of new fields and revitalization of production systems. Subsea UK is looking forward to exporting UK’s subsea expertise to increase the sector's international capabilities and reputation.
The Brazilian government has responded to a week-long national truckers' strike, which led to fuel and food shortages across the country and ceded to protesters' demands yesterday. Diesel prices in Brazil were cut by 46 Brazilian cents ($0.13; £0.09) per litre. According to the daily Folha de Sao Paulo, the first five days of the strike have cost the country's economy an estimated $2.8 billion.
Indorama Ventures Public Co Limited (IVL) has completely acquired the Polyethylene Terephthalate (PET) plant of Mossi & Ghisolfi's (M&G) in Brazil, as stated by IVL in a filing with the Stock Exchange of Thailand. IVL took control of the operations in the plant as it completed all of the closing formalities on Thursday. The plant operates at a PET capacity of 550,000 tonnes/year.
Oil Plus, the oil and gas water injection specialist, has considerably expanded its footprint in the Middle East after securing contracts worth more than $1.5 million in the last three months. The firm will deliver reservoir souring modelling, production chemistry and iron sulphide studies for several international oil companies in Saudi Arabia, Kuwait, Brazil, Thailand and Europe.