fetching latest news
News tagged in:
Brazil's state-run company, Petrobras has decided to forfeit control of the biggest fuel distributor of the country, Petrobras Distribuidora. Under its new Chief Executive, the oil major went ahead with the privatisation drive and made this decision in a share offering due to be priced on Tuesday. The company holds a 25% share in Petrobras Distribuidora of which it will relinquish the control. It will bring in roughly $2 billion.
Brazilian oil major, Petrobras has put on sale its natural gas fields in Peroa and Cangoa shallow-water, apart from the Malombe deepwater exploration concession. The state-run firm informed in securities filing about initiating the teaser phase of the sale. The fields in Peroa and Cangoa yield about 900,000 cubic meters of gas per day, while the Malombe concession will most likely be declared commercially feasible in 2019.
Petrobras yesterday said in securities filing about making a payment of $700 million to US oilfield services provider, Vantage Drilling Company. The payment pertains to the termination of a 2015-contract awarded by Petrobras to Vantage. The payment comes after US court decision denied Petrobras’ request to revoke the result of an earlier arbitration in Holland. Petrobras has said that the payment does not imply an end to the litigation.
State-owned oil major, Petrobras informed in a regulatory filing yesterday of making natural gas discoveries in six deep-water fields in the Sergipe Basin. Petrobras will now plan a budget to finance production from the potential wells discovered in recent years. A Brazilian Newspaper has estimated that Petrobras could extract up to 20 million cubic meters of natural gas per day from the discovered fields.
A number of scheduled and unscheduled stoppages went on to become the reason for Petrobras' profit downturn in the first quarter. Consequently, the company reported a drop in oil production by 3.5%. The production declined to about 2.4 million barrels of oil equivalent per day attributed by the maintenance work and other interruptions at platforms and FPSO units in January and February.
Malaysian state-owned Petronas has entered into a $1.29 billion deal to buy 50% of Petrobas’ exploration and production rights in Tartaruga Verde field and the Espadarte field. In a statement, the Brazilian state-run firm said that the deal amount will be paid in two installments. The deal is in line with Petrobras’ divestment strategy, under which it has already sold off $11.3 billion worth of assets.
Oilfield services giant, Halliburton has informed about securing an integrated services contract with Royal Dutch Shell. The contract pertains to post-salt development and pre-salt exploration in the Campos and Santos Basins in Brazil. The three-year contract will require Halliburton to offer drilling services for bringing greater efficiency to the project through the integration of multiple product offerings and technologies.
Brazilian state-run Petrobras has agreed to settle a deepwater contract dispute with the Government of Brazil in a whopping compensation amount of $9 billion. The settlement has come as the government seeks to access extra reserves in Transfer of Rights (TOR) area. In 2010, the Brazilian government transferred the 5 billion bbl of undeveloped reserves under the TOR contract to Petrobras for a cost of $8.51/bbl.
Petrobras has sold its 90% stakes in the gas pipeline to Engie SA and Caisse de Depot et Placement du Quebec for $8.6 billion. These companies survived multiple rounds of bidding for the unit which is known as TAG. Also, this is said to be the biggest-ever single asset sale for the company. TAG operates 4,500 km pipeline network which is spread across 10 states in northern Brazil.
German industrial manufacturing firm, Siemens has secured major work order for the integrated LNG-to-power project GNA 1 of Gás Natural Açu in Rio de Janeiro, Brazil. Siemens will carry out the turnkey construction of a new combined cycle power plant for the project. The project will also see the first-time application for the Siemens H-class gas turbine in Brazil.
In a regulatory filing, Brazilian state-run Petrobras has informed about an oil spill that occurred offshore Espirito Santo, Brazil. Approximately 188 cubic meters of oil was spilled during a routine transfer to a vessel at platform P-58 in Bacia dos Campos, Espirito Santo state. Petrobras has assured against any oil reaching the shore, which is 80 km away. The oil major is currently investigating the incident.
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.