Petrobras claims that the Sirius gas field in Colombia could produce 13.3 million cubic metres of gas per day.
Petrobras' exploration general manager Rogerio Soares, who spoke at a conference for the industry on Thursday, said that Colombia's offshore Sirius well could produce 13.3 million cubic metres per day in 10 years. Soares, speaking at the Colombian Petroleum Association (ACP)'s forum on oil and gas in Cartagena, said that the initial concept of Sirius envisioned the first offshore gas production in 2029- 2030.
Vale and GEP team up to explore green hydrogen in Brazil
The mining giant Vale announced on Tuesday that it has teamed up with Green Energy Park to explore the possibilities for green hydrogen production within the South American nation. Brazil is looking to develop green hydrogen as part of its efforts to unlock new industries to power its energy transformation. The government has called it a "real opportunity" for the country's footprint to expand in renewables.
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. Le Monde reported that France's new Premier Michel Barnier was considering a temporary rise in corporate tax for the biggest companies of France, as well as taxation on share buybacks. Bloomberg News, citing sources familiar with the issue…
StoneX predicts that Brazil's sugarcane crush will fall in 2025/26 due to bad weather and fires
StoneX, a consultancy, said that the center-south region of Brazil is expected to crush sugarcane at 593.2 millions metric tons by 2025/26. This represents a 3.2% decrease from the previous year, as bad weather and fires have affected the main producing area. According to StoneX, this would be the second consecutive season in which cane crushing declined in Brazil's main belt of sugar.
Petrobras' focus remains Brazil despite Africa plans, director says
Petrobras, the state-owned oil company in Brazil, has its main focus on its own country. Its director of exploration, production, said this Thursday. He added that Brazil remained a top priority, even though it plans to expand into Africa. Petrobras, which is looking to replenish its oil reserves in the future, has publicly expressed interest in expanding their oil fields in Africa.
Petrobras, Brazil's natural gas company, will pump gas from a reopened offshore oil well
Petrobras, the Brazilian oil giant, is planning to reopen an oil well that was closed in its offshore Roncador oil field to obtain natural gas quickly. This decision was made by the company's CEO on Thursday. Magda Chambriard, the Chief Executive of Magda Energy, told reporters that the well located northeast of Rio de Janeiro could begin producing as soon as next year.
Brazil's mega dams were supposed to lead the way for a greener future. Climate change came next
The drought has exacerbated the problem of underperformance. When he first came to power in the early 2000s, Brazil's President Luiz inacio Lula da silva bet his green future on "run-of river" megadams - whose turbines move by natural river flow rather than cascading water from towering dams. Santo Antonio Jirau and Belo Monte have been…
Brazil's Prio talks to Sinochem about buying Peregrino Oil Field stake
In a filing with the Securities and Exchange Commission on Wednesday, Brazilian oil company Prio said that it is in discussions with Sinochem of China about the possible purchase of a stake within the Peregrino Oil Field. Prio said that no binding agreement had been reached yet, after the newspaper Folha de S.Paulo published earlier in…
Brazil's ethanol producer Raizen is concerned about the drought affecting next sugarcane harvest
Raizen's chief executive, who spoke on Monday, said that the Brazilian ethanol manufacturer is more concerned about the impact of a drought on the sugarcane crop in 2025/26 than the current crop. Brazil is experiencing prolonged dry weather across many regions. This has affected crops such as sugarcane and the planting of new soy cycles.
Analyst Mistry predicts that Malaysian palm oil will trade between 3,700-4 500 rgt/T by mid-2025.
Dorab Mistry, an industry analyst, said that Malaysian palm oils are likely to trade in the range of 3,700-4,500 ringgit per metric ton between now and June. This is because demand will be high during the Chinese Lunar New Year as well as the holy Ramadan month. As of Friday morning, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange gained 42 ringgit or 1.08% to $3…
Analysts say that Colombia must develop a natgas plan soon to prevent blackouts.
If it wants to prevent power blackouts in Colombia, the head of Wood Mackenzie’s Americas Gas and LNG division said that Colombia needs to decide quickly whether it will focus on LNG imports or promote domestic production of natural gas. Colombia, under leftist president Gustavo Petro has moved away fracking in order to develop its reserves shale oil and gas.
CFO: Petrobras new strategic plan will focus more on oil and natural gas.
Fernando Melgarejo, the Chief Financial Officer of Petrobras, said that the new strategic plan for the Brazilian state-run company will be more focused on upstream operations. Melgarejo said that the plan for 2025-2029, which is being developed, will not include any mergers or acquisitions of major proportions and it is unlikely to need more debt and cash than the one for 2024-2028.
Brazil's hydropower is at risk due to the drying of river basins
Data collected by London Stock Exchange Group show that soil moisture in Brazil's major river basins for hydropower production has dropped to a level not seen since the early 1990s. This means that a severe drought could continue even when rains come back. The tropical rains that feed Brazil's vast river network allow hydropower plants generate two-thirds of Brazil’s electricity.
BofA: Sugar prices will be supported by a smaller Brazil crop
Bank of America Global Research stated in a Monday note that the benchmark raw sugar price in New York is expected to remain firm and may even go up due to tight global supply of sweetener. The bank's analysts said that cane crushing was below expectations in Brazil, which is the world's biggest sugar producer and exporter "because of the dry weather conditions and recent wildfires" in Sao Paulo.
Russia invites Saudi Crown Prince to October BRICS Summit
Sergei Lavrov, the Russian Foreign Minister, announced on Monday that Russia had invited Saudi Crown Prince Mohammed bin Salman from October 22-24 to attend a BRICS Summit in Kazan. Last year, the bloc of developing countries invited Saudi Arabia and Iran to join, as well as Ethiopia, Egypt, Argentina, and the United Arab Emirates. The move was intended to accelerate its efforts to reshuffle an outdated world order.
Sources: Exxon pulls out of race to purchase stake in Namibian oil block from Galp
Exxon Mobil pulled out of the race for half of Galp Energia’s stake in a major oil discovery in Namibia, which has drawn interest from other top energy companies. Sources have previously stated that more than 12 oil companies, including Exxon Shell and Brazil's Petrobras, had expressed an interest in Galp’s 40% stake in Mopane's offshore discovery. Galp also proposes that the buyer operates the field.
Sources: India will extend the sugar export ban in order to boost local supplies and ethanol production.
Sources in the Indian government said that India will extend its ban on sugar exports to the second consecutive year, as it struggles with the prospect of lower cane production. Sources with direct knowledge of this matter said that New Delhi plans to increase the price at which oil firms buy ethanol (biofuel) from sugar mills in order to boost the supply of biofuel.
US CFTC fines energy traders
The U.S. Commodity Futures Trading Commission ordered TOTSA TotalEnergies Trading SA on August 27 to pay a fine of $48 million for alleged gasoline price manipulation. Ian McGinley, CFTC Director of Enforcement, said that the CFTC had "guarded the integrity of the market in numerous cases during the past 20 years" by detecting these benchmark-related scheme and prosecuting them. The U.S.
Sources say that Sinochem, a Chinese company, plans to withdraw from its US shale joint venture with Exxon.
Sinochem, a Chinese state-backed oil company, plans to sell its 40% stake, worth upwards of $ 2 billion, in a U.S. joint venture with Exxon Mobil, according to people familiar with the situation. Sources claim that Sinochem hired Barclays investment bankers to help it with the sale of its Wolfcamp joint-venture stake. Source: Exxon has the first right of refusal to sell the joint venture…
Fires in Brazil add to sugar problems despite minor damage
Recent fires in Brazil's sugarcane fields have helped to drive prices up to a five week high and exacerbated the problems with the crop. The world's biggest sugarcane producer is still suffering from fires despite their limited damage. Experts say that the mills will suffer from the fires, and the burned fields will have problems next year.
