Brazil Breaks Oil Output Record in January
Oil companies produced 3.17 million barrels per day (bpd) on average in Brazil in January, a volume 20.4% larger than seen in the same month a year earlier and an output record for the country, oil regulator ANP said on Wednesday. Natural gas production increased 22% over January 2019 to 138.7 million cubic meters per day on average last month, also a record. The deepwater, pre-salt field known as Lula accounted for a third of all oil production in Brazil, reaching 1.05 million bpd of crude on average in January, ANP said.
Petrobras, Galp Extend Cooperation Accord
State-controlled Petróleo Brasileiro SA and Galp Energia SGPS SA have broadened an existing cooperation accord between the Brazilian and Portuguese oil producers, to include offshore oil research and development projects and exploration and production partnerships. State-controlled Petrobras, as the Brazilian state-controlled producer is known, disclosed the decision in a securities filing on Tuesday. (Reporting by Guillermo Parra-Bernal)
Petrobras to Gain $11 Bln on Sale of Brazil Oil Rights to Statoil
The sale of a stake in Carcara, the giant Brazilian offshore oil prospect, to Norway's Statoil ASA will gain Brazil's state-led oil company Petrobras as much as $11 billion to pay debt or invest in other projects that promise to generate cash more quickly, Petrobras' chief executive said on Tuesday. Petroleo Brasileiro SA, as Petrobras is formally known, sold its 66 percent stake in the prospect in July for $2.5 billion. But the sale will also free it from the need to invest its share of the area's estimated $12 billion to $13 billion development cost…
Statoil buys Petrobras stake in Brazil oil find
Statoil aims to offset declining output from mature fields. Norway's Statoil agreed on Friday to buy Petrobras' stake in an exploration licence off Brazil for $2.5 billion, a rare deal in an oil industry struggling with low prices. The purchase of the 66 percent stake from Brazil's state-led Petroleo Brasileiro SA (Petrobras) will help Statoil secure future production as output from its mature fields declines. The deal, Statoil's biggest in several years…
Brazil October Oil Output Near Flat as Subsalt Output Falls
Brazil's oil output was little changed in October compared with September as production from the country's largest offshore subsalt fields fell, erasing gains from older fields ramping up output following maintenance, the country's oil regulator said on Wednesday. Brazil produced 3.02 million barrels a day of oil and natural gas equivalent (boepd) in the month, 0.3 percent more than the previous month, ANP said. The figures are seen as bad news for the government of President Dilma Rousseff…
Brazil: Former Petrobras Executive Favored Saipem
Prosecutors in Brazil said on Wednesday former Petrobras executive Renato Duque had unfairly favored Italy's Saipem SpA on a contract for an undersea gas pipeline for the Lula and Cernambi offshore subsalt fields. The accusations came in an emailed summary of charges against Duque, who is on trial over allegations of corruption, and four other people in a price-fixing, bribery and political kickback scheme at Brazil's state-run oil firm. Prosecutors…
Petrobras Deploys new production ship in Lula field
A new oil and gas production ship arrived in the Iracema Norte area of the Lula field, Petrobras said on Friday, a key step in efforts by the Brazilian state-run oil company and its partners to boost output from one of the country's most prolific areas. The ship, the FPSO Cidade de Itaguaí MV26, has the capacity to produce as much as 150,000 barrels of oil and 8 million cubic meters (282 million cubic feet) of natural gas a day, Petroleo Brasileiro SA, as Petrobras is formally known, said in a statement. Production is scheduled to start in the third quarter.
Large Oil Discovery Confirmed in Brazil
Brazil's state-run Petrobras, Portugal's Galp and Brazilian oil companies QGEP Participações SA and Barra Energia have confirmed that the giant Carcará offshore find extends far beyond the initial discovery, Barra said in a statement. Drilling in the 3-SPS-105 well in the Carcará N evaluation well bout 250 km south of Rio de Janeiro has discovered light oil at 31 degrees on the American Petroleum Institute scale, Barra said. The oil is contained in a continuous column of oil bearing rock that is at least 358 meters (1,175 feet) tall.
Petrobras Jupiter Well Confirms Subsalt Discovery
Petróleo Brasileiro SA , Brazil's state-controlled oil producer, said a fourth well drilled in the offshore Jupiter area showed the existence of a subsalt oil discovery. In a securities filing on Wednesday, Petrobras, as the firm is commonly known, said the well is located 296 kilometers (185 miles) off the coast of Rio de Janeiro, beneath 2,183 meters of water. The area is 80 percent owned by Petrobras and 20 percent owned by Petrogal Brasil SA, a group formed by Portugal's Galp Energia SGPS SA and China Petroleum and Chemical Co , known as Sinopec.