Petrobras Post Strong Results as Crude Rises, Gas Strengthen
Brazil's Petrobras beat second quarter profit estimates on Wednesday, as higher Brent prices, strong natural gas sales and relatively controlled expenses boosted the company's bottom line.In an evening securities filing, Petroleo Brasileiro SA , as the company is formally known, reported a quarterly net income of 42.855 billion reais ($8.29 billion), up from a loss in the same period last year and well above the Refinitiv consensus estimate of 30.7 billion reais.Earnings before interest…
Brazil: Petrobras receives $45M in Vitol Corruption Settlement
Brazilian state-run oil company Petrobras said that it had received 232.6 million reais ($44.65 million) on Tuesday in a settlement with Swiss energy trading firm Vitol, which was implicated in a sprawling national corruption probe.Petroleo Brasileiro SA, as Petrobras is formally known, said in a securities filing that the settlement was brokered as part of a leniency deal between Vitol and federal prosecutors.The wide-ranging probe…
Coronavirus Outbreaks Hit Petrobras' Quarterly Output
Coronavirus outbreaks at a number of platforms operated by Brazil's Petrobras hit production in the second quarter, the company said on Tuesday, though the firm indicated output may improve in certain regions.In a securities filing, Petroleo Brasileiro SA, as the state-controlled company is formally known, said it produced 2.802 million barrels of oil equivalent per day (boepd) in the second quarter. That was up 6.4% from the same period last year…
Petrobras Sees No Need to Cut Oil Production
Brazil's state-run Petrobras sees no need for cuts in oil production, executives say, as the market for its crude remains robust in China, while domestic demand for fuel picks up amid social distancing fatigue in Latin America's largest economy.On a Friday earnings call with analysts, executives credited the company's strong relationship with independent refineries in China's Shandong Province, known as "teapots,"' for allowing Petrobras to export a record amount of crude in recent months, even as some economies are effectively shut.
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.
Maersk, Tide Maritime Targeted in Petrobras Probe
Brazilian authorities on Wednesday targeted Maersk and other companies for allegedly paying bribes to get an edge in securing shipping contracts with state oil firm Petroleo Brasileiro SA, in the latest phase of a sprawling graft probe.Federal prosecutors said in a statement that Denmark's Maersk, the world's largest shipping company, was involved in allegedly paying $3.4 million in bribes related to 11 shipping contracts with Petrobras…
Sapura Energy Secures New Order
Malaysian oil and gas services firm Sapura Energy has secured several new contracts and contract extensions for its engineering and construction (E&C) as well as drilling segments.The contracts, valued at approximately RM615 million (USD 148 million), brings the total order book year-to-date to RM15.1 billion, which will increase work volume and utilization of assets.Building on its long-term relationship, Sapura Fabrication Sdn Bhd has won a contract from Hess Exploration and Production Malaysia B.V under the PETRONAS frame agreement…
Japanese Firms in Brazilian FPSO Gig
Japanese companies have decided to proceed with the deepwater floating production, storage, and offloading system (FPSO) charter project for the Petrobras-operated Búzios pre-salt oil field located offshore Brazil.MODEC, Mitsui & Co., Mitsui O.S.K. Lines (MOL), and Marubeni Corporation have agreed that Mitsui, MOL, and Marubeni will invest in a long-term charter business currently promoted by MODEC for the purpose of providing FPSO for use on the Búzios field off the coast of Brazil.Based on these agreements…
Shell Eyes Brazil Exploration Areas
The head of Royal Dutch Shell Plc in Brazil said on Friday that it currently made more sense for the company to look for exploration areas.Speaking after Brazil's disappointing oil auctions this week, which Shell chose to sit out, Andre Araujo said the Buzios block, where state-run oil company Petroleo Brasileiro SA won rights to extract proven reserves, is an area that any company would want. (Reporting by Roberto Samora Editing by Chizu Nomiyama)
Big Oil Stuns Brazil in Back-to-back Auction Flops
Major global oil firms snubbed a second Brazilian oil auction in a row on Thursday, passing up offshore blocks and forcing officials to reconsider a bidding system that gives a privileged position to state-run Petroleo Brasileiro SA.The only block awarded in Thursday's bidding went to Petrobras, as the Brazilian state-run firm is known, and Chinese state firm CNODC, a unit of China National Petroleum Corp, which offered the minimum bid.
Moment of Truth for Brazilian Oil Auction is Here
Executives from many of the world's biggest oil companies gathered in Rio de Janeiro on Wednesday to compete in Brazil's long-awaited transfer-of-rights (TOR) oil bidding round, the largest offer of crude and gas reserves in the nation's history.Lawyers and executives have been working feverishly in recent weeks to sort out terms of consortia that will place bids on the four blocks available in the TOR area — offshore fields with billions of barrels in confirmed reserves.If all the areas receive a bid…
Equinor Eyes Brazil Natural Gas Infrastructure
Norway's Equinor ASA is scouting locations on Brazil's coast to install new natural gas infrastructure, the company's Brazil chief said, as the firm's gas-heavy offshore fields come on-line in the coming years.Natural gas is considered both a promising opportunity and a vexing problem in Brazil. The Latin American oil powerhouse is rapidly developing a prolific oil area off the nation's southeastern coast known as the pre-salt.Many of the region's assets have significant amounts of natural gas…
Petrobras Posts Another Major Production Boost
Brazilian state-run oil firm Petroleo Brasileiro SA posted a significant production boost in the third quarter, as heavy investments in its deepwater, pre-salt zone showed signs of paying off.Investors and analysts have been watching the firm's production figures closely in recent quarters, and the company's ability to swiftly boost output is key to its current strategy.In a Thursday securities filing, Petrobras, as the firm is commonly known…
Keppel, Sembcorp Reach Deal with Embattled Brazil Firm
Singapore firms Keppel Corp and Sembcorp Marine said on Monday they had reached settlements with indebted Brazilian firm Sete Brasil over long-standing contracts to build drillships and rigs.Sete, which leased oil rigs to Brazil's state oil firm Petroleo Brasileiro SA (Petrobras), filed for bankruptcy protection in 2016 after being engulfed in a massive corruption scandal.Keppel and Sembcorp Marine are among a host of firms caught up in the wide-ranging "Car Wash" investigation.
Brazil Leads FPSO Crude Production Capacity
Brazil will also lead globally on crude production capacity through upcoming floating production storage and offloading (FPSO) vessels with 2,430 thousand barrels per day (mbd) between 2019 and 2025.A total of 20 planned and announced floating FPSOs are expected to be deployed offshore Brazil during the outlook period, the highest among countries globally, revealed a report by ResearchAndMarkets.Among the 20 upcoming FPSOs to be deployed in Brazil by 2025…
Petrobras Posts Highest-ever Quarterly Profit
Brazilian state-run oil firm Petroleo Brasileiro SA posted its highest ever quarterly profit on Thursday and handily beat analysts' estimates, thanks in large part to billions of reais in asset sales.In a securities filing, Petrobras, as the firm is commonly known, said second quarter net profit came to 18.87 billion reais ($4.92 billion). That was well above the Refinitiv consensus estimate of 8.06 billion reais at current exchange rates.Adjusted for non-recurring items…
Petrobras Reports Higher Q2 Production
Brazilian state-run oil firm Petroleo Brasileiro SA posted a modest production boost in the second quarter, but failed to live up to market expectations, sending shares down over 2% in morning trade.In an early Friday securities filing, Petrobras, as the firm is known, said total second-quarter oil and gas production hit 2.633 million barrels per day of oil equivalent (boe), up 3.8% from the previous quarter.Despite the increase, the market expected more of the company…
Petrobras to Sell Natural Gas Assets
Brazilian state-owned oil firm Petroleo Brasileiro SA has reached an agreement with anti-trust regulator Cade to sell off a series of natural gas transportation and distribution assets, the company said in an exchange filing on Monday.Petrobras, as the company is commonly known, said it had pledged to sell stakes in pipeline networks including a 10% stake in Nova Transportadora do Sudeste (NTS) SA, 10% in Transportadora Associada de Gas (TAG) SA and 51% in Transportadora Brasileira Gasoduto Bolivia-Brasil (TBG) SA.It would also sell its in
Petrobras Sells TAG, Gets $8.7 bln
Brazilian state-run oil firm Petroleo Brasileiro SA (Petrobras) has concluded the sale of gas pipeline system Transportadora Associada de Gás S.A. (TAG) to a group led by France'sEngie SA and Canada'sCaisse De Depot Et Placement Du Quebec (CDPQ).According to a stock exchange annoucement, Petrobras received a total of 33.5 billion reais ($8.69 billion) from buyers on Thursday for the 90 percent stake it had in TAG.Petrobras will continue to use natural gas transportation services rendered by TAG…
Bids for Petrobras' Shallow Water Fields Surpass $1 Bln
Brazilian state-run oil firm Petroleo Brasileiro SA said on Thursday it received final proposals for shallow water fields Polos Enchova and Pampo that surpass $1 billion in value, according to a securities filing.The transaction is still subject to internal approvals, the company said, adding the bids were received on June 5.(Reporting by Ana Mano Editing by Chizu Nomiyama)
