O Globo reports that Brava Energia, a Brazilian company, will sell Potiguar's assets to PetroReconcavo.
The newspaper O Globo, citing reliable sources, reported that Brava Energia, a Brazilian company, had reached an agreement with PetroReconcavo to sell assets in the Potiguar Basin for a total of around 13 billion reais (2.13 billion dollars). According to the report, the acquisition of the assets in Brazil's oil basin would enable PetroReconcavo reduce costs and could also lead to better agreements with suppliers.
Brazil's Brava is moving closer to the sale of Rio Grande do Norte properties
Brava Energia, based in Brazil, is planning to sell 11 oil and natural gas concessions located in the state of Rio Grande do Norte to Azevedo & Travassos infrastructure company and Petro-Victory Energy oil company. Brava announced in a Tuesday securities filing that the firms had signed an exclusivity agreement for a 30-day period to negotiate the final sale documents.
Banks assist in the recovery of Australian shares; energy and miners lag behind
The Australian share market ended its five-day loss streak on Tuesday, as gains in the banking sector outweighed losses in mining and energy stocks. Investors around the world pondered whether U.S. policy will ease beyond this week. By 2335 GMT, the S&P/ASX 200 Index rose 0.2% to 8264.9. The benchmark index ended Monday 0.6% lower. The Financials subindex topped the benchmark index by 0.4%.
Karoon Energy, Australia's energy company, reduces its outlook for Brazil project
Karoon Energy, an Australian oil and gas company, said that it has reduced the production forecast for its Bauna Project in Brazil because of operational disruptions. After the disruptions, the company reduced its production forecast for 2024 for the Bauna Project to 7.2-7.4 millions barrels of crude oil. The previous outlook was 7.5-7.7million barrels.
Oil rises by 1% in a 3-week period as sanctions on Russia and Iran increase
The price of oil rose by about 1% on Friday to a record high for three weeks, as a result of expectations that additional sanctions against Russia and Iran would tighten up supplies. Lower interest rates in Europe or the U.S. may also boost the demand for fuel. . U.S. West Texas Intermediate crude (WTI), which is a blend of oil from Texas and Louisiana, rose by 79 cents or 1.1% at $70.81.
Oil prices drop on forecast surplus supply in 2025, but are set to rise by a weekly gain
Oil prices fell on Friday, as investors shifted their focus to a forecast for ample supply. They also shrugged off the expectation of higher demand in 2013 due to Chinese stimulus measures. Meanwhile, they were watching a Federal Reserve rate cut scheduled next week. Brent crude futures were down 8 cents at $73.33 per barrel as of 0125 GMT, while U.S.
Equinor sells assets worth up to $2 billion in Nigeria and Azerbaijan
Equinor announced on Monday that it had completed the sale of its assets located in Nigeria and Azerbaijan, for up to a $2 billion total. This marked the end of the Norwegian oil company's presence in the two countries, which lasted more than 30 years. The group stated that the divestments announced in 2023, and completed recently, would boost cash flow for the fourth quarter.
Petrobras Slashes Platform Decommissioning Budget
Brazil's state-run oil firm Petrobras PETR4.SA cut $1.1 billion in planned investments in decommissioning oil and gas platforms in its strategic plan for the 2025-2029 period, compared to what was earmarked in its 2024-2028 plan, the company told Reuters.Petrobras expects to invest $9.9 billion in platform decommissioning through 2029…
Brazil's prosecutors press Petrobras to conduct more Amazon drilling studies
Brazilian federal prosecutors have asked Petrobras, the state-run oil company, to conduct more studies before drilling near the Amazon rainforest coast, citing the potential effects of extreme weather conditions on tides. Documents filed Monday with environmental agency Ibama show that the prosecutors cited the possible effects of extreme weather conditions on tides.
Eletrobras Santo Antonio Power Plant bounces back after Brazil's historic drought
Santo Antonio is one of Brazil's biggest hydroelectric plants. Its head said that the plant had survived an extreme drought. He credited the plant's resilience with a series of measures which kept it running, even at record low water levels. According to the Brazilian geological service, Santo Antonio on Amazon's Madeira River was forced to temporarily stop operations in 2023 due to drought…
Petrobras bids for ships for Sergipe Deepwater Project
Petrobras, the state-owned oil company of Brazil, has announced a bid to purchase up to two offshore production vessels as part of its Sergipe deepwater project SEAP. The announcement was made in a late Friday securities filing. The floating production, storage, and offloading units (FPSOs) will be contract on a build, operate, and transfer model (BOT)…
Brazil Gas Subsidy Plan is hindered by fiscal concerns
The Brazilian fiscal constraints may prevent a proposal to subsidise the price of natural gases used to make nitrogen fertilizers, Bernardo Silva said, executive director of the fertilizer lobby Sinprifert. The group, which includes Mosaic, Eurochem, and Yara in Brazil as members, is pleased with the plan, because it will help reduce Brazil's dependence on imported fertilisers.
Brazil will offer 91 oil blocks permanently
Brazil's Ministry of Mines and Energy said in a statement on Friday that it will sell 91 oil blocks permanently. This could result in signing bonuses of up to 2.4 billion Reis ($394.11m) at the next auction. The government will offer 39 blocks within the Sao Francisco Basin of Minas Gerais, 41 blocks, and a marginal accumulating field in Rio Grande do Norte's Potiguar Basin…
Rystad reports that Argentina's Vaca muerta region has achieved record oil production during the third quarter.
Rystad, a consultancy, said that Argentina's Vaca Muerta shale formed produced a record 400,000 barges of oil per day (bpd), in the third quarter. This figure represents a 35% increase in production year-over-year, thanks to improvements in productivity and evacuation capability. The formation is on track to reach its goal of 1,000,000 bpd, by 2030.
Palm oil prices near record highs as Soyoil takes the lead -Braun
Palm oil is not the cheapest oil in the world, despite being the most abundant vegetable oil. Supply concerns have driven up the price by almost 30% this year. Prices for soybean oil, a rival product, have fallen by more than 11 % this year due to record global soybean production. In recent weeks, this has led to a near-record discount in palm oil compared to soybean oil.
COP29 hosts urges collaboration as final negotiations of the deal enter stage
Azerbaijan, the host of COP29's climate summit, urged participants to come up with a financial deal by Friday as negotiations for the two-week long conference reached their final hours. The world governments present at the Baku meeting, in the Caspian Sea City, are required to agree on a comprehensive plan whereby rich countries would…
COP29: Climate agenda clashes with trade demands
At the COP29 Climate Summit, trade tensions are escalating. According to U.N. documents, and negotiators, China, Brazil, and a number of other developing countries have complained that perceived barriers, like the European Union’s carbon border levy will undermine climate efforts. Nearly 200 nations are fighting over the climate talks…
Palm extends its losses amid China trade fears and weak demand
Malaysian palm futures fell for the second session in a row on Thursday as concerns about U.S. Tariffs on China, and a weakened demand for palm, sparked a sale on the vegetable oil market. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery fell 46 ringgit or 0.96% to 4,769 Ringgit ($1,069.28). The contract fell by 2.21% during the previous session.
Fourth oil production vessel to leave Guyana in Q1 of 2025
The CEO of U.S. oil producer Hess John Hess stated on Wednesday that Guyana's fourth floating production, storage and offloading facility (FPSO) is expected to depart the South American nation in the first quarter of next year. Yellowtail, the fourth project of the firm that is responsible for the oil and gas production throughout South America, will add an additional 250,000 barrels a day (bpd).
Tereos warns that more problems are ahead following the low sugar price which has affected H1 results
Tereos is one of the largest sugar producers in the world. On Wednesday, it reported a 18% decline in its net profit for the first half of its fiscal year, due to a drop in the price of sugar and sweeteners. It also warned that the fall could continue in the second half of its fiscal. Tereos released a statement saying that the group's…
