Brazil's Batista Family seeks to expand its footprint in the Oil Sector
According to two sources familiar with the deal, Brazilian oil and natural gas company Fluxus is owned by J&F Group, the holding firm of the Batistas. It has made a nonbinding offer to purchase the assets on land of Brava Energia. J&F acquired Fluxus in 2023. It also purchased a Pluspetrol oil field in Argentina. Fluxus' growth continued in 2024 when it acquired Pluspetrol Bolivia which included three oilfields.
Argentina negotiates gas imports with Bolivia and Chile after heatwave increases demand
Bolivia and Chile have begun talks to resume gas exports to Argentina, amid a spike in demand sparked by a heatwave this summer. This highlights the challenges facing the government of Buenos Aires in its quest to become self-sufficient in energy. Armin Dorgathen Taia, the head of Bolivia's state energy company YPFB told me by phone on Friday that "we are in a negotiations with Argentina to create a contract spot".
Executive: Bolivia and Argentina in talks to restart gas supply due to spike in demand
Bolivia's state energy company YPFB has begun talks with Argentina to resume gas exports, amid a spike in demand sparked by a heatwave this summer. This highlights the challenges facing the government of Buenos Aires in its quest to become self-sufficient in energy. Armin Dorgathen Tapiea, the YPFB's chief, told a reporter by phone on…
Brazil's wind energy sector will slow in 2024 and then resume growth in 2027
The Brazilian wind energy sector is expected to continue declining until 2027, according to the local association ABEEolica. In recent years, Brazil's renewable power supply has soared thanks to government subsidies and incentives. However, demand for the power did not grow as fast and there is an oversupply in the wind energy sector, which is exacerbated by high costs.
The US sanctions against Russia have caused a spike in global diesel prices
Analysts and LSEG data indicate that global diesel prices and refinery margins increased following the latest round U.S. sanctions against Russia's oil market on the expectation of tightening supplies. On Jan. 10, the United States imposed their toughest sanctions yet against Russian producers and tanks to reduce the revenue of the No. 2 oil exporter in world. The United States used the revenue of Russia's No.
Sources say that India's palm oils imports will hit a 5-year low on January due to negative margins.
India's palm-oil imports will plunge to their lowest level in five years this January due to negative refining margins. The tropical oil's higher price than its rivals is driving buyers to soyoil which is more competitively priced, according to government and industry officials. The world's largest buyer of vegetable oil, Malaysia, could reduce palm oil imports and weigh down on Malaysian benchmark palm oil prices.
Guyana exports 225 crude cargoes by 2024
Guyana will export 225 cargoes in crude oil by 2024, said its energy minister on Tuesday. A consortium led the U.S. giant Exxon Mobil has been ramping up its production and updating its facilities. Last year, Latin America's new oil producer became the fifth largest crude oil exporter in the region, after Brazil, Mexico and Venezuela. It was also identified as a major contributor to the global growth of oil supplies.
Suedzucker reports third-quarter losses on a weak sugar market
Suedzucker, Europe's biggest sugar producer, posted an operating loss on Tuesday. Its core sugar sector was in the red due to weak markets and the turmoil caused by the conflict in Ukraine. Suedzucker has reported that its group operating loss for the third quarter of 2024/25 ended November 2024 was 33 million euros (33.81 millions), down from 268 million euro profit in the same quarter last year.
Brazil president signs law authorizing offshore wind development
A statement released late Friday said that Brazilian President Luiz inacio Lula da Silveira had signed into law the bill authorizing offshore wind farms. The move was made to improve the energy security of the country and spur a wave investment. In a statement, it was stated that the new law provides incentives for the development offshore energy projects within Brazilian territorial waters.
Brava Energia's shares surge on the potential sale of assets and oilfield resumption
The shares of Brazilian energy firm Brava Energia soared Friday after the company announced that it was in talks with banks about potential asset sales. The company also received approval from Brazil's oil regulator for the resumption of production at a major oilfield. Brava shares closed 10.6% higher than the benchmark Brazilian stock index Bovespa which fell 0.5%.
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…
