Brazil Oil Measures Could Unlock $120 Bln in Investments
Measures to encourage oil and gas exploration in Brazil published in the official gazette on Wednesday could unlock $120 billion in investments, Energy Minister Eduardo Braga said in a statement. The National Council of Energy Policy (CNPE) authorized the country's oil agency to extend the concession of oil fields auctioned off in 1998 and proposed the extension of a special customs regime for oil equipment known as Repetro…
Brazil Studies Stimulus Measures for O&G Sector
Brazil is studying stimulus measures for the oil and gas sector that would lower costs and make investment more attractive, Energy Minister Eduardo Braga said on Monday. He also said 90 percent of the country's hydroelectric producers had signed on to a partial compensation agreement for losses related to the 2015 drought. (Reporting by Leonardo Goy; Writing by Caroline Stauffer; Editing by Lisa Shumaker)
Subsalt Break-even Price Below $35/barrel -Brazil Minister
The break-even price for oil production in the ultra deep subsalt layer off the Brazilian coast currently is below $35 per barrel, said on Thursday Brazil's Mines and Energy minister Eduardo Braga. (Reporting by Luciano Costa; Writing by Marcelo Teixeira)
Brazil Offers Power Companies Deal on Generation Deficit Dispute
Brazil's government will present next week to companies operating hydro power plants a proposal to settle a growing legal battle that threatens to destabilize the regulated power market, Energy Minister Eduardo Braga said on Friday. Braga said the government will publish a provisional decree next week and then open a period of consultations to define the best way to address companies' complaints regarding generating deficits.
Brazil Contractors Leaving Nuclear Plant Face Penalties
Brazil's Energy Minister Eduardo Braga said on Thursday "it is strange" that contractors are abandoning work on the Angra 3 nuclear plant and warned that they will face penalties for not fulfilling their contracts. Engineering groups Odebrecht and Queiroz Galvao said on Wednesday they were pulling out of a consortium building the nuclear reactor due to payment delays from Eletronuclear, a unit of state utility Eletrobras. (Reporting by Jeb Blount)
Brazil to Turn off Some Thermal Plants
Brazil will turn off 2,000 megawatts of thermal power on Saturday as conditions improve for its hydropower system after recent rains, Energy Minister Eduardo Braga said on Wednesday. Brazil, which mostly relies on hydropower, has had its more expensive natural gas-powered thermal plants running full throttle since a drought hit the southeast region three years ago. Braga said 10,000 megawatts would remain connected.
Brazil Outlines Scope of Planned Oil-Rights Sale
Brazil's petroleum regulator ANP said on Friday it expects to earn at least 978.8 million reais ($313.7 million) in bid fees when it offers oil and natural gas rights at an Oct 7 auction. The 13th Round exploration and production concession-rights auction will put 266 offshore and onshore areas on the block in the first such sale in more than two years. The sale will maintain strict local-content rules despite recommendations from the IBP…
Brazil Gov't to Sell Eletrobras-Controlled Utility CELG
The government of Brazil hopes to sell utility CELG, controlled by state-run Centrais Elétricas Brasileiras SA (Eletrobras), in the fourth quarter of this year, Energy Minister Eduardo Braga said on Wednesday. Braga also said the government had ruled out the possibility of energy rationing and aimed to add 6,200 megawatts to Brazil's energy grid this year. (Reporting by Jeb Blount and Rodrigo Viga Gaier)
Brazil to Announce New Oil Auction
The Brazilian government will seek to raise as much as 2.5 billion reais ($850 million) with its 13th-round auction of oil and natural gas exploration rights in October, newspaper Valor Econômico said on Wednesday. Terms of the plan will be outlined by Mines and Energy Minister Eduardo Braga next week at an international conference in Houston, Valor added. Braga told the paper that projections for the bidding round are based on a price of $65 for crude oil.
Brazil Plans Oil-rights Auction in Second Half
Brazil plans to hold its 13th round auction of oil and natural gas exploration and production rights in the second half of 2015, Mines and Energy Minister Eduardo Braga said on Tuesday. The government had planned to hold the auction in early May, but pushed the date back at the recommendation of the ANP, the oil regulator that handles the auctions. The ANP blamed the delay on…
Brazil to Avoid Rationing Energy
Brazil's government is planning to take steps to save energy through more efficient usage to avoid blackouts and the risk of rationing, Energy Minister Eduardo Braga said on Friday. The worst drought in more than 80 years has drained hydroelectric reservoir levels in the important southeast region of Brazil, which accounts for 70 percent of Brazil's hydroelectric-dominated generation capacity.
Brazil Energy Minister: Petrobras CEO to Keep Her Job
Maria das Graças Foster, chief executive of Petroleo Brasileiro SA, will continue to run the embattled state oil company so that she can lead a corruption clean-up process, Brazil's Energy Minister Eduardo Braga said on Thursday. Braga made the statement on the Miriam Leitão show on GloboNews, a Brazilian 24-hour TV news channel, GloboNews said on its Web site. The full interview with Braga is scheduled to run at 9:30 p.m. (2330 GMT), GloboNews said.
