(Petrobras, 21.Sep.2021— Petrobras’s Board of Directors of its subsidiary Petrobras Transporte S.A. (Transpetro) received a letter of resignation from Gustavo Santos Raposo as CEO of the company, with effect from 24 September 2021. Transpetro’s Board of Directors will deliberate on the nomination of Transpetro’s Service Director, Luiz Eduardo Valente, to […]
Category: Brazil
Brazil energy
Petrobras Signs Landmark Gas Supply Deal With Gerdau
(Argus, 13.Sep.2021) — Brazil’s state-controlled Petrobras signed a natural gas supply agreement with steel producer Gerdau in a debut of its more flexible pricing model designed to compete in the newly opened wholesale market. Petrobras will supply Gerdau’s steel milling complex in Ouro Branco, Minas Gerais state. The terms of […]
Brazilian Sector Shaking Up Gas Market
(Argus, 13.Sep.2021) — Brazil’s association of energy-intensive industries (Abrace) is holding a first-ever tender to purchase more than 6mn m3/d of natural gas. Abrace gas manager Adrianno Lorenzon spoke to Argus about the wholesale market outlook as state-controlled Petrobras pulls back. What are the primary goals of the tender? The […]
Petrobras Gas Sale May Hike States’ Ownership
(Argus, 13.Sep.2021) — Brazil’s push for state-controlled Petrobras to divest from the domestic natural gas distribution business may end up boosting individual states’ ownership in the sector, thwarting plans to open up competition. Gaspetro, Petrobras’ subsidiary for natural gas distribution, is tied to Brazil state governments in 19 regional gas […]
Drought Pressures Brazil’s Power Sector
(WoodMac, 8.Sep.2021) — The severe drought in Brazil will contribute to an extremely tight power balance in the country, new research from global natural resources consultancy Wood Mackenzie, a Verisk business (Nasdaq: VRSK), shows. Gabriel Dufflis, lead analyst in Wood Mackenzie’s Brazil power sector research team, said: “The electricity system […]
Petrobras Strategy Slows Gas Market Opening: Sources
(Argus, 6.Sep.2021) — Brazilian natural gas pipeline distributors and other gas buyers say state-run company Petrobras is making it more difficult to sign short-term supply contracts, discouraging the opening of the country’s gas market. Petrobras said on 3 May it would offer six-months and one-year gas supply contracts in addition […]
Brazilian Congress Approves Decree Related To Health Benefits
(Petrobras, 2.Sep.2021) — The Brazilian Congress approved yesterday the Legislative Decree that suspends the effects of CGPAR Resolution No. 23, a rule that was in effect since 26 January 2018 and established, among other issues, guidelines and parameters for the federal state-owned companies’ funding of employees’ health care benefits. The […]
Brazil Jan-Jul Gas Imports Top 2020 Levels
(Argus, 1.Sep.2021) — Brazil’s natural gas imports in January-July reached a total of 8.7bn mÂł (310 Bcf), already reaching above the full-year total for 2020 of 7.8bn mÂł, according to oil and gas regulator ANP. Imports so far this year are equivalent to 37mn mÂł/d and include gas from neighboring […]
Petrobras Concludes TOR For Stake In Lapa Field
(Petrobras, 1.Sep.2021) — Petrobras, following up on the release disclosed on 21 December 2018, informs that it has finalized the transfer of rights of its 10% interest in the Lapa field to TotalEnergies. The operation, which also involves the assignment of the totality of the interest held by Petrobras Netherlands […]
Brazil Warns Of Energy Crisis
(Reuters, 1.Sep.2021) — Brazil’s Mines and Energy Minister Bento Albuquerque is warning that the country’s energy crisis is worse than previously thought, as a record drought hampers hydropower generation. In a televised national address on Tuesday, preempting the nightly news, Albuquerque said the crisis had deepened, with water reserves at […]
Drought May Force Brazil To Ration Power
(Reuters, 1.Sep.2021) — Brazilian Vice President Hamilton Mourao said on Wednesday a severe drought could lead to energy rationing in Brazil, contradicting other officials who have said that such a step would not be necessary. Brazil, one of the world’s agricultural superpowers, is suffering from one of its worst droughts […]
Bolsonaro Says Has Discussed Fuel Prices With Petrobras
(Reuters, 31.Aug.2021) — Brazilian president Jair Bolsonaro said in an event in the state of Minas Gerais that he has discussed the reason for high fuel prices with the CEO of state-controlled oil company Petroleo Brasileiro SA. Bolsonaro said Petrobras debt to acquire refineries abroad is ‘almost paid’ and the […]
Bahia LNG Import Terminal Leasing Deal Advances
(Energy Analytics Institute, 26.Aug.2021) — Brazil’s state oil company Petrobras said the leasing process for the LNG Regasification Terminal of Bahia (TR-BA) and associated facilities continues to move forward with Excelerate Energy Comercializadora de Gás Natural Ltda. advancing to the qualification stage. Effectively, the “verification stage of the effectiveness of […]
Hurdles Remain For Brazil’s Gas Distributors
(Argus, 26.Aug.2021) — Brazilian producers need to increase the amount of natural gas they offer in order to stimulate investment in gas infrastructure and boost demand, said Marcelo Mendonça, strategy and market director at the Brazilian Association for piped gas distributors (Abegás). Around 15mn mÂł/d (529.5mn cf/d) that is being […]
Excelerate Energy Advances On Leasing Of Bahia LNG Terminal
(Excelerate, 26.Aug.2021) — Excelerate Energy L.P. successfully concluded with PetrĂłleo Brasileiro S.A. (Petrobras) the negotiation stage of the tender process for the lease of Bahia Regasification Terminal. Once the financial and legal qualification and certification stages have been concluded and all necessary regulatory approvals have been obtained, Excelerate will start […]
Petrobras Pays Dividends
(Energy Analytics Institute, 25.Aug.2021) — Brazil’s state owned PetrĂłleo Brasileiro S.A. (Petrobras) made a payment today which relates to the first installment of the remuneration anticipation to shareholders related to fiscal year 2021, the company announced 25 August 2021 in an official statement. The gross amount distributed of R$ 21,000,003,096.30 […]
Petrobras Inks Deal To Divest REMAN Refinery
(Petrobras, 25.Aug.2021) — Petrobras signed today with the company Ream Participações S.A., a corporate company owned by the partners of Atem’s Distribuidora de PetrĂłleo S.A. (Atem), a contract to sell the shares of the company that will own the Isaac Sabbá Refinery (REMAN) and its associated logistics assets, in the […]
Petrobras On RNEST Divestment
(Petrobras, 25.Aug.2021) — Petrobras says interested parties in the sale process of the Abreu e Lima Refinery (RNEST) formally declined to submit a binding proposal for the purchase of the refinery. Therefore, the company is carrying out the internal procedures to end the sale process underway and will evaluate its […]
Shell Signs First Natural-Gas Supply Contract In Brazil
(Wall Street Journal, 25.Aug.2021) — Royal Dutch Shell PLC said Wednesday that it has signed a natural-gas sales contract with Companhia Pernambucana de Gas, its first supply deal with a Brazilian estate distributor. The Anglo-Dutch energy giant said the two-year agreement is to supply 750,0000 cubic meters a day from […]
Brazil In Talks With Argentina for Gas Pipeline from Vaca Muerta
(Reuters, 19.Aug.2021) — Brazil is negotiating with Argentina on the construction of a billion-dollar pipeline from the Vaca Muerta shale gas reserves, Brazilian President Jair Bolsonaro said on Thursday. Speaking to supporters on social media, he said the gas pipeline from Argentina was one of the options his government is […]
Braskem Offering Back On The Table
(Bloomberg, 19.Aug.2021) — A public equity offering is again emerging as a possible exit strategy for the controlling shareholders in one of the world’s top petrochemical makers, Braskem SA, people familiar with the matter said. Novonor hired Morgan Stanley as the group previously known as Odebrecht looks to sell its […]
LatAm Briefs: YPF Debt, Petrobras Taxes
(Energy Analytics Institute, 13.Aug.2021) — Energy briefs from the Latin America and Caribbean region including: YPF reducing its total debt, Petrobras’ tax collections to the government, Exxon’s Liza Unity FPSO prepares to leave Singapore, National Enterprises Limited (NEL) writes down the fair value of its indirect stake in Atlantic LNG […]
LatAm Briefs: Raizen IPO, Bolivian Gas
(Energy Analytics Institute, 5.Aug.2021) — Energy briefs from the Latin America and Caribbean region including: Argentina’s YPF Sociedad AnĂłnima repurchasing Class XII Notes, YPFB and Ambar EnergĂa Ltda. inking a gas deal and Shell Brazil Holding B.V. marking the start of trading in shares of RaĂzen S.A., the renewable energy […]
RaĂzen IPO To Accelerate Growth
(Shell, 5.Aug.2021) — Shell Brazil Holding B.V., a subsidiary of Royal Dutch Shell plc marks the start of trading in shares of RaĂzen S.A., the renewable energy joint venture between Shell and Brazilian energy company Cosan, on the SĂŁo Paulo Stock Exchange (B3), following the successful execution of an initial […]
Petrobras Hires JPMorgan To Sell Braskem Stake
(Reuters, 5.Aug.2021) — Brazilian state-run oil firm Petroleo Brasileiro SA (PETR4.SA) has hired JPMorgan Chase & Co (JPM.N) as adviser to sell its stake in petrochemical company Braskem SA (BRKM5.SA), three sources familiar with the matter said. Earlier on Thursday, Petrobras executives said in a conference call with investors that […]
Petrobras Beats Estimates
(Reuters, 4.Aug.2021) — 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 […]
Petrobras On Refinery Sales Deadlines
(Petrobras, 30.Jul.2021) — Petrobras has celebrated a new addendum to the Term of Commitment to Cessation (TCC) signed with the Administrative Council for Economic Defense (CADE), with the purpose of extending the deadline for Petrobras to continue with the discussions for the effective conclusion of the negotiation processes and to […]
Petrobras Inks Deal To Divest Power Companies
(Petrobras, 29.Jul.2021) — Petrobras, following up on the release disclosed on 11 September 2020, signed contracts for the sale of its 20% stakes in TermelĂ©trica Potiguar S.A. (TEP) and 40% in Companhia EnergĂ©tica Manauara S.A. (CEM) to Global Participações Energia S.A. (GPE), through its subsidiaries GFT Participações S.A. and GFM […]
LatAm Briefs: Train 1 Mothballing, CVP Appointments
(Energy Analytics Institute, 28.Jul.2021) — Energy briefs from the Latin America and Caribbean region including: rising Brazilian imports of US LNG, Ecopetrol’s electric vehicles fleet, Hess reports 2Q:21 results, Trinidad ponders mothballing Atlantic LNG’s Train 1, new appointments at CVP in Venezuela, and more. Brazil — Brazil’s imports of US […]
S&P Upgrades Petrobras’ Credit Profile
(Petrobras, 28.Jul.2021) — Petrobras informs that the rating agency S&P Global Ratings raised its stand-alone credit profile (intrinsic risk) by one notch, from “bb” to “bb+”. The agency affirmed the global scale rating of the company’s corporate debt at “BB-“, two levels below the stand-alone credit profile, due to Brazil’s […]
Petrobras Inks Contract To Divest Gaspetro
(Petrobras, 28.Jul.2021) — Petrobras, following up on the releases disclosed on 10 June 2020 and 30 December 2020, informs that it has signed a contract with the company Compass Gás e Energia S.A. for the sale of all its stake (51%) in Petrobras Gás S.A. (Gaspetro). The sale value is […]
Petrobras On Favorable Labor Lawsuit
(Petrobras, 28.Jul.2021) — Petrobras informs that, on this date, it became aware of a favorable decision handed down by the Minister Reporter of the Federal Supreme Court, in appeals filed against the decision of the Superior Labor Court on the review of the methodology for calculating the Minimum Compensation Per […]
Canadian Solar Raises $100mn To Support Brazil Project Portfolio
(Canadian Solar, 27.Jul.2021) — Canadian Solar Inc. (NASDAQ: CSIQ) closed a BRL 500mn (approximately $100mn) financing facility with Brazilian banks BTG Pactual and ItaĂş BBA. Canadian Solar will use the financing facility for the development and construction of solar projects in Brazil, where the Company has established a leadership position in the […]
LatAm Briefs: Argentine Output, Colombian Renewables
(Energy Analytics Institute, 22.Jul.2021) — Energy briefs from the Latin America and Caribbean region including: daily production details from Argentina’s NeuquĂ©n region to 13 renewable projects identified by Colombia’s Ecopetrol and more. Argentina — Daily production in Argentina’s NeuquĂ©n region reached a record 193,000 barrels per day, the highest volume […]
Petrobras Highlights 2Q:21 Output, Sales
(Petrobras, 22.Jul.2021) — In 2Q21, Petrobras continued to operate safely and had a solid operating performance, despite the persistence of the pandemic scenario. The average production of oil, NGL and natural gas reached 2.80 MMboed, 1.1% above 1Q21, due to the continued ramp-up of platforms P-68 (BerbigĂŁo and Sururu fields) […]
Brazilian Gas Availability Up 4.5% In June
(Argus, 19.Jul.2021) — The amount of Brazilian natural gas output offered to the market after flaring, loss and reinjection rose by 4.5pc in June from a year earlier and by 1.7pc from the prior month, to 58mn mÂł/d (2.04 Bcf/d). The increase is the result of a 5.6pc boost in […]
Atlas Renewable, Unipar Ink PPA In Brazil
(Atlas Renewable, 16.Jul.2021) — Atlas Renewable Energy, an international leading renewable energy company, along with Unipar, a leader in chlorine, chlorides, and PVC in South America, announced today the signing of a large-scale solar energy power purchase agreement (PPA) in Brazil. The clean solar energy supply will be generated through […]
Vale Gets Permission To Import LNG
(S&P Global, 15.Jul.2021) — Brazilian multinational metals and mining company Vale has received permission from ANP, Brazil’s energy regulator, to import LNG for its own industrial uses. The company has been authorized to import 1.66 cu m of gas equivalent per day for use in heating the company’s industrial ovens, […]
ANP Authorizes To Import LNG
(Argus, 14.Jul.2021) — Brazil has authorized iron ore producer Vale to import LNG to serve its own heating demand. Brazilian oil and gas regulation agency (ANP) will allow Vale to import LNG equal to 1.66mn mÂł/d (58.6mn cf/d) of regasified fuel, to be supplied by any country, by sea transport. […]
Petrobras Finalizes Sale Of Rio Ventura Cluster
(Petrobras, 14.Jul.2021) — Petrobras, following up on the release disclosed on 21 August 2020, informs that today it has concluded the sale of its total interests in eight onshore exploration and production fields, jointly called Rio Ventura Cluster, located in the state of Bahia, to 3R Rio Ventura S.A., a […]
Bolsonaro Authorizes Eletrobras Privatization
(Xinhua, 13.Jul.2021) — Brazilian President Jair Bolsonaro signed into law on Tuesday a bill approved by Congress that paves the way for the privatization of state-owned electric utility company Eletrobras, according to the country’s Official Gazette. Among other measures, the regulatory framework will include the issuance of new Eletrobras shares […]
Petrobras To Divest Papa-Terra Field
(Petrobras, 12.Jul.2021) — Petrobras, following up on the releases disclosed on 17 April 2020 and 24 November 2020, informs that it has signed with the company 3R Petroleum Offshore S.A. (3R Offshore) a contract for the sale of the totality of its participation in the Papa-Terra production field, located in […]
Petrobras Inks Itapu Coparticipation Deal
(Petrobras, 12.Jul.2021) — Petrobras signed with PrĂ©-sal PetrĂłleo S.A. (PPSA) the Itapu Coparticipation Agreement, which will regulate the coexistence of the Transfer of Rights Contract (ToR) and the Production Sharing Contract (PSC) for the Suplus of the Transfer of Rights for the Itapu field, in the Santos Basin pre-salt area. […]
Sonangol, Petrobras Reveal Teaser For Potiguar Basin Stakes
(Petrobras, 9.Jul.2021) — Petrobras started the opportunity disclosure stage (teaser) for the sale, together with Sonangol Hidrocarbonetos Brasil Ltda., of the total stakes of both companies in the onshore exploratory block POT-T-794, belonging to the BT-POT-55A concession, located in the Potiguar Basin, in the State of Rio Grande do Norte. […]
New Fortress Secures LNG Supply
(New Fortress, 6.Jul.2021) — New Fortress Energy Inc. (NASDAQ: NFE) reached an agreement for liquefied natural gas (LNG) supply that will cover the remaining volumes for NFE’s existing natural gas and electricity businesses through the end of 2027. “This transaction secures our LNG supply for the next several years across […]
Swiss Insured Brazil Power 9.850% Notes Due 2032
(Swiss Insured Brazil Power, 2.Jul.2021) — Swiss Insured Brazil Power Finance S.Ă r.l., a private limited liability company (sociĂ©tĂ© Ă responsabilitĂ© limitĂ©e), incorporated and existing under Luxembourg law, having its registered office at 14, rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce […]
Brazil’s Lower-Sulphur Fuel Booms In Asia
(Reuters, 1.Jul.2021) — Brazil is growing its marine fuel oil exports to Asia’s lucrative premium hubs, where rules mandating lower sulphur content have been squeezing out most of its Latin American peers, according to sources and data. Fuel oil exports are the second largest source of energy revenue for most […]
Petrobras On Divestment Of Interest In Deten
(Petrobras, 28.Jun.2021) — Petrobras, following up on the release disclosed on 2 June 2021, related to the sale of its 27.88% interest in Deten QuĂmica S.A., postponed to 8 July 2021 the deadline to execute the Confidentiality Agreement and the Compliance Certificate and grant access to the Confidential Information Memorandum […]
Petrobras Starts Contracting For Hydrotreatment Unit
(Petrobras, 28.Jun.2021) — Petrobras started an international bidding process, in EPC (engineering, procurement and construction) mode, for the implementation of a new diesel hydrotreatment unit and the necessary auxiliary systems, aiming at adapting and modernizing the refining park at the PaulĂnia Refinery (REPLAN). With this project, REPLAN will be able […]
Brazil A Complex Place To Do Business
(TMF Group, 28.Jun.2021) — The comprehensive report by TMF Group, a leading professional services firm, analyses rules, regulations, tax rates, penalties and compliance issues across 77 jurisdictions, accounting for 92% of the world’s total GDP and 95% of net global FDI flows. 292 indicators are tracked annually, offering data on […]