(S&P Global Platts, 29.May.2020) — Brazilian state-led energy company Petrobras will grant rival producers and other companies access to onshore natural gas processing facilities in a two-step process in the latest move toward opening Latin America’s biggest market under the terms of an antitrust agreement signed in July 2019. “According […]
Tag: Petrobras
Petrobras To Offer Third-party Access To Gas Plants
(Argus, 28.May.2020) — Brazil’s state-controlled Petrobras is opening its natural gas-processing plants to third parties, another step toward opening the country’s gas market to greater competition. Petrobras has started offering gas-processing capacity to current producers, and will offer capacity to other interested parties in a future phase, the company said […]
Petrobras Announces Global Bond Offering
(Petrobras, 27.May.2020) — Petrobras announces that its wholly-owned subsidiary Petrobras Global Finance B.V. (PGF) plans to offer one or more series of bonds in the U.S. market in a new emission , subject to market conditions. The bonds will be issued with full and unconditional guarantee from Petrobras. PGF intends […]
Petrobras Prices Two Global Notes For $3.3bn
(Petrobras, 27.May.2020) — Petrobras announces the pricing of two series of global notes denominated in US Dollars to be issued by its wholly-owned subsidiary Petrobras Global Finance B.V. (PGF). The Notes will be unsecured obligations of PGF and will be fully and unconditionally guaranteed by Petrobras. Closing is expected to […]
Petrobras Updates On Colombian Asset Sale
(Petrobras, 21.May.2020) — Petrobras, following up on the press release disclosed on 03/06/20, informs that the non-binding phase related to the sale of 100% of the shares held by Petrobras International Braspetro B.V. (PIB BV) and other Petrobras subsidiaries, in Petrobras Colombia Combustibles (PECOCO) is underway, as described in the […]
Shell Starts Drilling Saturn Offshore Block
(Reuters, 21.May.2020) — Royal Dutch Shell has begun drilling the Saturn block in the Santos pre-salt basin, the company’s Brazil chief said on Thursday, adding that Brazil faces hurdles to remain attractive in a low-price environment. Brazil’s No. 2 oil producer after state-run Petroleo Brasileiro, Shell is the operator of […]
Petrobras Approaching Pre-Crisis Refinery Runs
(Argus, 21.May.2020) — Brazil’s state-controlled Petrobras has further boosted refinery throughput in response to a pick-up in fuel demand, with utilization rates approaching the average pre-crisis level. Petrobras downstream director Anelise Lara said this week that utilization at the company’s refineries is at 77pc, up from a mid-April low of […]
Covid-19 Crisis Could Crush Brazil’s Oil Boom
(Oilprice.com, 20.May.2020) — The coronavirus is spreading like wildfire in Brazil, and the country’s oil industry could get dragged down with it. “Brazil has the worst COVID growth rate of any G20 country: the pandemic is totally out of control,” Raymond James wrote in a report, explaining its reason for […]
NOCs To Slash Exploration Budgets
(WoodMac, 20.May.2020) — National oil companies (NOCs) globally are estimated to cut exploration budgets by over a quarter on average in 2020, says Wood Mackenzie. The analysis is based on announcements and tracking well plans of 11 top spending NOC explorers, including three Chinese NOCs, PTTEP, PETRONAS, ONGC, Qatar Petroleum, […]
Petrobras Starts EWT At Albacora Field
(Petrobras, 17.May.2020) — Petrobras, following up on the press release disclosed on 11 May 2020, informs that it started yesterday the Extended Well Tests (EWT) in the Discovery Assessment Plan (DAP) of Forno, in the Albacora field, located in the Campos Basin pre-salt. The test is being carried out in […]
Message From Petrobras’ CEO On 1Q:20 Results
(Petrobras, 15.May.2020) — Petrobras CEO Roberto Castello Branco delivered his message to shareholders related to the company’s first quarter 2020 results. “We express our solidarity with the victims of the global pandemic, at the same time as we are deeply grateful to the health professionals who have been standing out […]
Petrobras Kicks Off NTS’ Non-binding Phase
(Petrobras, 15.May.2020) — Petrobras, following up on the press release disclosed on 31 March 2020, announces the beginning of the non-binding phase regarding the sale of its remaining stake (10%) in Nova Transportadora do Sudeste S.A. (NTS). Qualified parties for the non-biding phase will receive a process letter with detailed […]
Petrobras Starts Gaspetro’s Non-binding Phase
(Petrobras, 15.May.2020) — Petrobras, following up on the press release disclosed on 4 May 2020, announces the beginning of the non-binding phase regarding the sale of its entire 51% stake in Petrobras Gás S.A. (Gaspetro). Qualified parties for the non-biding phase will receive a process letter with detailed instructions on […]
Petrobras Posts $11bn Impairment
(Bloomberg, 15.May.2020) — Petrobras, the Brazilian sate-controlled oil producer, posted a 65 billion-real ($11 billion) impairment in the first quarter after revising down its outlook for crude prices. Even without the impairment, Petrobras reported a loss in the quarter on lower oil prices and the devaluation of Brazil’s real, the […]
Petrobras Warns Economy Has Changed Forever
(Reuters, 15.May.2020) — Brazil’s Petrobras took a 65.3 billion real ($11.2 billion) impairment on its exploration and production assets on Thursday, warning investors that changes in consumer behavior resulting from the coronavirus pandemic would likely be permanent. The impairment led Petroleo Brasileiro SA, as the firm is formally known, to […]
Petrobras On Equalizations In Lula, Atapu and SĂ©pia
(Petrobras, 13.May.2020) — Petrobras, regarding the press releases disclosed on 18 March 2019 and 11 September 2019, which announced the approval of Production Individualization Agreements (AIP) of the Lula, Atapu and SĂ©pia joint reservoirs, in Rio de Janeiro, informs that it executed Expenses and Volume Equalization Agreements (AEGV) with the […]
Petrobras Reveals Teaser For Thermal Power Plants
(Petrobras, 13.May.2020) — Petrobras reports that it has started the opportunity disclosure stage (teaser), regarding the sale of four thermal power plants, which three are located in Camaçari-BA (UTEs Polo Camaçari) of fuel oil, and one is located in Canoas-RS (UTE Canoas), of biofuel (diesel or natural gas). The teasers, […]
Petrobras On Oil Finds In BĂşzios And Albacora
(Petrobras, 11.May.2020) — Petrobras confirmed oil of excellent quality in the Southeast area of the BĂşzios field and greater potential in the pre-salt of the Albacora field. POÇO 9-BUZ-39DA-RJS Located in the Southeast area of the BĂşzios field, in the Santos Basin pre-salt, 210 km from Rio de Janeiro, the […]
Petrobras Comments On Internal Event News
(Petrobras, 8.May.2020) — Petrobras in view of the news published today in the media regarding the meeting held on 05/06/2020 by the Executive Board in an internal event with the company’s employees, clarifies that it has been keeping the market informed about the actions on resilience adopted due to the […]
Petrobras’ Cash Burn May Reach $1bn A Month
(Reuters, 8.May.2020) — Brazilian oil giant Petrobras said on Friday that its cash burn could reach $1 billion a month in periods of extreme stress and volatility, noting the current level of uncertainty in being able to accurately predict spending. The state-owned firm, formerly known as Petroleo Brasileiro S.A., cited […]
Petrobras On Fitch’s Rating Outlook
(Petrobras, 7.May.2020) — Petrobras informs that the rating agency Fitch Ratings revised today the company’s international long-term ratings outlook from stable to negative, and maintained the ratings of Petrobras at “BB-“. This week the agency revised the sovereign rating outlook due to uncertainty over the duration and intensity of the […]
Brazil’s Petrobras On Petros Plan
(Petrobras, 5.May.2020) — Petrobras, following up on the press release disclosed on March 10, related to the New Deficit Equation Plan (New Plan) of the Renegotiated and Non-Renegotiated Petrobras System Petros plans (PPSP-R and PPSP-NR), informs that obtained the approval by the Secretariat for Coordination and Governance of State-Owned Companies […]
Petrobras Releases Teaser For Camamu Basin Assets
(Petrobras, 4.May.2020) — Petrobras started the opportunity disclosure stage (teaser), referring to the sale of its entire stake in the Manati field, a maritime production concession in shallow waters located in the Camamu Basin, in the State of Bahia. The teaser, which includes key information about the opportunity, as well […]
Petrobras Reaches Oil Export Record In April
(Petrobras, 4.May.2020) — Petrobras exported 1 million barrels of oil per day in April. This represents a new oil export record and contributes to strengthening the company’s cash flow. The previous record was 771 thousand barrels per day, set in December 2019. The result occurs in a challenging period of […]
Petrobras Faces Virus Outbreak Offshore
(Bloomberg, 1.May.2020) — Petrobras, the Brazilian producer tapping some of the largest offshore oil finds this century, is confronting a Covid-19 outbreak in exploration platforms as the pandemic gains speed in the country. At the Xareu exploration project off the coast of Ceara, 42 out of 45 employees at two […]
Petrobras Powers Past Oil Glut On China Sales
(Bloomberg, 29.Apr.2020) — Petrobras, Brazil’s state-controlled oil giant, is plowing through a global oil glut expecting that exports to China will soon rebound, and with extensive storage capacity helping it endure in the meantime. Demand destruction from the Covid-19 pandemic has prompted producers globally to shut in barrels nobody wants. […]
Petrobras Starts BSBios Binding Phase
(Petrobras. 27.Apr.2020) — Petrobras, following up on the press release disclosed on 23 January 2020, informs that its wholly-owned subsidiary Petrobras BiocombustĂvel S.A. (PBio), on its behalf and representing its partner RP BiocombustĂvel Ltda, is initiating the binding phase of the competitive process regarding the joint sale of all shares […]
Petrobras Reverses Production Cuts
(Reuters, 27.Apr.2020) — Brazilian state-run oil firm Petrobras has reversed most of its previously announced production cuts due to higher-than-expected demand for some fuels, it said on Monday, a surprising turnaround that may be tied to an aggressive bet on bunker fuel. In a Monday securities filing with first-quarter production […]
Exxon Among 34 Vying To Market Guyana’s Oil
(Stabroek News, 22.Apr.2020) — Thirty-four companies have submitted expressions of interests (EOIs) to market Guyana’s entitlement from the Exxon-operated Liza Destiny FPSO in the Stabroek Block, offshore Guyana. The companies include the Stabroek Block operator ExxonMobil, current marketer Shell Western Supply and Trading Ltd, former British Petroleum Company BP, Norway’s […]
Over 30 Cos Vie For Guyana Oil Trading Contract
(Reuters, 21.Apr.2020) — More than 30 companies, including commodities traders like Gunvor and Vitol as well as units of oil majors like Exxon Mobil and Royal Dutch Shell, submitted expressions of interest for a contract to market the Guyanese government’s share of the country’s crude, the government said on Tuesday. […]
Petrobras Starts Papa-Terra Binding Phase
(Petrobras, 17.Apr.2020) — Petrobras, following up on the press release disclosed on 3 February 2020, announces that it has started the binding phase referring to the sale of its entire stake at the Papa-terra field, located in deepwater in the Campos Basin. Qualified parties for this phase will receive a […]
Petrobras Says S&P Maintains Scale Rating
(Petrobras, 17.Apr.2020) — Petrobras announces the rating agency S&P Global Ratings affirmed the ”BB-” global scale rating for Petrobras, with a stable outlook. The stand-alone credit profile remained at “bb”, one notch above the sovereign. S&P highlighted that the company’s liquidity position remains strong despite forecasted lower operating cash flow […]
Petrobras Eyes Restart At Ships Hit By Coronavirus
(Reuters, 17.Apr.2020) — Brazilian state-run oil firm Petrobras plans to restart operations in the coming days at two ships used in offshore oil production that suffered coronavirus outbreaks, an executive told journalists during a call on Friday. Petrobras Exploration and Production Director Carlos Alberto de Oliveira said operations at the […]
Petrobras Eyes Restart Oil Ships Hit By Coronavirus
(Reuters, 17.Apr.2020) — Brazilian state-run oil firm Petrobras plans to restart operations in the coming days at two ships used in offshore oil production that suffered coronavirus outbreaks, an executive told journalists during a call on Friday. Petrobras Exploration and Production Director Carlos Alberto de Oliveira said operations at the […]
Brazil’s Petrobras Releases Tax Report For 2019
(Energy Analytics Institute, Aaron Simonsky, 15.Apr.2020) — Brazil’s state oil company Petrobras releases its 2019 tax report, showcasing its economic and social contributions. © Energy Analytics Institute (EAI). All Rights Reserved. ***
Petrobras Begins Halting Ops At 62 Platforms
(Reuters, 15.Apr.2020) — Brazil’s state-owned oil firm Petroleo Brasileiro SA said on Wednesday it had begun suspending operations of 62 shallow water platforms in the Campos, Sergipe, Potiguar and Ceara basins. Petrobras, as the company is known, had previously announced the shutdowns, which amount to a production cut of 23,000 […]
Brazil Battles Coronavirus Cases On Offshore Rigs
(Reuters, 14.Apr.2020) — There have been 126 confirmed cases of the coronavirus among oil and gas workers in Brazil, including 74 people who were recently on offshore oil platforms, regulator ANP told Reuters on Tuesday, exposing an outbreak far worse than previously thought. The regulator said via email that as […]
Petrobras To Delay Payments From CDLs
(Petrobras, 9.Apr.2020) — Petrobras reports that it has been working to reduce the impacts of the COVID-19 (coronavirus) pandemic on the natural gas chain, since the slowdown in the Brazilian and the global economic activity has the direct effect of reducing the market consumption of natural gas. Therefore, Petrobras proposed […]
Petrobras Updates On Severance Programs
(Petrobras, 8.Apr.2020) — Petrobras reports that its Board of Directors approved the creation of an Incentive Retirement Program (PAI), a new severance program aimed at employees eligible for retirement effective until 12/31/2023. The Board also approved adjustments for incentives to join the three Voluntary Severance Programs (PDVs) of the company: […]
Mexico Refuses To Cut Oil Output
(Bloomberg, 8.Apr.2020) — Outside of Saudi Arabia and Russia, most oil producers are racing to deal with the historic oil price collapse by cutting back spending and in some cases production. But Mexico’s national oil company is acting like the crash never happened. Petroleos Mexicanos aims to nearly double drilling […]
Brazil’s State Oil Giant Petrobras Cancels Dividend
(Petrobras, 8.Apr.2020) — Petrobras informs, in addition to the press release disclosed on 7 April 2020 about cancellation of the Annual General Meeting (AGM), that all the dates related to the payment of dividends based on the 2019 annual result are being cancelled, in the amount of R$ 1.7 billion […]
Petrobras Finds Oil At Campos Basin Natator Well
(Petrobras, 7.Apr.2020) — Petrobras informs that it has identified the presence of oil in a exploratory well of the Sudoeste de Tartaruga Verde block, located in the Campos Basin. The well, informally called Natator, is located 130 km from the city of MacaĂ© (RJ), in water depths of 1,080 meters, […]
Petrobras Approves Oil Output Of 2.1 MMb/d
(Petrobras, 7.Apr.2020) — Petrobras approved a level of oil production in Brazil for April of 2.07 million barrels per day (b/d). This new monthly production forecast already includes the reductions announced on 26 March 2020 and 1 April 2020. Thus, there will be a daily monitoring of the production projection, […]
Petrobras Cancels 2020 Shareholders’ Meeting
(Petrobras, 7.Apr.2020) — Petrobras informs that, in view of the current situation arising from the new coronavirus pandemic (COVID-19) and the restrictions imposed or recommended by the WHO and the authorities regarding displacement and meetings of people, the Company’s Board of Directors, in a meeting held today, approved the cancellation […]
S&P Changes Petrobras’ Rating To Stable
(Petrobras, 7.Apr.2020) — Petrobras informs that S&P Global Ratings Agency (S&P) has changed the company’s global credit rating outlook from positive to stable, and has kept the risk level (rating) of corporate debt at “BB-“. Yesterday the agency revised Brazil’s global credit rating outlook to stable due to the impact […]
Petrobras Sets Date To Report 1Q:20 Results
(Petrobras, 7.Apr.2020) — Petrobras reports that it will release its quarterly production and sales report on 27 April 2020 and its financial statements report on 14 May 2020, after the markets close. The company will held two webcasts (Portuguese and English) to present the results, according to the schedule below: […]
Petrobras Says S&P Changes Global Rating Perspective
(Petrobras, 7.Apr.2020) — Petrobras informs that S&P Global Ratings Agency (S&P) has changed the company’s global credit rating outlook from positive to stable, and has kept the risk level (rating) of corporate debt at “BB-“. Yesterday the agency revised Brazil’s global credit rating outlook to stable due to the impact […]
LatAm Exploration To Be Slammed By Low Prices
(NGI, 7.Apr.2020) — At current prices, Latin American oil reserves at risk of not being developed or pushed out into the future could amount to 16 billion barrels, according to new research by IHS Markit. The analysis looked at oil-targeting projects in Latin America which had a presumed or announced […]
Petrobras Projects Lower April Output
(Argus, 7.Apr.2020) — Brazil’s state-controlled Petrobras is projecting 2.07mn b/d of domestic oil production in April, down by 69,000 b/d from its last confirmed output level in February. The company has said that it is shutting in 200,000 b/d of production in response to the oil price crash and coronavirus-hit […]
Petrobras Finds Oil At Araucária Prospect
(Petrobras, 2.Apr.2020) — Petrobras informs that it has identified the presence of oil in the pioneer well of the Uirapuru block, located in the Santos Basin pre-salt. The pioneer well is located about 200 km off the coast of the city of Santos (SP), at a water depth of 1,995 […]