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CERAWeek: Latin America looks at more opportunities

Three major oil and gas companies of Latin America, Pemex, Ecopetrol, and Petrobras, met during this year’s CERA Week in Houston, TX. Their discussions included the current challenges facing oil and gas companies as lower oil prices dominate and how they continue to move forward with opportunities. Pemex is currently looking forward to partnering with…

Brazil plans to extend oil rights to foster investment

In an effort to trigger Brazil’s oil sector, the country’s government is taking new measurements that could get up to $130 billion in investments. Some of the measurements include extension of exploration rights, new auctions and a special customs regime. by Silvio Cascione, Reuters, Jan. 29, 2016 Brazil plans to extend oil exploration rights in…

Petrobras ends rig contract with Ensco over bribe allegations

The British Ensco Plc and Petrobras ended one of their drilling contracts due to corruption allegations made by the Brazilian oil company. by Caroline Stauffer, Reuters, Jan. 06, 2016 Brazil’s state-run oil producer Petrobras ended a drill ship contract with rig contractor Ensco Plc because of corruption allegations, Ensco said, as fallout from the country’s largest-ever…

Brazil’s Eletrobras Approves Sale of Energy Distributor Celg-D

Brazil’s Eletrobras decided to sell 51% stake in Celg-D for $367 million USD in order to help te government with its cash struggles. Companies like Italy’s Enel SpA and Chinese State Grid Corp. had shown interest in the distributor that currently serves 7 million people in Goias state. by Vanessa Dezem, Bloomberg, Dec. 28, 2015…

Brazil’s Petrobras offers to sell up to 10 pct of coveted offshore oil field

In order to reduce its large debt, Petrobras is offering part of its 40% stake in the Libra offshore oil prospect. The offer can go up to a quarter of its stake, equivalent to $1.5 billion. Petrobras’ debt now surpasses the $130 billion and so it’s now offering oil prospects in the sub-salt areas of Santos…

Workers Union strike is hurting Petrobras production

Few days have passed since the Oil Workers Federation (FUP) in Brazil went on strike and Petrobras’ production has been greatly affected. The strike has cost Petrobras a decrease of 13% daily oil production and 14% on daily natural gas. by Will Connors, The Wall Street Journal, Nov. 03, 2015  Turmoil at Brazil’s state-run oil…

Brazilian wind players look to wider Latin American market

Despite Brazil´s recent energy plan to grow 11.5% share in the energy market, companies started to look for opportunities in other Latin American markets specifically in Uruguay, Chile and Mexico, which are seeking wind expansion via auctions. Eletrobras, energy developer from Brazil, plans to develop wind farms in Uruguay. Renova Energia, another Brazilian company, is…

Brazil auction fails to attract bids from oil majors

Last Wednesday, Brazil was able to award only 14 percent out of the 266 crude and natural gas concessions offered. The 37 blocks were assigned mostly to small Brazilian firms. The only large company to bid during the auction was Queiroz Galvao, a Brazilian construction group which won two deep-water blocks off the northeastern state of Alagoas. The…

Brazil: International Energy Data and Analysis

Brazil is the 8th largest energy consumer in the world and 3rd in the Americas, just behind the U.S. and Canada. It is also a significant oil producer, producing 2.95 million barrels per day (b/d), with 68% originating from Rio de Janeiro. Brazil can be accounted for one third of all the crude oil processed…

Brazil’s Petrobras cuts spending plan for 2nd time in 3 months

Petrobras just announced last Wednesday that it will be cutting spending by 11 percent for the rest of 2015 and 30 percent for 2016.  “Debt is so high that they’ve sacrificed capital investment to preserve cash,” said Fabio Fuzette of Antares Capital, a Sao Paulo investment fund. by Reuters, Oct. 5, 2015 State-led Petróleo Brasileiro SA…

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