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Petrobras and Indian partners find more oil in Brazil

In a securities filing on Thursday, Petrobras and its Indian partners have reported that they have found more light crude oil in the Sergipe Basin off the northeast coast of Brazil.  The drilling found a 28 meter column of oil and the discovery also includes a presence of light crude oil with a density between…

Presalt oil and natural gas provide an increasing share of Brazil’s production

Brazil’s exploration and development of it’s presalt layer began over a decade ago with its first production starting in 2008.  In 2013, Brazil’s presalt crude oil production was 15% of total production, this being a sufficiently greater increase from 0.4 % in 2008. The presalt natural gas productions also had a significant rise with 14%…

Bond holders pushing for a Petrobras default

Petrobras may incure a default on its 53.6 billion outstanding debt if it does not report on third-quarter earnings results by the end of February.  Aurelius Capital Management, a New York based hedge fund, expects “Petrobras to be shut out of the international capital markets” if it does not report on 3Q earnings.  The delay…

Petrobras, Eletrobras Win $1.23 Billion Contracts to Sell Power

At an energy auction in Brazil, PETR4 and ELET6 won contracts to sell almost 17,400 gigawatts-hours of electricity. The two companies will receive $1.23 billion under three-year contracts. The contracts will take effect at the start of 2015. by Vanessa Dezem, Bloomberg, December 5, 2014 Petroleo Brasileiro SA (PETR4) and Centrais Eletricas Brasileiras SA (ELET6) won…

Oil price drop hits Latin America

Oil price drop hits Latin America

While Mexico and Venezuela must open up their oil sectors to outside investment, Brazil needs technology and financing for its offshore reserves in the Atlantic Ocean. Venezuela is desperate due to the effects of the slump in oil prices and their failed attempt to convince OPEC to trim production. by Paul Welitzkin, China Daily, December 1,…

Al Gore Stresses Brazil’s Importance in Climate Change Battle

Former U.S. Vice President Al Gore has stated how important Brazil has been in fighting the global warming battle as it has had great success is reducing greenhouse gas emissions and slowing the rate of deforestation on the Amazon. Gore spoke at a Climate Reality Leadership Corps Training session in Rio de Janeiro on Wednesday…

Brazil October LNG imports up 102% on month

Brazil October LNG imports up 102% on month

During the month of October, imports of liquefied natural gas in Brazil rose 102% to 1,257,028 cubic meters. The high amount of imports are due to the severe drought the country is still facing. by J. Robinson, Platts, November 4, 2014 Brazilian imports of liquefied natural gas surged 102% during October totaling 1,257,028 cubic meters, up…

Brazil gives go-ahead to 31 solar parks in push for new energy

On Friday, Brazil granted contracts for the construction of 31 solar parks marking its entry into the solar power sector. This move was largely caused by the worst drought the country has faced in eight decades that has led to a huge energy crisis. The 20-year energy supply contracts are expected to start feeding the…

Offshore E&P activities ramping up in Latin America

Latin American nations are ramping up offshore exploration, development, and production activities. This increase is largely due to discovery of new reserves in Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, Peru, and Venezuela. The economic future of these countries is dependent on their under-explored hydrocarbon region. by Robin Dupre, Offshore Magazine, October 29, 2014 Offshore exploration, development,…

Brazil’s OGPar expects Tubarao Martelo output to peak at 30,000 b/d in 2016

Brazilian oil producer OGPar expects outputs from Tubarao Martelo to peak at about 30,000 barrels per day in 2016. Over the next few years, the company will invest $200 – $500 million in two additional production wells and three additional injection wells at the field in order to increase production. by Jeff Fick, Platts, October 21,…

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