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China: Latin America’s Financier

China: Latin America’s Financier

 After Brazil’s Petrobras was caught in a corruption scandal, China came to the rescue. A loan of 3.5 billion is on the table along with a two-year cooperation agreement between both countries. This is not the first time for China invests in Latin America’s growth. In a period of 13 years, the country has invested…

Petrobras suppliers negotiate $3.5 billion Chinese credit deal

Brazil’s top crude producer is in the middle of a big corruption corruption scandal, but some countries seem to se past that. According to the Brazil-China Chamber of Commerce & Industry, both countries are negotiating a loan of 3.5 billions. China believes it is a good opportunity to invest in the country. by Peter Millard,…

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…

Bolivia’s YPFB confirms talks with Petrobras to extend natural-gas supply deal

Petrobras is in talks with its Bolivian counterpart Yacimientos Petroliferos Fiscales Bolivianos to extend the natural-gas supply contract that is set to expire in 2019. The new contract will cover 2020 and beyond. Petrobras currently imports around 30 million cubic meters of natural gas a day from Bolivia due to the fact that Brazil is…

Petrobras’ Sergipe-Alagoas discoveries hold light oil, condensate

Brazilian state-run oil company, Petrobras has discovered very light oil in the Sergipe-Alagoas Basin off the northeast coast. The oil has been rated with an API anywhere from 39 to 44, averaging at about 40 API. The string of six discoveries is helping out the country by creating exploration buzz. by Jeff Fick, Platts, September 18,2014…

Brazil Says Oil Output To More Than Double In 10-Year Plan

Brazil plans to reach oil and gas production of 5 million bpd by 2023, after receiving $550 billion in investments. A 10-year plan released Wednesday revealed that 63 percent of these investments will go to oil and gas. In addition to the increase in production, expected exports in 2023 should reach 1.5 million bpd. by Reese…

Petrobras sets new presalt production records in June

Offshore Staff, Offshore Magazine, July 21, 2014 RIO DE JANEIRO – Petrobras’s June oil production in Brazil averaged 2,008,000 b/d, up 1.7% from May’s production of 1.975 MMb/d. Including production operated by Petrobras for its partners in Brazil, the volume reached 2,135,000 b/d, up 2.1% from last month’s production of 2,092, b/d. In June, presalt…

Brazil eyeing Japan’s help in oil project

Agence France-Presse, via Globalpost.com,  July 20, 2014 Brazil plans to use Japanese technology in building a floating structure and ships for its huge offshore oil development project, media reports said Sunday. Japanese Prime Minister Shinzo Abe and Brazilian President Dilma Rousseff will announce the use of Japanese technology in building a so-called “logistics hub” for…

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