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Petrobras News


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…

Petrobras hits 500,000 b/d output from presalt

by OGJ Editors, Oil & Gas Journal, July 3, 2014 Petroleo Brasileiro SA (Petrobras) has reached 500,000 b/d in production from the Brazilian presalt, a region that has already seen aggregate output of 343 million boe (OGJ Online, June 20, 2014). The company, which didn’t reach the same level of total production until 31 years…

Brazil’s President, Petrobras CEO Defend No-Bid Oil Production Rights Deal

State-Run Oil Company Doesn’t Anticipate Capital Increase Before 2030 By Paul Kiernan and Will Connors, The Wall Street Journal, July 1, 2014 RIO DE JANEIRO—Brazil’s president and the chief executive of state-run oil company Petroleo Brasileiro Petrobras SA made a joint appearance on Tuesday to defend a controversial deal announced last week that gives the…

Brazil will be the 6th largest oil producer by 2035

Estimate was disclosed by Petrobras chairwoman Graça Foster. By 2020, output should reach 4.2 million barrels per day. by Brazil-Arab News Agency, June 2, 2014 Rio de Janeiro – Petrobras chairwoman Graça Foster said this Monday (2nd) that by 2035 Brazil will be the sixth largest oil producer in the world, with a 6.1% share…

China CNPC sees to invest at least $2bn in Peru after Petrobras deal

by Reuters, via Business Recorder, May 28, 2014 LIMA: The China National Petroleum Corporation (CNPC) expects to invest at least $2 billion in Peru over the next 10 years, after having recently bought Petrobras’ assets in the country, a top CNPC executive told Reuters on Tuesday. “We are looking for more opportunities in Peru, to…

Brazil’s Petrobras confirms light oil find in subsalt field

By Roberto Samora, Reuters, May 21, 2014 RIO DE JANEIRO May 20 (Reuters) – Brazil’s state-run oil firm Petroleo Brasileiro SA confirmed on Tuesday that it has found light oil in well 1-SPS-98 drilled in subsalt layers of the Santos Basin. “Test results confirmed a commercial discovery,” a Petrobras statement said of the discovery first…

Petrobras to Start Diesel Hydrotreater to Offset Record Imports

By Lucia Kassai, Bloomberg News, May 15, 2014 Petroleo Brasileiro SA will start a new diesel hydrotreater unit in the second half of year to increase supplies of low sulfur diesel after imports jumped to a record last year. The unit can process 10,000 cubic meters (61,910 barrels) a day and will be part of…

Venezuela plans first shale gas exploration project

by Alexandra Ulmer and Andrew Cawthorne, Rueters, May 21,2014 May 21 (Reuters) – Venezuela plans to begin its first shale gas exploration campaign in western Lake Maracaibo in a joint venture with Brazil’s state-run Petrobras, Venezuela’s energy minister said on Wednesday. “We’ve approved in the ministry the first explorations for shale gas here in Lake…

Brazil’s Petrobras to start refining at Abreu e Lima in Nov

By Jeb Blount, Reuters, May 12, 2014 RIO DE JANEIRO May 12 (Reuters) – Brazil’s state-run oil company, Petroleo Brasileiro SA, will start operations at its Abreu e Lima refinery in November, Chief Executive Maria das Gracas Foster said in a teleconference on Monday. Petrobras, as the company is known, expects the refinery, also known…

Petrobras Deepens Cost Cuts to Counter Brazil Fuel Subsidies

By Peter Millard, Bloomberg Businessweek, May 12, 2014 Petroleo Brasileiro SA (PETR4) is stepping up cost-cutting measures to avoid a fourth straight profit decline amid losses derived from government fuel subsidies. Petrobras, as Brazil’s state-run oil producer is known, raised a 2013-2016 cost-saving target to 37.5 billion reais ($16.9 billion) from 32 billion reais, the…

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