Brazil Archives - Panorama Insurance Brokers

Brazil set to lead global offshore crude, condensate production – GlobalData

Brazil alone is expected to contribute around 23% or 1.3 million barrels per day (mmbd) of global crude oil and condensate production in 2025 from key offshore planned and announced projects (new-build projects) that are expected to start operations between 2021 to 2025, according to GlobalData, a leading data and analytics company. The company’s report, ‘Global… Read More

Guyana, Brazil and Mexico best positioned to attract investors willing to take risk

The deepwater plays in Guyana, Brazil and Mexico will provide significant opportunities for these countries to help meet the oil and gas demand in coming years as supply shortfalls due to energy transition trends take hold. “Demand for oil will drop gradually as the world moves forward with energy transition, but some demand will remain,… Read More

Shares in Brazil’s Petrobras jump almost 10%

(Reuters) – Preferred shares in Brazil’s Petrobras jumped almost 10% on Thursday, after the state-controlled oil company smashed second-quarter margin estimates and announced 31.6 billion reais ($6.15 billion) in extraordinary dividend payments. Petroleo Brasileiro SA, as the company is formally known, had for a number of years suspended all dividends, as it focused on whittling… Read More

Builder of Guyana FPSOs secures 22.5 year contract for Brazil floater

SBM Offshore said Tuesday it has signed a Letter of Intent with Petróleo Brasileiro S.A. (Petrobras) for a 22.5-year lease and operate contract for FPSO Alexandre de Gusmão. The unit will be deployed at the Mero field in the Santos Basin offshore Brazil, approximately 160 kilometers from Arraial do Cabo, Rio de Janeiro state, in… Read More

Petrobras to supply free cooking gas to low-income Brazilians

(Reuters) – Brazilian President Jair Bolsonaro said on Friday evening that state-controlled company Petroleo Brasileiro SA, known as Petrobras, has 3 billion reais ($575.5 million) to fund free LPG bottles to low-income people that cannot afford them. Liquified petroleum gas (LPG) bottles are used for cooking mainly by low-income Brazilians, and the government has been… Read More

Guyana and Brazil oil wells have high flow rates, best recovery – WoodMac

Future deepwater oil fields will enjoy twice the average estimated ultimate recovery (EUR) of fields already onstream and Guyana and Brazil are at the top of the list, according to consultancy group, Wood Mackenzie. In a new report, WoodMac said growth from deepwater is much faster than from upstream overall, with production set to rise… Read More

TechnipFMC bags subsea contract for Brazil’s Búzios 6-9 fields

TechnipFMC announced Tuesday that it has been awarded a substantial subsea contract by Petrobras for the Búzios 6-9 fields. Located in the Santos basin offshore Brazil, these fields are part of the pre-salt area, with a water depth of 2,000 meters. TechnipFMC will supply subsea trees with controls, electrical and hydraulic distribution units, topside systems, and… Read More

Saipem, Daewoo contracted to build giant US$2.3 billion Brazil FPSO

Italian multinational oilfield services company Saipem in joint venture with South Korea’s Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) has been awarded a contract by Petróleo Brasileiro (Petrobras) for the construction of the Floating Production Storage and Offloading Vessel (FPSO) named P-79 for the development of Búzios offshore field in Brazil. The FPSO P-79… Read More

Equinor, Exxon and partners sanction US$8 billion project in Brazil

Equinor (operator) and ExxonMobil, Petrogal Brasil and Pré-sal Petróleo SA (PPSA) have decided to develop phase one of the Bacalhau field in the Brazilian pre-salt Santos area. The investment is approximately 8 billion USD. “This is an exciting day. Bacalhau is the first greenfield development by an international operator in the pre-salt area and will… Read More