Courtesy of The Economist, a look at Petrobras’ efforts to get back on track: BRAZIL’S discovery of oodles of offshore oil in 2007 felt like a transformative moment. For Petrobras, the state-controlled oil company, it raised the prospect of pumping 5m barrels a day by 2020, up from around 2m—meaning a windfall for the government [...]
Read more »Courtesy of The Financial Times, a look at Pemex and Petrobras: Shares of Petrobras fell sharply on Monday after the Brazilian state company reported a 12 per cent year-on-year decline in third-quarter net profit to $2.7bn. The next day Pemex, the Mexican state oil company, reported a $1.9bn quarterly net profit. But progress was huge: [...]
Read more »Courtesy of STRATFOR (subscription required), a report on China’s support of a faltering deal between Venezuelan state-run oil company Petroleos de Venezuela (PDVSA) and Brazilian energy company Petroleos Brasileiros (Petrobras) over the Abreu e Lima refinery possibly as a way of tying Brazil to Venezuela, hobbling Brasilia’s ability to compete elsewhere. As the article notes: [...]
Read more »Via Stratfor (subscription required), an interesting look at a new partnership between Petroleos de Venezuela (PDVSA) and Petroleo Brasileiro SA (Petrobras) to establish a joint-venture company to build and operate the Abreu e Lima refinery in northeastern Brazil’s Pernambuco state. As the article notes: “…Under the agreement, Petrobras will own a 60 percent stake in [...]
Read more »Via The Financial Times, a report that Brazil is staying firm on its controversial decision to switch from the current concessions system to production sharing agreements, or PSAs. As the article notes: “…For us, the pre-salt is a passport,” says Dilma Rousseff, chief minister in Brazil’s government and a would-be next president. “It’s a passport [...]
Read more »Via The Wall Street Journal, a report on Brazil’s new rules to protect the country’s expected oil windfall. As the article notes, the big question is whether the long-awaited shift really strengthens Brazil and state-owned Petrobras, or whether it backfires by scaring off investment by international oil companies: “…The new rules, in the works for [...]
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