|Day's Range||2.3600 - 2.4000|
The recent departure of a senior official at Brazilian development bank BNDES does not change the bank's strategy and was part of the normal turnover at the institution that oversees privatizations, its chief executive said on Friday. "Nothing changes in the bank's strategy, nothing changes in its plans," Gustavo Montezano said in a statement to reporters. Two people with knowledge of the matter told Reuters on Thursday that the majority of BNDES' board voted to dismiss director Andre Laloni, who requested a leave of absence last week amid disagreements over asset sales.
Brazilian state-run oil firm Petroleo Brasileiro SA posted a significant production boost in the third quarter, as heavy investments in its deepwater, pre-salt zone showed signs of paying off. Investors and analysts have been watching the firm's production figures closely in recent quarters, and the company's ability to swiftly boost output is key to its current strategy. In a Thursday securities filing, Petrobras, as the firm is commonly known, said it produced 2.878 million barrels of oil equivalent per day (boepd) in the third quarter, up 9.3% from the previous quarter and 14.6% from the same period a year ago.
Brazil's Senate passed the main text of a bill late on Tuesday defining the distribution of proceeds from a blockbuster auction of oil prospecting rights, a key milestone for the enormous offshore region known as TOR - the 'transfer-of-rights' area. The bidders who win exploration and production rights in the massive Nov. 6 auction will be obliged to pay the government a combined signing bonus of some 106.5 billion reais ($25.8 billion), making it the largest oil bidding round in history, according to Brazilian authorities. The fields are unique as Brazilian state-run oil firm Petroleo Brasileiro SA, better known as Petrobras, has already done significant exploration work in the area.
TOTAL (TOT) further expands operations in Brazil through a new exploration license in the C-M-541 deep offshore block, located in the pre-salt Campos Basin.
France's Total SA , the big winner in a Brazilian auction of offshore oil concessions on Thursday, said it will not participate in a bigger auction scheduled for Nov. 6 of the so-called Transfer of Rights area in Brazil's pre-salt region. The company's chief executive officer, Patrick Pouyanné, said in a statement that was because the competitive bidding rounds were for non-operating stakes. A consortium led by Total won the exploration and production rights for an offshore block near the pre-salt region on Thursday, agreeing to pay the government a signing bonus of 4 billion reais ($978 million).
Brazilian president Jair Bolsonaro on Thursday gave his full backing to Economy Minister Paulo Guedes, an apparent effort to quash recent press speculation of a rift between the two. Speaking at conference in Sao Paulo after Guedes himself had addressed the audience, Bolsonaro said Guedes has total control over economic policy and that there is no "plan B". On Monday Guedes told Reuters there was "zero basis" for a Brazilian newspaper report that he plans to leave Bolsonaro's cabinet early next year after a landmark overhaul of the country's pension system has cleared Congress.
Ten companies on Thursday agreed to pay more than $2 billion for the exploration and production rights in 12 offshore oil blocks in Brazil, in what could be a promising sign for even bigger upcoming oil auctions. The most heavily sought after areas in the Thursday auction directly border Brazil's so-called pre-salt area, a coveted zone in which billions of barrels of oil are trapped under a thick layer of salt beneath the ocean floor. The biggest move came from a France's Total SA, which, in a consortium with Malaysia's Petronas and Qatar Petroleum, dropped 4.029 billion reais for one block abutting the pre-salt area.
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(Bloomberg) -- Brazil’s efforts to uncover the origin of oil washing up on more than 130 beaches along its pristine northeastern coastline are pointing to Venezuela as the likely culprit.Brazilian Environment Minister Ricardo Salles on Wednesday said that a report from Brazil’s state-controlled oil company Petroleo Brasileiro SA indicates that the oil originated from Venezuela, a country suffering an economic crisis after years of mismanagement and widespread corruption.Rio de Janeiro-based Petrobras said that molecular studies of the spilled oil show it wasn’t produced in Brazil or sold by the company, and didn’t confirm or deny the origin of the crude.“This oil that is arriving, very probably is from Venezuela,” Salles told lawmakers during a hearing. “It is oil that comes from a foreign tanker navigating close to Brazil’s coast.”Petrobras Chief Executive Officer Roberto Castello Branco said on Tuesday that about 500 barrels were spilled, which means it wasn’t simply from an oil tanker that was being cleaned. He said that it could have come from an oil tanker that sank, an accident when loading oil from one tanker to another, or from a criminal act.The oil spill is putting Brazil back in the spotlight for environmental disasters. A surge in fires in the Amazon rainforest in August sparked an international backlash against President Jair Bolsonaro, a social conservative who supports developing natural resources in the Amazon. Two massive mining waste dams have collapsed since 2015, claiming hundreds of lives and polluting waterways in several states.Brazil first started noticing the oil on Sept. 2 and began cleanup efforts and investigations into the cause, including a criminal probe by federal police, according to the Ibama environmental agency.To contact the reporter on this story: Peter Millard in Rio de Janeiro at email@example.comTo contact the editors responsible for this story: Tina Davis at firstname.lastname@example.org, Carlos Caminada, Reg GaleFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Transocean's (RIG) vital technological breakthrough via its operational and safety upgrade aims at lowering the usual fuel consumption by 14%, thereby curbing the toxic NOx and CO2 emissions.
Brazilian state-run oil firm Petrobras has formally begun the sale process for eight onshore exploration blocks in the northeastern state of Bahia, the company said on Monday. In a securities filing, Petroleo Brasileiro SA, as the company is formally known, said it had begun the teaser phase for the blocks in the Reconcavo Basin, in which potential buyers have access to basic technical information about the assets. The sale, the value of which is not clear, is one of dozens of divestments by Petrobras, which is aggressively selling off non-core assets to cut debt.
A major refinery owned by Brazilian state-run oil firm Petrobras was already undergoing a scheduled stoppage when a fire broke out over the weekend, the company told Reuters on Monday, likely limiting the effects on production. Petroleo Brasileiro SA, as the firm is formally known, did not respond to a request for comment on whether the fire could extend the stoppage, which began on Thursday, according to the local union. On Sunday, a fire broke out at Petrobras' Revap refinery, located in the state of Sao Paulo.