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2018-03-30 11:05:00

EXXON PARTNERSHIP IN BRAZIL

EXXON PARTNERSHIP IN BRAZIL

REUTERSExxon Mobil Corp roared into Brazil's prolific offshore oil fields again on Thursday, clinching eight blocks in partnership with other oil firms eager to lap up the country's choice reserves ahead of presidential elections later this year.

Exxon along with Petrobras and Qatar Petroleum Intl shelled out 2.8 billion reais ($844 million) for a block in Brazil's offshore Campos basin as the American oil major seeks to aggressively replace dwindling reserves.

Chevron Corp, Repsol SA, Royal Dutch Shell Plc, BP Plc and Statoil ASA also spent top dollar to lock down stakes in Brazilian offshore blocks, some of which may be part of the coveted pre-salt play, where oil is trapped under layers of salt beneath the ocean floor.

"We are more confident in investment in Brazil, without a doubt," said Carla Lacerda, Exxon's top executive in Brazil, after the round. "We have lots of opportunities ahead. We are analyzing each round. We want a robust portfolio here."

Exxon, which will operate six of eight blocks it won Thursday, took 10 blocks in a September round last year and a pre-salt block the following month.

Before that, it was among the few oil majors without a presence in the exploration of the vast offshore fields discovered off the Brazilian coast over the past decade.

Higher oil prices and the need to replace shrinking reserves have boosted appetite among oil majors for costlier, higher-yield offshore ventures, though some projects are still seen as too pricey to be viable.

The offshore segment of the concession-style auction was a major success for Brazil's cash-strapped government, which raked in more than 8 billion reais by placing 22 blocks, compared with its forecast of 4.6 billion reais from both onshore and offshore rounds. Blocks in two onshore basins will be auctioned in the afternoon.

Among the winners, Wintershall, the oil and gas subsidiary of Germany's BASF, took seven blocks and Chevron, which has kept a low profile in Brazil since a spill in 2011, won four blocks, its first acquisitions in Latin America's top economy in five years.

Results exceeded expectations despite an unexpected move by a Brazilian court on Wednesday to remove two of the most attractive blocks in the Santos basin from the round, based on the argument that they should be auctioned under a production-sharing regime to create more value for the government.

The government will seek to auction off those blocks as part of a pre-salt round in June.

The big bids underscore oil majors' urgency to lock in stakes in Brazil before a wide-open presidential election in October that could bring to power a government seeking to halt or slow private investment in Brazil's oil sector.Still, there may be more opportunities than previously thought to take stakes in Brazil's pre-salt this year.

Officials told Reuters an auction of top geology pre-salt areas in the Santos basin could take place in the second half of the year if the government and Petrobras can end a dispute over the area.

($1 = 3.32 reais)

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Earlier:

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2018, March, 18, 11:30:00

BRAZIL REGAIN MARKET

PLATTS - "The increase in competition induced new practices in the market that resulted in imports returning to normal," Petrobras' Jorge Celestino said during a presentation of the company's 2017 financial results.

 

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2018, January, 4, 12:15:00

U.S. WANT PETROBRAS: $3 BLN

PETROBRAS - The agreement does not constitute any admission of wrongdoing or misconduct by Petrobras. In the agreement, Petrobras expressly denies liability. This reflects its status as a victim of the acts uncovered by Operation Car Wash, as recognized by Brazilian authorities including the Brazilian Supreme Court. As a victim of the scheme, Petrobras has already recovered R$1.475 billion in restitution in Brazil and will continue to pursue all available legal remedies from culpable companies and individuals.

 

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2017, December, 18, 12:15:00

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2017, December, 15, 13:00:00

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EIA - Brazil has produced 3.3 million barrels per day (b/d) of petroleum and other liquids so far in 2017, according to data through August, up from 3.2 million b/d in 2016, making it the ninth-largest producer of petroleum and other liquids in the world. Production of crude oil in Brazil increased in recent years as producers targeted large, offshore, pre-salt oil deposits. Brazil’s pre-salt oil production in 2016 reached a record 1.02 million b/d, surpassing the 2015 production level by 33%.

 

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2017, November, 29, 09:35:00

BRAZIL IN MOVEMENT

OGJ - Total SA announced Nov. 27 that the Petroleo Brasileiro SA (Petrobras)-led Libra consortium has brought production on stream in ultradeep waters 180 km offshore Rio de Janeiro in Brazil’s presalt Santos basin.

 

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2017, November, 15, 12:32:00

PETROBRAS NET INCOME R$ 5,031 MLN

PETROBRAS - Net Income of R$ 5,031 million in 9M-2017, compared to a loss of R$ 17,334 million in 9M-2016.

 

 S.America
2017, July, 17, 13:40:00

IMF WANT BRAZIL

Directors observed that the financial sector has remained sound despite the severe stresses. To make the system more robust, they encouraged actions to further strengthen financial safety nets through enhanced monitoring and an improved crisis management framework. Directors underscored the need for continued vigilance and close monitoring of the health of the corporate sector and its impact on the banking system.

Tags: EXXON, PETROBRAS, QATAR, BRAZIL
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