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Wed, Sep. 3, 6:43 PM
- Petrobras' (NYSE:PBR) oil production rose again in August, marking the seventh month in a row the Brazilian company has seen an increase in the amount of oil it is pulling out of the Atlantic.
- PBR produced ~540K bbl/day of oil with its partners Galp Energia (OTC:GLPEF) and BG Group (OTCPK:BRGXF, OTCQX:BRGYY) ; PBR President Maria das Gracas Foster says the company remains on target to achieve a 7.5% Y/Y rise in domestic oil production this year, and is on the verge of producing 2.1M bbl/day from pre-salt oil fields.
- Shares reached another 52-week high earlier in the day but then fell nearly 2% in afternoon trading.
Wed, Aug. 13, 2:35 PM
- Petrobras (PBR -3.3%) says a fourth well drilled in the Jupiter area offshore Brazil indicates the existence of a subsalt oil discovery.
- The well is located ~185 miles off the coast of Rio de Janeiro, beneath 2,183 meters of water; drilling will continue until the well reaches a total depth of 5,700 m.
- PBR is operator of the block with an 80% interest, while a group owned by Portugal's Galp Energia (OTC:GLPEF) and China's Sinopec (NYSE:SNP) holds the remaining 20%.
- PBR shares have been sharply lower since news of the death of Brazilian presidential candidate Campos.
Fri, Mar. 28, 7:57 AM
- Eni (E) of Italy launches the sale of a 7% stake in Portuguese utility Galp Energia (GLPEF), pressing ahead with plans to offload non-core assets and raise cash.
- Based on Galp's closing share price Thursday, the stake is valued at €724M ($993M); following the sale, Eni will own ~9% of Galp.
- At one time, Eni held as much as one third of Galp's share capital and was seen as a candidate to buy more of its shares.
Oct. 2, 2013, 2:59 PM
- Brazil's National Petroleum Agency says all 11 companies registered for the Oct. 21 auction of the Libra offshore oil field have qualified to participate in the sale.
- Brazil had previously approved eight firms, but was still reviewing technical and legal documents for France's Total (TOT), Colombia's Ecopetrol (EC) and the Brazilian unit of Portugal's Galp Energia (GLPEF.PK, GLPEY.PK).
- Also approved to bid: Chinese oil companies Cnooc (CEO) and China National Petroleum (PTR); China's Sinopec (SNP) also registered via its joint venture with Spain's Repsol (REPYY.PK, REPYF.PK); Malaysia's Petronas; Japan trading firm Mitsui (MITSY.PK, MITSF.PK); India's ONGC; Royal Dutch Shell (RDS.A, RDS.B) and Brazil's own Petrobras (PBR, PBR.A).
- Officials estimate the 11 companies could form up to three potential bidding groups to compete in the auction.
- Several oil majors are not participating in bidding on Libra, whose development is expected to be pricey.
Sep. 19, 2013, 6:15 PM
- More on Brazil's planned auction of the Libra oil prospect: Only 11 companies registered to participate - far fewer than the expected 40 - and some of the biggest firms backed out, including Exxon (XOM), Chevron (CVX) and BP (earlier).
- Asian state-owned companies dominate the list of participants: India's ONGC, Malaysia's Petronas, Colombia's Ecopetrol (EC), China's Cnooc (CEO) and China National Petroleum (PTR); China's Sinopec (SNP) will take part through joint ventures with Brazilian units of Spain's Repsol (REPYY.PK, REPYF.PK) and Portugal's Galp Energia (GLPEF.PK).
- Also taking part: Shell (RDS.A, RDS.B), Total (TOT) and Mitsui (MITSY.PK, MITSF.PK).
- Analysts blame the lack of interest on new rules drawn up by Brazil's government that place development and profits under greater state control; too many companies don't want "the trouble of dealing with Petrobras (PBR) and the government. You can get good oil assets elsewhere without that."
- ETFs: EWZ, BRF, EWZS, BRAF, BRXX, UBR, BZQ, BRAZ, BRAQ, BRZS, BRZU.
Jan. 4, 2011, 11:24 AM
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