Petrobras Board Approves More Exploration

Posted by Eric Haun
Friday, June 27, 2014

The board of Brazil's state-run oil company, Petrobras, approved the exploration of new oil and gas fields in February, Planning Minister Miriam Belchior said on Friday, countering criticism by some board members that they were not previously informed of a 15 billion reais ($6.8 billion) oil-rights deal.

Petroleo Brasileiro SA, as the company is formally known, on Tuesday was awarded the rights to explore four fields off Brazil's southeast coast believed to contain an estimated 5 billion to 9 billion barrels of oil.

In return, it will pay the government 15 billion reais through 2018, with 2 billion reais going to the Treasury's coffers this year. The cash will help the government with its fiscal goals amid a weakening economy.

On Thursday, Petrobras board members Silvio Sinedino and Mauro Cunha said they knew nothing of the oil-rights plan. Sinedino said he is considering a complaint to securities regulator CVM.

Belchior, who as planning minister holds a seat on the Petrobras board, told reporters on Friday that the company had been authorized to search for new sources of oil and gas as part of its 2030 strategic plan.

The oil-rights deal will increase annual Petrobras investments by about 3 percent. The company will have to buy billions of dollars worth of oil platforms and equipment even as its debt soars and production falls short of current targets.

($1 = 2.20 Brazilian reais)

(Reporting by Leonardo Goy; Writing by Asher Levine and Steve Orlofsky)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

News

First Women's Expedition to the Arctic

Company "MyArctic-expeditions" organize the first women's expedition to the Arctic Ocean. The expedition will start on March 5 in the capital of the Nenets Autonomous

Topaz Responder Saves Refugee Migrants

Topaz Energy and Marine has emerged as an unlikely player in the effort to save refugee migrants risking their lives on the sea crossing from Turkey to Greece’s islands in order to reach Europe.

Sardines Boost Murmansk Port Turnover

In January 2016 turnover of the Murmansk Marine Fishing Port reached 22 thousand tons of cargo, including 15 thousand tons of fish. This is higher than last year,

Offshore Energy

HHI to Localise Main Equipment for Offshore Plants

Hyundai Heavy Industries and Doosan Heavy Industries Collaborate in Localizing Main Equipment for Offshore Plants   Seoul, South Korea – February 4 – Hyundai Heavy Industries (HHI),

FUGRO Wins BHP Pyrenees Contract

Fugro has been awarded a contract by BHP Billiton Petroleum Pty Ltd for the Pyrenees Phase 3 Installation Project.   The Pyrenees development is located offshore Western Australia,

Iqarus Acquires C-CHEC at Subsea Expo

Offshore and onshore health and medical solutions company Iqarus is set to acquire occupational hygiene consultancy C-CHEC to deliver a new integrated offering to global industries.

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1062 sec (9 req/sec)