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 Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

US Warns of Sanctions on Buyers of Islamic State Oil

The Obama administration on Thursday threatened to slap sanctions on anyone buying oil from Islamic State militants in an effort to disrupt what it said was a $1-million-a-day funding source.

Three Dead in Offshore Platform Accident

Three workers were killed and one is still missing after an accident at one of the offshore oil and gas platforms in the Caspian Sea in Azerbaijan, Azeri state energy company SOCAR said on Thursday.

MEPC Makes Progress on Energy Efficiency, Emissions

The Marine Environment Protection Committee (MEPC) of the International Maritime Organization (IMO) met for its 67th session from October 13-17, 2014, at IMO Headquarters in London.

News

New York, London Juxtaposed by New Maritime Event

On November 13, the newly formed New York Maritime Consortium, a coalition of leaders from New York Maritime Inc. (NYMAR), the Society of Maritime Arbitrators (SMA),

Transas to Supply TechSim Solutions to SUNY Maritime

The Navsim Services and Transas Americas Team, have been awarded contracts for supply of a combination of full mission, classroom and cloud based Transas Technical

FMT Options for another Towboat from Eastern

Eastern Shipbuilding Group, Inc. announce that Florida Marine Transporters, Inc. of Mandeville, La. exercised another additional 90’x32’x10’ “Canal Class” Inland

Offshore Energy

Three Dead in Offshore Platform Accident

Three workers were killed and one is still missing after an accident at one of the offshore oil and gas platforms in the Caspian Sea in Azerbaijan, Azeri state energy company SOCAR said on Thursday.

Tuco Debuts New Wind Farm Service Boat

Less than a week before the Offshore Energy 2014 Exhibition and Conference in Amsterdam the coming week, Tuco Marine disclosed the newest vessel in the ProZero series of Fast Rescue Boats,

Nordic Wins with Noble

Nordic Maritime, a leading offshore service operator, today announced a five year time charter for its DP2 IMR Subsea vessel, Mokul Nordic, which has been awarded by Noble Energy,

 
 
Maritime Contracts Maritime Security Naval Architecture Pipelines Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1507 sec (7 req/sec)