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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

GasLog Orders Two LNG Carriers

GasLog Ltd. today announced that it has ordered two new 174,000 cubic meter LNG carriers from Hyundai Heavy Industries Co., Ltd. ("Hyundai") in South Korea.

Ondimar Firms Order Suezmax Quartet at Navantia

Navantia and Maritime Transport Ondimar LDA (shipping company Ibaizabal Group) today ratified the contracts signed in late June and the financial structure for

Contship Italia Signs Iran MoU

Contship Italia Spa, also on behalf of Eurogate GmbH & Co. KGaA, KG, recently signed a strategic Memorandum of Understanding (M.O.U.) with Sina Port & Marine Company (SPMCO),

News

GasLog Orders Two LNG Carriers

GasLog Ltd. today announced that it has ordered two new 174,000 cubic meter LNG carriers from Hyundai Heavy Industries Co., Ltd. ("Hyundai") in South Korea.

Injured Woman Rescued on Lake Washington

Coast Guard, Seattle Police Department, Seattle Fire Department, King County Sheriff’s Office and Washington Department of Fish and Wildlife personnel rescued

Jonathan Appointed LOC Group's London MD

In line with LOC’s continual global growth and strengthening of the senior management team,  Britain has been appointed as Managing Director of the London operation.

Offshore Energy

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

NOIA Applauds Senate Passage of OPENS Act

NOIA President Randall Luthi issued the following statement on the Senate Energy and Natural Resources Committee’s passage of the OPENS Act, which will open new

Shell Moves Ahead in Arctic with Exploratory Well

Shell Oil's icebreaker MSV Fennica weaved through nine remaining protesters hanging from the St. Johns Bridge and made its way toward the Pacific Ocean.   Authorities

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage 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: 0.4370 sec (2 req/sec)