Petrobrás Intensifies CSR Agenda
By Jewellord T. Nem Singh, Contributing Reporter RIO DE JANEIRO – Petrobrás has released its latest Sustainability Report, which contains the thorough details of its 1,600 projects amounting to a total investment of R$464.5 million in 2009. The projects contribute to its social responsibility agenda in response to the consequences of oil extraction, which remains [...]
Brazil Plans for Deep-Water Drilling Disaster Contingency
By Mira Olson, Senior Contributing Reporter RIO DE JANEIRO – Brazilian Environmental Minister Izabella Teixeira announced on Monday, July 26th, that the National Contingency Plan (PNC) for open sea oil exploration and production will be in place by September. The Plan takes into account new global parameters regarding deep-water drilling as influenced by the ongoing [...]
State Ready to Defend Oil Revenues
By Jewellord T. Nem Singh, Contributing Reporter RIO DE JANEIRO – State Attorney Luis Roberto Barroso delivered the opinion of Rio’s State Prosecutor’s office on Tuesday July 6th, arguing that the changes to the royalty distribution recently passed in Congress are unconstitutional. The new document questions the constitutionality of the new law, and forms the [...]
Repsol Pursue Brazil’s Pre-Salt Oil
By Jewellord T. Nem Singh, Contributing Reporter RIO DE JANEIRO – Petrobrás announced the discovery of new oil deposits on June 23rd in the offshore Albacora Leste field in the Campos Basin, Rio de Janeiro. Located 130 kilometers off the coast at a depth of 1,956 meters, the exploration of this “pre-salt” reservoir is operated [...]
BP’s Brazil Investment Plans Stall
By Jewellord Nem Singh, Contributing Reporter RIO DE JANEIRO – Brazil’s National Petroleum Agency (ANP) announced on June 16th they are set to review the deal between UK oil giant British Petroleum (BP) and Devon Energy in light of the on-going clean up operations in the Gulf of Mexico. The ANP have said that the [...]
Senate Approves Petrobras Share Deal
By Sibel Tinar, Contributing Reporter RIO DE JANEIRO – The Brazilian Senate has approved the bill on the new capitalization plan for Petrobras, marking the beginning of an overhaul in Brazil’s oil industry regulations. Under the new plan, state-controlled energy giant Petrobras will issue new shares to pay for the oil rights through a total [...]
Petrobras Reacts to Gulf Disaster
By Sibel Tinar, Contributing Reporter RIO DE JANEIRO – When an explosion on the drilling rig Deepwater Horizon in the Gulf of Mexico on April 20th started sending tens of thousands of barrels of crude oil gushing into the ocean daily, the reverberations of the catastrophe inevitably raised questions regarding the future of Brazil’s own [...]
Petrobras Beats Oil Production Record
By Doug Gray, Senior Contributing Reporter RIO DE JANEIRO – Brazil’s energy giant Petrobras announced last week record-breaking oil production levels for the month of April, before further good news for shareholders came with the announcement by the National Petroleum Agency (ANP) of major new oil discoveries off the coast of Rio De Janeiro drilled [...]
Brazil Reacts to Gulf Oil Disaster
By Jewellord T. Nem Singh, Contributing Reporter RIO DE JANEIRO – Drilling rig Deepwater Horizon exploded in the Gulf of Mexico in April 20th, taking eleven lives, and continues to leaks 1,000 barrel per day. British Petroleum (BP), the main company leasing the oil rig, is in charge of the clean up, but the on-going [...]
BP to Explore Oil in Brazil
By Carlos Graffigna, Contributing Reporter RIO DE JANEIRO – Continuing with what has been their main business focus over decades, oil giant BP purchased from Devon Energy their assets off the coast of Brazil, allowing them to use their renowned experience in deep water oil exploration and production. The deal gives BP access to Brazil’s [...]