Tag Archives: Commodity Market
UPDATE 1-Enauta Brasil has 2 billion reais on hand to acquire new fields, said the new CEO | Instant News
(Adding further comments, context)
RIO DE JANEIRO, 21 Oct (Reuters) – Brazilian oil producer Enauta Participações SA has 2 billion reais ($ 356 million) available to restore its portfolio and acquire new fields, Chief Executive Officer Decio Oddone, who took over the company in September, said at the interview on Wednesday.
The company, which over the past year has sold its major stakes in the Manati and Carcara fields, is open to opportunities in shallow water and onshore fields apart from its most traditional deep sea investments, he said.
“The mission now is to restore the portfolio,” said Oddone, who took the job after leading Brazil’s national oil regulator, ANP, for four years.
Mature fields are dumped in the market as oil companies adjust to the lower oil price scenario brought about by the coronavirus pandemic creating opportunities for debt-free and high-liquidity producers, Oddone said. A Sao Paulo-registered manufacturer is looking for assets it can operate on, he added.
Enauta produced 15,000 barrels of oil equivalent per day in the third quarter, including natural gas from its holdings in the Manati field which was sold in August to Gas Bridge SA for 560 million reais ($ 99.83 million).
Most of Enauta’s production comes from the deep-sea oil fields of Atlanta, off the coast of Brazil. Plans to lease a new platform for Atlanta, previously set for August, have been put on hold after international oil prices fell and currently no date has been set.
“We’re basically trying to reduce Atlanta’s breakeven and make it more resilient to a world with lower oil prices,” Oddone said in a video interview.
Enauta plans to drill the first well of a nine-block partnership with Exxon Mobil Corp and Murphy Oil Corp in the Sergipe Alagoas basin by 2021, he said.
Oddone replaces Lincoln Guardado, who resigns as CEO after more than 10 years in office. ($ 1 = 5,6151 reais) (Reported by Sabrina Valle; Edited by Steve Orlofsky)
UK business ministers seek cash from Treasury for a no-deal Brexit – Telegraph | Instant News
October 17 (Reuters) – UK business minister Alok Sharma seeks cash from the Treasury to help businesses navigate a no-deal Brexit, the Daily Telegraph newspaper reported late on Saturday.
The Department of Business Strategy, Energy and Industry wants the fund to increase its advisory network across the UK, although funding has not yet been approved, the newspaper reported. bit.ly/31gcxG5, citing sources.
Reporting by Kanishka Singh in Bengaluru; Edited by Pravin Char
Brazil will remove tariffs on corn and soybeans until 2021, sources said | Instant News
RIO DE JANEIRO, Oct 17 (Reuters) – The Brazilian government has decided to temporarily remove tariffs on corn and soybean imports from countries outside the Mercosur trading bloc until next year, a source with direct knowledge of the matter told Reuters.
The decision was taken late on Friday at a meeting of Gecex, the technical body in the economy ministry, the source said, confirming a Reuters report from Thursday.
Imports of soybean meal and soybean oil will also be exempted along with soybean imports until January 15, 2021, while corn imports will not pay the tariff until March 31, 2021, said the source, who requested anonymity to speak freely.
Brazilian meat trading group ABPA, which represents the poultry and pork sectors, which rely on both grains for animal feed, requested exemption last month, arguing that Brazil’s current record high prices have hurt their margins.
The import tariff for corn and soybeans from outside Mercosur, which includes Paraguay, Uruguay and Argentina, is currently 8%.
The economy and agriculture ministry declined to comment.
Brazil’s Ministry of Economy decided in early September to cut tariffs on rice imports to zero by the end of the year, amid record high prices for the grain. (Reporting by Rodrigo Viga Laier; Editing by Tom Brown)