Tag Archives: Oil & Gas Related Equipment and Services (TRBC level 3)

Petrobras Brasil, the government approved the rules for a potential Sepia, Atapu sale | Instant News


FILE PHOTO: The Petrobras logo is seen in front of the company’s headquarters in Sao Paulo 23 April 2015. REUTERS / Paulo Whitaker / File Photo

RIO DE JANEIRO (Reuters) – The board of Brazil’s state-owned oil company Petrobras has agreed a deal with the government on compensation to be paid to Petrobras in the event of an auction of reserves in two offshore oil regions, the company said. on Friday.

Petroleo Brasileiro SA, the company’s official title, will receive $ 3.253 billion if the reserves from the Atapu field are auctioned off, and $ 3.2 billion if the reserves from Sepia are sold. Payments will be made for roughly a decade.

The government tried and failed to auction off reserves in the offshore Atapu and Sepia oil blocks in 2019, although officials want to try again. Since Petrobras has carried out exploration and development work in the area, the company is entitled to compensation.

Reporting by Gram Slattery; Edited by Leslie Adler and Aurora Ellis

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FACTBOX-Five projects compete to import LNG to Australia, after the country rejected the AGL project | Instant News


    MELBOURNE, March 30 (Reuters) - The state of Victoria on Tuesday rejected a plan by AGL
Energy to import liquefied natural gas (LNG), effectively killing one of six proposed
LNG import projects in Australia.    
    Dutch oil storage copmany Vopak recently joined the queue, with a plan to dock a floating
storage and regasification unit (FSRU) near Melbourne.
    Below is a list of the remaining proposed LNG import terminals in Australia, with capacity
in petajoules (PJ). Exxon Mobil Corp considered building one, but decided in December
2019 it would not go ahead as "there was insufficient interest from potential customers".

    
        
 LNG import  Port Kembla,    Outer Harbor,  Newcastle,    Geelong,    Avalon,
 project     New South       South          New South     Victoria    Victoria
 location    Wales           Australia      Wales                     
 Owner       Australian      Venice Energy  South         Viva        Vopak
             Industrial      set up by      Korea-based,  Energy               
             Energy (AIE),   private firm   private firm              
             owned by        Integrated     EPIK,                     
             Andrew          Global         working with              
             Forrest's       Partners, in   Hyundai LNG               
             Squadron        talks with     Shipping                  
             Energy          Mitsubishi                               
                             Corp                                     
 Annual      100 PJ          80 PJ          Could handle  80-140 PJ   up to 50
 capacity                                   more than                 LNG
                                            300 PJ                    cargoes a
                                                                      year
 Model       AIE lining up   Toll for LNG   Toll for LNG  To be       Open
             contracts to    traders to     traders to    decided     access to
             sell gas to     use facility   use facility              LNG
             industrial                                               suppliers
             customers                                                and gas
                                                                      buyers
 Final       No date         No date        H1 2020       No date     No date
 Investment                                                           
 Decision                                                             
 Target      Late 2022       H1 2022        2021          2024        2024
 start-up                                                             
 Status      State approved  Expect to      Aim to        Seeking     Aims to
                             submit         secure        expression  submit
                             development    regulatory    s of        proposal
                             application    approval by   interest    to state
                             in Aug 2020    Q2 2020                   in Q3 2021
 Estimated   A$200 mln to    A$850 mln,     US$430 mln,   Under       Not
 cost        A$250 mln,      includes       including     study       disclosed
             excluding FSRU  building a     cost of                   
             charter cost    500 megawatt   building an               
                             gas-fired      FSRU                      
                             power plant                              
 Sources: Projects, Department of Industry, ACCC
 * Financial year July 2021-June 2022
    

 (Reporting by Sonali Paul)
  

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The Brazilian Petrobras Council approves the sale of the RLAM refinery | Instant News


FILE PHOTO: The logo of the Brazilian state-owned Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS / Sergio Moraes / File Photo

RIO DE JANEIRO (Reuters) – The board of Brazil’s state-owned oil company, Petroleo Brasileiro SA, has approved the sale of its RLAM refinery to Mubadala Capital Abu Dhabi for $ 1.65 billion, the company said on Wednesday, a win for its Chief Executive who will come out. Roberto Castello Branco.

The company is currently selling eight refineries in an effort to reduce debt. The company is also trying to break its own virtual refining monopoly in Brazil, which has proven to be a big problem as it is often under political pressure to lower domestic fuel prices.

Brazilian President Jair Bolsonaro fired Castello Branco in February after the company raised fuel prices several times. It is unclear whether the incoming administration at Petrobras, who will take office in April, will commit to selling downstream assets.

The sale of the refinery still has to be approved by the Administrative Council for Economic Defense of Brazil (CADE), the regulator, said Petrobras.

The company announced a principal sale in February, but its approval by the board – which in itself will undergo major changes in April – is a key step.

Reporting by Gabriel Stargardter and Gram Slattery; Edited by Chris Reese and Peter Cooney

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First Guyanese crude oil cargo to India en route to Mundra port data | Instant News


March 23 (Reuters) – The first cargo from Guyana’s new oil producer to the world’s third-largest crude oil importer, India, departs this month from a production facility off the coast of the South American nation on a vessel chartered by trading firm Trafigura, data from Refinitiv Eikon appear on Tuesday.

India has asked refiners to accelerate diversification of imports to reduce their dependence on Middle Eastern crude after OPEC + this month decided to extend production cuts to April, two sources said.

As OPEC’s share in Indian oil imports fell to historic lows between April 2020 and January 2021, the refinery began making preparations to import Guyanese crude while renewing major supply contracts between major refiners Indian Oil Corp and Russia.

A cargo of 1 million barrels of Guyana’s light sweet Liza crude oil sailed on March 2 aboard the Marshall Islands-flagged tanker Sea Garnet bound for India’s Mundra port, where it will arrive around April 8. Eikon data.

Guyana’s Minister of Natural Resources, Vickram Bharrat, told Reuters this month that the crude onboard the Sea Garnet was initially allocated to New York-based Hess Corp, a company that produces crude oil in Guyana together with Exxon Mobil Corp, and was shipped to Trafigura. Bharrat said he did not know the identity of the final buyer of the cargo.

Trafigura declined to comment on commercial matters. Hess did not immediately reply to a request for comment.

Since Guyana started exporting crude oil in early 2020, its oil has mainly flowed to the United States, China, Panama and the Caribbean, according to tanker tracking data.

India is a major importer of Venezuelan oil, but tough US sanctions on the South American country since 2019 have limited the volume India can buy, even if it is permitted.

India did not receive Venezuelan crude imports in February for the third month in a row due to Washington’s suspension of an oil-for-fuel swap between state-run PDVSA and Reliance Industries since October. That compares to 371,300 barrels per day (bpd) of Venezuelan oil arriving in Indian ports in February 2020.

Apart from Russia, North American producers Canada, the United States and Mexico have gained market share by selling heavyweight crude to India. (Reporting by Marianna Parraga in Mexico City and Neil Marks in Georgetown, Editing by Daniel Flynn and Marguerita Choy)

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Petrobras Brasil will hold an EGMS on April 12, discussing the change of CEO | Instant News


FILE PHOTO: The logo of Brazil’s state-owned Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS / Sergio Moraes

BRASILIA (Reuters) – Brazil’s Petrobras will hold an extraordinary virtual general meeting on April 12 where the replacement of its chief executive and new board elections will be discussed, the state-owned oil company said in a securities filing on Thursday.

Since Brazilian President Jair Bolsonaro said last month he would replace CEO Roberto Castello Branco with retired military general Joaquim Silva e Luna, several directors have said they will step down.

Reporting by Jamie McGeever; edited by Jason Neely

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