Latest news with #Petrobras'
Yahoo
4 days ago
- Business
- Yahoo
Petrobras targets Africa for oil exploration region outside Brazil
Petrobras, the Brazilian state-run oil company, is setting its sights on Africa as its primary region for oil exploration activities outside its home country, reported Reuters, citing the company's CEO Magda Chambriard. She detailed the strategic intent to expand the company's presence in Africa, highlighting the welcoming approach from the Ivory Coast and interest from other African nations. The Ivory Coast has recently paved the way for Petrobras by offering priority access to nine exploratory offshore blocks. This gesture, described by Chambriard as rolling out the "red carpet", signifies a significant opportunity for the company to delve into deep and ultra-deep waters. Chambriard said: "We are experts in the eastern margin of Brazil. The correlation between Brazil and Africa is unequivocal, so we need to go to Africa." Nigeria, Angola and Namibia have also shown eagerness to collaborate with Petrobras, further cementing Africa's role in the company's global strategy. Petrobras' growing interest in international oil assets, particularly in Africa, comes as the company aims to augment its reserves amid environmental permit delays for new drilling projects off the coast of the Amazon rainforest. Moreover, Petrobras is looking to participate in an oil block auction in India in July as part of its broader exploratory ambitions. Under past leadership, Petrobras concentrated on Brazil's pre-salt fields, which are known for their high productivity. Now, Chambriard is tasked with balancing the economic aspirations of President Luiz Inacio Lula with the necessity of delivering investor returns and navigating the complexities of a global market with lower oil prices. Despite challenges in obtaining environmental permits for drilling in the Amazon's Foz do Amazonas region, Chambriard is optimistic about clearing the final hurdle for a permit by the second half of July. Petrobras has already initiated its plans in Africa, acquiring stakes in offshore oilfields in South Africa and São Tomé and Príncipe in 2023 and early 2024, respectively, with drilling expected to commence this year. Although Petrobras faced a setback when outbid by TotalEnergies for a share in Galp Energia's Mopane field discovery off Namibia's coast, Chambriard remains hopeful for future opportunities, stating: "We hope to be invited" to develop the field. "Petrobras targets Africa for oil exploration region outside Brazil" was originally created and published by Investment Monitor, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
Brazil advances Amazon oil exploration ahead of climate conference
ASUNCIÓN, Paraguay, June 5 (UPI) -- Brazil's environmental authority has approved one of the final requirements for state-run oil company Petrobras to proceed with oil exploration at the mouth of the Amazon River. After several rejections, Petrobras secured approval from the Brazilian Institute of Environment and Renewable Natural Resources for its wildlife protection plan. The decision allows the company to proceed to a preoperational evaluation phase. This stage includes live emergency simulations to test Petrobras' response capabilities. The success of these tests will be key to the environmental authority's final decision whether to issue a drilling license. Petrobras aims to drill a well about 109 miles off the coast of Amapá state, in a maritime zone known as Block 59. The company says the activity will be low-impact and time-limited. Still, the project has sparked widespread environmental and social concerns. Environmental groups and experts have warned about the risks to the mouth of the Amazon River, an ecologically rich region and home to coral reefs, mangroves and endangered species. They also point to a lack of comprehensive environmental studies and the failure to consult Indigenous communities, as required under International Labor Organization Convention 169. The environmental institute' s stance on the project has shifted over time. Throughout 2023, its technical staff repeatedly recommended denying Petrobras permits to drill, citing inadequate environmental assessments and serious risks to biodiversity and local communities. Despite those recommendations, the authority's leadership approved Petrobras' latest protection plan May 19. Claudio Angelo, international policy coordinator at Observatório do Clima -- a Brazilian network of 90 climate-focused organizations -- said the plan's approval amounts to a capitulation to pressure from the state-run oil company. He warned the move could pave the way for auctioning 47 additional blocks at the mouth of the Amazon River, which he described as a setback for environmental protection in Brazil. An investigative report by InfoAmazonia found that Petrobras' strategic plan for 2025 to 2029 includes drilling 15 wells along Brazil's equatorial margin. The company plans to invest $3 billion in the project, representing 38% of its five-year budget for new oil and gas exploration, including projects in both Brazil and Colombia. Brazil's Federal Public Ministry has urged the National Petroleum Agency to suspend the auction of the 47 blocks, scheduled for June 17, citing the absence of required environmental studies and consultations with Indigenous peoples. Although the ministry's recommendations are not legally binding, ignoring them without justification can trigger civil or criminal legal action. President Luiz Inácio Lula da Silva has defended the project, saying oil exploration is essential for national development, and that revenues could support the country's transition to clean energy. Still, his position has drawn criticism for contradicting Brazil's climate commitments, especially with the United Nations Climate Change Conference to be held in November in Belém, a city in Brazil's Amazon region. The event will bring together world leaders, scientists, non-governmental organizations and advocates to discuss and negotiate global climate action. Brazil is expected to play a central role in the talks. It will be the first time a COP is held in the Amazon, underscoring the region's importance in the global climate agenda.
UPI
5 days ago
- Business
- UPI
Brazil advances Amazon oil exploration ahead of climate conference
ASUNCIÓN, Paraguay, June 5 (UPI) -- Brazil's environmental authority has approved one of the final requirements for state-run oil company Petrobras to proceed with oil exploration at the mouth of the Amazon River. After several rejections, Petrobras secured approval from the Brazilian Institute of Environment and Renewable Natural Resources for its wildlife protection plan. The decision allows the company to proceed to a preoperational evaluation phase. This stage includes live emergency simulations to test Petrobras' response capabilities. The success of these tests will be key to the environmental authority's final decision whether to issue a drilling license. Petrobras aims to drill a well about 109 miles off the coast of Amapá state, in a maritime zone known as Block 59. The company says the activity will be low-impact and time-limited. Still, the project has sparked widespread environmental and social concerns. Environmental groups and experts have warned about the risks to the mouth of the Amazon River, an ecologically rich region and home to coral reefs, mangroves and endangered species. They also point to a lack of comprehensive environmental studies and the failure to consult Indigenous communities, as required under International Labor Organization Convention 169. The environmental institute' s stance on the project has shifted over time. Throughout 2023, its technical staff repeatedly recommended denying Petrobras permits to drill, citing inadequate environmental assessments and serious risks to biodiversity and local communities. Despite those recommendations, the authority's leadership approved Petrobras' latest protection plan May 19. Claudio Angelo, international policy coordinator at Observatório do Clima -- a Brazilian network of 90 climate-focused organizations -- said the plan's approval amounts to a capitulation to pressure from the state-run oil company. He warned the move could pave the way for auctioning 47 additional blocks at the mouth of the Amazon River, which he described as a setback for environmental protection in Brazil. An investigative report by InfoAmazonia found that Petrobras' strategic plan for 2025 to 2029 includes drilling 15 wells along Brazil's equatorial margin. The company plans to invest $3 billion in the project, representing 38% of its five-year budget for new oil and gas exploration, including projects in both Brazil and Colombia. Brazil's Federal Public Ministry has urged the National Petroleum Agency to suspend the auction of the 47 blocks, scheduled for June 17, citing the absence of required environmental studies and consultations with Indigenous peoples. Although the ministry's recommendations are not legally binding, ignoring them without justification can trigger civil or criminal legal action. President Luiz Inácio Lula da Silva has defended the project, saying oil exploration is essential for national development, and that revenues could support the country's transition to clean energy. Still, his position has drawn criticism for contradicting Brazil's climate commitments, especially with the United Nations Climate Change Conference to be held in November in Belém, a city in Brazil's Amazon region. The event will bring together world leaders, scientists, non-governmental organizations and advocates to discuss and negotiate global climate action. Brazil is expected to play a central role in the talks. It will be the first time a COP is held in the Amazon, underscoring the region's importance in the global climate agenda.
Yahoo
03-06-2025
- Business
- Yahoo
Petrobras Announces Gasoline Price Cut for Distributors
Petrobras PBR, an oil and gas company of Brazil, has announced a 5.6% reduction in gasoline prices to distributors, the first fuel price cut since October 2023. Effective Tuesday, gasoline is sold at 2.85 reais per liter (approximately $0.5005), a drop of 0.17 reais, according to a statement released by the company. The action marks a dramatic change in Petrobras' domestic pricing strategy in the face of rising fuel demand and expanding international ventures. Petrobras' price cut comes on the heels of increased gasoline consumption in Brazil. According to data from Brazil's National Petroleum Agency, distributors sold 3.81 billion liters of gasoline in April 2025, representing a 4.6% increase from the previous year. By the end of April, a total of 14.74 billion liters had been sold year to date, reflecting a 3.5% rise from the same timeframe in 2024. This rebound in demand follows a sluggish performance in 2023 when sales dropped below expectations. The current uptick suggests a recovery in consumer mobility and transportation activity, creating favorable conditions for Petrobras to adjust pricing without significantly impacting revenue flow. A new pricing strategy that Petrobras has been implementing since 2023 aims to protect Brazil's market from global fluctuations in oil prices. Strategy diverges from the previous parity-based model, emphasizing price stability for domestic consumers over immediate profit margins tied to global benchmarks. The company's last fuel price adjustment was an increase of 7% in July 2024. The current price cut, therefore, is not only timely but strategic, potentially alleviating inflationary pressure and enhancing public sentiment ahead of politically sensitive periods. However, the impact of this reduction on end-user fuel prices at gas stations may not be immediately visible. Retail prices will depend on variables such as federal and state tax policies, ethanol blending ratios and retail profit margins. In parallel with domestic market adjustments, Petrobras continues to invest heavily in offshore infrastructure. The company recently awarded a €250 million offshore maintenance contract to Mota-Engil's Brazilian subsidiary. This 48-month agreement focuses on maintaining platform integrity in the Campos Basin, a critical hub for Brazil's offshore oil production. These maintenance initiatives are integral to extending the life of aging platforms and ensuring uninterrupted production, especially in fields where decline rates can threaten output stability without proactive upkeep. Petrobras has advanced its commitment to technological innovation and environmental responsibility by launching a new diesel hydrotreatment unit at the Paulínia Refinery ('REPLAN'). This facility now produces ultra-low sulfur diesel, aligning Petrobras' fuel output with stricter environmental standards and catering to both domestic and export markets. The move not only increases refining capacity but also enhances the quality of Petrobras' diesel product portfolio, making it more competitive globally and compliant with emerging environmental regulations. In deepwater exploration, Petrobras reached a milestone with first oil production at the Mero 4 field in the Santos Basin. This field is part of the Libra Block, a pre-salt region considered one of the most prolific petroleum basins in the world. Mero 4's start-up underscores Petrobras' capability in executing complex, capital-intensive deepwater projects. This operates through a consortium that includes international oil majors, reflecting Petrobras' commitment to leveraging global expertise while maintaining leadership in pre-salt development. Furthering its global ambitions, Petrobras signed a Memorandum of Understanding with Angola's national oil company, Sonangol. This agreement fosters cooperation in oil exploration, production and technology exchange, establishing a foundation for mutual growth and knowledge sharing between two of the Southern Hemisphere's key energy producers. The partnership signifies Petrobras' intention to expand beyond Brazil's continental shelf and secure a role in shaping Africa's offshore energy frontier, particularly in regions where Brazil's operational models and technologies are transferable. While the 5.6% gasoline price reduction may raise short-term concerns about refining margins, it is a calculated decision that fits into a broader framework of long-term operational and geopolitical strategy. By enhancing refining output, securing offshore maintenance and extending global footprint, Petrobras is positioning itself to weather market fluctuations and assert the role as a leading integrated energy company. Investors are likely to interpret the price cut not as a sign of weakness but as part of a balanced approach that combines domestic affordability with international expansion. Petrobras' investments in infrastructure, technology and exploration are designed to enhance shareholder value over time, even as it navigates complex regulatory and economic environments. Petrobras' recent actions, from lowering gasoline prices to expanding offshore capabilities and forging international alliances, highlight a multifaceted strategy aimed at reinforcing its leadership in global energy markets. The price reduction responds directly to domestic dynamics, while the firm's operational milestones and strategic agreements position it for sustainable long-term growth. As Petrobras continues to balance affordability at home with competitiveness abroad, it sets a strong precedent for other national oil companies facing similar challenges in a rapidly evolving energy landscape. Currently, PBR has a Zacks Rank #3 (Hold). Investors interested in the energy sector might look at some better-ranked stocks like Subsea 7 SUBCY, which sports a Zacks Rank #1 (Strong Buy), Paramount Resources Ltd. PRMRF and RPC, Inc. RES, each holding a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here. Subsea 7 is valued at $5.14 billion. The company is a global leader in delivering offshore projects and services for the energy industry, specializing in subsea engineering, construction and installation. Headquartered in Luxembourg, Subsea 7 supports both the oil & gas and renewable energy sectors with integrated solutions, including subsea infrastructure, heavy lifting and life-of-field services. Paramount Resources is valued at $1.99 billion. It is a Calgary-based energy company engaged in the exploration and development of conventional and unconventional petroleum and natural gas reserves across Canada. Paramount Resources' key assets include significant holdings in the Duvernay, Montney, Muskwa and Besa River formations located in Alberta and northeast British Columbia. RPC is valued at $979.31 million. The company provides a wide range of oilfield services and equipment to support the exploration, production and maintenance of oil and gas wells globally. RPC operates through Technical Services—offering pressure pumping, cementing, and well control—and Support Services, which rents tools and provides pipe handling and inspection. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Petroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report RPC, Inc. (RES) : Free Stock Analysis Report Subsea 7 SA (SUBCY) : Free Stock Analysis Report Paramount Resources Ltd. (PRMRF) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
Petrobras Commissions New Hydrotreatment Unit at REPLAN
Petróleo Brasileiro S.A. - Petrobras PBR has launched operations at a new diesel hydrotreatment unit at its REPLAN refinery in Paulínia, São Paulo, the largest refinery in Brazil. The new unit, which began operating on May 27, is designed to produce 63,000 barrels per day (b/d) of low-sulfur S-10 diesel and up to 21,000 b/d of jet fuel. Notably, the startup was completed three months ahead of schedule and within the original budget. This expansion marks a significant milestone in Petrobras' efforts to phase out S-500 diesel, a higher-sulfur fuel, in favor of the cleaner S-10 variant. The switch enhances energy efficiency, lowers sulfur oxide emissions and supports cleaner air for consumers and surrounding communities. The new hydrotreating unit is more than just a capacity boost. It is part of Petrobras' broader 2024-2028+ strategic plan focused on upgrading refining infrastructure to meet global low-carbon standards. Alongside cleaner diesel, the unit's ability to produce sustainable jet fuel responds to both environmental pressures and growing aviation demand. An integral hydrogen recovery unit, with a capacity of 150,000 cubic meters per day, complements the system, supporting the efficiency of the hydrotreater and aligning with Petrobras' sustainability goals. Originally inaugurated in 1972, REPLAN has grown to become the heart of Brazil's fuel production with the largest processing capacity and a throughput of 434,000 b/d, accounting for nearly a quarter of the national diesel market. The site's strategic importance was recently recognized when it was named 'Refinery of the Year 2024' by the World Refining Association. With a $15.2 billion investment planned over the next five years, Petrobras aims to elevate the operational performance of its refineries, reinforcing Brazil's role in the global shift toward cleaner energy. Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A. or Petrobras S.A., is the largest integrated energy firm in Brazil and one of the largest in Latin America. Currently, PBR has a Zacks Rank #3 (Hold). Investors interested in the energy sector might look at some better-ranked stocks like Flotek Industries, Inc. FTK, Epsilon Energy Ltd. EPSN and RPC, Inc. RES. While Flotek Industries and Epsilon Energy currently sport a Zacks Rank #1 (Strong Buy) each, RPC carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Flotek Industries develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. The Zacks Consensus Estimate for FTK's 2025 earnings indicates 55.88% year-over-year growth. Houston, TX-based Epsilon Energy is an on-shore focused oil and natural gas company that is engaged in the acquisition, development, gathering and production of oil and gas reserves. The Zacks Consensus Estimate for EPSN's 2025 earnings indicates 200% year-over-year growth. Atlanta, GA-based RPC is an oilfield service provider in almost all of the prospective plays, like the Rocky Mountain regions, Appalachian area, Gulf of Mexico and other resources in the United States. The Zacks Consensus Estimate for RES' next quarter earnings indicates 33.33% growth. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Petroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report RPC, Inc. (RES) : Free Stock Analysis Report Flotek Industries, Inc. (FTK) : Free Stock Analysis Report Epsilon Energy Ltd. (EPSN) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
