Latest news with #Petrobras'
Reuters
30-07-2025
- Business
- Reuters
Petrobras' oil output rises 7.6% in Q2 boosted by production vessels ramp-up
RIO DE JANEIRO, July 29 (Reuters) - Brazilian state-run oil firm Petrobras ( opens new tab produced 2.32 million barrels of oil per day in Brazil during the second quarter, it reported on Tuesday, marking a 7.6% rise over the same period last year, as new production vessels increased output. In the second quarter, four floating production vessels increased output, one reached peak production and another started operations ahead of schedule, boosting output for the period, the firm said. Petrobras' total oil, gas and gas liquids production reached 2.91 million barrels of oil equivalent per day (boed) in the second quarter, up 7.8% from a year earlier, and sales of oil, gas and derivatives reached 2.98 million boed, a 1.6% increase. Petrobras' exports of oil and derivatives rose 2.7% to some 874,000 barrels per day, the firm said. During the period, China was the main destination for the company's oil, receiving 54% of the total, four percentage points above the same period last year. The United States received around 8% of oil exports, up from 5% in the second quarter of 2024. Earlier this month Petrobras Chief Executive Magda Chambriard told Reuters that the firm may redirect the oil it sells to the U.S., sending more to Asia and Pacific markets if higher tariffs the U.S. announced for the South American country come into effect.
Reuters
29-07-2025
- Business
- Reuters
Petrobras posts Q2 oil and gas output up nearly 8% from year earlier
SAO PAULO/RIO DE JANEIRO, July 29 (Reuters) - Brazilian state-run oil firm Petrobras ( opens new tab reported on Tuesday a total oil, gas and gas liquids production of 2.91 million barrels of oil equivalent per day (boed) in the second quarter, up 7.8% from a year earlier. Petrobras' oil production in Brazil reached 2.32 million barrels per day (bpd), a 7.6% increase, with the firm noting that during the second quarter five floating production vessels increased output and one started operating. Sales of oil, gas and derivatives reached 2.98 million boed, a 1.6% increase, while exports of oil and derivatives rose 2.7%, to some 874,000 bpd, said the firm.
Yahoo
07-06-2025
- 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
05-06-2025
- 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
05-06-2025
- 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.
