Brazil Mourns Death of Presidential Candidate Eduardo Campos
Petrobras (ticker: PBR), the Brazilian integrated oil and gas company, announced today the extension of the Jupiter discovery in Santos Basin pre-salt block BM-S-24 following drilling operations at well 3-BRSA-1246-RJS (3-RJS-732), informally known as Apollonia.
Petrobras is scheduled to present at EnerCom’s The Oil & Gas Conference 19® on Tuesday, August 19, at 10:25am EST.
This well, which is situated 296 km off the coast of Rio de Janeiro, at a water depth of 2,183 meters, is the fourth well drilled in the Jupiter area and is eight km to the southwest of a discovery well (1-RJS-652A). Drilling activities have confirmed a hydrocarbon column of about 313 meters, starting at a depth of 5,166 meters, with rocks showing good porosity and permeability conditions.
Earlier this week Petrobras reported that its total domestic oil and natural gas production rose by 2.2% to 2,479 thousand barrels of oil equivalent per day (MBOEPD) in July from 2,426 MBOEPD in June. In addition, total domestic oil and natural gas production operated by Petrobras set a new historical record of 2,634 MBOEPD in July.
On August 8, the company reported second quarter net income of US$4 billion. In its letter to shareholders and investors, the company’s president, Mrs. Maria das Graças Silva Foster, reported:
“Oil production has been growing steadily, from 1,926 MBOEPD in March to 2,008 MBOEPD in June, an increase of 82 MBOEPD during the quarter. Lifting cost in Reais decreased by 3% in the second quarter because of the ramping-up of these new production systems.
“During the 2Q-2014, we connected 17 offshore wells, 31% more than in the 1Q-2014, when we connected 13 wells. Over the second half of the year, we plan to connect another 33 wells. We are confident of meeting this target, as most of these wells have already been drilled and completed. In addition, our fleet of PLSVs (Pipe Laying Support Vessels), which are required in order to perform these connections, numbered 11 units in 2013, and now total 14. By December, they will number 19.”
Jet Crash Kills Presidential Candidate
The sudden death of Brazilian presidential candidate Eduardo Campos has changed Brazil’s upcoming October presidential election. Campos was aboard his private plane when it crashed on Wednesday.
The Wall Street Journal reported that today’s tragic event could lead to Mr. Campos’ succession by “his popular and nationally known running mate, vice presidential candidate Marina Silva, who garnered nearly 19% of the vote in Brazil’s 2010 presidential contest.” The Journal reported that if Silva, a long-time environmental and social activist, replaces Mr. Campos on the ballot, it would open “a serious three-way race with incumbent President Dilma Rousseff and her main rival, Aécio Neves of the Brazilian Social Democracy Party.”
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