Brazil Archives - Oil & Gas 360

Ecopetrol closes $1.2 billion Brava Energia acquisition in Brazil

August 19, 2026

(World Oil) — Ecopetrol has completed its approximately $1.2 billion acquisition of a controlling 51% stake in Brava Energia, significantly expanding the Colombian energy company’s upstream position in Brazil. The transaction closed following receipt of required regulatory approvals and combines shares acquired through a voluntary tender offer with shares purchased under an April agreement with existing Brava shareholders. Ecopetrol acquired approximately 25% of Brava’s outstanding shares

Petro-Victory increases Brazil oil production 128% through mature-field workovers

August 14, 2026

(World Oil) — Petro-Victory Energy Corp. has more than doubled oil production during its first year of operations at Capixaba Energia in Brazil, while reducing production costs and identifying additional reservoir opportunities through a workover and optimization program. Oil production increased 128%, from 256 bpd to 583 bpd, while natural gas production rose 471%, Petro-Victory reported. Production costs declined 37%, from

Oceaneering wins Petrobras ROV services contract offshore Brazil

July 7, 2026

(World Oil) – Oceaneering International has been awarded a four-year contract by Petrobras to provide remotely operated vehicle (ROV) services supporting offshore operations in Brazil. The contract, awarded through a competitive tender process, will be executed by Oceaneering’s Brazilian subsidiary, Marine Production Systems do Brasil (MPS). Operations are scheduled to begin in 2027. Under the agreement, Oceaneering will supply two work-class ROV systems, specialized

Transocean adds $445 million backlog with Petrobras drillship extension

April 14, 2026

(World Oil) – Transocean has secured a long-term contract extension with Petrobras for its ultra-deepwater drillship Deepwater Corcovado, adding approximately $445 million to the company’s backlog. The 1,156-day extension will begin in direct continuation of the rig’s current work offshore Brazil and is expected to keep the drillship contracted through November 2030. The award reflects continued demand for high-specification ultra-deepwater drilling capacity in Brazil’s

TotalEnergies launches Lapa South-West project offshore Brazil

March 11, 2026

(World Oil) – TotalEnergies has started production from the Lapa South-West project in Brazil’s Santos basin, about 300 km (186 miles) offshore, adding new output to the company’s existing Lapa field operations. The development consists of three wells tied back to the Lapa floating production, storage and offloading (FPSO) unit and is expected to increase production from the field by

Europe sets its sights on Brazil’s rare earth riches

January 21, 2026

(Oil Price) – The European Union has been looking for rare-earth suppliers outside China for a while now. Last year, Commission president Ursula von der Leyen declared, “The aim is to secure access to alternative sources of critical raw materials in the short, medium and long term for our European industries.” It seems one of these alternative sources will be Brazil.

Brazil union set to accept Petrobras labor offer, end strike

December 23, 2025

(Investing)– Brazilian oil workers union FUP said on Monday it plans to accept a counteroffer from state-run company Petrobras for a labor deal, paving the way to end a week-long strike. In a statement published on social media, FUP said a majority of its board had approved signaling it would accept the oil firm’s counteroffer, which still requires approval from workers.

Brazil, Guyana and Argentina drive non-OPEC crude growth into 2026, EIA says

December 18, 2025

(World Oil)– Global crude oil production is forecast to rise by about 800,000 bpd in 2026, with Brazil, Guyana and Argentina accounting for roughly half of that growth, according to the U.S. Energy Information Administration’s December Short-Term Energy Outlook (STEO). The EIA said crude supply growth since 2023 has been led largely by producers outside the OPEC+ group. While coordinated

Brazil’s Petrobras sees no production impact as workers kick off strike

December 15, 2025

(Investing)– Brazilian state-run oil firm Petrobras has seen no impact on its output of oil and petroleum products since the start of a planned strike by some workers on Monday, it said in a statement. The firm said it had adopted contingency measures to ensure operation continuity, adding that market supply is “guaranteed”. Labor talks are ongoing, Petrobras said. Petrobras and

China’s oil imports surge as Middle East flows hit new highs

November 20, 2025

(Oil Price)– China’s crude oil imports last month remained elevated, with purchases from some countries hitting all-time highs, according to customs data cited by Reuters. Imports from the UAE, for instance, rose from 2.05 tons a year ago to 3.82 million tons last month, while purchases from Kuwait went up from 970,000 tons to 2.36 million tons, the data showed. Imports

Transocean adds $89 million in new offshore drilling options across three regions

November 18, 2025

(World Oil)– Transocean has secured approximately $89 million in new firm backlog after operators in Brazil, Norway and Romania exercised contract options on three of its floating rigs, the company announced. In Brazil, Petrobras exercised a 90-day option on the Deepwater Mykonos, continuing the ultra-deepwater drillship directly into its next campaign. The extension is expected to contribute about $33 million to backlog.

Petrobras confirms new post-salt oil discovery in Brazil’s Campos basin

November 17, 2025

(World Oil) – Petrobras has confirmed another oil discovery offshore Brazil, identifying high-quality post-salt crude in the Sudoeste de Tartaruga Verde block in the Campos basin. The find further reinforces Brazil’s momentum in offshore exploration and Petrobras’ continued success in mature deepwater basins. The discovery was made at well 4-BRSA-1403D-RJS, located 108 km offshore Campos dos Goitacazes at a water depth

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