Brazil – Page 2 – Oil & Gas 360

Ecopetrol targets Brazil’s onshore oil and gas, eyes Petrobras Bahia Terra cluster

September 19, 2025

(World Oil)– Colombian oil producer Ecopetrol SA is pursuing oil and gas deals in Brazil that could include a cluster of onshore Petrobras fields in the northeastern state of Bahia. “We believe that Brazilian onshore has great potential, especially in natural gas,” Jorge Martínez, the head of Ecopetrol’s operations in Brazil, said in an interview from the company’s offices in

Oil supply growth outside OPEC will stall next year, says bp CEO

August 6, 2025

(World Oil)– Oil supply growth from non-OPEC producers will stall in early 2026, while demand remains robust, according to bp Plc Chief Executive Officer Murray Auchincloss. “Non-OPEC supply we largely see going flat after February or March next year,” he said on Tuesday after the company reported earnings. “Supply will be relatively flat for the next 12-18 months after

Oil firms brace for impact as Brazil revamps tax benchmark

July 25, 2025

(Oil Price)– Brazil has revised its rules for setting the reference price for crude oil produced in the country in a bid to boost government revenues from royalties paid by oil companies operating in Brazil. The new mechanism could result in a royalty revenue boost of some $181 million, Reuters reported, citing the country’s energy minister, Alexandre Silveira. The new rules

As Brazilian president visits China, $1 billion sustainable fuel deal announced

May 12, 2025

(Investing) – SAO PAULO -Brazil announced two Chinese partnerships on Monday, including a $1 billion investment by China’s Envision Energy to produce sustainable aviation fuel, as the country’s president visits China. President Luiz Inacio Lula da Silva met with energy companies as well as with automaker GAC, and Chinese defense company Norinco. Minister of Mines and Energy Alexandre Silveira told journalists

Brazil to join OPEC+, group of major oil-exporting nations

February 18, 2025

(BOE Report) – BRASILIA, Brazil (AP) — Brazil’s government on Tuesday approved joining OPEC+, a group of major oil-exporting nations, signaling the country’s evolution into a major oil state just nine months ahead of hosting the United Nations’ annual climate summit. The National Council for Energy Policy’s approval came in response to an official invitation in 2023. The group includes the 12 members

Petro-Victory signs exclusivity agreement to acquire 13 oil-producing fields in Brazil

December 18, 2024

(World Oil) – Petro-Victory Energy Corp. has announced the signature of an exclusivity agreement with Brava Energia S.A. for the potential acquisition of 13 oil-producing fields in Rio Grande do Norte, Potiguar Basin. Petro-Victory together with Azevedo e Travassos Petróleo S.A. jointly signed an exclusivity agreement with Brava for the potential acquisition of two producing assets – Porto Carão Cluster

Petrobras E&P strategy aims to get max oil output from current fields

October 18, 2024

(World Oil) – Petrobras is pushing to extract as much oil as possible from its existing fields in Brazil while simultaneously hunting for new reserves to prevent production from starting to decline in the 2030s. The mantra “all the oil counts” will guide the company’s next strategic plan that will be unveiled in late November, members of the management team

Brazil’s oil giant must assess the impact of drilling on indigenous communities

May 9, 2024

Oil Price Brazil’s environmental protection agency has required state-held oil and gas giant Petrobras to conduct a series of studies on how its plan to drill in an environmentally sensitive area offshore the mouth of the Amazon River would impact indigenous communities. In recent weeks, the agency, Ibama, has sent the requests to Petrobras, asking it to carry out studies

Brazil’s plans to drill for oil in the Amazon hit stiff Indigenous resistance

April 18, 2024

Yahoo Finance OIAPOQUE, Brazil (Reuters) – State-run energy firm Petrobras has hit growing resistance from Indigenous groups and government agencies to its premier exploration project, which would open the most promising part of Brazil’s northern coast to oil drilling. Environmental agency Ibama denied Petrobras a license for exploratory drilling offshore in the Foz do Amazonas area last year, citing possible

Brazil exploring ways to import gas from Argentina’s Vaca Muerta play, energy minister says

March 22, 2024

Nasdaq HOUSTON – Brazil is exploring ways to import natural gas from Argentina’s massive Vaca Muerta formation, including the possible reversal of a pipeline now used for transporting Bolivian gas, as it looks to ease its gas deficit, Mines and Energy Minister Alexandre Silveira told Reuters on Thursday. Brazil has become Latin America’s largest crude oil producer, but its gas

Brazil to join OPEC+ but won’t cap oil output, Petrobras CEO says

December 1, 2023

Nasdaq RIO DE JANEIRO – Brazil is expected to join the OPEC+ group of oil-producing countries in January but would not take part in the group’s coordinated output caps, the chief executive of state-run oil firm Petrobras PETR4.SA told Reuters. The group’s surprising announcement on Thursday that the South American nation would join it raised immediate questions on whether Brazil would take part

Exxon ends major drilling campaign in Brazil after failing to find oil

April 5, 2023

Oil Price After years of failing to make a major oil discovery offshore Brazil, ExxonMobil has ended a major drilling campaign there, but hasn’t ruled out further exploration in the country, The Wall Street Journal reported on Wednesday, citing sources with knowledge of the plans. Exxon, the first oil and gas company to set up operations in Brazil in 1912 under the name of

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