Petrobras’ efforts to increase oil and gas production are bearing fruit. Petrobras produced 2.7 million barrels of oil equivalent in the second quarter of the year, which represented a 2.4% increase as the company ramped up production at five platforms and started 12 new wells, of which eight in the Campos Basin and four in the Santos Basin.
Chief Executive Officer Murray Auchincloss reset BP’s strategy in February by promising to refocus on oil and gas after years of failed low-carbon investments. Other supermajors had recommitted more quickly to the hydrocarbon-focused strategies that fed their profits.
Seatrium Limited has announced the impending delivery of the PETROBRAS 78 (P-78) – the first of a series of turnkey Floating Production Storage and Offloading vessels (FPSO), to Brazil’s Petrobras.
Strohm has successfully completed the first field trials with Petrobras for its thermoplastic composite pipe (TCP) pipe design offshore Brazil, at water depths of approximately 1,500 m.
Brazil has become the latest target of U.S. President Donald Trump’s ire after the Republican frontrunner threatened 50% tariffs on the South American giant for allegedly persecuting right-wing ex-president Jair Bolsonaro. In a post on Truth Social, Trump called on Brazilian President Luiz Inácio Lula da Silva to halt what he described as a “Witch Hunt that should end IMMEDIATELY!” Bolsonaro is currently on trial for allegedly attempting to overturn the results of the 2022 election.
Brazil is preparing to defend its oil export sector as U.S. President Donald Trump threatens to impose a 50% tariff on Brazilian imports starting August 1. The move has escalated tensions between the two countries, with Brazilian President Luiz Inácio Lula da Silva vowing reciprocal action: “If he charges us 50%, we’ll charge him 50%,” Lula told local media outlet Record.
Petrobras has awarded Fugro four significant multi-year contracts for the inspection and monitoring of critical subsea infrastructure in Brazil.
Equinor ASA has secured new exploration acreage offshore Brazil in the Santos Basin, awarded under the country’s fifth Open Permanent Concession bidding.
Petrobras, Exxon Mobil Corp. and Chevron Corp. have won exploration rights in Brazil’s Equatorial Margin, betting that the nation’s environmental regulator will finally open the promising offshore oil region for drilling after years of delay.
TotalEnergies has signed an agreement with Shell to exchange its 20% non-operated interest in the Gato do Mato project for an additional 3% interest in Lapa, a producing offshore oil field. Upon closing, TotalEnergies will increase its stake in Lapa to 48% (operator), alongside Shell (27%) and Repsol Sinopec (25%).