On Wednesday, May 1st, Brazil’s Tupi field reached 15 years of operations and 2.6 Bboe or accumulated production, with seven units in operation. Located offshore Brazil in the Santos basin, Tupi is the country’s largest producing field, with an average volume of 850,000 bopd, accounting for 20% of the total produced in Brazil, according to Petrobras.
MODEC Inc. (“MODEC”) is pleased to announce that it has been successful in securing the Front-End Engineering and Design (FEED) for a Floating Production, Storage and Offloading (FPSO) system for Shell do Brasil Ltda (“Shell”) on the Gato do Mato development, offshore Brazil.
zilian state-owned oil and gas giant Petrobras has made an oil discovery at another well in the Equatorial Margin, which stretches along the Brazilian coast from Rio Grande do Norte to Amapá.
Enauta, a Brazilian oil and gas company, is in talks to merge with 3R Petroleum Óleo e Gás, creating a major independent player in Latin America.
The merger would combine Enauta’s recent acquisitions in Brazil’s offshore region with 3R Petroleum’s existing assets, resulting in a company with a production capacity of over 100,000 barrels per day.
The move is part of a growing trend of mergers and acquisitions in the global oil and gas industry, as companies seek to consolidate and cut costs.
Angola’s push towards economic diversification and privatization has opened up opportunities for foreign investors, and Brazil has emerged as a highly strategic partner owing to its expertise in the oil and gas industry. Brazil’s trade with Africa surged by 33.7% in 2022, reaching nearly $21.5 billion, up from $15.9 billion in 2021. This increase presents an opportunity for Angola to deepen its economic ties with Brazil as the country aims to increase oil production while diversifying its economy.
As Petrobras shrinks its global E&P activities with farm-outs and asset sales, other oil majors such as Total, Statoil and BP have extended their presence in the country. But smaller operators are also looking for E&P investment opportunities in Latin America’s largest oil producing country.
Seatrium has reached in-principle settlement agreements with the Brazilian authorities concerning “Operation Car Wash”, a probe into allegations of bribes to secure contracts in the country’s offshore energy sector.
Brazilian oil and gas major Petrobras – together with partners Shell Brasil, TotalEnergies, China’s CNPC and CNOOC, and the Federal University of Rio Grande do Sul (UFRGS) – has kicked off a series of wind measurements in Brazil’s pre-salt region to collect data for potential offshore wind projects in Búzios and Mero fields.
Brazil’s decision to join OPEC+ could have a seismic effect on the global oil production landscape, although it remains to be seen if the country will alter its production.
Brazil’s oil boom poses a significant threat to the ability of OPEC+ to control oil prices, and recent investments from Petrobras suggest the boom won’t end any time soon.
As well as Brazil, OPEC+ continued to face challenges from rising U.S. oil output and threats of increased production from non-consortium member Guyana.
(WO) – BrasFELS Shipyard (BrasFELS), a member of the Seatrium Group, has secured a contract from Offshore Frontier Solutions Pte. Ltd, a MODEC Group company, to undertake parts of the topside modules fabrication of a Floating Production Storage and Offloading (FPSO) for the Raia project in Brazil, operated by Equinor.