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DIT Brazil: News and Market Intelligence Highlights

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30 July 2020

This information has been compiled by the Department for International Trade (DIT):

 CCUS and zero flare burning: Petrobras' decarbonization goals. In ten years, Petrobras reduced the carbon intensity in its E&P operations by 42%, to 38.1 lb of CO2e / boe - carbon equivalent per barrel of oil equivalent, which includes natural gas. The goal is to reduce by another 13% by 2025, to 33 lb CO2e / boe. [EPBR – Portuguese Only]

§  Petrobras' Ceara Cluster Shallow Water Fields Up for Sale. Petrobras has kicked off a sale process for its AtumCurimaEspada and Xareu offshore oil fields. In a securities filing, Petroleo Brasileiro SA, as the company is formally known, said the shallow-water fields produce 4,200 barrels per day of oil and 76,900 cubic meters per day of gas. They are located off the coast of Ceara state, in northeastern Brazil. [Offshore News]

§  Equinor to Maintain £11,8 billion Investment Plan in Brazil.  Despite the expectation of a reduction in oil prices for the long term, Equinor intends to keep its £11,8 billion investment plan active in the country. While combing through its entire portfolio of assets, to fit them with the new reality of the market, the Norwegian oil company ensures that the main project in the country – Bacalhau – is preserved. [Brazil Energy Insight]


§  Petrobras to sell its total operated working interests in a group of concessions in onshore E&P fields. Located in the Solimões Basin, state of Amazonas the average monthly production of Urucu Pole in the first quarter of 2020 was approximately 106,353 boed, of which 16,525 bpd are oil and condensate and 14,281 Mm³/d are gas, in addition to 1,137 ton/d of GLP. It is worth mentioning that the production of fields Cupiúba and Carapanaúba represent 0.5% of the total production of the Pole.  [Petrobras Oficial Teaser]


§  Petrobras To Divest All Onshore, Shallow Water Fields. The company plans to sell all its onshore and shallow water fields, concentrating its activities on deep and ultra-deep water assets.  Company sources confirmed that, after the teaser for the Urucu Complex, which includes seven fields (Araracanga, Arara Azul, Carapanaúba, Cupiúba, Leste do Urucu, Rio Urucu, Sudoeste Urucu), new larger and more attractive packages with onshore assets will be launched. [Brazil Energy – Contact the Energy Team for further information]


§  Offshore Investment Opportunity in Sergipe-Alagoas Basin. Petrobras to sell its equity interests in Tartaruga Field, located in shallow waters at the Sergipe Alagoas Basin. Petrobras holds 25% of the Participating Interest in the concession. The counterpart is operated by Maha Energy Brasil Ltda. (Maha), that holds the remaining 75% Participating Interest. The Concessions were acquired in Round Zero of Blocks Bids of the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP). [Petrobras Oficial Teaser]


§  Government Defends Sale Of Refineries. The Ministries of Mines and Energy (MME) and Economy (ME) published a joint note on July 6, defending the sale of Petrobras’ refineries. According to the government, operations are necessary for the transition to a "more open and dynamic refining segment, with a plurality of agents.”  [Brazil Energy – Contact the Energy Team for further Information]

§  Petrobras starts the production of oil and natural gas from the shared deposit of AtapuThe operations begun through platform P-70, in the eastern portion of the Santos Basin pre-salt, near the Búzios field. Atapu will contribute to the growth of production in the pre-salt, which is becoming increasingly relevant for Petrobras[TB Petroleum]


§  AFRMM raises £193,3 million in the first quarter. Gross collection of Additional Freight for the Renewal of the Merchant Navy (AFRMM), the main source of funds of the Merchant Navy Fund (FMM), totaled R$ 1.3 billion (£193,3 million) in the first quarter of this year, 41.9% above the amount the first three months of 2019 (R$ 922.8 million). [Portos e Navios – Portuguese Only]


§  New cabotage incentive laws to be approved at the congress. Later July, Brazil’s government will present to Congress a project aimed at encouraging cabotage in the country. The Minister of State Chief is evaluating the proposal, "which is expected to be done quickly, as it had been worked by four hands.” Through the project, the federal government intends to change the legislation in order to increase supply, increase competitiveness, create more lanes and reduce this operation’s costs to turn it into a logistic alternative to the roads[TB Petroleum]


§  Port of Itaguaí breaks monthly revenue record in July. The Port of Itaguaí, managed by Companhia Docas do Rio de Janeiro (CDRJ), set a record monthly revenue in July, reaching the mark of R$ 37,165,016.32 (£5,5 million). The value corresponds to the cargo handling in the month of June and has been compared to the history of all months since the beginning of the port's operations. [Portos e Navios – Portuguese Only]