Chevron bought the refinery for USD 526 million.
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The country’s economy picked up by a higher rate than it had in 2017, although it fell short of what had been provided for in the Budget Bill.
The country has 268.5 billion barrels of proven reserves. Following auditing by DeGolyer and MacNaughton, the previous estimate was raised by 2.2 billion barrels.
The Producer Price Index (IPP) fell 1.54% in November 2018, the highest negative change since January 2014.
Volume produced was equivalent to 3.274 million barrels of oil per day. The decline was due to stoppages for maintenance in the three platforms.
The state-run oil company released its business plan for 2019-2023. The bulk of funds will go into exploration and production.
Brazil’s National Agency for Petroleum (ANP) has authorized nine more enterprises to bid for oil and gas exploration and production in previously tendered fields or blocs that were given up on by the winning bidders.
The country is the leading exporter of natural gas in the world. The Qatari minister of Energy, Saad al Kaabi, said the goal is to ‘focus on the gas business.’
Oil and gas production averaged 3.34 million barrels of oil equivalent per day for the Brazilian state-run oil company in October.
The IMF advises Middle East and Central Asia countries to take urgent action to reduce debt as they face tightening global conditions.
Starting in 2019, the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) will offer scholarships in oil and gas-related studies for undergraduate and graduate (master’s and doctorate) students.
The company purchased 157,000 barrels per day in the first nine months of this year, up 34,000 from a year ago. Domestic demand picked up while local output diminished.
The emirate’s Supreme Oil Council approved ADNOC’s strategic plan, which provides for significant investment through 2023 and a hike in oil, gas and petrochemicals production.
Egypt’s Minister of Petroleum, Tarek El-Molla, announced that his country will hold the first bid round for oil and gas exploration in the Red Sea before the end of the year.
