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.
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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.
The Arab Chamber’s President, Rubens Hannun, and Advisor to the Presidency for Strategic Affairs, Tamer Mansour, visited the country and met with authorities and business owners to strengthen trade ties with Brazil.
Foreign sales of basic goods rose 2.7% in September, while sales of other items dropped 7%, according to Fundação Getulio Vargas (FGV).
The company’s president said at a conference that there are plans to increase current oil and gas output from 4.8 million bpd to 6.5 million bpd in the next eight years.
The aim of these investments throughout the next few years is to maintain and even expand the country’s spare oil production capacity.
Qatar’s state-owned company acquired the block of Titã, in the Santos basin, in the 5th Production Sharing Round in the Pre-Salt, in a consortium with ExxonMobil. The auction was held this Friday.
Brazilian foreign sales are concentrated mainly on basic goods, but measures are being taken for finished products to increase their share.
Brazil’s state-run oil company produced 2.47 million barrels of oil equivalent per day worth of oil and gas in August.
The National Agency of Petroleum, Natural Gas and Biofuels (ANP) has approved four measures to encourage onshore and shallow-water operations.
The climb was registered in July over June, with 1.82 million barrels of oil equivalent per day.
August saw 111.6 million barrels of oil shipped from the Arab country, up 12% from a year ago, the Ministry of Petroleum reported.
The Fund believe that the country’s economy will pick up in 2018 and 2019 after a downturn in 2017.
