Brazilian oil company performed well, driven by higher oil prices and lower operating expenses. Gross debt decreased and asset sales generated USD 210 million.
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Despite low oil prices, Brazil’s state-run company managed to recover from nine months of deficit.
Global prospects report points out that the Arab country’s economy will grow by 1.8% in 2021.
A team from Universidade Federal Fluminense is in the finals of the CO2 Minus Challenge, for innovative projects designed to offset carbon emissions at oilfields.
Brazilian imports of oil from the Arab countries fell by 15% in H1. According to EPE, the sector saw a lower demand for fuels and products related to mobility, which have been reduced to curb the spread of the coronavirus.
According to forecast made public by an IMF official on Tuesday (30), the region’s GDP will contract more than it had been projected in April, due to the coronavirus impacts on the economy activity and the low prices of hydrocarbons.
The oil company saw net income slide by 25% in the first quarter, but results were still robust, with USD 13.4 billion in dividends paid.
Such was the amount from foreign sales of petroleum from January to April. Political instability caused a drastic drop in output.
Brazilian government created a committee to suggest enhancements in the governance and methodology of bid rounds in the sector. Group will consist of representations of ministries and ANP.
Brazilian Mines and Energy minister Bento Albuquerque spoke over the phone with Saudi prince Abdulaziz bin Salman Al Saud and confirmed that the country will join the group’s discussions on petroleum.
Brazil’s National Agency of Petroleum reported the cancellation the 17th bid round due to coronavirus.
The administration announced the measure in a bid to address the international oil price slump. The country is highly dependent on oil exports.
Saudi oil company reported last Tuesday (10) it would produce 12.3 million bpd starting April but increased its projection to 13 million barrels on Wednesday (11).
Company reported to the Saudi stock exchange on Tuesday (10) it would increase output starting April. Gulf markets rebounded.
