Brazil’s oil regulator published, this Friday (10), the rules for the 5th Oil and Gas Bidding Round under the Production Sharing Regime.
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The Brazilian state-run oil company posted BRL 10.7 billion in net profit in quarter two this year, up 45% from a year ago.
Brazil bought more Iraqi and less Saudi petroleum jelly in the first half of this year. The product is used in lubricant manufacturing.
Algerian oil company exported USD 16 billion worth of products from January to May, up 14% over the same period of last year.
It was a unanimous decision, taken this Friday by the organization within a scenario of rising international oil prices.
The executive of the Energy Research Office, José Mauro Ferreira Coelho, believes that the country will be among the five major exporters of the sector in 2026 due to the combination of production increase and lack of expansion in the oil refinery area.
The Organization of the Petroleum Exporting Countries increased output in 35,000 barrels per day in May. Saudi Arabia alone increased its production in 85,500 barrels.
The Arab country’s Ministry of Oil is seeking to attract investors for the construction of the plant, planned for a capacity of 70,000 barrels per day.
Brent North Sea crude oil reached USD 80.18, the highest price in four years.
The Brazilian state-owned company registered a net profit of BRL 6.9 billion (USD 1.97 billion) in this year’s Q1.
The Arab country’s Energy minister Khaled Al Faleh made the statement on the same day that USA president Donald Trump criticized the OPEC for driving prices up.
The announcement was made by the country’s Petroleum minister, Tarek El Molla. In Algeria, Sonatrach announced that it plans to double its output.
The Abu Dhabi National Oil Company (ADNOC) is offering for competitive bidding six oil and gas production and exploration concessions.
