Category: Industry

Information about Brazil’s economic sectors

First time Brazil hits more than 1 billion barrels of oil a year

Brazil produced 1.018 billion barrels of oil in 2019, 7.78% more than the previous year, marking the first time the South American nation passed the billion-barrel mark for annual production, the national oil regulator Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) said. December also had a record of 3.106 million barrels per day, up 0.52% from the previous month and up 15.44% from December 2018.

Brazil will discuss OPEC membership with Saudi Arabia

Brazil’s Minister of Mines and Energy, Bento Albuquerque, said in New Delhi that during his trip to Saudi Arabia next July he will begin discussing possible membership to the Organization of Petroleum Exporting Countries (OPEC). Brazil aims to become one of the top five exporters of oil in 10 years, Albuquerque said during an official visit to India where Brazilian oil exports fell 23% in 2019.

Petrobras loses $2 billion tax dispute

Brazil’s state-run oil firm Petrobras has lost an appeal over R$9 billion ($2.14 billion) of disputed taxes, but it will “take the appropriate judicial measures in its defence,” the company said. The procedures refer to the collection of taxes on remittances sent abroad for the payment of freight contracts in the years 2011 and 2012.

Petrobras moves forward in process to sell remaining stake in TAG

Brazil’s state-run oil company Petroleo Brasileiro (PETR4.SA) has begun the “non-binding phase” of the process of selling its remaining 10% stake in its former pipeline subsidiary Transportadora Associada de Gás (TAG). Petrobras sold a 90% stake in TAG to Engie’s (ENGIE.PA) Brazilian subsidiary and Canadian investment fund Caisse de Depot and Placement du Quebec (CDPQ) in April for $8.6 billion.

Petrobras to sell Golfinho and Camarupim deepwater assets

Petroleo Brasileiro has put up for sale its entire stake in the Golfinho and Camarupim deepwater clusters in the Espírito Santo basin. Petrobras holds 100% interest in both concessions, with the exception of exploratory block BM-ES-23, in Golfinho, where it owns 65%. Brazil’s state-run oil company has been selling assets in order to lower its debt.

Sugar mills consider output change after sweetener surge to two-year high

Brazilian sugar mills are considering increasing their raw sweetener output at the expense of ethanol for automobile fuels after sugar futures surged to a two-year high this week, according to analysts. Raw sugar futures for March delivery in New York have climbed 9.1% since Jan. 2. Only 34% of the cane was used this season to produce the sweetener with the rest going to ethanol as demand and prices for the biofuel have increased.