Petrobras CEO nods to price parity, deepwater investment in market-pleasing speech reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Rio de Janeiro Brazilian state-led oil company Petrobras will be reimbursed around $6.5 billion for investments it made to develop the Atapu and Sepia subsalt fields in the transfer-of-rights area in an agreement to clarify terms ahead of a production-sharing auction to sell the two fields.
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The auction is expected to take place in the second half of 2021.
The agreement, reached April 9 between Petrobras and government subsalt management company Pre-Sal Petroleo SA, or PPSA, should increase transparency and remove key uncertainties that led many international oil companies to sit out Brazil s first transfer-of-rights production-sharing auction in November 2019. Brazil sold development rights to the Buzios and Itapu fields, but the Atapu and Sepia fields failed to generate offers because of high signing bonuses, high profit-oil guarantees and the complicated reimbursement process.
20 January 2021 14:47 GMT Updated 20 January 2021 16:34 GMT in London
The UK has emphasised its commitment to a “green industrial revolution” in a response to Brazilian government concerns about a decision to end export guarantee facilities for oil and gas projects.
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Westminster s position was communicated in a letter sent by Liz Davidson, acting British ambassador to Brazil, to Brazilian Mines & Energy Minister Bento Albuquerque, following on from the latter s December meeting with UK Minister for Business, Energy & Industrial Strategy, Kwasi Kwarteng.
The two ministers on 15 December signed a memorandum of understanding promoting co-operation on renewable energy and de-carbonised growth, but Kwarteng also outlined UK plans to end financial support for fossil fuels overseas.
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Brazil s Senate on Dec. 10 approved the basic text of a bill to further open up the natural gas market to private competition and break the monopoly held by state-controlled oil company Petroleo Brasileiro SA (Petrobras).
The new legal framework changes natural gas distribution from a regime of concessions by the government to one of authorizations by the country s oil and gas regulator, ANP, thus reducing bureaucracy for building pipelines.
The bill will also open up competition by changing the vertical structure of the gas sector so producers cannot be distributors and vice-versa.
Brazil Senate approves reform of natural gas sector reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.