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Non-Tech : The Brazil Board -- Ignore unavailable to you. Want to Upgrade?

To: architect* who wrote (501)	9/20/2011 9:58:49 AM
From: elmatador	1 Recommendation Read Replies (1) \| Respond to of 2516

New Fields May Propel Americas to Top of Oil Companies’ Lists “Brazil will become an oil power by the end of the decade, with production in line with that of Iran,” said Pedro Cordeiro, an energy consultant here for Bain & Company, who sees the country’s oil production climbing to 5.5 million barrels a day by 2020. nytimes.com

To: architect* who wrote (501)	9/29/2011 6:31:23 AM
From: elmatador	Read Replies (1) \| Respond to of 2516

TNK-BP Says It Paid $1 Billion to Partner With HRT in Amazon Sept. 28 (Bloomberg) -- TNK-BP, Russia’s third-largest oil producer, signed a contract to pay about $1 billion to become a partner with Brazil’s HRT Participacoes em Petroleo SA in an oil project in the Brazilian Amazon, an official at TNK-BP said. The transaction with HRT will be completed in two to three weeks and HRT will remain the operator, said Sergey Funygin, head of TNK-BP’s Venezuela division, today at an oil conference in Puerto la Cruz, Venezuela. The deal will give TNK-BP a 45 percent stake in exploration blocks in the Solimoes Basin where HRT recently found signs of oil, he said. The companies signed a “definitive agreement” for TNK-BP to join the project, Funygin said. HRT will be the operator for at least two years and the companies have the option to change the agreements’ conditions, he said without offering further details. TNK-BP is looking for opportunities in Brazil, Africa, the Middle East and Latin America to diversify operations, Funygin said. Brazil expects to more than double oil production over the next 10 years as it develops the largest discoveries in the Americas in more than three decades. TNK-BP is buying the stake from Petra Energia SA, HRT’s original partner in the blocks, through an arrangement where HRT has rights to buy Petra’s stake. HRT didn’t return two telephone calls to its Rio de Janeiro office today seeking comments about the deal with TNK-BP. Venezuela Expansion TNK-BP, which has stakes in four joint ventures with Petroleos de Venezuela SA, is looking to produce more oil in the South American country and may increase its interests in current ventures or buy new assets, said Funygin. The Russian company has a 16.7 percent interest in the Petromonagas heavy crude venture that was nationalized from Exxon Mobil Corp. in 2007. Exxon is currently pursuing arbitration with PDVSA, as the Caracas-based company is called, and seeking around $7 billion in compensation in the venture formally known as Cerro Negro. “We’re waiting for the issue to be resolved with Exxon Mobil, and then we are willing, if the Venezuelan government and PDVSA consider us, to increase our interest in the venture,” said Funygin. “We’ve already told PDVSA that we are ready to sit down and talk about it.” TNK-BP’s share of production from its joint ventures in Venezuela is around 25,000 barrels of oil a day, said Funygin. Petromonagas, which upgrades about 120,000 barrels a day of heavy crude, will be stopped for a month next year in March or April for programmed maintenance, Funygin said. --Editors: Robin Saponar, Jonathan Roeder To contact the reporter on this story: Nathan Crooks in Puerto La Cruz at ncrooks@bloomberg.net; Peter Millard in Rio de Janeiro at pmillard1@bloomberg.net To contact the editor responsible for this story: Robin Saponar at rsaponar@bloomberg.net

To: architect* who wrote (501)	1/17/2012 12:41:05 AM
From: elmatador	Read Replies (2) \| Respond to of 2516

Brazil to approve new oil auctions "within weeks," Energy Minister Edison Lobao told Reuters on Sunday, opening the door to the first major offer of Brazilian petroleum exploration rights in more than four years. Brazil to approve new oil auctions January 17, 2012 Brazil's President Dilma Rousseff will approve the country's 11th oil rights concession auction "within weeks," Energy Minister Edison Lobao told Reuters on Sunday, opening the door to the first major offer of Brazilian petroleum exploration rights in more than four years. At the auction, Brazil expects to sell rights to explore for and exploit oil and natural gas in 174 areas, half offshore and half on land, the 11th such auction since it ended state-led Petrobras' monopoly and opened the country to outside investment in the late 1990s. "The 11th round should be authorised by the president within a few weeks. Only after she has given the approval we can authorise an auction," Lobao said via a translator. The government also expects to launch its first-ever auction of production-sharing rights in the so-called subsalt region near Rio de Janeiro and Sao Paulo in the second half of the year, Lobao said during a visit to Abu Dhabi in the United Arab Emirates.The production-sharing auction requires the passage of new royalty legislation which Lobao said will be passed by Congress in the first half of 2012. Brazil and oil companies operating in the country expect to produce about 7 million barrels of oil a day by 2020, an amount that would allow the South American nation to challenge the United States for the position of world's third-largest producer after Russia and Saudi Arabia. Under the production-sharing auctions, Petrobras will be the operator and own a minimum 30 percent stake in all areas and owners will share any output with the government, which will sell its oil on its own account. The areas sold at the concession auction will go to the highest bidder and oil produced will belong to the owners, subjet to the payment of royalty.