Following the two Iranian vessels that remain stuck in Brazil with no fuel, additionally two more Iranian bulk carriers that came to Brazil also could be left stranded. Petrobras addressed that refuses to provide the tankers with bunker fuel because of the US sanctions imposed.
Oil major BP has agreed to form a 50:50 joint venture with Bunge, a US-based supplier of agriculture, food and ingredients, aiming to create a leading bioenergy company in Brazil, one of the world’s largest fastgrowing markets for biofuels.
Two Iranian vessels remain at Brazilian ports for weeks, unable to return to Iran due to lack of fuel, as the state-run oil firm Petrobas refuses to sell them oil because of the sanctions imposed by the US.
Petrobras completed its first transhipment operation in a non-owned terminal, at the Açu Petróleo Petroleum Terminal (T-OIL) located in the Açu Port Complex in the north of the state of Rio de Janeiro. The transshipment operation was conducted between May 24 to 25, by a suezmax class vessel, with the mooring of the vessels Henrique Dias (exporter) and Brazil 2014 (reliever).
According to EIA’s January Short-Term Energy Outlook, the predictions are that global benchmark Brent crude oil is to average $61 per barrel in 2019 and $65/barrel in 2020, experiencing an increase from the end of 2018. Yet, it will remain lower than the 2018 average of $71/b US benchmark West Texas Intermediate (WTI) crude oil prices were $8/b lower than Brent prices in December 2018, and EIA expects this difference to narrow to $4/b in the Q4 of 2019 and during 2020.
Russian gas producer Novatek announced that its wholly owned subsidiary, Novatek Gas and Power Asia Pte. Ltd., has shipped its first LNG cargo to the Brazilian market with LNG produced from the Yamal LNG project. The cargo was delivered to the Bahia Regasification Terminal owned by Petrobras.
MODEC, Mitsui & Co, Mitsui O.S.K. Lines, Marubeni and Mitsui E&S Holdings, agreed that Mitsui, MOL, Marubeni and Mitsui E&S will invest in a long-term charter business to provide a floating production, storage, and offloading system for use in the Mero field off the coast of Brazil. The FPSO will be chartered for 22 years.
Petrobras’s Chief Executive Pedro Parente informed about some “interesting discoveries” that the company is making in Campos Basin blocks, off Rio de Janeiro, where it is drilling to reach the pre-salt layer. These discoveries were made in fields being operated for years by the company, but Mr. Parente did not give any more information, as the findings are still being analyzed.
Namely the company signed an agreement with Petrorio for a one-year extension for the lease and operation of the FPSO Polvo. The period in question has been extended to the third quarter of 2019, from the third quarter of 2018, with the contract including options until the third quarter of 2022.
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