Latest update December 2nd, 2024 1:00 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Brazil Opens Doors to New Oil Exploration with 91 Blocks on Offer

Dec 02, 2024 News

Kaieteur News- Brazil has announced the permanent offering of 91 oil blocks across key basins, aiming to attract significant investment and bolster energy security. The Ministry of Mines and Energy revealed that the next auction cycle, slated for 2025, could bring in an estimated 2.4 billion reais ($394 million) in signing bonuses.

The blocks are spread across strategic regions: 39 in Minas Gerais’ São Francisco Basin, 41 and a marginal accumulation field in the Potiguar Basin, and 11 in the coveted pre-salt area. Companies can express interest in these blocks under the permanent offer model, triggering bidding opportunities.

Energy Minister Alexandre Silveira didn’t mince words about the stakes. Brazil’s production expected to hit a peak of 5.3 million barrels per day in 2030–a reality that has Brazil on edge in search of fresh reserves lest they become an oil importer as soon as by 2040.

“This increase in production is essential to guarantee our energy security,” he said, alluding to the importance of staying ahead of the curve. This move is part of Brazil’s push to secure its spot among the world’s top oil producers. Petrobras, the state-controlled oil giant, is already ramping up efforts in the pre-salt region with plans to add 11 platforms by 2027. However, not everyone is thrilled—environmental concerns are bubbling over Petrobras’ ambitions to drill near the Amazon River.

Meanwhile, global oil prices are relatively flat on the day. Brent crude is trading at $73.40 (+0.16%) per barrel, while WTI increased to $69.46 (+1.08%). Brazil was the ninth-largest oil-producing country in the world last year, with an average output of 3 million bpd, growing by 4 percent from 2021. The Brasília government aims to increase this position to fourth in the world by 2030 by producing around 5.4 million bpd, and Petrobras is taking the lead in the industry. (OILPRICE.COM)

(Brazil Opens Doors to New Oil Exploration with 91 Blocks on Offer)

Similar Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

The Glenn Lall Show | November, 20th, 2024

Follow on Tik Tok @Glennlall

 

THE BLUNT OF THE DAY

Sports

Wharton’s brilliance propels Chase’s Academic to another Republic Bank U18 title

Wharton’s brilliance propels Chase’s Academic to another Republic...

Dec 02, 2024

Kaieteur Sports- Chase’s Academic Foundation reaffirmed their dominance in the Republic Bank eight-team Under-18 Football League by storming to an emphatic 8-1 victory over Dolphin Secondary in the...
Read More
Seales’ 4 for 5 gives West Indies control as Bangladesh fold for 164

Seales’ 4 for 5 gives West Indies control...

Dec 02, 2024

WARRIORS BOUNCE BACK AGAINST HAMPSHIRE

WARRIORS BOUNCE BACK AGAINST HAMPSHIRE

Dec 02, 2024

Victoria go top with second win

Victoria go top with second win

Dec 02, 2024

GFF and Namilco officially launch Maid Marian Wheat Up Women’s Cup

GFF and Namilco officially launch Maid Marian...

Dec 02, 2024

GFF celebrates the successful completion of Georgetown Girls’ Football Festival

GFF celebrates the successful completion of...

Dec 02, 2024

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]