Brazilian state owned energy company, Petrobras, is rumoured to be selling its stake in the giant Libra field, in the Santos basin, offshore Rio de Janeiro. A Field with estimated reserves of up to 12 billion barrels of oil.
Statoil has agreed to buy Petrobras’ 66% operated interest in the BM-S-8 offshore licence, in Brazil’s Santos basin.
This month saw oil finally pushing up past the US$50 per barrel mark. According to a team of US analysts, it is likely it won’t stop here.
Brent crude oil prices rose again today, pushed by a weakened U.S. dollar and a tightened supply caused by outages in Canada and Nigeria.
Subsea 7 announced today that its day-rate contract for the company’s Pipelay Support Vessel (PLSV) Seven Mar has been terminated ahead of schedule.
Rockhopper Exploration’s oil reserves in North Falkland have doubled to more than 300 million barrels in what experts believe to be a billion barrel basin.
Petrobras continues to post major losses amidst a drop in oil production, weaker domestic fuel sales and the worst recession in decades.