Oil – Reuters reported that a Brazilian judge has dropped the criminal charges lodged against Transocean Ltd and Chevron Corp, along with 17 of their employees in relation to the 2011 offshore oil spill.
Resource prices held steady this week as good news from the US was offset by worries that a stronger euro could slow the continent’s recovery.
Oil – Reuters reported that Brazil-based Petroleo Brasileiro SA (NYSE:PBR), also known as Petrobras, said that its deepwater oil field south of Rio de Janeiro contains "good quality" crude that is a relatively light grade, meaning that it will be cheaper to refine than oil at Petrobras' other Brazilian operations.
Gas – Reuters reported that Spain's Repsol SA has discovered as much as 1 to 2 trillion cubic feet of natural gas in block 57 of Peru's Camisea fields.
Gas – Bloomberg reported that Petroleo Brasileiro SA (NYSE:PBR), better known as Petrobras, is reviewing its investment in a Peruvian joint natural gas project with Repsol SA as it divests assets to better focus on developing its offshore oil reserves.
Oil – Extension of the 4.5 billion barrel Franco field is confirmed by the latest discovery from Petrobras. The company is also looking to drive production growth with its prolific pre-salt prospects.
Oil – Although Chevron was fined $28 million and had its drilling rights in Brazil suspended for the recent offshore oil spill at their Frade field, some industry experts suggest the company will be able to avoid a long-term ban.
Oil – Oil companies are hoping this latest major find will provide further justification for speeding up the permit issuing process for deepwater drilling in the Gulf of Mexico.
Heavy Oil – Reuters reports that on Friday, Petrobras (SAO:PETR3) announced that the company will produce more than any at 6 million barrels of oil equivalent a day in 2020.
Oil – A brief look at 3 oil exploration hotspots, all of which have already produced multi-billion barrel finds of recoverable crude in the last few years, and that may still hold much more.
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