 |
|
Brazil leads Latin America economic recovery | |
| |
According to a report jointly prepared by Brazil’s Getulio Vargas Foundation – FGV and German Ifo, Latinamerica’s Economic Climate Index (ECI) has soared from 5.2 to 5.6 points, consolidating the trend of economic recovery in the region between October 2009 and January 2010.
As per the report, positive results reflect the improved assessments on the present economic situation. On a scale of 1 to 9, the Present Situation Index (PSI) climbed from 3.3 to 4.0 points. However, even with improvements for the second consecutive trimester, the results show regional economy is not back to pre-crisis level. In June 2008, the Present Situation Index (PSI) hit 5.7 points. |
|
Translation based on an article published in Jornal do Commercio (02/23/10) |
|
|
|
Petrobras announces new oil discovery in the Campos Basin | |
| |
Petrobras announced, last week, the discovery of oil in the pre-salt and post-salt reservoirs located in the Campos Basin. The well was drilled in the Barracuda concession area 100km off the coast of Rio de Janeiro in 860m of water. Petrobras has already set up an oil production and outflow infrastructure in the concession area.
Preliminary estimates suggest recoverable volumes of 40 million barrels in the pre-salt carbonate reservoirs, which are deemed to have good productivity. Petrobras also discovered an oil accumulation in sandstone post-salt reservoirs with an estimated 25 million barrels of recoverable oil. Petrobras is studying the possibility of interconnecting the well to Platform P-43, in operation at the Barracuda field, to use the existing oil production and outflow infrastructure set up in the area. |
|
. Translation based on an article published in Nicomex Notícias (02/26/10) |
|
|
|
New Latin American and Caribbean regional trade bloc | |
| |
Latin American and Caribbean nations agreed with a new regional trade bloc, which will exclude the United States and Canada, in a meeting held in Cancun on 23 February. The new bloc has not been given a name yet and its incorporation details will be finalised next year in Caracas.
The new bloc will promote regional integration to achieve sustainable development, to encourage more participation in global meetings and to promote common goals and opinion in relation to current global issues, said the President of Mexico Felipe Carderon. Cuba believes we are quickly moving towards the constitution of a purely Latin American and Caribbean regional trade bloc, said Cuban leader Raul Castro in the meeting. |
|
Translation based on an article published in Jornal do Brasil (02/24/10) |
|
|
|
|
OGX’s well holds up to 90 million barrels | |
| |
OGX, the oil segment of the Brazilian entrepreneur Eike Batista’s EBX group, announced that its 1-OGX-5-RJS well located in the shallow waters of the Campos Basin holds between 30 to 90 million barrels of recoverable oil in one of the sections.
OGX came up with the new oil estimates after the drilling process on its wholly owned BM-C-43 block was finalised. According to OGX statement, the Ocean Ambassador, which was used to drill the 1-OGX-5-RJS well, will next drill a directional exploratory well located at the BM-C-41 block near the Vesuvio prospect to perform new tests and outline the discovery previously announced. The drilling process is due to start in March 2010. |
|
Translation based on an article published in Nicomex Notícias (02/25/10) |
|
|
|
Rio de Janeiro economy in recovery mode | |
| |
Rio de Janeiro local economy recession has come to an end. According to experts, pre-salt discovery in Rio de Janeiro state opens new prospects for the oil & gas industry, construction, entertainment and services sectors. According to a survey by Deloitte (“Panorama Empresarial” survey), 100% of the companies located in Rio de Janeiro are planning to invest in the region in 2010.
The manager of infrastructure and new investments at the Rio de Janeiro Federation of Industries (Firjan), Cristiano Prado said Rio de Janeiro is not only attracting local investments. International companies have their eyes on Rio de Janeiro. Brazil’s largest private investment, Companhia Siderurgica do Atlantico (CSA) and the estimated R$8 billion Petrochemical complex (Comperj) are located in Rio de Janeiro, Cristiano Prado said. |
|
Translation based on an article published in Jornal do Brasil (03/01/10) |
|
|
|
Pernambuco shipyard to build first pre-salt platform | |
| |
The Governor of Pernambuco state, Eduardo Campos has announced the construction of the first pre-salt platform in the Guara campos. The announcement was made in the evening, after the Government of Pernambuco and Schahin-Tome consortium signed a concession agreement for the shipyard area where oil exploration and production units will be built.
Pernambuco Development Secretariat Fernando Bezerra Coelho said an investment of R$300 million will be required and 1.700 job opportunities are expected to be created. Petrobras will invest US$ 1.5 billion in the construction of the first E&P unit. The 40 hectares land is located in The Port and Industrial Complex of Suape, on Pernambuco’s south coast, where Atlantico Sul Shipyard is based. Mr Bezerra Coelho said the construction of the shipyard is confirmed and a tender will be offered for red-tape purposes only. |
|
Translation based on an article published in O Globo (02/23/10) |
|
|
|
Brazil increases investments in international markets | |
| |
For the first time in almost two years, international investments by Brazilian companies were higher in January than what multinational entities invested in Brazil. This result shows signs of the internationalization process of the Brazilian companies.
The Brazilian direct investment reached US$ 1.247 billion last month over US$ 789 million foreign investments in the county. Brazil’s current transaction deficit in the beginning of the year was US$ 3.841 billion. According to Brazil’s Central Bank, the negative balance soared by 39% over the same period in 2009. A deficit of US$1.9 billion is forecasted for February. |
|
Translation based on an article published in O Globo (02/24/10) |
|
|
|
Petrobras’ IPO? | |
| |
Petrobras’ US$ 50 billion capital raise to fund pre-salt exploration will be the biggest in the history of capitalism, Brazil’s minister of finance Guido Mantega said. Petrobras capitalization plan will be the biggest IPO in the history of capitalism said Mantega.
The Brazilian stock exchange is solid, it has rules and credential requirements and thus is ready for this, Mantega said to businessmen at a presentation in Belo Horizonte city. However, according to analysts, Mantega should have not referred to Petrobras capital raising as being an IPO since the company’s shares are already being traded in the stock exchange. According to Mantega, Santander Bank organized the world’s second biggest IPO last year in Brazil. |
|
Translation based on an article published in O Globo (02/25/10) |
NicomexNotícias.com.br
