LICITAÇÃO DE PETRÓLEO ATRAI MAIS EM MOÇAMBIQUE DO QUE NO BRASIL

Mesmo em um cenário de baixa dos preços internacionais do petróleo, o governo moçambicano conseguiu atrair investimentos de US$ 700 milhões em exploração de óleo e gás. O montante de compromissos assumidos pelas petroleiras na 5ª rodada de licitações do país africano, concluída em outubro, é 12 vezes superior ao da 13ª rodada da Agência Nacional de Petróleo (ANP), no Brasil.

Ao todo, o governo moçambicano negociou 6 das 15 áreas ofertadas, o que renderá compromissos de investimentos mínimos da ordem de US$ 700 milhões. Já o leilão da ANP, realizado também no mês passado, gerou compromissos de aportes de R$ 216 milhões, o equivalente a US$ 56 milhões.

Ao contrário da última rodada brasileira, a licitação moçambicana contou com a participação de grandes petroleiras internacionais, como a italiana Eni, a americana Exxon Mobil, a russa Rosneft e a norueguesa Statoil.

Na licitação da ANP, que negociou 32 dos 266 blocos ofertados, o destaque ficou com as pequenas e médias companhias. Nenhuma das grandes petroleiras tradicionais participou da rodada.

Ontem, a ANP informou que o consumo de combustíveis no Brasil caiu 4,8% em setembro, na comparação anual, e acumula uma retração de 0,9% no ano. Ao todo, foram comercializados 11,98 bilhões de litros no mês retrasado.

Fonte: Valor Econômico/Por André Ramalho | Do Rio

MITSUI EVITA ATRITO PARA FECHAR COMPRA DE FATIA NA GASPETRO

Em vias de pagar R$ 1,9 bilhão por 49% da Gaspetro em meio a protestos judiciais de sócios da Petrobras, a Mitsui informou ontem que o acordo com a estatal não permitirá a indicação do diretor técnico-comercial da Bahiagás, como teme o governo da Bahia, que controla a distribuidora. A Gaspetro tem 41,5% da Bahiagás e a Mitsui já é sócia da distribuidora estadual.

"A aquisição de 49% da Gaspetro não afetará a atual relação entre a companhia e o Estado da Bahia. O princípio da Mitsui Gás é de contribuir para os negócios da Bahiagás, com base nos acordos existentes e sempre consultando a Petrobras, que continuará como a acionista controladora da Gaspetro", informou a assessoria da empresa no Brasil.

Na nota, a Mitsui informou ainda que "não terá competência para indicar o diretor técnico comercial da Bahiagás" e que continuará como uma acionista minoritária em cada uma das 20 distribuidoras nas quais a Gaspetro tem participação, mesmo depois de adquirir os 49%.

Companhia entende que fatia de 20% em Jirau não cria conflito que a impeça de fechar negócio com Petrobras

O governo da Bahia teme que o negócio comprometa a governança da Bahiagás, e as políticas de investimento. A compra também foi questionada pela Termogás, sócia da Petrobras na CEBGas. A Termogás, que pertence ao empresário Carlos Suarez, entrou com ação cautelar alegando ter o direito de preferência na aquisição das participações da Petrobras nas seis empresas das quais tem fatias acionárias. A holding de Suarez é sócia da Gaspetro nas distribuidoras Gasmar (MA), Gaspap (AP), CEBGas (DF), Rongás (RO), Gaspisa (PI) e Agência Goiana de Gás Canalizado (Goiagás) e tem ainda participação nas distribuidoras Cigás (AM) e ParáGas (PA).

Ainda na nota enviada pela assessoria do grupo japonês, a Mitsui Gás afirma que desde sua entrada na distribuição de gás no Brasil, em 2006, a empresa "acumulou experiência e conhecimento no negócio e agregou valor para as companhias distribuidoras locais, aperfeiçoando as técnicas de gestão, tais como gerenciamento do orçamento e desempenho, além dos sistemas de informações de clientes, faturamento e padronização de documentação para licitações".

E o objetivo agora, continua a Mitsui, é aplicar esses métodos de gestão de sucesso nas companhias distribuidoras locais, por meio da Gaspetro, de modo a uma sinergia de gestão entre as 19 distribuidoras. A Mitsui afirma ainda que as 19 distribuidoras locais "são unidades legais independentes" com sua própria governança. "Os acionistas da Gaspetro darão suporte ao investimento necessário para o crescimento sustentável da distribuição de gás natural com todas as concessionárias".

A aquisição da Gaspetro aumentará a presença da Mitsui de oito para 19 Estados. A companhia entrou na distribuição de gás em 2006 ao pagar US$ 250 milhões pela Gaspart, holding que reunia participações da falida Enron na distribuição estadual de gás.

Sobre a suspeita do governo da Bahia sobre um potencial impedimento para a conclusão da compra da Gaspetro devido à participação de 20% detida pela Mitsui na hidrelétrica de Jirau, contrariando um artigo da Lei 10.438, a empresa japonesa respondeu que "analisou cuidadosamente todos os requisitos legais para essa transação e entende que não há conflitos com outros negócios no Brasil".

O artigo 16 da lei 10.438, de 2002, proíbe que "concessionária e permissionária de serviço público federal de energia elétrica, bem como à sua controlada ou coligada, controladora direta ou indireta e outra sociedade igualmente controlada ou coligada da controladora comum", explorem o serviço de distribuição de gás canalizado. Esse poderia ser um impedimento para a conclusão do negócio que é primordial para a Petrobras colocar dinheiro no caixa.

Fonte: Valor Econômico/Por Cláudia Schüffner | Do Rio

SETOR NAVAL SE TORNOU UM DOS VILÕES PARA O VALE DO AÇO

Há pouco tempo, o Brasil era destino certo do investidor estrangeiro. Atraímos a Copa do Mundo e as Olimpíadas. Porém, poucos anos depois já se questionava o que acontecera. A situação certamente já não é boa e, infelizmente, deve piorar muito mais. A Economia é impiedosa e erros de política econômica não passam impunes. Falamos de estagnação da economia, queda dos salários, aumento dramático do desemprego, esgotamento do crédito e aumento do endividamento das famílias. Tudo isso num ambiente de inflação alta.

ESTALEIRO BRASA RENOVA LICENÇA DE OPERÇÃO E APLIA SERVIÇOS PARA O SETOR NAVAL

O Estaleiro Brasa conta agora com novas perspectivas de atuação na indústria naval, após receber nesta semana a renovação de sua licença operacional por parte do Instituto Estadual do Ambiente (Inea). O novo documento, que faz parte do plano do estaleiro de ampliar seu portfólio ao longo dos próximos anos, permitirá à empresa expandir suas atividades em Niterói para as áreas de operações offshore e reparos a embarcações. A medida tem como objetivo aprimorar o atendimento às diversas demandas de companhias do setor.

Hoje atuante em operações de construção e montagem de equipamentos, módulos e estruturas, o estaleiro poderá agora expandir sua base para captar novos negócios no mercado. A expectativa é de que o acréscimo nas atividades permita à empresa manter o corpo de funcionários que seria dispensado após o término dos projetos dos FPSOs Cidade de Maricá e Cidade de Saquarema.

A estimativa é de que a embarcação Cidade de Maricá deixe o estaleiro no final deste ano, de acordo com a empresa, que ainda aguarda a chegada da unidade Cidade de Saquarema para o início dos serviços de integração de módulos ao topside. Detentor de uma parque industrial com área total de 65 mil m², o estaleiro marcou presença na OTC Brasil 2015 em busca de novas parcerias de atuação no segmento.
´Fonte:Petronotícias/Ray Santos

Can The US Re-Balance The Global Oil Market?

As third quarter earnings continue at full steam, it’s hard to imagine a world where the US and global oil markets are able to re-balance anytime in the near future. Producers like Noble, Anadarko, and Devon have all reported that they are able to do more with less and beat their productions targets while still coming in on or under capital budgets. However, these same producers and others in the US have also realized that they must learn to exist within cash flow if they are to weather this price cycle and the results are trickling through the system. In the global oil market, it is now up to North America, with its free and liquid capital markets, to act as the new swing supply source which requires employing capital stewardship and therefore reducing activity to meet cash flow.

Cash flow from operations comes from the sale of oil, gas, and NGLs. However, oil is the largest contributor and with its price collapse, monthly cash flow is a meager shadow of itself at $5 B today, only 25% of its almost $21 B peak in June 2014. Note that this model does not factor in hedges and assumes E&Ps get spot prices minus royalties, severance taxes, transport costs, LOE, etc. for their production.

This has resulted in a slowdown in drilling, albeit on a 2-3 month lag to cash flow and price declines. In the figure below, the red line shows that cash flow from operations tanked immediately with prices, while the drop in rigs and well counts has been relatively less severe and lagged by several months. The key takeaway, however, is that cash flow, rigs, and wells have all started to level out. This, paired with the idea that if cash flow is at its current level of $5 B per month and an average US well costs $6 MM to drill and complete, then assuming that all cash is spent on D&C capital for horizontal wells, the industry can afford to drill roughly 833 wells per month at current pricing. As of October, 1,042 horizontal wells were drilled across the US, which is not very far from the 833 estimated to create a balanced cash flow scenario. This suggests that producers are starting to align drilling with cash flow.

Now, expanding this to look at the impact on production, BTU Analytics estimates that production has already fallen 300 Mb/d (US L48) from its peak and will continue to decline an additional 100 Mb/d into 2016. While market sentiment is still extremely bearish crude prices in 2016, BTU Analytics believes that this supply response is enough to paint the picture of a balanced market at the end of 2016. Using IEA’s global demand forecast (95.7 MMb/d average 2016), holding Saudi, Iraq and other OPEC production flat to 2Q 2015 levels (38.3 MMb/d), and factoring in modest declines in other nations like Russia and Canada, the global market goes from being long as much as 2.4 MMb/d in 2Q 2015 to being long only 0.5 MMb/d in 4Q 2016. This analysis factors in 0.4 MMb/d of growth from Iran in 2Q 2016 and an additional 0.2 MMb/d in 3Q 2016.

In this case, prices can potentially recover at the end of 2016 and there is enough incremental global demand growth for US production to rebound slightly at the end of the year from its trough. While this is not a recovery to the hey-days of $100 crude, producers with the best acreage, strong balance sheets, and capital discipline may be able to look forward to $60 crude by the end of next year. To hear more about our outlook for production in the US, REGISTER HERE for our complimentary webinar entitled, Bringing Clarity to Production Forecasting and Completions Activity.

What 3 Independent E&Ps See In Their Crystal Balls Going Into 2016

This morning, Bloomberg described 3Q15 as the worst overall earnings season for the S&P 500 since 2009, as aggregate corporate profits plummet. This news won't come as much of a surprise to anyone working in the O&G sector as the fall-out in oil and gas and other commodity companies is the primary reason why S&P 500 earnings are falling.

In addition to the profit declines, oil and gas sector companies are rapidly adjusting their spending plans, reducing headcounts, cutting investment, halting projects and preparing for a "lower for longer" price scenario by focusing on enhancing reliability and achieving efficiency gains. In short, doing more with less.

While it is indisputable that the news overall has not been good, there's a marked difference between 'catastrophic' and 'challenging.' The former adjective denotes an irretrievable predicament; but the latter conveys the possibility of harnessing the creative potential at the heart of the industry to emerge on the other side of this downturn re-oriented, re-calibrated and prepared for prosperity.

In this post, we focus on the forward-looking plans of three US-based E&Ps that reported 3Q15 earnings today: Apache, Devon Energy and Continental Resources.

Apache Raises NAM & International 2015 Guidance

Despite a significantly reduced 2015 capital program, Apache says its production volumes "have shown tremendous resiliency." Consequently, the company announced it is again raising its FY2015 North American onshore production guidance to a range of 307,000 to 309,000 boepd- up from the previous guidance of 305,000 to 308,000 boepd. This represents more than 2% y/y growth on a pro forma basis.

In 3Q, Apache operated an average of 28 rigs worldwide and drilled 111 gross operated wells, 92 of which were North American onshore. In the Permian Basin alone, the company operated 10 rigs and completed 65 gross operated wells in the quarter, up from 53 well completions in the previous quarter. Production averaged 170,000 boepd, only 1% lower than in 2Q despite significant planned and unplanned facilities downtime.

Apache's Permian Footprint

Internationally, the company said it achieved record production growth through record production efficiency in the North Sea. This has enabled Apache to raise its FY15 international and offshore pro forma production guidance to 172,000 to 174,000 boepd, up from a previous range of 164,000 to 168,000 boepd. This represents substantial y/y growth of 10 to 12%.

Going into 2016, Apache said "prudent capital allocation will continue to be our primary focus as we strive to spend within cash flows, enhance our returns and grow value for our shareholders."

Further out, the company said its position in North American shale plays will continue to be its principal catalyst for long-term growth. Moreover, its recent exploration successes in the North Sea and Egypt demonstrate the quality of our international assets and underpin their potential to sustain free cash flows for an extended period of time," the company said.

Apache’s 3Q loss, of $14.95 a share, was greater than its $1.33 billion loss, about $3.50 a share, in the same quarter last year. Additionally, quarterly revenue dropped to $1.49 billion from $3.44 billion.

Devon Continues Natty Gas-To-Oil Shift

In recent years, Oklahoma-based Devon Energy has shifted its focus from natural gas to oil production via a series of acquisitions and divestitures. Crystallizing this transition is the fact that in 3Q oil accounted for about 70% of the company's E&P revenue, versus 63% in the same quarter last year.

Devon's NAM Footprint

Like many of its peers, Devon has been cutting costs and streamlining its operations amid the oil market downturn. In its earnings report, the company said it again reduced its 2015 Capex, this time by $100 million, to range between $3.8 billion and $4 billion.

Devon reported record oil production of 282,000 bpd, a 31% increase verses 3Q14. This result exceeded the top end of its guidance by 2,000 bpd, representing the fifth straight quarter Devon has surpassed oil production expectations.

Citing these strong production results primarily from its NAM operations (mainly its Eagle Ford, Delaware Basin and Rockies assets), the company said it is raising its full-year oil production outlook for the second time in 2015. Total oil production growth this year is now expected to range from 31 to 33%. Due to the improving outlook for oil production, Devon also raised its top-line production growth guidance for 2015 to a range of 8 to 10%.

Overview Of Devon's Eagle Ford ops

"We are delivering this incremental production growth with significantly lower costs. We are now on pace to save around $1 billion of capital and operating costs in 2015 versus original expectations,” CEO Dave Hegar (who assumed the reins on August 1) said.

Going forward, Hager said the company intends to continue to pursue cost reductions and maintain the flexibility of its capital programs. “Our teams will maximize the value of production by aggressively pursuing cost reductions and we will maintain the flexibility of our capital programs. The advantage of having minimal long-term commitments allows us to dynamically allocate capital to our highest-returning areas while balancing investment with cash flow," he added.

In its preliminary 2016 outlook, management said it projects E&P capital investment to range between $2.0 and $2.5 billion, with non-E&P capital and dividends in the ~$1 billion range. Devon sees oil production growth next year in the "low-single digits."

Overall, Devon reported a $3.51 billion loss, or $8.64 a share, from $1.02 billion, or $2.47 a share, in the same quarter last year. Excluding asset write-downs and other items, per-share earnings were $0.70. Revenue fell 33% to $3.6 billion as boosted production was offset by lower average selling prices.

Continental Sees Improvement In "Key Metrics" It Controls

North Dakota's second-largest oil producer also increased its production guidance, saying that additional cost reductions and technological advancements will help it to produce more oil at a lower price. Continental is increasing its production growth guidance to a range of 24% to 26% for 2015, versus the earlier range of 19% to 23% growth over the previous year.

CEO Harold Hamm said, "We continue to deliver on cost controls and operating efficiencies, while maintaining our exploration focus."

Continental says it continues to see broad improvement in the key metrics it says it controls: "faster drill times, lower completed well costs, and strong well results from enhanced completions. On the financial side, we remain focused on balancing capital expenditures with cash flow," Hamm added.

While increasing its production growth guidance, Continental is lowering its 2015 guidance for production expense, G&A expense and non-cash equity compensation expense per Boe of production- "reflecting increased operating efficiencies company-wide." Overall, the guidance on select costs for 2015 has been reduced by a total of $0.85 to $1.05 per Boe of production.

Net production in 3Q totaled 21.0 M/boepd, or 228,278 boepd, a sequential increase of 1% from 2Q15 and 25% higher than 3Q14. This production included: 147,472 bopd (65% of production) and 484.8 MMcf of natural gas per day (35% of production). Sales volumes also totaled 21.0 million Boe in 3Q, consistent with production for the quarter.

In 4Q, Continental expects daily production to decline compared with 3Q. The company expects to close the year with production of approximately 210,000 boepd.

The company is now operating 23 rigs, including 8 rigs in the Bakken and 15 rigs in Oklahoma (home of the new SCOOP play, to which the company has allocated significant resources over the last year). The Company has recently added two completion crews in Oklahoma, bringing the total crew count to three. In the Bakken, Continental currently has no completion crews active.

Continental's average daily production by region

The company said it should be cash-flow neutral if WTI remains around $50 for the remainder of 2015. It sees next year's Capex ranging from ~$1.5 billion to $1.6 billion, and says this level of spending is required to maintain 200,000 boepd average production for 2016. The company said it plans to release detailed 2016 guidance in late December or early January.

Top EPC Major Executive Sentenced to 19 Years in Jail on Petrobras Corruption Probe

Justice Sérgio Moro, in charge of the Operation Car Wash lawsuits, has sentenced the former VP of EPC major Mendes Júnior, Sérgio Cunha Mendes, to 19 years and 4 months in jail, on charges of corruption, money laundering and conspiracy, related to the massive corruption scandals at Petrobras.

Mendes Júnior is a powerful and traditional engineering and construction company, with outstanding performance in the infrastructure, oil and gas and engineering sectors in Brazil.

Justice Moro´s ruling on November 3 cites kickbacks of R$ 31 million (approximately US$ 7.5 million) amassed by executives at Petrobras's refining division, which shall be returned to the oil major as minimum compensation for the sustained damages.

Sérgio Cunha Mendes, on the left, standing trial. Image credit: Estadão newspaper

Two other top executives of Mendes Júnior were also sentenced to seventeen and ten years in jail, respectively.

According to reports by the Brazilian Public Ministry, Mendes Júnior is a member of the so called "VIP Club" of EPC majors, a cartel of companies with fraudulent goals towards Petrobras's key projects, such as the Abreu and Lima refinery, the petrochemical complex COMPERJ and modifications to the existing REPAR refinery.

Sérgio Cunha Mendes was identified by Justice Moro as the Mendes Junior´s chief executive playing an active role in money laundering and corruption on several contracts with Petrobras.

Alberto Youssef, the scheme manipulator and currently in jail at Federal Police´s detention facility in Curitiba, has personally negotiated kickbacks with Mr. Cunha Mendes on major contracts with Petrobras, to be paid to former refining chief Paulo Roberto Costa, currently under house arrest in Rio de Janeiro.

According to Justice Moro´s ruling, the kickbacks mounted to 1% of the contract values handled by Petrobras's refining division.

Mr. Cunha Mendes testified before court that the kickbacks were paid in installments totaling R$ 8 million (approximately US$ 2 million) to front organizations set up by Mr. Yousseff.

Oil rises in early trade

Still tense: prices rose in early trade but analysts warn oversupply will continue to add pressure

AP/Scanpix

By Reuters 

 06 November 2015 04:28 GMT

Crude prices edged up on Friday after falling over 2% the previous session, with analysts saying oversupply and a strong dollar would continue to weigh on fuel markets.

US crude futures were trading at $45.37 a barrel early on Friday, up 17 cents from their last settlement, while Brent crude rose 14 cents to $48.12 a barrel. The slight increases came after drops the previous day on the back of climbing US crude inventories.

Analysts said that oversupply would pressure oil markets.

"We have seen few signs recently indicating a change of tack in the oil markets," said French investment bank Natixis.

"Oil prices will remain under pressure as long as the surplus remains in the market," the bank added, referring to global production being 1 million - 2 million barrels per day above demand.

The strong US dollar is also seen as a drag on commodity markets as it makes imports for countries with other currencies more expensive.

The greenback has gained almost 5% against a basket of other leading currencies since early October as markets expect the US Federal Reserve to be the first major central bank to raise interest rates since the global financial crisis of 2008/2009.

"Rising speculation that the Fed will raise rates will put further downward pressure on commodity prices," ANZ Bank said on Friday.

 

Some OPEC members are pushing to bring back a quota

• Matt Smith,com

 

• 4, 2015, 7:33 PM

Carlos Garcia Rawlins/ReutersThe flow of crude oil is seen in a container while an oilfield worker works on a drilling rig at an oil well operated by Venezuela's state oil company PDVSA

It is apt that it is national sandwich day, given yesterday’s first-day-of-the-month onslaught of global manufacturing numbers, and ahead of tomorrow’s return to form in economic data.

Hence today we are sandwiched in the middle, pausing for breath. We get a few tidbits of data out in the U.S. – factory orders, vehicle sales – but nothing too crazy.

All the while, the drumbeat builds towards Nonfarm Friday and official U.S. unemployment data, with oil inventories and global services data providing something for us to get our teeth into in the meantime.

There is once again the ongoing theme of rising oil production, falling revenues floating around today, typified by the chart below relating to Norway. Net income from offshore oil and gas fields is 13 percent below the same 9 months of last year – which is not surprising given the drop in oil prices – but nonetheless production has increased by 10 percent so far this year.

Production will likely continue to rise as a cash grab persists; all the while, the government plans withdraw cash next year for the first time from its $860 billion wealth fund to cover budget needs.

OilPrice.com

 

From one struggling region to another, Saudi Arabia’s PMI index for non-oil private industries has dropped to its lowest level in six years in October – once again underscoring the economic fragility caused by lower oil prices. United Arab Emirates saw a similar trend in its data, falling to the lowest level since April 2013.

OilPrice.com

 

In a couple of other bits about Saudi Arabia, the Ministry of Water and Electricity is hiking water rates for non-residential customers (read: industrial, government or large corporate users) as of next month, as it pursues spending cuts. In a similar vein, Saudi is said to be creating a Special Office whose main focus will be on cutting government spending.

Finally, an internal draft report of OPEC’s long-term strategy is said to carry suggestions from Iran, Algeria and Iraq, who are pushing for measures to support prices through a price target, a price floor, or a return to the cartel’s quota system.

All the while, as our #ClipperData illustrates, exports from the three remain stout at over 4 million barrels per day last month, with Iraqi exports close to their record level, just shy of 3 mn bpd. Everyone wants solutions, while no-one wants to change.

OilPrice.com

Read the original article on OilPrice.com. Copyright 2015.