Page 18 - LatAmOil Week 46

LatAmOil SURINAME LatAmOil

It said, though, that it had high expectations for country,” it commented.
the eight blocks included in the licensing round. “The acreage on offer lies directly in the
“[The] oil that is being produced from the migration pathway up-dip from the proven and
existing Tambaredjo and Calcutta oilfields highly productive Cretaceous ACT (Albian,
onshore Suriname (albeit biodegraded due to Cenomanian and Turonian) depocentre and
its very shallow depth), has been typed to the source kitchen,” it added. “This is known to
deepwater ACT source rocks, so realistically extend into Suriname, as recently proven by
[it] can only have migrated through the largely Apache’s and Total’s Maka Central-1 discovery,
undrilled shallow-water acreage being offered which encountered two pay zones contain-
... This is also confirmed by numerous shows ing light oil and condensate over a combined
in many other onshore and shallow-water 120-metre-plus interval of Santonian and Cam-
wells from the western to eastern borders of the panian sands.” ™

BRAZIL
Petrobras eyes new export market in India

BRAZIL’S state-run oil and gas company Petro- to China would continue to rise amid strong
bras is reportedly considering India as a new industrial growth in that country. Additionally,
market for its exports. he noted that the country was producing surplus
Chief executive Roberto Castello Branco said oil, now that large offshore fields such as Búzios
last week that the firm’s newly reorganised mar- have come on stream. Búzios is so prolific that
keting and logistics division was investigating Petrobras has been able to raise its 2020 pro-
additional markets, particularly in Asia, accord- duction target by 5% within the last few weeks,
ing to a Reuters report. The firm has started Reuters noted.
looking for new buyers in India and hopes to Castello Branco also said that his company
secure clients in that country within three years, was preparing to face stronger internal compe-
he said. tition as it ended its near-monopoly position
“We expect this to have a positive evolution in Brazilian fuel production. “In order to face
in the near future,” Castello Branco said in an stronger competition, we put in place a logistics,
interview at the Reuters Commodity Trading sales and marketing division ... to act as an active
Summit. “[In] three years approximately, [we seller, not a passive seller,” the CEO said. ™
aim] to have a consolidated position in the
[Indian] market.”
Elsewhere in Asia, Petrobras has also started
exporting petroleum products to nearby Singa-
pore. Buyers in that island state have recently
increased purchases of the company’s low-sul-
phur fuels in order to comply with new rules
aimed at reducing greenhouse gas (GHG)
emissions. Brazilian crude is well suited for the
production of such fuels.
Rio de Janeiro-based Petrobras has long been
dependent on sales to China, but it is now look-
ing to diversify its buyer mix. Nevertheless, Cas-
tello Branco said that exports of Brazilian crude Brazil already exports oil to China and Singapore (Photo: Poder360)

Brazil’s base oil imports hit 16-month high

BRAZIL’S base oil imports reached a 16-month Of those imports, more than 46,000 tonnes
high last month, following a jump in shipments came from the US, which made up more than
from the US, according to newly released gov- 80% of the total.
ernment data. The October figures took Brazil’s total base
The volume of base oil imports reached oil imports to 417,830 tonnes in the first 10
57,250 tonnes in October, up 15% on the previ- months of this year. That is 1.7% lower than in
ous month and representing the highest volume the same period of last year, when import vol-
since June 2019. umes totalled 425,000 tonnes.

P18 www. NEWSBASE .com Week 46 19•November•2020