Five years after the introduction of changes to the Brazilian constitution that led to the opening of the petroleum sector to private investments, the country's energy industry evolution is in full swing: A new regulatory agency has been created, several major and independent oil and gas companies are active in Brazil, and the midstream and downstream sectors are undergoing changes that can be considered a complete restructuring.
When Brazil's Petroleo Brasileiro SA completed financing in June for $3.59 billion in international credit for developing oil and gas fields in the Campos basin off Brazil, it was the largest project financing package in the company's 47-year history.
$5/Mcf gas looms as US heat wave hampers gas injection The surge in US cooling load demand as temperatures routinely topped 100° F. across much of the Sun Belt last week has weakened natural gas storage injections at a time when the pace of storage refill needs to remain robust if the Nov. 1 heating season onset target of 3 tcf is to be met.
The UK North Sea's slow-rolling recovery from the lowest activity levels in its history was given a further shot in the arm last week by news from Shell Exploration & Production PLC that it plans to inject some $1.2 billion into as many as half a dozen new developments in the province over the coming year.
Houston integrated energy company Conoco Inc. steps into this week's company news limelight by being ranked first in exploration and production results in a comparative-performance analysis of 13 major integrated companies by Prudential Securities Inc. for 1995-99.
The fundamental structural change currently being experienced by the oil and gas industry at large is finding a deep resonance in Norway with the hotly debated issue of Statoil's privatization and the future of the state's direct financial interest (SDFI) in the Norwegian Continent Shelf.