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The Shipment of 1 Million Barrels of Oil to Indian Group Mangalore Refinery and Petrochemicals (MRPL) Was Sold by Oil Company Shell
For the first time, the Indian group Mangalore Refinery and Petrochemicals (MRPL) purchased an oil shipment from the Brazilian Tupi field at an auction, two industry sources said last Monday (03/22). Samsung Shipyard, one of the largest shipbuilders in the world, reimburses Petrobras $59 million for bribes related to Operation Lava Jato
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The shipment of 1 million barrels of oil was sold by the oil company Royal Dutch Shell for delivery in May, the sources from Reuters added. The price of the deal was not disclosed.
The purchase comes after plans by India’s state refineries to cut oil imports from Saudi Arabia by about a quarter in May, amid disagreements with the Saudis following an OPEC decision that ignored India’s calls for the group to support the global economy with increased supply.
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According to the sources, the Indian MRPL Group was seeking “sour” oil in the bidding but received offers for “sweet” oil at more competitive prices.
Oil from the Tupi field is popular among Chinese independent refineries, but purchases have slowed in recent weeks, partly due to an increase in the flow of cheap Iranian oil.
About the Tupi Field in the Pre-salt Layer of the Santos Basin (RJ)
The Tupi field, whose name was changed in September 2020 from Lula Field (for legal reasons), is an oil field located in the Santos Basin off the coast of the state of Rio de Janeiro.
Discovered in 2006, it is Brazil’s first supergiant field, a designation given to fields with more than five billion barrels of equivalent recoverable volume (“boe” – a unit of volume, the sum of oil and gas equivalent in oil). The field belongs to a consortium formed by Petrobras, which is the field’s operator, holding a 65% stake, the British BG Group, acquired by Dutch-British Royal Dutch Shell, with 25%, and Petrogal Brasil, a joint venture between Portuguese Galp Energia and Chinese Sinopec, with 10%.
The declaration of commerciality was made on December 29, 2010, when the then-discovered Tupi and Iracema were respectively named Lula and Cernambi fields.
The recoverable volumes reported by Petrobras to the National Petroleum Agency – ANP were, respectively, 6.5 and 1.8 billion boe of total recoverable volume. However, the ANP considered that the accumulations of Tupi and Iracema belong to a single field and defined that both are part of the Lula Field.
The announced reserves represent more than double the reserves of Roncador, which contains approximately 3 billion recoverable barrels of heavy oil, of lower commercial value, and was, until then, the largest oil discovery in Brazil, according to consultant Caio Carvalhão from the Cambridge Energy Research Association in Rio de Janeiro.
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