Even Amid Petrobras Privatization Process, Some Norwegian Companies Decide to Invest in Brazilian Oil and Gas Market

Written by Valdemar Medeiros

Published on 08/10/2020 at 06:44

Plataforma offshore – Peregrino

Be the first to react!

Massive Capital Flight From Brazil – But Norwegian Companies Remain in the Oil and Gas Industry

Brazil may see a decline in foreign investment of up to 40% in the oil and gas industry in 2020; Norwegian companies are increasing their investments in the country even with Petrobras’ privatization.

It Was Very Stressful Weeks, Says Kjetil Solbrække, Former Head of Statoil in Brazil

He had just started his own oil and gas company and was buying his first oil fields when the corona pandemic hit him.

But the deal with the Brazilian state oil company Petrobras was implemented, and production from the fields in northern Brazil is already underway. The opportunities in Brazil are still great, says Solbrække.

ARTICLE CONTINUES BELOW

Petrobras Is Considered the Biggest Gateway to the Offshore Market in the World in the Oil and Gas Supplier Industry

Brazil is among the countries most affected by the corona pandemic in the world. This has led to a severe economic slowdown and a massive capital flight from the country. According to experts, there could be a decline of up to 40% in foreign direct investment in the oil and gas industry in 2020. However, the capital flight began even before the pandemic hit the country.

One of the reasons is that many investors are uncertain about where the controversial Brazilian president, Jair Bolsonaro, will lead the country. This applies, among other things, to his climate and environmental policy, which concerns international investors. Another reason for the capital flight is that authorities have drastically reduced interest rates. As a result, it is less profitable to have savings in Brazilian banks.

The Right Investment in the Oil and Gas Industry

Norwegian companies have heavily invested in Brazil. Excluding the EU and the US, this is the largest market for Norwegian investments abroad. More than a hundred Norwegian companies, including Equinor, Hydro, Aker Solutions, Statkraft, DOF, and Yara, are established in the country. Norwegian organizations state that it will not be Petrobras’ privatization that will make them abandon investments in Brazil.

Even Amid Petrobras Privatization Process, Some Norwegian Companies Decide to Invest in Brazilian Oil and Gas Market

Massive Capital Flight From Brazil – But Norwegian Companies Remain in the Oil and Gas Industry

Read Also

It Was Very Stressful Weeks, Says Kjetil Solbrække, Former Head of Statoil in Brazil

Petrobras Is Considered the Biggest Gateway to the Offshore Market in the World in the Oil and Gas Supplier Industry

The Right Investment in the Oil and Gas Industry

Mother and daughter build a 70 m² house with more than 8,000 discarded glass bottles and impress with their creativity; known as the Casa de Sal, the property is located on Itamaracá Island, in Pernambuco.

Workers were opening a new road connection near the Marginal Tietê when they found, in the underground of the construction site, remnants of locomotives, wagons, and boilers from the 19th century linked to the forgotten history of Lapa.

Instead of burning or burying old tires, an American city is transforming about 2,000 of them into the street itself, paving its first sections with a quieter and more durable rubber asphalt.

China transforms desert-devastated area into the world’s largest artificial forest, planting trees for 60 years, blocking sand that reached Beijing, and creating a “green lung” of 92,000 hectares in a region once considered lost.

He transformed an abandoned plastic water tank into an underground house in the “hobbit hole” style, using only repurposed pallet wood, without heavy machinery or expensive labor.

The river that “dies” in the desert never reaches the sea and yet gives life to one of Africa’s largest natural refuges in a truly impressive way.

Greek island offers free housing for volunteers, but there’s a condition: you need to take care of rescued cats.

Brazil refuses to support the G7 text on critical minerals and rare earths, enters the heavy game of strategic inputs, and tries to escape the old trap of exporting raw wealth while rich countries keep the most profitable part.

Technicians and engineers are called for selection processes today.

Florida takes TikTok to court and accuses the Chinese giant ByteDance of ignoring the law that bars minors under 14, while parents and authorities demand more protection for children on social networks.

Far beyond simple shocks: scientists highlight how electric fish from the Amazon use complex bioelectric mechanisms to generate up to 860 volts, a natural evolutionary innovation that ensures an absolute advantage in dark and challenging ecosystems.

Drivers with licenses nearing expiration received an unexpected reprieve on the calendar, but the Contran extension only applies to those within specific dates.

Even Amid Petrobras Privatization Process, Some Norwegian Companies Decide to Invest in Brazilian Oil and Gas Market

Massive Capital Flight From Brazil – But Norwegian Companies Remain in the Oil and Gas Industry

Read Also

It Was Very Stressful Weeks, Says Kjetil Solbrække, Former Head of Statoil in Brazil

Petrobras Is Considered the Biggest Gateway to the Offshore Market in the World in the Oil and Gas Supplier Industry

The Right Investment in the Oil and Gas Industry

Mother and daughter build a 70 m² house with more than 8,000 discarded glass bottles and impress with their creativity; known as the Casa de Sal, the property is located on Itamaracá Island, in Pernambuco.

Workers were opening a new road connection near the Marginal Tietê when they found, in the underground of the construction site, remnants of locomotives, wagons, and boilers from the 19th century linked to the forgotten history of Lapa.

Instead of burning or burying old tires, an American city is transforming about 2,000 of them into the street itself, paving its first sections with a quieter and more durable rubber asphalt.

China transforms desert-devastated area into the world’s largest artificial forest, planting trees for 60 years, blocking sand that reached Beijing, and creating a “green lung” of 92,000 hectares in a region once considered lost.

He transformed an abandoned plastic water tank into an underground house in the “hobbit hole” style, using only repurposed pallet wood, without heavy machinery or expensive labor.

The river that “dies” in the desert never reaches the sea and yet gives life to one of Africa’s largest natural refuges in a truly impressive way.

Greek island offers free housing for volunteers, but there’s a condition: you need to take care of rescued cats.

ANP halts LPG reform, and Sindigás sees technical caution as a decisive point for safety, investments, and the future of the cylinder in Brazil.

Oil spill in the Caribbean raises environmental alert and increases tension between Venezuela and Trinidad and Tobago

More than 40 Petrobras platforms enter the decommissioning queue and open up a billion-dollar industry in Brazil for cranes, special ships, underwater cutting, and offshore recycling.

ANP schedules oil auctions in October and reinforces regulatory predictability for concessions, sharing, and investments in the oil and gas sector

There is oil below the oil that Brazil already extracts: Petrobras confirmed a new accumulation in the Búzios field, at a depth of 5,600 meters, in a zone below the reservoir already operating in the Santos Basin.

Brazil refuses to support the G7 text on critical minerals and rare earths, enters the heavy game of strategic inputs, and tries to escape the old trap of exporting raw wealth while rich countries keep the most profitable part.

Technicians and engineers are called for selection processes today.

Florida takes TikTok to court and accuses the Chinese giant ByteDance of ignoring the law that bars minors under 14, while parents and authorities demand more protection for children on social networks.

Far beyond simple shocks: scientists highlight how electric fish from the Amazon use complex bioelectric mechanisms to generate up to 860 volts, a natural evolutionary innovation that ensures an absolute advantage in dark and challenging ecosystems.

Drivers with licenses nearing expiration received an unexpected reprieve on the calendar, but the Contran extension only applies to those within specific dates.