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Brazil increases oil exports by 36.8% in Q1 2020

Brazil increases oil exports by 36.8% in Q1 2020
The rise in oil exports totalled to $10.3 billion and imports reached 4.1 million tonnes in the first half of the year

Brazil has increased its oil exports by 36.8 percent during the first half of 2020 compared to the same period in 2019 to 38.98 million tonnes, a local media reported. The rise in exports totalled to $10.3 billion.

Crude imports in the first half of the year reached 4.1 million tonnes. This totalled to $1.7 billon, pointing to a 11.5 percent year-on-year decrease. The country is the the world’s seventh-largest consumer of oil derivatives with more than 40,000 gas stations.

That said, Trident Energy has acquired Pampo and Enchova clusters offshore Brazil from state-owned Petrobras. The company told the media, “This is a major milestone for Trident Energy, after the successful takeover of the Ceiba and Okume fields in Equatorial Guinea in 2017. While adding another world-class asset to its portfolio, Trident Energy’s international growth will bring many new exciting opportunities.”

The amount received during the close of the transaction reached $53.2 million, media reports said. The amount was paid to Petrobras while signing the sales agreement. “This transaction is in line with the portfolio optimisation strategy and the improvement of the company’s capital allocation, increasingly concentrating its resources in deep and ultra-deep waters, where Petrobras has demonstrated great competitive edge over the years.”

In 2017, Petrobras had planned to sell the fields, media reports said.

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