Water Consumption Guide

Dec 02, 2020  

Brazil's Petrobras targets oil output of 2.7 mil b/d by 2025 Production in 2021 to retreat to 2.23 mil b/d Group plans to invest $55 billion in 2021-25 Rio de Janeiro — Brazilian state-led oil company Petrobras plans to spend $55 billion over the next five years to develop subsalt fields that will boost the company's crude oil output nearly 20% to 2.7 million b/d by 2025, the company said in a regulatory filing Nov. 25. "The capital allocation adheres to our strategic position, with a focus on world-class assets in deep and ultradeep waters," Petrobras said. Petrobras' latest five-year investment plan, which covers 2021-25, continued the company's strategic shift toward Brazil's subsalt region, where a single record-setting well at the Buzios Field recently pumped about 69,000 b/d of oil equivalent. The massive potential of the subsalt led to the sale of most of the company's high-cost legacy onshore and shallow-water production. Petrobras also reached antitrust agreements with local regulators to end monopolies in refining and natural gas. The asset sales and ongoing coronavirus pandemic likely mean a short-term retreat in output, Petrobras said. Petrobras estimated production of 2.23 million b/d in 2021, the advantage down from an expected 2.28 million b/d in 2020, the company said. Total hydrocarbons output was forecast at 2.75 million boe/d in 2021, down from an expected 2.84 million boe/d in 2020. "Oil production in 2021 reflects the impacts associated with the COVID-19 pandemic and the divestments that take place in 2020," Petrobras said. Petrobras was forced to delay a hefty portion of a wide-ranging subsalt maintenance program that was expected to shutter each major floating production unit in the subsalt for 15-20 days in 2020.


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The new law, to be rolled out next year, will offer debtors more protection against creditors. A few other cities are conducting similar experiments, though “these reforms are still very limited,” says Li Jiao of Buren, a law firm. The central bank, meanwhile, issued draft rules late last year, threatening to punish banks for working with dodgy debt collectors, though it softened the language before the guidelines took effect on November 1st this year. Government pressure, say industry executives, has prompted consolidation. Some companies, such as Asset Recovery, have banned in-person visits and operate only call centres—a practice considered less intrusive. , which had more than 10,000 agents last year, has sworn off practices including selling debtor information, impersonating government officials, and threatening violence. Yet the early reforms do not quite hit the mark. They have helped control debt collection for banks, but it is online lenders and microloan companies that pose a bigger risk. Delinquency rates have climbed above 30% this year at many nonbank lenders, compared to 5% for banks. Most online lenders are not targeted by the new rules and tend to hire local collections agencies that pursue aggressive, often-illegal tactics for recovering debts. Nor has the shift away from in-person visits eliminated debtor harassment.