Brazil's Petroleo Brasileiro SA (Petrobras) has been authorized to export idle LNG in the spot market, according to the Aug. 9 issue of the Official Gazette.
According to the text, Petrobras has been given the green light to export up to 6.6 million cubic meters, assuming this would not result in supply problems for the domestic market. As a state-controlled company, some of Petrobras' commercial strategies require energy ministry authorization.
Petrobras operates three regasification terminals in Brazil, which were built in a time when the country was seeing high economic growth rates and natural gas consumption was strong.
However, demand fell in the last two years while Brazil went through its deepest recession on record and local production continued to grow.
The Official Gazette’s note did not provide information regarding the current level of LNG stocks in the country.
Recommended Reading
US Drillers Add Oil, Gas Rigs for First Time in Five Weeks
2024-04-19 - The oil and gas rig count, an early indicator of future output, rose by two to 619 in the week to April 19.
Strike Energy Updates 3D Seismic Acquisition in Perth Basin
2024-04-19 - Strike Energy completed its 3D seismic acquisition of Ocean Hill on schedule and under budget, the company said.
Santos’ Pikka Phase 1 in Alaska to Deliver First Oil by 2026
2024-04-18 - Australia's Santos expects first oil to flow from the 80,000 bbl/d Pikka Phase 1 project in Alaska by 2026, diversifying Santos' portfolio and reducing geographic concentration risk.
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
Vår Energi Hits Oil with Ringhorne North
2024-04-17 - Vår Energi’s North Sea discovery de-risks drilling prospects in the area and could be tied back to Balder area infrastructure.