Petrobras to start production
SAO PAULO: Brazil’s state-run oil company Petrobras said it received clearance from the oil and gas regulator ANP to start production from its Buzios field off the coast of Rio de Janeiro.
Petroleo Brasileiro, as the company is officially known, had declared the field, which was formerly known as Franco, commercially viable in December 2013. Three-dimensional seismic studies and 11 wells have been completed in order to define the dimension of the reservoir. The field accounts for the bulk of the oil the company received in its 5-billion-barrel oil-rights agreement with the Brazilian government in 2010. Buzio is estimated by Petrobras to hold more than 3 billion barrels of recoverable oil and gas.

Eni sale depends on market: Renzi 
ROME: Italian Prime Minister Matteo Renzi said that sales of shares in state-controlled oil producer Eni  would depend on market conditions, while he confirmed that next year the postal service will be partially privatised. “It’s not a privatisation but a giveaway if state assets are sold when the market is not favourable,” Renzi told reporters at an end-year press conference. “Personally I believe that a further privatisation of Eni must be decided in light of market conditions.”

Gazprom sees lowest gas production
MOSCOW: Russia’s top natural gas producer Gazprom said it expected to produce 444.4 billion cubic metres (bcm) of natural gas this year, an all-time low, down from 487.4 bcm last year.

A company spokesman also said Gazprom had just received a $1.65 billion payment from Ukraine to cover the country’s gas debts. He also said Ukraine’s state-owned energy firm Naftogaz had used up only 300 million cubic metres of Russian gas so far in December out of 1 bcm which Ukraine has already paid for. The unused volumes will be shipped in January, he added.

Lundin begins production at Brynhild 
OSLO: Sweden’s Lundin Petroleum has begun production at its Brynhild oil field off Norway with output above the 12,000 barrel-per-day (bpd) plateau which the company had expected, it said.

Brynhild, which began producing on December 25, is the first of four field developments Lundin expects to complete by the end of 2015, it said. Close to the British continental shelf, it is tied in to Shell’s floating production and storage facility on the Pierce field.

Pemex oil output holds steady
MEXICO CITY: Mexico’s state-run oil company Pemex said its crude oil production held steady in November from the previous month at 2.363 million barrels per day (mbpd), the lowest monthly figure on record. Crude export volumes in November were up 8.1 per cent from October at 1.23 mbpd, Pemex said. Energy Ministry output records date to January 1990.

US oil rig count near 9-month low
NEW YORK: The number of rigs drilling for oil in the US fell to near nine-month lows in the latest week, data from oil services firm Baker Hughes showed, as low crude prices continue to squeeze the industry. The US oil rig count fell by 37 to 1,499 in the week to December 29, the lowest level since the first week of April. Last year, at around this time, rig counts rose by 117. Energy traders have been watching the data closely to determine if steep price drops in crude oil and natural gas over the past six months are prompting oil drillers to cut back on the number of rigs.

Rosneft to create JV with Petrocas
MOSCOW: Russia’s Rosneft said it had agreed to create a joint venture with Petrocas in logistics and retail sales in the Caucasus.

Rosneft, Russia’s largest oil producer, also said in a statement it had agreed to buy a 49 percent stake in Petrocas Energy Limited.

Russian oil exports seen falling
MOSCOW: Russia expects crude oil exports to fall further next year to 224.7 million tonnes, compared to this year’s planned exports of 229.5 million tonnes, Russia’s Energy Ministry said in e-mailed comments. In 2013, Russia, the world’s second-largest oil exporter after Saudi Arabia, exported 236.5 million tonnes. Russia is gradually cutting crude supplies to the global market as it is increasing domestic refining capacity. 

Shell refinery experienced unit upset
NEW YORK: Royal Dutch Shell said that an operational upset occurred on one of its units at its 327,000 barrel-per-day (bp) refinery in Deer Park, Texas. The refinery experienced a process upset in the distilling unit which resulted in flaring, according to a filing with the state pollution regulator. The distilling unit was stabilised, the Texas Commission on Environment Quality filing added.

Total reports small flange leak
NEW YORK: Total Petrochemicals reported a small flange leak at its 225,500 barrels per day (bpd) Port Arthur, Texas refinery, according to filing with the Texas Commission on Environmental Quality, made public. The filing did not specify if the leak impact production or disturb regular refinery operations.

Valero reports flaring at Houston
NEW YORK: Valero Energy reported flaring at the northwest portion of its refinery in Houston, Texas, according to a message on the community alerting system. The company operates an 88,000 barrel-per-day refinery in Houston.