Brazil's state-run energy giant Petroleo Brasileiro S.A. or Petrobras (PBR - Free Report) declared the commencement of production from the Cidade de Saquarema floating production, storage and offloading (FPSO) vessel at the Lula oil field on Jul 8. It is to be noted that the offshore oil field is situated in the presalt Santos Basin. Most importantly, the Cidade de Saquarema unit is the tenth FPSO that is working in the presalt region of Brazil.
The Lula development comprises nine production wells along with nine injection wells. On Jul 11, the first production well 8-LL-81D-RJS produced at a steady rate of 30,000 barrels per day. The FPSO unit that is being used for the Lula project has the capacity to process 150,000 barrels of oil every day. The vessel is also cable of storing 1.6 million barrels of oil and compressing 6 million m³ of gas each day. Currently, six FPSO units are working in the Lula field.
Petrobras is the operator of the Lula field with an interest of 65%. Royal Dutch Shell plc has a 25% stake while the remaining 10% is in the possession of Petrogal Brasil SA.
Headquartered in Rio de Janeiro, Petrobras SA, is the largest integrated energy firm in Brazil and one of the largest in Latin America. The company produces most of Brazil’s crude oil and natural gas and accounts for almost the entire refining capacity of the country.
PETROBRAS-ADR C Price
Recently, the company posted June production of 2.9 million barrels of oil equivalent per day (BOE/D) – up almost 2% from the prior month. Most importantly, the June output carved the new monthly record after beating the prior figure of 2.88 million BOE/D in Aug 2015.
Currently, the company carries a Zacks Rank #2 (Buy), which implies that the stock will outperform the broader U.S. equity market over the next one to three months.
Some better-ranked players in the energy sector include Chevron Corporation (CVX - Free Report) and Matador Resources Company (MTDR - Free Report) . Both stocks sport a Zacks Rank #1 (Strong Buy).
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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Brazil's state-run energy giant Petroleo Brasileiro S.A. or Petrobras (PBR - Free Report) declared the commencement of production from the Cidade de Saquarema floating production, storage and offloading (FPSO) vessel at the Lula oil field on Jul 8. It is to be noted that the offshore oil field is situated in the presalt Santos Basin. Most importantly, the Cidade de Saquarema unit is the tenth FPSO that is working in the presalt region of Brazil.
The Lula development comprises nine production wells along with nine injection wells. On Jul 11, the first production well 8-LL-81D-RJS produced at a steady rate of 30,000 barrels per day. The FPSO unit that is being used for the Lula project has the capacity to process 150,000 barrels of oil every day. The vessel is also cable of storing 1.6 million barrels of oil and compressing 6 million m³ of gas each day. Currently, six FPSO units are working in the Lula field.
Petrobras is the operator of the Lula field with an interest of 65%. Royal Dutch Shell plc has a 25% stake while the remaining 10% is in the possession of Petrogal Brasil SA.
Headquartered in Rio de Janeiro, Petrobras SA, is the largest integrated energy firm in Brazil and one of the largest in Latin America. The company produces most of Brazil’s crude oil and natural gas and accounts for almost the entire refining capacity of the country.
PETROBRAS-ADR C Price
Recently, the company posted June production of 2.9 million barrels of oil equivalent per day (BOE/D) – up almost 2% from the prior month. Most importantly, the June output carved the new monthly record after beating the prior figure of 2.88 million BOE/D in Aug 2015.
Currently, the company carries a Zacks Rank #2 (Buy), which implies that the stock will outperform the broader U.S. equity market over the next one to three months.
Some better-ranked players in the energy sector include Chevron Corporation (CVX - Free Report) and Matador Resources Company (MTDR - Free Report) . Both stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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