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Petrobras (PBR) Sells FPSO for Sustainable Recycling in Brazil
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Petrobras (PBR - Free Report) sold the P-32 floating, production, storage and offloading (FPSO) vessel for sustainable recycling. The vessel, which operated at the Marlim field in the Campos Basin, was sold to steel company Gerdau and the Ecovix shipyard on Jul 7, 2023.
According to Petrobras, the sale marked the beginning of a new phase in Brazil’s decommissioning industry because this would be the country's first commercial vessel to be dismantled at the end of its service life. The FPSO will be recycled in an environmentally sound manner under PBR’s supervision.
According to the NGO Shipbreaking Platform, Petrobras expects to retire at least 26 offshore platforms over the next five years, with an estimated investment of $9.8 billion in decommissioning activities. The company recently announced the adoption of a new policy that requires recycling of vessels exclusively at facilities equipped with dry docks or impermeable surfaces with drainage systems.
This stellar initiative places Petrobras among an increasing number of responsible ship owners who choose facilities with infrastructure that enable safe and environmentally sound management of their end-of-life assets, claims the NGO Shipbreaking Platform.
According to World Energy Reports, the P-32 FPSO, the first FPSO slated for recycling in Brazil, was constructed through a conversion of the 1974-built single-hull VLCC Cairu. Every step of the platform's recycling plan, from receiving the unit to disposing of the waste, will now be presented by Gerdau.
The Ecovix shipyard has an operating permit for the dismantling operation as well as an emergency and contingency plan to guarantee the highest standard of workplace safety.
Zacks Rank & Key Picks
Currently, Petrobras carries a Zack Rank #3 (Hold).
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 60 days.
NGL Energy Partners, headquartered in Tulsa, OK, is a limited partnership operating a vertically-integrated propane business with three operating segments — retail propane, wholesale supply and marketing, and midstream. NGL has witnessed an upward earnings estimate revision for 2024 in the past 60 days.
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors.
Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed an upward earnings estimate revision for 2023 and 2024.
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Petrobras (PBR) Sells FPSO for Sustainable Recycling in Brazil
Petrobras (PBR - Free Report) sold the P-32 floating, production, storage and offloading (FPSO) vessel for sustainable recycling. The vessel, which operated at the Marlim field in the Campos Basin, was sold to steel company Gerdau and the Ecovix shipyard on Jul 7, 2023.
According to Petrobras, the sale marked the beginning of a new phase in Brazil’s decommissioning industry because this would be the country's first commercial vessel to be dismantled at the end of its service life. The FPSO will be recycled in an environmentally sound manner under PBR’s supervision.
According to the NGO Shipbreaking Platform, Petrobras expects to retire at least 26 offshore platforms over the next five years, with an estimated investment of $9.8 billion in decommissioning activities. The company recently announced the adoption of a new policy that requires recycling of vessels exclusively at facilities equipped with dry docks or impermeable surfaces with drainage systems.
This stellar initiative places Petrobras among an increasing number of responsible ship owners who choose facilities with infrastructure that enable safe and environmentally sound management of their end-of-life assets, claims the NGO Shipbreaking Platform.
According to World Energy Reports, the P-32 FPSO, the first FPSO slated for recycling in Brazil, was constructed through a conversion of the 1974-built single-hull VLCC Cairu. Every step of the platform's recycling plan, from receiving the unit to disposing of the waste, will now be presented by Gerdau.
The Ecovix shipyard has an operating permit for the dismantling operation as well as an emergency and contingency plan to guarantee the highest standard of workplace safety.
Zacks Rank & Key Picks
Currently, Petrobras carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Evolution Petroleum Corporation (EPM - Free Report) , NGL Energy Partners LP (NGL - Free Report) and Murphy USA (MUSA - Free Report) . While Evolution Petroleum sports a Zacks Rank #1 (Strong Buy), both NGL Energy Partners and Murphy USA carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 60 days.
NGL Energy Partners, headquartered in Tulsa, OK, is a limited partnership operating a vertically-integrated propane business with three operating segments — retail propane, wholesale supply and marketing, and midstream. NGL has witnessed an upward earnings estimate revision for 2024 in the past 60 days.
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors.
Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed an upward earnings estimate revision for 2023 and 2024.