We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Petrobras (PBR) Inks $11.7M Contract for EM Survey in Brazil
Read MoreHide Full Article
Petrobras (PBR - Free Report) , Brazil's state-owned oil and gas company, has recently awarded Norway’s Electromagnetic Geoservices ASA a significant contract valued at approximately $11.7 million. This contract is aimed at acquiring a multiclient electromagnetic (EM) survey in the offshore regions of Brazil. The contract is set to begin late March or early April of this year.It marks a key step in revitalizing exploration efforts and highlights Petrobras' dedication to securing a sustainable energy future.
The multiclient survey represents a significant investment in cutting-edge exploration technology. It marks the first EMGS acquisition project in Brazilian waters in nearly a decade, signaling a renewed focus on exploration and a shared vision for the future of energy.
This contract signifies a strategic step toward unlocking the full potential of Brazil's offshore resources. The advanced EM technology employed in this survey will provide valuable insights into subsurface geology, aiding effective identification and development of potential hydrocarbon reserves.
This multi-client approach extends the project's reach beyond Petrobras, inviting other companies to participate in the exploration phase and reap the potential benefits. This collaborative model fosters knowledge sharing, optimizes resource allocation, and contributes to a more streamlined and cost-effective exploration landscape.
Petrobras' recent revelation of its strategic plan for the period 2024-2028 emphasizes a significant allocation of the $102 billion investment toward oil and natural gas. In this blueprint, oil and gas are identified as primary drivers of growth, playing a key role in advancing and financing the transition to greener sources of energy supply.
In conclusion, Petrobras' partnership with Electromagnetic Geoservices for the multiclient EM survey represents a strategic move that holds immense potential for the future of energy in Brazil and beyond. It signifies a renewed commitment to exploration, promotes collaboration within the industry and paves the way for responsible resource development in line with global sustainability goals.
Subsea 7 is valued at $4.32 billion. The company currently pays a dividend of 38 cents per share, or 2.69%, on an annual basis.
SUBCY offers offshore project services for the energy industry, specializing in subsea field development, covering project management, design, engineering, procurement, fabrication, survey, installation and commissioning of seabed production facilities.
Oceaneering International is worth $2.17 billion. In the past year, its shares have risen 2.9%.
The company provides engineered services and products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing and entertainment industries worldwide.
Enbridge is valued at $76.41 billion. The company currently pays a dividend of $2.6 per share, or 7.23%, on an annual basis.
Enbridge and its subsidiaries are an energy infrastructure company with five segments — Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation and Energy Services.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Petrobras (PBR) Inks $11.7M Contract for EM Survey in Brazil
Petrobras (PBR - Free Report) , Brazil's state-owned oil and gas company, has recently awarded Norway’s Electromagnetic Geoservices ASA a significant contract valued at approximately $11.7 million. This contract is aimed at acquiring a multiclient electromagnetic (EM) survey in the offshore regions of Brazil. The contract is set to begin late March or early April of this year.It marks a key step in revitalizing exploration efforts and highlights Petrobras' dedication to securing a sustainable energy future.
The multiclient survey represents a significant investment in cutting-edge exploration technology. It marks the first EMGS acquisition project in Brazilian waters in nearly a decade, signaling a renewed focus on exploration and a shared vision for the future of energy.
This contract signifies a strategic step toward unlocking the full potential of Brazil's offshore resources. The advanced EM technology employed in this survey will provide valuable insights into subsurface geology, aiding effective identification and development of potential hydrocarbon reserves.
This multi-client approach extends the project's reach beyond Petrobras, inviting other companies to participate in the exploration phase and reap the potential benefits. This collaborative model fosters knowledge sharing, optimizes resource allocation, and contributes to a more streamlined and cost-effective exploration landscape.
Petrobras' recent revelation of its strategic plan for the period 2024-2028 emphasizes a significant allocation of the $102 billion investment toward oil and natural gas. In this blueprint, oil and gas are identified as primary drivers of growth, playing a key role in advancing and financing the transition to greener sources of energy supply.
In conclusion, Petrobras' partnership with Electromagnetic Geoservices for the multiclient EM survey represents a strategic move that holds immense potential for the future of energy in Brazil and beyond. It signifies a renewed commitment to exploration, promotes collaboration within the industry and paves the way for responsible resource development in line with global sustainability goals.
Zacks Rank and Key Picks
Currently, PBR carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like Subsea 7 S.A. (SUBCY - Free Report) and Oceaneering International, Inc. (OII - Free Report) , both sporting a Zacks Rank #1 (Strong Buy), and Enbridge Inc. (ENB - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Subsea 7 is valued at $4.32 billion. The company currently pays a dividend of 38 cents per share, or 2.69%, on an annual basis.
SUBCY offers offshore project services for the energy industry, specializing in subsea field development, covering project management, design, engineering, procurement, fabrication, survey, installation and commissioning of seabed production facilities.
Oceaneering International is worth $2.17 billion. In the past year, its shares have risen 2.9%.
The company provides engineered services and products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing and entertainment industries worldwide.
Enbridge is valued at $76.41 billion. The company currently pays a dividend of $2.6 per share, or 7.23%, on an annual basis.
Enbridge and its subsidiaries are an energy infrastructure company with five segments — Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation and Energy Services.