WorldOil Ample storage and a recovering China insulate Petrobras from the oil glut Petrobras, Brazil’s state-controlled oil giant, is plowing through a global oil glut expecting that exports to China will soon rebound, and with extensive storage capacity helping it endure in the meantime. Weatherford tallies three deepwater firsts offshore Brazil Weatherford International saved an operator 27.5 hours of deepwater rig time with an Integrated Completion Solution it developed to install downhole equipment in the Santos Basin, offshore Brazil. Sandvik lands first steel tube umbilical order offshore Brazil The milestone contract is significant for the offshore Brazilian oil and gas industry, which typically uses thermoplastic hose umbilicals. Regional Report: Brazil Short-term gains; long-term questions Equinor awards subsea integration alliance integrated FEED contract for Bacalhau field Schlumberger announced today an award to Subsea Integration Alliance of an exclusive contract by Equinor for the front-end engineering design (FEED) on its Bacalhau (formerly Carcará) project offshore Brazil. Brazil stays out of OPEC to maximize its output expansion Brazil, which became a net oil exporter last year, wants to expand its footprint in global energy markets without joining OPEC. TGS completes new multibeam and coring program in Brazil’s Campos and Santos basins TGS announced the completion of a new multibeam and coring program covering over 213,0000 square kilometers in the Campos and Santos basins of offshore Brazil. SBM signs 22-year FPSO contract with Petrobras FPSO Sepetiba will be deployed at the Mero field in the Santos basin offshore Brazil, 180 kilometers offshore Rio de Janeiro. Delivery is expected in 2022. OPEC membership isn’t an option for Brazil, Petrobras CEO says While Brazil’s President Jair Bolsonaro recently welcomed an informal invitation to join OPEC, the boss of the country’s state-controlled energy company isn’t a fan of the idea and said it’s not a possibility right now. Petrobras plans $34 billion in dividends by 2024 as debt shrinks Petrobras plans to pay its shareholders $34 billion in dividends over the next five years as it cuts debt and sells assets to shore up its finances, CEO Roberto Castello Branco said.