Petroleo Brasileiro, or Petrobras (NYSE:PBR) has reached an arrangement through which to lease a floating production, storage and offloading vessel for its Iracema Norte subsalt field in the Santos Basin. It is expected by the company that the platform will have the output capacity of as much as 150,000 barrels per day of oil, along with 8 million cubic meters of natural gas per diem. Iracema Norte lies within the BM-S-11 block in the Santos Basin; Petrobras currently operates a consortium by the same name as the block, with its 65 percent interest, BG Group (BRGXF.PK)(BRGXY.PK) having 25 percent, and Petroleos de Portugal with the remaining 10 percent.
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Investors who would like to take positions in ‘strong long-term growth prospects for emerging economies’ along with the stocks being from energy firms, might consider some new analysis by Citigroup, who examined global energy providers and picked what they call “world champions” of the sector, with the criteria of prospects and assets. Two companies that are actually located in emerging markets were Gazprom (OGZPY.PK) of Russia and Sasol (NYSE:SSL), of South Africa. The former is the biggest single oil and gas producer in the world, and Citi calls it ‘irreplaceable’ in the continental market; and the latter is thought of as an ‘alternative to cheap shale gas’.
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