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Petrobras Asks Antitrust Council To Reject Saipem–Subsea7 Merger

State-owned company reiterates concerns over market concentration in the deepwater SURF market. If the approval is upheld, it has requested structural remedies

Brazil’s O&G Production Surpasses 6 M boe/d

The ANP’s monthly bulletin also reported increases in oil and natural gas output, with pre-salt production reaching 5.1 million boe/d

Halliburton Deploys 1st Remote Completion System In Brazil

Technology eliminates conventional hydraulic control umbilicals used to operate subsea well-completion equipment, simplifying offshore operations

PetroReconcavo Temporarily Suspends Part Of Its Bahia Natural Gas Production

Company begins maintenance work at the Catu Gas Processing Unit, halting deliveries of natural gas from several fields for processing

All Souls’ Day Holiday

In observance of Brazil’s All Souls’ Day (Dia de Finados) national holiday, we will not publish our usual newsletter on Monday Nov. 2nd. Our regular publishing schedule will resume Tuesday, November 3rd. Thank you for your understanding.

SEAP: Uncertainty Could Cost US$ 11B

Petrobras has made the Sergipe Deepwater project conditional on developments in the government's new policy to increase competition in the natural gas market, known as Gas Release

PetroChina, CNOOC & Petrobras Win PPSA’s 10th Spot Auction

The companies secured 4 of the 6 cargoes offered from the Búzios field. The auction comprised 5 lots totaling approximately 4.5 million barrels of federal government-owned crude

Petrobras Makes 3rd Oil Discovery In Foz Do Amazonas Basin

The third oil-bearing interval was identified in the Morpho well after discoveries announced in August and early October; the ODN-II rig has completed drilling and will move to the Potiguar Basin

Petrobras Sets New Records In 3Q26

Company’s oil and gas production reached a record 3.512 million barrels of oil equivalent per day in 3Q26, up 11.7% year over year; domestic sales of refined products reached 1.854 million barrels per day, the best result in the history of the current refining system

Bacalhau Field Reaches Plateau Production

The field’s output boosted Equinor’s international production in the third quarter

ANP Fines Petrobras US$ 186 K Over P-71 Violation

Agency found noncompliance in the risk analysis methodology used on the vessel

Environmental Regulator Opens 45-Day Window For Public Hearing Request On Shell’s Orca Project

Environmental review covers a campaign to drill up to 15 development wells in the Santos Basin pre-salt, to be connected to the Gato do Mato FPSO under construction

Edge & Compagas Advance Paraná LNG Project

Planned LNG storage and regasification facility in Londrina (state of Paraná) targets start-up in the second half of 2027

4 Bidders Vie For Petrobras’ Búzios 12 FPSO Contract

Modec, Cooec, Seatrium-Ocyan and Hanwha-Bumi Armada are among the contenders for the contract

Brazil Extends Diesel Subsidy Of US$ 0.40 Per Liter For Another Month

Government renews the existing road-diesel subsidy for 30 days and maintains separate support of R$ 1.40 (US$ 0.26) per liter for importers to help stabilize domestic supply amid international price volatility

Vestas: Brazilian Wind Market Showing Early Recovery After 3 Years Of Contraction

Turbine manufacturer has secured orders for 1.1 GW of wind capacity in less than 100 days, but CEO says transmission constraints and curtailment remain major obstacles

Copel Shares Cease Trading On Latibex Market

Shares will continue to trade on Brazil’s B3 stock exchange and the NYSE

Hitachi Energy Establishes New Service Center In São Paulo

Center will expand local support capacity for maintenance, repairs, upgrades and life extension of critical energy infrastructure

Armor Expects Green Electricity Tariff Flag To Remain In November

Favorable hydrological conditions in southern and southeastern Brazil, along with cooler temperatures, are expected to reduce electricity demand and keep generation costs in check

Celeo Biggest Winner In US$ 1.64 B Transmission Auction

4 Spanish-owned companies won seven of the eight lots on offer, while Portugal’s EDP secured the remaining lot. All eight lots were awarded, with an average discount of 50.10% against the maximum allowed annual revenue.

PDE 2036 Already Includes 12 GW Of Hydropower And Pumped-Storage Plants

Changes in the outlook driven by the rapid growth of intermittent renewables have accelerated the return of hydropower, with its attributes for supply security and stability in the operation of the interconnected system

Energy Ministry Opens Public Consultation On Transmission Planning Guidelines

Draft ordinance aims to make the process for preparing the Transmission Concession Plan more predictable and transparent

Storage Association Endorses Brazil’s Dec. Battery Storage Auctions Rules

Absae says the final auction rules approved by Aneel will support competition in the December 2 and 4 tenders

Aneel Opens Âmbar Energia Amazonas Action Plan Public Consultation

Regulatory review will examine measures to improve power supply quality, reduce distribution losses and strengthen operational efficiency

3.4% Annual Growth In Brazil Electricity Consumption Forecast 2026-36

Total demand is expected to reach 979 TWh in 2036, driven by data centers, electromobility and hydrogen production

Envision Negotiates Local Manufacturing To Compete In Brazil’s Battery Auctions

Chinese company in final talks with 3 Brazilian manufacturers to qualify for the December 2 auction requiring domestically manufactured batteries

ONS Revises Battery Connection Margins For 2026 LRCAP Auctions

Revision corrects data for the Milagres substations while maintaining the connection margin values for busbars eligible to host energy storage systems

Petrobras Secures ISCC Corsia Recertification For Reduc SAF

Audit conducted in the first half of October confirmed a significant improvement in the fuel’s environmental performance, lowering its carbon intensity and securing renewal of the international certification

Brazil Plans 7 Transmission Auctions 2027-2029

Ordinance sets auction dates and requires certain projects to have transmission system use agreements signed in advance by distribution utilities or free-market consumers

Reduced Power Costs Help Slow IPCA-15 October Inflation

The switch to the green tariff flag contributed to the decline. October National Grid 4.2% increase forecast

From The Media

NOV 03, 2026 - Yahoo Finance

Brazil's market downturn following the reelection of President Luiz Lula da Silva has clouded the prospect of cheaper credit, leaving the country's central bank to weigh inflation risks against painfully high borrowing costs. Policymakers at Brazil's central bank begin a two-day ‌meeting on Tuesday (Nov. 3), with Wednesday's (Nov. 4) decision offering an early test of how the election has changed the rate outlook. The committee has cut rates by 25 ‌basis points at each of its last five meetings. Over Lula's next four years, convincing investors he can keep public finances in check while protecting social spending will be crucial to bringing financing costs down. Failure could keep credit expensive for longer, complicating efforts to support growth. A Reuters poll found 33 of 48 economists expected the central bank to hold its benchmark rate at 13.75% on Wednesday. Median forecasts showed rates remaining there until the second quarter of 2027.

NOV 03, 2026 - Reuters

Oil prices rebounded on Tuesday (Nov. 3) after a steep selloff ‌in the previous session, as an Iranian official said Tehran and Washington remained far from a deal to end the war and the US struck Iran's Qeshm Island. Brent crude futures rose US$ 1.36, or 1.3%, to US$ 106.13 a barrel, while US West Texas Intermediate crude was up US$ 1.45, or 1.5%, at US$ 97.91. Both benchmarks had dropped more than 7% on Monday (Nov. 2) as talks between Iranian and Qatari officials lifted hopes for an end to the US-Israeli war with ⁠Iran. A US official said on Monday the US had struck Iran's Qeshm Island. Some officials described the assaults as defensive and aimed at preventing Iran from attacking commercial ships in the Strait of Hormuz. On Tuesday, a senior Iranian official told Reuters that the two sides were far from reaching a deal to end the war, and Tehran would not accept Washington's "excessive demands". Iran's parliament speaker Mohammad Bagher Qalibaf said Tehran had given Washington a "strong and rational response," adding that "the ball is in the US' court," according to state media.

NOV 03, 2026 - The Guardian

Brazil set out the world’s first global “roadmap” for phasing out fossil fuels on Tuesday (Nov. 3), showing that countries could boost their economies and pull people out of poverty while breaking the link with coal, oil and gas. But Joeri Rogelj, a professor of climate science and policy at Imperial College London, said that although the Brazilian roadmaps represented a step forward, they were limited. “The roadmaps are valuable but fall short of clearly indicating the pace of change needed by including no timeline or key benchmarks,” he said. “Because of this omission, they still leave much to be imagined about what is needed to achieve the Paris agreement’s ultimate goal: limiting global warming to well below 2C, and preferably to 1.5C, to avoid dangerous climate harm.” André Corrêa do Lago, Brazil’s president of last year’s Cop30 summit, said the roadmaps were intended to help move the annual UN Cops away from their previous focus on negotiating global agreements to tackle the climate crisis, and on to implementing the targets that had already been agreed. Cop31 will take place in Antalya, Turkey, this month.

NOV 03, 2026 - Canal Solar

After a 13% drop in 2024, Brazil's greenhouse gas emissions fell by a further 6% in 2025, reaching the lowest gross level since 2018. The data comes from SEEG (System for Estimating Greenhouse Gas Emissions), from the Climate Observatory. Last year, Brazil emitted 2.06 billion tons of CO₂ equivalent (CO₂e), compared to 2.19 billion in 2024. Net emissions, which account for carbon removal by vegetation and protected areas, totaled 1.41 billion tons, a 9% decrease and the lowest result since 2012. The reduction was driven primarily by the fight against deforestation, especially in the Amazon and Cerrado biomes. In the land-use change sector, gross emissions fell by 15%, from 957 million to 814 million tons of CO₂e. Despite the positive result, other sectors showed little progress. In agriculture, emissions remained practically stable at 626 million tons of CO₂e. The energy sector, however, registered an increase of 1.2%, rising from 422 million to 427 million tons in 2025. As a result, energy now accounts for 21% of Brazil's gross emissions, behind only land-use change, responsible for 39%, and agriculture, with 30%. According to David Tsai, from Iema (Institute of Energy and Environment) and coordinator of Seeg, the results demonstrate the importance of policies to combat deforestation, but also highlight the need to make progress in other sectors.