BG Group Plc, the U.K.’s third- largest energy producer, is stepping up exploration off Brazil as part of a plan to add as much as 1 billion barrels of global resources a year.
China National Petroleum Corp., China’s largest oil producer, is in talks to acquire Barra Energia Petroleo e Gas, a Brazilian oil startup, for about $2 billion, people with knowledge of the matter said.
Karoon Gas Australia Ltd., an explorer with prospects in South America, rose the most in four years in Sydney trading after making its second oil discovery this year off the coast of Brazil.
Galp Energia SGPS SA, Portugal’s biggest oil company, said first-quarter profit rose 52 percent as Brazilian production increased and refining margins widened.
Galp Energia SGPS SA, Portugal’s biggest oil company, increased output in the first quarter from Brazil as its refineries processed more crude.
The prospect of new oil discoveries in the same region that yielded the Western Hemisphere’s biggest find in three decades is transforming Karoon Gas Australia Ltd. into a takeover target.
Pacific Rubiales Energy Corp., the biggest Latin American non-state oil producer by market value, rose to a two-week high on plans to buy a stake in a Brazilian exploration block.
Galp Energia SGPS SA, Portugal’s biggest oil company, will boost investment from next year to increase its reserves and meet a production target for 2020.
Petroleo Brasileiro SA, Brazil’s state-controlled oil producer, said oily water spilled from an offshore platform at the Urugua field in the Santos Basin.
Galp Energia SGPS SA, Portugal’s biggest oil company, said fourth-quarter profit rose 10 percent as Brazilian production increased and refining margins widened.