Petro-Victory Energy Corp. announces the discovery of oil at the 1-VID-1-ES (Vida) exploration well located in Block ES-T-487 Espírito Santo Basin, Brazil. This is the company's first exploration well in Brazil. The Vida exploration well was drilled to a Total Depth of 1,890 meters in the onshore portion of the Espírito Santo Basin, Brazil. Evaluation of logging, pressure, and fluid data confirms that Vida comprises high-quality oil-bearing Cretaceous sandstone reservoirs. The well encountered 49 meters of net oil pay, exceeding Petro-Victory's pre-drill forecast of 855,000 barrels of mean recoverable resource. Oil was successfully recovered to surface during fluid sampling from a sandstone reservoir at 1,600m and preliminary observations of the oil sample show similar qualities to a nearby oil field (24 API, low BSW).

Apr 07, 2020 - MarketScreener

Sales of motor vehicles plummeted in Brazil from a year earlier as car dealers closed up and demand shrank amid the spread of the coronavirus around the country. Sales of cars dropped to 163,600 in March, a decline of 21.8% from the same month a year earlier and down 18.6% from February of this year, according to the National Association of Motor Vehicle Manufacturers, or Anfavea. Sales of trucks reached 6,400 in March, down 15.3% from a year earlier, but up 0.4% from February. Sales in the first half of March were going well as Brazil's economy was growing, but in the second half car dealerships began to close around the country, said Anfavea President Luiz Carlos Moraes in a video posted to the group's Facebook page.

Apr 07, 2020 - Reuters

Brazilian small companies may need credit lines above 40 billion reais ($7.6 billion) to finance payrolls, depending on how long the crisis from the coronavirus lasts, the chief executive at Itau Unibanco Holding SA said on Monday. CEO Candido Bracher said the 40 billion-real credit line funded by Brazil's Treasury and the country's top-three private lenders would last only two months.

Apr 07, 2020 - Renewables Now

The director of Brazil's state-owned energy research firm EPE, Jose Mauro Ferreira Coelho, was chosen as the new petrol, natural gas and biofuel secretary of the Ministry of Mines and Energy (MME), the government announced in Monday's Official Gazette. Ferreira Coelho, who has been working at EPE's Directorate of Studies for Petroleum, Natural Gas and Biofuels since 2016, will replace Renata Isfer, who worked at MME for the last four years and participated in the creation of the ministry's main projects, including the National Biofuels Policy (RenovaBio). Until a new director takes office at EPE, Ferreira Coelho's vacant position will be temporarily occupied by Giovani Machado, the current director of Economic, Energy and Environmental Studies, who will combine the two functions, the state agency noted.