Karoon Energy finally has the funds to pay for its transformational Brazilian acquisition. The company and its brokers Macquarie Capital and RBC Capital Markets ruled off the $ 284 million equity raising on Thursday when they placed stock left over from the retail portion of a one-for-1.06 rights issue. Karoon Energy, run by Bob Hosking, has wrapped up a $ 284 million equity raising. It is understood sub-underwriters took $59 million of the $109 million retail entitlement offer, which will provide a juicy little win for those that took the risk. The sub-underwriting was at 93¢ while the stock last traded at $ 1.08. While it took Karoon a few roadshows and a few months to get its deal off the ground, it's a bullish sign for the Australian mid cap oil and gas sector.

Nov 14, 2019 - OilPrice.com

Big Oil will likely snub Brazil’s huge oil auctions next year, just as they did in this year’s highly anticipated bid rounds, because projects and prospects around the world are competing for the majors’ disciplined capital spending, the head of BP in Brazil told Valor Economico in an interview. Assets in other countries will be more attractive than Brazil’s resources, BP Energy Brazil’s president Adriano Bastos told Valor Economico.The foreign oil firms who stayed away from the two auctions last week will not “come back next year,” even if Brazil were to sweeten the offers for the companies, he said. Other projects in the world will enter the companies’ portfolios, reducing Big Oil’s spending capacity to invest in Brazil, BP’s manager said.

Nov 14, 2019 - BNAmericas

Research and development (R&D) funds filled with contributions from oil and gas producers will reach 20bn reais (US$4.5bn) over the next 10 years. They are expected to support investments in energy transition technologies. The president of oil institute IBP, Clarissa Lins, made this comment during an event organized by international relations think-tank Cebri in Rio de Janeiro city on Tuesday. ExxonMobil’s Brazil CEO, Carla Lacerda, said, "This is an opportunity to use pre-salt revenues, maybe even making modifications to the rules, to work on new technologies for the future. Some technologies take 15 or 20 years to gain commercial scale, so the moment to do that is now.”

Nov 14, 2019 - Renewables Now

Brazilian energy firm AES Tiete Energia SA announced on Monday it will form a joint venture (JV) with Unipar Carbocloro SA to develop a 155-MW wind project. The partners expect to begin construction work at a greenfield site in the cities of Tucano, Biritinga and Araciin the state of Bahia in 2021. The planned wind farm will require a total investment of about BRL 4 million (US$ 963 M) per MW installed. Unipar will enter into a 20-year power purchase agreement (PPA) with the JV to buy 60 average megawatts (MWa) from the wind park. That contract should come into force in 2023, according to the announcement.