French energy group Total has agreed to buy for an undisclosed amount the distribution business of Brazil's Grupo Zema, in order to expand in Brazil and in the biofuels sector.
Zema Petroleo runs a network of 280 dealer-operated service stations and several oil products and ethanol storage facilities, most of them located in the states of Minas Gerais, Goiás and Mato Grosso.
Total added it planned to expand its activities in the area and hoped to double the number of branded stations within five years, particularly in southeast and central-west Brazil.
U.S. oil output growth is expected to slow over the next five years, likely prompting oil majors to "gobble up" smaller shale oil producers, Mark Papa told Reuters.
U.S. natural gas producer EQT Corp. said Jan. 13 it would take a non-cash impairment charge of up to $1.8 billion in the fourth quarter driven by record low gas prices.
Speaking during the opening day of IPTC, Bahrain Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa also said he sees producers challenged by rising energy demand in the future.