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(U) Equinor is set to sanction development of the giant Pao de Acucar gas condensate field on Block BM-C-33 in Brazil’s Campos basin, according to an executive with the Norwegian major. "It will be soon," Ana Serrano Onate, Equinor's senior vice president for petroleum technology, told Upstream when quizzed about the timing of a long-awaited... Continue Reading →
(U) US supermajor ExxonMobil expects oil and natural gas will remain an important part of the energy mix in the decades to come, in order to meet an expected rise in energy demand around the world. Third-party studies estimate that $13 trillion of new oil and gas investments will be required by 2050 to meet... Continue Reading →
Aquaterra Energy and Seawind Ocean Technology have signed an agreement for the development of what the companies say will be the world’s largest floating offshore wind and green hydrogen production project in Italy. The project, named HyMed, is currently in its first phase of permitting, with the grid connection and the environmental impact assessments well... Continue Reading →
Presidential campaign rhetoric raises fears of return to failed policies (U) Brazilian politicians have a long track record of meddling in the country’s oil and gas sector, particularly on the thorny topic of fuel prices. And with Brazil's presidential elections just around the corner, there are fears that a change in government will bring a... Continue Reading →
(U) Brazil’s Prio intends to become one of the largest independent oil and gas companies in the Americas and is counting on more than doubling its production over the next two years to meet that target. With a solid cash position of $1.2 billion, the company is simultaneously developing a pair of clusters in the... Continue Reading →
South American nation could host first offshore wind auction in late 2023 (U) The Brazilian Senate has passed a key bill of law crafted to unlock investments in offshore renewable energy projects in the country. The federal bill, sponsored by Jean Paul Prates, a senator from the opposition Workers’ Party, proposes a regulatory framework for... Continue Reading →
(U) After years of uncertainty and stagnation, the offshore drilling market is making a comeback in 2022, with demand for rigs rebounding around the world. Brazil, one leg of the “golden triangle” of offshore oil and gas — the other two being the Gulf of Mexico and West Africa — is expected to lead rig... Continue Reading →
(Reuters) - Colombian state energy company Ecopetrol is selling more of its oil production to Europe, replacing Russian supplies, while it sees growing competition for market share in Asia. About 40-50% of Ecopetrol's crude production is exported to Asia this year compared with 60% last year, Ecopetrol's Chief Executive Officer Felipe Bayon told Reuters on... Continue Reading →
(Reuters) - Spanish power company Iberdrola (IBE.MC) hired Barclays' (BARC.L) investment bank to sell up to 49% in a portfolio of Spanish renewable power projects, Expansion newspaper reported on Monday, citing unidentified market sources. Iberdrola is considering selling a stake in a series of wind and solar power projects, most of them still in development, with a total capacity... Continue Reading →
(Reuters) - Shell (SHEL.L) has pulled out of two offshore wind projects in the west of Ireland operated by Simply Blue Group a year after the British company acquired stakes in the developments. Shell and Simply Blue said in a joint statement on Saturday that Shell's withdrawal from the Western Star and Emerald projects was a "portfolio... Continue Reading →
