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Global petrostates can forget trillion-dollar from oil and gas tax revenues as the accelerating energy transition bites, according to a report by Rystad Energy. The global government income from oil and gas taxation fell to a multi-year low in 2020 of around $560 billion, as production and prices shrunk. Before Covid-19, oil and gas taxes... Continue Reading →
Australia’s Karoon has taken the Final Investment Decision to proceed with the development of the Patola project located offshore Brazil. Following the first production, expected in 2023, the project will more than double Karoon’s current production rates. The Patola field is located within the 100 per cent Karoon-owned and operated BM-S-40 Production Licence in the Santos Basin,... Continue Reading →
(Reuters) A landmark lawsuit filed against Guyana's government, arguing that oil production fuels climate change, could bolster legal action as court cases involving energy companies and state authorities surge, according to lawyers and environmentalists. The constitutional claim - the first of its kind in the English-speaking Caribbean - asserts that oil exploration and production led... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on February 26, 2021, informs that today it has concluded the sale of the totality of its 51% interest in Eólica Mangue Seco 2 - Geradora e Comercializadora de Energia Elétrica S.A. (Eólica Mangue Seco 2) to Mangue Seco Participações S.A., invested by Fundo... Continue Reading →
Firjan (Rio de Janeiro Industrial Federation) believes that the state of Rio needs to keep new energy opportunities on the radar, taking advantage of the synergies between the existing offshore markets and the potential of offshore wind projects. In addition to the similarity of environment, labor skills have the potential to transition between operations and... Continue Reading →
(Reuters) Several Total (TOTF.PA) shareholders plan to demonstrate their concern that the French firm is not doing enough to curb carbon emissions at its shareholder meeting on Friday, as global oil and gas companies come under growing environmental pressure. The International Energy Agency has warned that new fossil fuel projects must stop this year if the world... Continue Reading →
(Reuters) Last December, when a week-old hedge fund named Engine No. 1 challenged Exxon Mobil to change its ways, laughter echoed through Wall Street circles, from the fund’s name that recalled a famous children’s book to its tiny, then-$40 million stake in what was once the world’s largest publicly traded company. Just six months later,... Continue Reading →
(Reuters) Chinese state-controlled oil giant Sinopec, said it expects to launch its first green hydrogen project, a zero-carbon fuel generated from renewable energy sources, in the Inner Mongolia region in 2022. The company, China's largest hydrogen producer, also said it will focus on fossil fuel-based hydrogen output over the next five years and set up... Continue Reading →
Brazilian oil company Petrobras has awarded offshore services provider Subsea 7 a "very large" contract for the delivery of subsea equipment for the Mero 3 deepwater field development, offshore Brazil. A very large contract, according to Subsea 7, is one worth between USD 500 and 750 million. The Mero-3 field is located some 200 kilometers... Continue Reading →
(Reuters) Oil production in Brazil up 4.6% in April compared to the previous month, to 2.97 million barrels per day (bpd), in the second consecutive monthly increase, data from the National Agency of Petroleum, Natural Gas and Biofuels pointed out. (ANP), with advances from Petrobras and Shell. In comparison with April 2020, there was an... Continue Reading →
Brazil Energy Insight 