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(PN) Petrobras will have 47 projects included in the new Growth Acceleration Program (PAC), launched this Friday, in Rio de Janeiro, by President Luiz Inácio Lula da Silva. The company's investments in PAC 2023 amount to R$ 323 billion. The president of Petrobras, Jean Paul Prates, highlighted, among them, pre-salt production systems, revitalization of conventional... Continue Reading →
(Reuters) - Frontera Energy (FEC.TO) and its unit CGX Energy (OYL.V) expect to complete an analysis in the next two to three months of the Wei-1 oil well in Guyana before deciding whether to upgrade an exploration license to its development phase, Frontera said on Friday. The Frontera-CGX group could become the next oil consortium to advance an oil... Continue Reading →
(Reuters) Guyana’s parliament on Thursday passed long-awaited oil legislation that grants the natural resources minister extensive power over its multi-billion-dollar oil industry. The new rules will be applied to future projects in the South American country, including from an oil blocks auction scheduled for the fourth quarter. A group led by Exxon Mobil Corp XOM.N... Continue Reading →
(OET) UK-headquartered oil and gas company Tullow Oil has set the wheels in motion to sell its entire interest in Tullow Guyana (TGBV), which includes the Orinduik licence, to Eco Guyana Oil and Gas (Barbados) Limited, a subsidiary of Eco (Atlantic) Oil & Gas, in exchange for a combination of upfront cash and contingent consideration.... Continue Reading →
(Reuters) On Wednesday, Japanese oil and gas explorer Inpex raised its full-year net profit forecast by 7% and announced measures to boost the company's value and shareholder returns, including a dividend increase and share buyback. To address the country's number of undervalued stocks, the Tokyo Stock Exchange at the end of March called on companies... Continue Reading →
(OE) Oil and gas firm Tullow said Wednesday it had received approval from the Government of Gabon for the extension of several of its Gabon licenses to 2046. "The license extensions increase the value of Tullow's resource base through the addition of c.5mmbbls net 2P reserves that will deliver c.100% 2P reserves replacement in Gabon... Continue Reading →
(OE) Eight Amazon rainforest nations are expected to face divisions over proposals to block new oil drilling and end deforestation when they meet on Tuesday for their first summit in 14 years. The meeting of the Amazon Cooperation Treaty Organization (ACTO) gathers heads of state from Bolivia, Brazil, Colombia, Ecuador, Guyana, Peru, Suriname and Venezuela... Continue Reading →
(Reuters) APA Corp. said on Wednesday its most recent appraisal well in Block 58 off Suriname's coast confirmed the extension of oil resources 14 kilometers from the discovery well. APA's exploration in Suriname has been closely watched as it could become Suriname's first commercial deepwater project. Massive discoveries and fast-growing oil production in neighboring Guyana... Continue Reading →
(OE) Spending on conventional oil and gas exploration is on the rise and is set to top $50 billion this year, led by offshore investments, however, discovery volumes are falling to new lows, despite the rising investments. This is according to Rystad Energy, a Norway-based energy industry intelligence group. Rystad's estimates show that in the... Continue Reading →
Brazil Energy Insight 