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(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 →
(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 →
Brazilian oil company Petro Rio has signed a deal with TotalEnergies for the acquisition of a 40% interest in the BM-C-32 Block (“Itaipu Field” or “Itaipu”). Together with the 60% interest in Itaipu acquired from BP in July 2021, this transaction will bring Petro Rio's interest to 100% of the concession after the acquisition is... 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 →
VAALCO Energy said Monday that the Government of Equatorial Guinea has approved the Venus - Block P Plan of Development (“POD”). VAALCO has an 80% participation interest in the project and is the operator. Upon the execution of final documents, VAALCO will proceed directly to project execution, which targets first oil in 2026 and adds... Continue Reading →
(Reuters) - Brazil's central bank on Wednesday chose to keep interest rates unchanged, pausing an aggressive monetary tightening cycle even as U.S. and European policymakers are still racing to catch up with inflation. The bank's rate-setting committee, known as Copom, decided by a vote of 7-to-2 to leave its benchmark Selic interest rate at 13.75%... Continue Reading →
Allseas has won a contract with TC Energy (TCE) to install the offshore stretch of the Southeast Gateway Pipeline in the Gulf of Mexico. The 700-kilometer natural gas pipeline will run south along the coast from Tuxpan through the Gulf of Mexico to Coatzacoalcos and Dos Bocas. Allseas’ scope covers engineering and construction, as well... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, following up on the releases disclosed on 07/28/2022 and 08/31/2022, informs that it has carried out today the payment of the 2nd installment of the remuneration to shareholders approved by its Board of Directors in a meeting held on 07/28/2022. The gross amount distributed today corresponds to dividends of R$... Continue Reading →
(Reuters) - Maroil Trading, owned by shipping tycoon Wilmer Ruperti, has taken over sales of almost all Venezuela's exports of petroleum coke, a move that could reduce sanctions risks for clients, according to documents and four sources close to the decision. The Geneva-based company has boosted exports and customers since signing a commercial pact with... Continue Reading →
French energy major TotalEnergies has approved the final investment decision for the Fenix gas development, located 60 km off the coast of Tierra del Fuego in southern Argentina. This development is said to be the world’s southernmost gas project. Through its Total Austral affiliate, TotalEnergies operates the project with a 37.5 per cent interest, in... Continue Reading →
