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(Reuters) - Guyana sold its first share of crude oil from the country's newest offshore production facility to Exxon Mobil (XOM.N) for about $106 million, the government said. One of South America's poorest nations, Guyana plans to use proceeds from oil in the short term to build roads, bridges, houses, gas-fired power plants and solar energy projects.... Continue Reading →
(Reuters) - Ecuador's state-owned oil company Petroecuador has started meetings to renegotiate long-term sales oil contracts with PetroChina, a process it hopes to conclude in June with the signing of a new deal, it said on Friday. The negotiations with China's largest oil and gas producer form part of bid by Ecuador's President Guillermo Lasso... Continue Reading →
(Reuters) - Mexico's cash-strapped state oil firm Petroleos Mexicanos (Pemex) is under pressure to resume financial debt repayments despite promises from President Andres Manuel Lopez Obrador that his government would pay them until 2024. On Thursday, Pemex (PEMX.UL) is due to pay some 1 billion euros to redeem a 2015 bond, two sources with knowledge... Continue Reading →
(Reuters) Morgan Stanley raised its third-quarter price forecast for Brent by $10 per barrel to $130 citing a "greater deficit" this year due to lower supply from Russia and Iran, which is likely to outweigh short-term demand headwinds. "The oil market is contending with negative GDP revisions, the effects of China's zero-COVID policy and a... Continue Reading →
(Reuters) - Top oilfield services firm Schlumberger (SLB.N) reported a higher first-quarter profit on Friday and increased its dividend by 40%, as rising oil prices boosted demand for services and equipment. Oil prices climbed to their highest in more than a decade during the quarter as Russia's invasion of Ukraine upended global supply dynamics. Oilfield service firms,... Continue Reading →
(OE) Oslo-listed FPSO leasing company BW Offshore has agreed to sell its laid-up FPSO Polvo to BW Energy for $50 million. BW Energy will redeploy the FPSO in Brazil. The transaction is expected to be concluded by July 24, 2023, at the latest. If the transaction is completed before the said date, BW Energy will... Continue Reading →
(Reuters) Italy's Saipem said on Thursday its adjusted core earnings rose 65% in the first quarter to beat expectations driven by its offshore engineering and construction (E&C) business and drilling. Adjusted core earnings in the period were 145 million euros ($157 million), above a Refinitiv consensus of 103 million euros. New orders rose to 2.36... Continue Reading →
(WO) — The energy crisis triggered by Russia’s invasion of Ukraine is increasing the world’s motivation to shift to low-carbon energy, but is also creating a near-term scramble for fossil fuels that will drive billions of dollars of new investment. The U.S. and European countries are planning liquefied natural gas terminals that will be in... Continue Reading →
Aiming to make full use of domestic and overseas financing channels, Chinese oil and gas giant CNOOC Limited has launched an initial public offering (IPO) on Shanghai Stock Exchange, raising about $4.4 billion. The company informed on Thursday it has been officially listed on the A-share market, building a platform for domestic and international capital... Continue Reading →
(Reuters) - The world needs to find $1.3 trillion of incremental investment by 2030 to boost all types of energy output and infrastructure from renewables to oil and gas to avoid an energy crunch, U.S. bank JP Morgan said in its first annual energy outlook. "Our main finding is that by 2030, energy demand growth... Continue Reading →
Brazil Energy Insight 