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London-listed Tullow Oil and Capricorn Energy, formerly known as Cairn Energy, have reached an agreement on the terms of a recommended all-share combination of Tullow and Capricorn to create what they say will be “a leading African energy company.” The two companies revealed on Wednesday that it is intended that the combination will be implemented by... Continue Reading →
(OE) Italian energy services group Saipem has agreed to sell its onshore drilling business to Britain's KCA Deutag (KCAD) for $550 million, as it strives to bolster its finances after a profit warning and focuses on offshore drilling. Asset sales and a 2 billion euros ($2 billion) new share issue are part of Saipem's efforts... Continue Reading →
(Reuters) - Mexico's heavily indebted state oil company Pemex said on Tuesday it will cover $2 billion in debt with suppliers and contractors through a peer-to-peer refinancing program that will offer the firm's 2029 global notes with an 8.75% coupon. Pemex said it "structured a mechanism to exchange commercial debt for financial debt, an attractive... Continue Reading →
(Reuters) - Malaysia's state energy firm Petronas (PETR.UL) on Tuesday posted higher profit of 23.4 billion ringgit ($5.35 billion) for its first quarter, in tandem with greater revenue following an upward trend in prices. Revenue rose almost 50% to 78.8 billion ringgit in the January-March quarter, mainly due to the price impact for major products,... Continue Reading →
(Reuters) - Venezuela's state-run PDVSA has ordered over a hundred stations to begin selling diesel in dollars, reducing a subsidy that had allowed truckers and public transportation drivers to fill their tanks almost for free, according to documents and sources. Venezuela had set a diesel retail price of $0.50 per liter in late 2021 for... Continue Reading →
(Reuters) Chile state development office Corfo signed agreements with three companies on Thursday to fund industrial green hydrogen production, which it says could double current production worldwide. The move would boost economic development and help with energy transition and meeting the challenge of decarbonization, Corfo's executive vice president Jose Miguel Benavente said in a statement.... Continue Reading →
(Reuters) - TotalEnergies (TTEF.PA) said on Wednesday it has agreed to buy 50% of Clearway Energy Group, the fifth-largest renewables company in the United States, marking the French group's largest U.S renewables energy acquisition. TotalEnergies has been branching out into the fast-growing renewables energy sector and diversifying away from hydrocarbon-centred activities in recent years. The company said... Continue Reading →
(Reuters) - Shares of Brazil's state-run oil company Petrobras plunged on Tuesday after the government oustedits chief executive for the second time in two months and signaled plans to alter the company's market-based fuel pricing policy. President Jair Bolsonaro has railed against a series of fuel price increases by Petrobras, formally known as Petroleo Brasileiro... Continue Reading →
(PN) With an enviable portfolio of new offshore field developments, Brazil is expected to attract around 10% of the resources earmarked for new oil and gas projects worldwide by 2025. In addition, the country will receive a total of US$ 36.7 billion in investments in this period, which will be applied in the development of... Continue Reading →
(Reuters) - Iranian state firms have started preparations to revamp Venezuela's largest oil refinery, the 955,000-barrel-per-day Paraguana Refining Center, four people close to the talks said, following a contract to repair its smallest facility. A deal would deepen an energy relationship that has become a lifeline for Venezuela's dilapidated oil industry amid a crisis caused... Continue Reading →
