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The government intends to offer large blocks on land, up to 36 thousand km², in addition to reducing costs and entry barriers for contracting exploration areas. The proposals are the result of Reate, the Oil and Natural Gas Exploration and Production Activity Revitalization Program in Onshore Areas. - The program was created in 2017, under... Continue Reading →
For nearly 80 years, Mexico kept its borders closed to foreign oil interests, with the state-owned and -run Petroleos Mexicanos (Pemex) being the only entity allowed to drill for gas in Mexican territory. In 2017, then-president Enrique Peña Nieto opened up Mexico’s considerable oil reserves to foreign oil companies and investors for the first time in nearly... Continue Reading →
Norwegian oil and gas company Equinor has appointed Ulrica Fearn as its chief financial officer (CFO) and executive vice president, with effect from 16 June 2021. Fearn will succeed acting CFO Svein Skeie, who will become senior vice president CFO Performance Management and Risk with effect from the same date. Svein Skeie took over the acting... Continue Reading →
Petro Rio SA (“Company” or “PetroRio”) (B3: PRIO3), in compliance with the provisions of the Securities and Exchange Commission Instruction 358, of January 3, 2002, as amended, it informs its shareholders and the market in general that on this date its Board of Directors approved the beginning of the work and the procedures for choosing... Continue Reading →
Forbearance agreements between offshore drilling contractor Seadrill Limited and its creditors related to the company’s senior secured credit facility agreements and leasing arrangements have expired. As a result, Seadrill is exposed to legal actions if it fails to make necessary payments on time. Seadrill entered into forbearance agreements with certain creditors in respect of its senior... Continue Reading →
Federal prosecutors in Brazil filed a civil lawsuit against Danish shipping company Maersk and former executives representing the firm for alleged corruption involving shipping contracts with state-run oil firm Petrobras, they said on Friday. The lawsuit requests that a judge freeze almost 1 billion reais ($198 million) in assets in order to make sure funds... Continue Reading →
Petróleo Brasileiro S.A. - Petrobras informs that will pay, on Tuesday, 12/15/2020, dividends referred to the 2019 fiscal year, based on shareholding position as of 07/22/2020, in connection to the Material Fact released on that date. The amount of dividends to be paid will be adjusted by Selic interest rate from 12/31/2019 to 12/15/2020 interest... Continue Reading →
The world is on track to run out of sufficient oil supplies to meet its needs through 2050, despite lower future demand due to the Covid-19 pandemic and the accelerating energy transition – unless exploration speeds up significantly and capital expenditure of at least $3 trillion is put to the task, a report by Rystad... Continue Reading →
E-commerce and cloud computing giant Amazon has signed a 10-year corporate power purchase agreement with offshore wind firm Ørsted. In what has been described as Europe's largest ever offshore wind power purchase deal, Amazon has committed to offtake the output of 250MW from Ørsted's planned 900MW Borkum Riffgrund 3 offshore wind farm in Germany. Borkum... Continue Reading →
(Reuters) - Mexico’s government is weighing making further reductions to the tax burden on national oil company Petroleos Mexicanos (Pemex) to bring it closer to that of ordinary corporations, a top finance ministry official said on Wednesday. Lower taxes could mark a turning point for ailing Pemex, the country’s largest company and tax payer. Pemex... Continue Reading →
Brazil Energy Insight 