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(offshoreWIND.biz) Avangrid and Invenergy have each secured two lease areas in the Gulf of Maine auction, where total bids exceeded USD 21.9 million (approximately EUR 20 million), marking the first lease sale in the region and the first for floating offshore wind on the US Atlantic coast. The US Bureau of Ocean Energy Management (BOEM)... Continue Reading →
(Reuters) - Hess Corp beat estimates for third-quarter profit on Wednesday, helped by higher oil production in Guyana. The Guyana assets are at the center of an ongoing dispute between oil giants Chevron and Exxon that has delayed Chevron's $53 billion takeover of Hess. Hess agreed to the buyout last October, but the deal has been challenged by... Continue Reading →
(Reuters) - Mexican state-owned oil company Pemex reported a deeper $8.2 billion third-quarter net loss on Tuesday, hurt mostly by a weaker exchange rate even as it benefited from support from the country's new government. The company, in a filing with the Mexican stock exchange, posted a loss of around $4.5 billion in the third... Continue Reading →
(Reuters) - Investment in the green energy transition needs to double to $3.5 trillion per year if the world is to meet the Paris Agreement's goal of reaching net zero emissions by 2050, a report by Wood Mackenzie said on Tuesday. On top of the investment gap, the consultancy's analysis said global efforts to shift... Continue Reading →
(Reuters) BP on Tuesday reported a 30% drop in third quarter profit to $2.3 billion, the lowest in almost four years, weighed down by weaker refining margins and oil trading results. The drop in profit from a year earlier was, however, smaller than expected. It comes amid a slowdown in global economic activity and oil... Continue Reading →
(Reuters) - Chinese refiner Sinopec posted a 52.1% year-on-year decline in net profit to 8.54 billion yuan ($1.2 billion) for the third quarter because of lower oil prices and weak refining margins. The world's largest refiner by capacity, Sinopec's third-quarter revenue was 790.4 billion yuan, down 9.8% from a year earlier, the company said in... Continue Reading →
(Reuters) Portugal's Galp Energia on Monday posted a 22% fall in third-quarter adjusted core profit, hit by lower oil output and a sharp drop in refining margins, but earnings still beat estimates for the period. The energy firm reported adjusted earnings before interest, taxes, depreciation and amortization of 820 million euros ($885 million), beating the... Continue Reading →
(oilnow.gy) Moody’s Ratings has upgraded Suriname’s long-term local and foreign-currency issuer ratings from Caa3 to Caa1. The outlook is now positive, reflecting the anticipated economic benefits from a significant offshore oil project. This change is driven by TotalEnergies’ recent decision to proceed with the GranMorgu oil project in Block 58, which holds 750 million barrels of recoverable reserves. The... Continue Reading →
Japan’s Modec has made further progress in the construction of a hull for a floating production, storage and offloading unit (FPSO) that will be deployed at ExxonMobil’s fifth oil development in the Stabroek block, offshore Guyana. The company announced the completion of the hull assembly of the FPSO Errea Wittu, 40 days ahead of schedule.... Continue Reading →
(oilprice) Argentina’s shale province has been touted for years as the next Permian that would make the South American country a net exporter of energy after decades of import dependence. The Vaca Muerta shale basin is estimated to be the world’s second-largest shale gas deposit and the fourth-biggest resource of shale oil. However, Argentina’s... Continue Reading →
Brazil Energy Insight 