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(OE) The second phase of Senegal's Greater Tortue Ahmeyim (GTA) gas project will need investments worth around $5 billion and could start in 2024 or 2025, Senegal's President Macky Sall said on Thursday. BP and U.S.-listed Kosmos Energy KOS.N are leading the development of GTA and Yakaar-Teranga, Senegal's first natural gas projects. The first phase... Continue Reading →
(Reuters) Wholesale gas prices have scaled "insane" levels that will ultimately hurt demand, although the lack of Russian gas means Europe's supply will be tight for several years, the chief executive of German oil firm Wintershall Dea said on Tuesday. The benchmark European gas contract TRNLTTFMc1 has risen by more than 300% in a year and on... Continue Reading →
The energy transition progress towards a sustainable future has encountered roadblocks in the form of fossil fuel subsidies, based on an analysis by the International Energy Agency (IEA) and the Organisation for Economic Co-operation and Development (OECD), which outlines that the backing for fossil fuels almost doubled in 2021, reaching $697.2 billion. While energy transition... Continue Reading →
(Reuters) - China Petroleum and Chemical Corp, or Sinopec Corp , reported interim net income surged 10.4% to a record 43.53 billion yuan ($6.33 billion), thanks to strong oil and gas prices despite weakened domestic fuel sales. Sinopec, the world's largest refiner by capacity, reported revenues of 1.61 trillion yuan for the six months, up... Continue Reading →
Norway’s government agency responsible for the regulation of petroleum resources believes that the country’s gas can enable Europe to achieve its energy transition goals. To make this happen, investments in unlocking new oil and gas resources and improving the recovery from existing ones are important to limit the production decline and maintain the country’s role... Continue Reading →
The FPSO Carioca, in the Sépia field in the pre-salt layer of the Santos Basin, completed one year of operation. During this period, the platform vessel reached an accumulated production of around 39 million barrels of oil (operated production). It is currently the largest platform in Brazil in terms of complexity and production, with around... Continue Reading →
China's CNOOC Ltd more than doubled its first-half profit helped by higher oil and gas prices, the offshore oil and gas producer reported on Thursday. Interim net income rose 116% to 71.89 billion yuan ($10.50 billion) while revenue rose 75.6% to 176.7 billion. Oil prices have soared this year, with prices coming close to $147... Continue Reading →
Belgium-based offshore installation company DEME Offshore and Norway-based offshore services firm Havfram have signed a memorandum of understanding to jointly offer construction services to the offshore wind farm sector in Norway. "Both DEME Offshore and Havfram plan to play an important role in the upcoming Norwegian offshore wind market by delivering transport and installation services... Continue Reading →
(Reuters) - Mexico's hydrocarbon regulator has fined state oil company Petroleos Mexicanos (Pemex) for development violations at one of its most important fields that has led to excessive flaring of natural gas, and is preparing another fine for a similar field, according to three sources briefed on the matter. Pressure is mounting on Pemex to... Continue Reading →
Searcher Seismic has received approval from the Government of the Republic of Trinidad and Tobago for the Tobago Trough multi-client 3D acquisition project. The acquisition is planned as a 6,500 km² wide-tow long streamer acquisition and processed through to Pre Stack Depth Migration. It will commence as soon as an environmental impact assessment (EIA) is... Continue Reading →
Brazil Energy Insight 