(Reuters) - British oil major BP (BP.L) will continue betting on "lower carbon, more economical" offshore oil and gas exploration and production, a company executive said on Monday, warning that lack of investment could lead to global oil scarcity. Offshore operations allow better control of emissions, especially in the U.S. Gulf of Mexico, said Starlee Sykes, BP's... Continue Reading →
Petrobras starts production from FPSO Guanabara in the Mero field
Petróleo Brasileiro S.A. – Petrobras informs that, on April 30, 2022, it started producing oil and natural gas through FPSO Guanabara, the first definitive production system installed in the Mero field, in the Santos Basin pre-salt. The platform, an FPSO (floating unit for the production, storage, and transfer of oil and gas) type, is capable... Continue Reading →
U.S. drillers add oil and gas rigs for record 21 months a row -Baker Hughes
(Reuters) - U.S. energy firms last week added oil and natural gas rigs for a record 21 months in a row as high prices and prodding by the federal government prompted some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose three to 698 the... Continue Reading →
Brazil’s Petrobras increases natural gas prices to distributors by 19%
(Reuters) - Brazil's state-run oil company Petrobras (PETR4.SA) said on Friday it will increase natural prices for distributors in the country by an average 19% starting May 1. According to Petrobras, the adjustment follows the updating of formulas agreed with distributors, based on the variation of gas prices, Brent oil and the exchange rate. The quarterly update... Continue Reading →
Exxon Takes a Hit from Russia, Triples Buybacks over Higher Oil Prices
Exxon Mobil Corp doubled its first-quarter per-share profit, it said on Friday, but the results fell short of Wall Street estimates, even excluding a $3.4 billion writedown from its withdrawal from Russia. The top U.S. oil producer tripled its buyback program, saying it will repurchase upto $30 billion in shares by the end of next... Continue Reading →
Eni presses ahead with gas hunt for Europe as profits soar
(Reuters) - Eni (ENI.MI) will press ahead with plans to find alternative gas supplies following Russia's invasion of Ukraine after first-quarter profits soared above expectations on booming prices. The Italian energy group is looking to use its presence in Africa to provide 14 trillion cubic feet of extra gas and more liquefied natural gas (LNG) to help... Continue Reading →
Wintershall Dea looks beyond Russia as war marks turning point
(Reuters) - German oil and gas producer Wintershall Dea (WINT.UL) said on Thursday it will look beyond Russia for growth in a "fundamental" change for the company, but will retain its assets there to avoid them falling to the Russian state. "There can be and will be no 'business as usual' with Russia now," Chief... Continue Reading →
TotalEnergies ramps up buybacks after earnings leap
(Reuters) - TotalEnergies (TTEF.PA) will expand plans to buy back its own shares, the French energy group said on Thursday after first-quarter core earnings rose sharply on soaring oil and gas prices. The oil and gas major, which is bolstering its renewables and electricity portfolios, is now planning $3 billion of share buybacks during the first half... Continue Reading →
Petrobras: Highlights on production and sales in 1Q22
In 1Q22, Petrobras kept a solid operating performance, with average oil, NGL and natural gas production reaching 2.80 MMboed, 3.4% above 4Q21. This result was achieved mainly due to the continuity of the ramp-ups of FPSOs Carioca (Sépia field) and P-68 (Berbigão and Sururu fields), located in the pre-salt of Santos Basin, to the lower... Continue Reading →
Italy’s Eni signs Congo Republic LNG deal
(Reuters) - Italy's Eni (ENI.MI) has signed a deal to increase gas supplies from the Congo Republic by more than 4.5 billion cubic metres (bcm) a year, the energy group said on Thursday. The deal is the latest Italian move to reduce dependence on Russian gas, with Foreign Minister Luigi Di Maio and Ecology Transition Minister Roberto... Continue Reading →
