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(OE) Offshore development of new gas assets has been identified as a key piece to Colombia’s long-term energy security, but significant challenges remain. The size, production capability, and required infrastructure investments all make the situation uncertain, energy industry intelligence group Wood Mackenzie has found. According to Wood Mackenzie, the development of recent offshore gas discoveries... Continue Reading →
(Reuters) The last major piece of infrastructure needed to start production at Mexico's first floating liquefied natural gas (LNG) plant is set to depart from a Texas shipyard next week, the U.S. Coast Guard said in a notice to shippers. LNG developer New Fortress Energy is planning to begin production at the 1.4-million-tons-per-year floating plant... Continue Reading →
(Reuters) - Shell (SHEL.L) plans to increase its oil production by 5,000 barrels per day (bpd) in Argentina's Vaca Muerta shale formation to 50,000 bpd by the end of the year despite limitations on investment, its chief executive said on Tuesday. Ricardo Rodriguez, Shell's CEO in Argentina, said at an oil and gas conference in Buenos Aires... Continue Reading →
Suriname, struggling with political unrest and a debt crisis, pins hopes on its oil sector after TotalEnergies delayed the billion-dollar final investment decision for Block 58. Latest appraisal drilling confirms that Block 58 could contain as much as 6.5 billion barrels of exploitable oil resources, boosting prospects for an oil boom similar to neighboring Guyana.... Continue Reading →
(Reuters) - BP's (BP.L) second-quarter profit slumped 70% from a year earlier to $2.6 billion, missing forecasts, as refining margins and oil trading income fell, but still allowing the energy giant to boost its dividend by 10%. Rivals Chevron (CVX.N), Exxon Mobil (XOM.N), Shell (SHEL.L) and TotalEnergies (TTEF.PA) have also reported sharp drops in quarterly earnings, hurt by a drop in energy prices from highs... Continue Reading →
(Reuters) Exxon Mobil Corp joined its rivals in reporting a 56% slump in second-quarter profit from a year ago, hurt by a drop in energy prices, in line with the midpoint of the company's earnings preview released earlier this month. Oil majors' profits fell sharply in the quarter from record levels a year earlier as oil and gas... Continue Reading →
(Reuters) - Brazil has increased hydroelectric generation to near-record rates in 2022 and 2023 – reducing the need to import liquefied natural gas (LNG) and freeing cargoes to be redirected to ease the gas shortage in Europe. Brazil’s total electrical generation rose by +21 billion kilowatt-hours (kWh) to a record 677 billion kWh in 2022,... Continue Reading →
(Reuters) Australia's Woodside Energy Group has returned a deepwater block to the Trinidad and Tobago government after an exploration appraisal found it would be uneconomic to develop, a company spokesperson said on Wednesday. Trinidad and Tobago is pushing to speed up exploration and development of offshore areas aiming to secure natural gas supplies to feed its liquefied... Continue Reading →
Classification society ABS announced it has granted approval In principle (AIP) to Wison Offshore and Marine’s (WOM) Extended FEED on its standardized 3.5 MTPA floating liquefied natural gas (FLNG) design. WOM has said the standardized design reduces CO2 emissions and results in a shortened engineering schedule by about 40%. Jiang Hao, WOM General Manager, FLNG... Continue Reading →
(OET) UK-headquartered energy giant Shell has decided to step up its decarbonization efforts by boosting its low-carbon energy solutions business with investments of $10-15 billion over the next two years. This is part of the oil major’s transformation strategy to help usher in a balanced energy transition. Shell is actively working on curbing emissions not... Continue Reading →
Brazil Energy Insight 