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Cabinda Gulf Oil Company Limited (CABGOC), an affiliate of Chevron in Angola, has secured an extension of the Block 0 concession, off the coast of Cabinda province in Angola. Chevron stated on Monday that the agreement extends the concession for 20 years, through 2050. Under the renewed agreement, CABGOC will remain the operator with a 39.2... Continue Reading →
The national production of oil and natural gas in October totaled 3,606 MMboe/d (million barrels of oil equivalent per day), with 2,777 MMbbl/d (million barrels daily) of oil and 132 MMm3/d (million cubic meters) of natural gas. There was a 7.4% reduction in oil production compared to the previous month and 3.3% compared to October... Continue Reading →
(Reuters) - Argentine state energy firm YPF (YPFD.BA) is close to signing a loan deal with a multilateral lender which could cover part of its $400 million debt obligations next year, its chief financial officer said on Thursday, which will free up funds for investment. Alejandro Lew said the loan would inject funds to balance out repayments... Continue Reading →
An analysis of the annual cost of supply by the Norwegian energy intelligence firm, Rystad Energy, has revealed that costs within the upstream sector have come down considerably in 2021, making new oil more competitive and significantly cheaper to produce. However, Rystad noted that climate policies may fail unless they focus on demand rather than... Continue Reading →
(Valor) World leader in wind turbines, Danish Vestas intends to be an important player in the Brazilian offshore wind energy market. This new front has started to engage and should gain regulation by the end of the year. In an interview to Valor, the company's global CEO, Henrik Andersen, highlighted offshore wind and green hydrogen... Continue Reading →
(Valor) 3R Petroleum released its production data for the month of October. According to the company, the consolidated average daily production of the Macau, Rio Ventura and Pescada clusters was 7,630 barrels of oil equivalent (boed). The portion referring to the participations of 3R reached a production of 6,666 boed. The company points out that... Continue Reading →
PetroReconcavo recorded net income of R$ 22.9 million in the third quarter of this year, a result 261% greater than that of the same period in 2020, when the oil company earned R$ 6.342 million. In 2021, net income totaled R$ 104.6 million, reversing a loss of R$ 144.8 million in the first nine months... Continue Reading →
The pre salt Buzios field produced 709,697 Mboe/d (one thousand barrels of oil equivalent per day) in September, with 566,196 Mbbl/d of oil and 22,815 MMm3 of natural gas. As of this month, the field's production began to be assigned to two separate contracts, one for transfer of rights and the other for sharing, arising... Continue Reading →
(Bloomberg) --As world leaders discuss the fight against climate change, global oil demand has bounced back above the key level of 100 million barrels a day last seen before the Covid-19 pandemic, according to BP Plc. Fossil fuel consumption is recovering despite growing urgency in the effort to curb emissions of greenhouse gases. The resurgence... Continue Reading →
The Papa-Terra field, in the Campos Basin, which marked the entry of 3R Petroleum in the state of Rio de Janeiro, will increase the company's proven (1P) reserves by around 35%, bringing them to a total 185.1 million barrels of oil equivalent. The company recently received from DeGolyer & MacNaughton the final result of the... Continue Reading →
Brazil Energy Insight 