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(Reuters) - Portugal's Galp Energia (GALP.LS) has mandated Bank of America to prepare a sale of its 10% stake in a multibillion-dollar natural gas project in Mozambique's Rovuma basin, the Negocios newspaper said on Thursday, citing an unidentified source linked to the energy sector. There would be no lack of interest in Galp's stake as the war... Continue Reading →
(Reuters) Companies working on a $300 million logistics facility in Guyana that will support offshore oil operations said on Wednesday the shore base will help reduce shipping costs for supplies by as much as 12% by allowing larger supply vessels to dock. A consortium consisting of U.S. companies Exxon Mobil Corp and Hess Corp and... Continue Reading →
(OM) Offshore exploration and production capex shook off the COVID-19 pandemic-induced declines of the past two years to rebound by 21% in 2022, reaching a total $165 billion spent on exploration, wells and facilities. This is slightly less than half the all-time high for offshore E&P investment of $332 billion, set in 2014 at a... Continue Reading →
(Reuters) - Guyana's government is forecasting the nascent oil producer's economy, which has recently been among the world's fastest-growing, will expand by at least 25% per year in the next three to four years, Finance Minister Ashni Singh said on Thursday. Since oil production was inaugurated in 2019 by a consortium led by U.S. major... Continue Reading →
(Reuters) - At least three proposed U.S. liquefied natural gas (LNG) export plants have likely found enough customers to receive financial approvals this year, according to Reuters calculations, developments that would make the country the world's largest LNG exporter for years to come. After a dearth of plant approvals last decade, developers have secured dozens... Continue Reading →
The National Petroleum Agency (ANP) recently approved the sale of Petrobras' stake in the Capixaba Norte Cluster to Seacrest Petróleo. As a reminder, the transaction was announced in February 2022, for a total of US$ 544 million. The Capixaba Norte Cluster comprises four onshore fields: Cancã, Fazenda Alegre, Fazenda São Rafael and Fazenda Santa Luzia.... Continue Reading →
(Reuters) - Spain's Repsol (REP.MC) said on Thursday its fourth-quarter adjusted net profit more than doubled, helped by high oil and gas prices, and flagged a big increase in capital spending for this year. Its fourth-quarter profit surged to 2.01 billion euros ($2.15 billion) from 872 million a year earlier, topping the 1.75 billion euros expected by... Continue Reading →
(Reuters) - Guyana, which has jumped into the forefront of offshore oil exploration, is using its inland forests to tap carbon markets, in a business the government sees as more profitable than using the acreage for mining or agriculture, Vice President Bharrat Jagdeo said on Wednesday. The South American country, one of the fastest growing... Continue Reading →
The Department of the Interior’s Bureau of Ocean Energy Management (BOEM) has made adjustments to monetary penalties for oil and gas companies, implementing the 2023 inflation adjustments for the maximum daily civil monetary penalties contained in BOEM regulations in accordance with Federal law. The Bureau of Ocean Energy Management made the final rule announcement on Tuesday, 14 February... Continue Reading →
(Reuters) - After the market imposed a sky-high rate on bonds Pemex issued in January, Mexico's state oil company is preparing to pay its debts on its own this year and will turn to the government - rather than the market - for help if oil prices plunge, two sources told Reuters. The strategy comes... Continue Reading →
Brazil Energy Insight 