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(U) Brazil’s Prio intends to become one of the largest independent oil and gas companies in the Americas and is counting on more than doubling its production over the next two years to meet that target. With a solid cash position of $1.2 billion, the company is simultaneously developing a pair of clusters in the... Continue Reading →
(U) Brazil has for decades been the king of the floating production, storage and offloading vessel market, and it should easily retain the crown for years to come as oil companies operating in the South American nation continue to opt for FPSOs to develop their hydrocarbon resources. Petrobras already has dozens of FPSOs spread across... Continue Reading →
(U) After years of uncertainty and stagnation, the offshore drilling market is making a comeback in 2022, with demand for rigs rebounding around the world. Brazil, one leg of the “golden triangle” of offshore oil and gas — the other two being the Gulf of Mexico and West Africa — is expected to lead rig... Continue Reading →
Brazilian oil company Petro Rio has signed a deal with TotalEnergies for the acquisition of a 40% interest in the BM-C-32 Block (“Itaipu Field” or “Itaipu”). Together with the 60% interest in Itaipu acquired from BP in July 2021, this transaction will bring Petro Rio's interest to 100% of the concession after the acquisition is... Continue Reading →
(Reuters) - Colombian state energy company Ecopetrol is selling more of its oil production to Europe, replacing Russian supplies, while it sees growing competition for market share in Asia. About 40-50% of Ecopetrol's crude production is exported to Asia this year compared with 60% last year, Ecopetrol's Chief Executive Officer Felipe Bayon told Reuters on... Continue Reading →
(Reuters) - Spanish power company Iberdrola (IBE.MC) hired Barclays' (BARC.L) investment bank to sell up to 49% in a portfolio of Spanish renewable power projects, Expansion newspaper reported on Monday, citing unidentified market sources. Iberdrola is considering selling a stake in a series of wind and solar power projects, most of them still in development, with a total capacity... Continue Reading →
VAALCO Energy said Monday that the Government of Equatorial Guinea has approved the Venus - Block P Plan of Development (“POD”). VAALCO has an 80% participation interest in the project and is the operator. Upon the execution of final documents, VAALCO will proceed directly to project execution, which targets first oil in 2026 and adds... Continue Reading →
(Reuters) - Shell (SHEL.L) has pulled out of two offshore wind projects in the west of Ireland operated by Simply Blue Group a year after the British company acquired stakes in the developments. Shell and Simply Blue said in a joint statement on Saturday that Shell's withdrawal from the Western Star and Emerald projects was a "portfolio... Continue Reading →
(Mint) In a landmark development to diversify crude oil sourcing for energy security in India, Bharat Petroleum Corporation Limited (BPCL), a ‘Maharatna’ and a Fortune Global 500 Company on Saturday signed a Memorandum of Understanding (MoU) with Brazilian oil firm Petrobras. The signing of the MOU will strengthen future crude oil trade relations between the... Continue Reading →
50 out of the 114 Vestas V164-10.0 MW turbines have been installed at the 1.1 GW Seagreen offshore wind farm, Scotland’s largest and the world’s deepest fixed-bottom offshore wind farm. (OW) The wind turbines are being transported from Vestas’ turbine marshalling base at Able Seaton Port in Hartlepool and installed at the site by Cadeler’s... Continue Reading →
Brazil Energy Insight 