Karoon Energy sees strong growth prospects in Brazil, where it started producing oil last year, working to more than double output by 2023 and considering two options to develop another field by mid-decade, its chief executive said on Monday. Karoon produced an average of just over 13,000 barrels per day (bpd) in the eight months... Continue Reading →
Special Report: BP gambles big on fast transition from oil to renewables
(Reuters) - Deep in the Oman desert lies one of BP's more lucrative projects, a mass of steel pipes and cooling towers that showcases the British energy giant's pioneering natural gas extraction technology. The facility earned BP Plc (BP.L) more than $650 million in profits in 2019, according to financial filings reviewed by Reuters. Yet the oil... Continue Reading →
Angolan oil giant Sonangol lost $4 billion last year in pandemic
(Reuters) - Angolan state oil giant Sonangol registered a $4.1 billion net loss in 2020 as the COVID-19 pandemic hollowed out sales and the company struggles to lighten its large debt with asset sales, according to its annual results published this week. The company is the engine of Angola's economy and central to a state... Continue Reading →
Investors Managing $10 Trillion Set Tough Climate Blueprint for Big Oil
Investors managing more than $10 trillion on Wednesday published an ambitious blueprint for energy companies seeking to tackle climate change, including sharp cuts to greenhouse gas emissions and a winding down of oil and gas production. The unprecedented initiative - dubbed the Net Zero Standard for Oil and Gas - details 10 required standards to... Continue Reading →
Saudi Aramco Unit to Market Guyana’s Crude for One Year
Guyana has granted a unit of Saudi Arabian Oil Co, known as Aramco, a one-year contract to market the government's share of the crude produced in the South American country, Vice President Bharrat Jagdeo told Reuters. The country in early September had awarded Aramco a contract to market a cargo scheduled for Sept. 21-22. Natural Resources... Continue Reading →
With a capacity of 1,338.30 MW, the UTE GNA I thermoelectric plant starts operating in Porto do Açu
(TNPetroleo) GNA - Gás Natural Açu, a joint venture formed by BP, Siemens, SPIC Brasil and Prumo Logística, controlled by EIG Global Energy Partners, announces that the National Electric Energy Agency (Aneel) released this September 16 ), all the generating units that make up the UTE GNA I for the start of commercial operation. Totaling... Continue Reading →
Karoon, Pitkin Settle Peru Differences
Australian oil and gas firm Karoon Energy has reached a settlement agreement with Pitkin Petroleum over a dispute related to Block Z-38, offshore Peru. Back in May, Pitkin Petroleum sent a notice of the dispute to Karoon Energy, related to the joint operating agreement in respect of Block Z-38, offshore Peru in which the two... Continue Reading →
SBM Offshore closes largest project financing in its history
FPSO operator SBM Offshore has completed the project financing of FPSO Sepetiba for a total of $1.6 billion, which is the largest project financing in the company’s history. The project financing was secured by a consortium of 13 international banks with insurance cover from Export Credit Agencies (ECA): Nippon Export and Investment Insurance (NEXI) and... Continue Reading →
Norway’s mature areas licencing round attracts bids from 31 oil & gas players
The Norwegian Ministry of Petroleum and Energy has received applications from 31 companies in connection with the Awards in Predefined Areas (APA) 2021 licencing round. The deadline for applications was 8 September, the Norwegian Petroleum Directorate (NPD) said on Wednesday. APA 2021 was announced on 9 June 2021. The aim is to grant new production licenses in the... Continue Reading →
Tullow Swings to Profit. CFO to Step Down
Africa-focused Tullow Oil's finance chief Les Wood will step down by the end of March, the oil and gas company said on Wednesday, after it swung back to profit in the first half of 2021. Tullow, which has been operating in Africa since 1986, said profit after tax came in at $93 million for the... Continue Reading →
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