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(Reuters) - Exxon Mobil on Friday posted its biggest quarterly profit in more than a year that also topped analysts' estimates as demand for oil, gas and chemicals rebounded, quelling some investor concerns over its recent weak performance. The company's first results following a contested board fight over its direction highlighted how oil producers are taking... Continue Reading →
Brazilian oil and gas company PetroRio has been granted a royalty rate reduction for the Tubarão Martelo field by the country’s authorities in an effort to incentivize investment in revitalization. Brazil’s National Petroleum, Gas and Biofuels Agency (ANP) approved PetroRio’s Development Plan for the cluster consisting of the Polvo and Tubarão Martelo offshore fields, the... Continue Reading →
(Reuters) - Norway's Equinor (EQNR.OL) and France's TotalEnergies (TTEF.PA) have agreed to sell their stakes in Venezuela's onshore Petrocedeno project to a unit of state oil firm PDVSA, which will become the sole owner, Equinor said on Thursday. TotalEnergies separately confirmed the transaction and said it would mean a loss of $1.38 billion for the French company. Prior to... Continue Reading →
(Reuters) - Europe's top energy companies signalled confidence in a lasting recovery from the pandemic impact by drawing on higher oil prices to boost shareholder returns and reassure investors as they roll out risky climate strategies. After swiftly cutting spending and jobs in response to the unprecedented collapse in energy demand last year, executives from... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, following up on the releases disclosed on 07/10/2020 and 12/30/2020, informs that it has signed a contract with the company Compass Gás e Energia S.A. (Compass) for the sale of all its stake (51%) in Petrobras Gás S.A. (Gaspetro). The sale value is R$ 2.03 billion, to be paid at... Continue Reading →
TotalEnergies and APA Corporation have encountered oil in the Sapakara South-1 well on Block 58 off the coast of Suriname. This announcement follows previous discoveries at Maka Central, Sapakara West, Kwaskwasi, and Keskesi, making it TotalEnergies’ fifth discovery off Suriname. Located four kilometres southeast of the Sapakara West-1 discovery, Sapakara South-1 was drilled in a water depth of about... Continue Reading →
Royal Dutch Shell boosted its dividend and launched a $2 billion share buyback program on Thursday after a sharp rise in oil and gas prices drove second-quarter profits to their highest in more than two years. As profits across the industry recovered from last year's pandemic-led collapse in energy demand, peers TotalEnergies and Norway's Equinor... Continue Reading →
(Reuters) - U.S. oil output could take more than four years to reach pre-pandemic levels, oil producer Hess Corp (HES.N) said on Wednesday, sticking to its spending plan despite rising demand to focus on shareholders returns over growth. U.S. crude prices have jumped over 50% this year but in a departure from previous boom cycles, shale producers... Continue Reading →
(Reuters) - Mexico's state oil company Petroleos Mexicanos (Pemex) on Wednesday reported net profit of $722.5 million in the second quarter, swinging from a loss in the same period last year thanks to higher crude prices and production. The company said the 14.4-billion-pesos profit was due to higher income from international sales, which doubled from... Continue Reading →
ICR Integrity (ICR), an industrial maintenance and integrity company, has partnered up with Guyana-based Panthera Solutions (Panthera) to deliver its Technowrap and Quickflange technologies and other solutions and the booming oil and gas market in the region. Panthera provides fabric maintenance and deck services to offshore energy companies and their suppliers and employs a local... Continue Reading →
Brazil Energy Insight 