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(Reuters) China's CNOOC Ltd 0883.HK posted record annual net profit for 2021, with earnings nearly tripled from 2020, supported by rapidly rebounding oil and gas prices as global energy demand recovered from the pandemic. The state-controlled offshore oil and gas specialist posted a net profit of 70.32 billion yuan ($11.08 billion), versus 24.96 billion yuan... Continue Reading →
(WO/Bloomberg) — Argentina, home to some of the world’s vastest gas reserves, is bracing for the unthinkable: rationing one of its chief natural resources. Despite having shale-gas deposits to rival those in Appalachia, which made the U.S. a major exporter, Argentina's domestic gas production sector has suffered from years of underinvestment that has left it unable to meet... Continue Reading →
(OE) Mexican authorities have decided that Mexico's national oil company Pemex would become the operator of the giant Zama offshore field development, despite the fact that the discovery was made by the U.S. oil company Talos Energy back in 2017. Talos Energy said Monday it had received the final Unitization Resolution ("UR") from Mexico's Ministry of... Continue Reading →
(PN) The National Petroleum Agency (ANP) extended the first exploratory period in five blocks of the oil company in the Sergipe-Alagoas and Santos basins. The extra period was given within the context of ANP resolution 815/2020, which allows for the extension of certain contractual terms for the Exploration Phase for a period of nine months.... Continue Reading →
(Reuters) - Brazil antitrust watchdog CADE extended the deadline for Petrobras (PETR4.SA) to sell its refineries as part of obligations assumed by the company in an agreement to stimulate competition in the local oil refining market, the agency said on Wednesday. The new schedule for the sales was not disclosed by CADE in order not to prejudice... Continue Reading →
Brazil will increase its oil production by 300,000 barrels a day by the end of the year to help stabilize global energy markets. The information was revealed today by the Minister of Mines and Energy, Bento Albuquerque, during the opening ceremony of the Ministerial Meeting of the International Energy Agency (IEA), in Paris. The additional... Continue Reading →
(OM) In its Annual Energy Outlook 2022 (AEO2022) Reference case, the US Energy Information Administration (EIA) projects that US energy consumption will grow through 2050, primarily driven by population and economic growth. In this case, the EIA says that renewable energy will be the fastest-growing energy source through 2050, but that petroleum will have the largest... Continue Reading →
(Reuters) - ING Groep NV (INGA.AS) will no longer finance new oil and gas projects, its energy chief said, becoming the biggest bank yet to commit to such a step in the fight against climate change. The move by the Dutch financial services firm raises pressure on peers to heed a call by the International Energy Agency... Continue Reading →
(Reuters) Brazil this decade expects to gradually add 3 million barrels per day of oil and gas to its production but cannot speed up those plans to offset a ban on Russian oil, top oil regulator Rodolfo Saboia told Reuters last week. One of the largest and fastest-growing non-OPEC oil producers, the South American country... Continue Reading →
The National Petroleum Agency (ANP) approved the request for declaration of commerciality for Wahoo, in the Campos Basin, operated by the independent oil company PetroRio. The request had been filed by the company at the end of last year. The field is located in block C-M-101 and has 126 million recoverable barrels of oil (1C),... Continue Reading →
Brazil Energy Insight 