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The secretary of oil and natural gas of the Ministry of Mines and Energy, José Mauro Ferreira, announced that the government should approve in December the so-called Promar – Mature Offshore Fields Revitalization and Incentive Program. The announcement was made during the opening of the Mossoró Oil & Gas event in Rio Grande do Norte.... Continue Reading →
The European Union unveiled plans on Thursday to transform its electricity system to rely mostly on renewables within a decade and increase its offshore wind energy capacity 25-fold by 2050. Renewable sources like wind and solar provide roughly a third of EU electricity today, but the EU says that share will need to expand to... Continue Reading →
Oilfield services provider Halliburton Co said on Thursday it would set greenhouse gas emission reduction targets in line with what the latest climate science outlines is necessary to meet the goals of the Paris Accord. The announcement comes as the global energy industry faces intense pressure from investors worried about the climate impact of fossil... Continue Reading →
(Reuters) - The Trump administration’s final sale of oil and gas leases in the Gulf of Mexico generated nearly $121 million in high bids on Wednesday, an improvement from the last government auction held just as the coronavirus pandemic was beginning to depress world demand for fuel. The sale was the last before the January... Continue Reading →
The Trump administration on Wednesday will offer all available areas in the Gulf of Mexico for auction to oil and gas companies in its final offshore sale before the January inauguration of President-elect Joe Biden, a Democrat who has pledged to ban new drilling on federal lands and waters. The Bureau of Ocean Energy Management, an arm... Continue Reading →
Suriname's Staatsolie has offered eight offshore exploration blocks in the shallow waters off the coast of South America's smaller country up for bidding. Staatsolie, the national oil company of Suriname, said the blocks, covering around 13,524 km2, are located in the currently unlicensed and underexplored shallow offshore acreage of Suriname. The blocks are located in... Continue Reading →
(Reuters) - Oil firm Equinor EQNR.OL expects global oil demand to peak by around 2027-2028, two-free years earlier than the company previously saw, as a result of the COVID-19 pandemic, it said on Tuesday. There is no agreement on when oil demand could peak, but expectations weigh on oil companies’ plans to explore for and develop new... Continue Reading →
The compliance of OPEC+ with oil production cuts in October was seen at 101%, three OPEC+ sources told Reuters on Friday, maintaining a strong level of adherence to their supply-cut pact. The compliance assessment will be reviewed and confirmed by a meeting of the OPEC+ Joint Technical Committee on Monday, one of the sources said. The Organization... Continue Reading →
The UK Serious Fraud Office (SFO) said on Thursday it had secured just under 1.2 million pounds ($1.6 million) from a Brazilian national implicated in Brazil's "Operation Car Wash", the country's biggest bribery investigation that began in 2014. The SFO said it opened a civil recovery investigation into Julio Faerman in 2015 after the former... Continue Reading →
While offshore Brazil, Guyana and to a lesser extent Suriname are gaining the lion’s share of attention when it comes to South American offshore oil, with opportunities opening-up in Colombia. The Andean country’s Caribbean coast is believed to hold considerable oil and natural gas potential. It was with much fanfare that Diego Mesa, Colombia’s Minister of Mines and... Continue Reading →
