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(oilnow.gy) Since 2015, Guyana has emerged as the global leader in oil discoveries, with unmatched volumes boosting its position in the energy sector, according to Rystad Energy. The Norway-based intelligence company ranked Guyana against 19 other countries. They estimate that Guyana’s recoverable resource is over 13 billion barrels of oil equivalent (boe) since the initial... Continue Reading →
(oilprice.com) Rosneft has denied reports that there were plans to consolidate the country’s biggest oil companies into one entity, the company said in a statement. Rosneft cited an “unprecedented amount of coverage in foreign media alleging imminent consolidation of assets in the Russian oil industry with a direct hint on Rosneft's intention to take over the... Continue Reading →
(Reuters) - China National Petroleum Corp (CNPC), Asia's largest oil and gas producer, has over the past three decades built a global portfolio with assets in 33 countries. The company's overseas production exceeded 100 million metric tons, or 2 million barrels per day of oil equivalent, for the first time in 2019 and has since... Continue Reading →
(RZ) The European Commission (EC) is allotting up to $7.43 billion (EUR 6.9 billion) in public funding for hydrogen infrastructure projects. The EC approved the third Important Project of Common European Interest (IPCEI), which aims to boost the supply of renewable energy in the European Union (EU), reduce dependence on natural gas, and help achieve... Continue Reading →
(Argus) Brazilian and Guyanese medium sweet grades have replaced Russian Urals in Europe and are unlikely to face competition from other crude producing Latin American countries, according to Gustavo Hooper, head of trading and shipping at Brazilian independent Prio. "After the changes with the Russia and Ukrainian war, China lost a bit of the market... Continue Reading →
(Bloomberg) President Luiz Inacio Lula da Silva, who has long tried to position himself as an independent arbiter in global conflicts, now faces the uncomfortable task of mediating a crisis between Brazil’s northern neighbors Venezuela and Guyana. Escalating tensions over Essequibo, an oil-rich region roughly the size of Florida that’s controlled by Guyana but claimed... Continue Reading →
(Reuters) Wintershall Dea on Monday reported that its third-quarter net profit slumped 86% year-on-year due to weaker oil and gas prices, unplanned maintenance outages in Norway and the costly loss of Russian business. The company's earnings showed that adjusted net income totalled 61 million euros ($64.4 million) in the three months to September, compared with... Continue Reading →
(Bloomberg) An oil tanker carrying Russian crude is now approaching the coastline of Brazil after 16 days of journey from a terminal in the Arctic sea. The Aframax-class tanker Stratos Aurora is now about 500 miles from the Latin American country’s waters, according to ship tracking data compiled by Bloomberg. It loaded about 650,000 barrels... Continue Reading →
(Reuters) - Brazilian state-run oil firm Petrobras (PETR4.SA) will double down on its strategy to maximize motor fuel from its local refineries even as it boosts imports of cheap Russian diesel, the company's top executive told Reuters on Monday. The comments from CEO Jean Paul Prates follow June data showing that Brazil's foreign diesel purchases rose sharply in... Continue Reading →
(Reuters) The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+ which pumps around 40% of the world's crude, agreed on a new oil output deal on Sunday. Saudi Arabia, the group's biggest producer, will make a deep cut to its output in July on top of a broader... Continue Reading →
Brazil Energy Insight 