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(Reuters) Venezuela's state-run oil company PDVSA is offering to sell up to 1 million barrels of Corocoro crude through an intermediary, sources said on Wednesday, which could become the first sale of that grade in two years. Since Washington temporarily eased oil sanctions on the country last month, PDVSA has been allocating spot cargoes of... Continue Reading →
(Reuters) Chevron’s deal to buy Hess will unlock $15 billion worth of tax benefits that had once been relegated to the accounting dustbin, as the combined company takes advantage of Hess’s past losses to cut future payments, according to the company and tax experts. The tax shield is a little-known advantage to Chevron's mega-takeover of Hess... Continue Reading →
(OW) Ørsted’s Chief Financial Officer (CFO) and Chief Operating Officer (COO) are leaving the company, and with immediate effect, as a result of “a challenging and volatile business environment” in the industry, according to the offshore wind major. Ørsted is already head-hunting for the new CFO and COO. Daniel Lerup and Richard Hunter, Ørsted’s now-former CFO and... Continue Reading →
(OET) U.S.-headquartered energy giant ExxonMobil has started production from its third oil development at the Stabroek block offshore Guyana, boosting total production capacity in the country to approximately 620,000 barrels per day. ExxonMobil made a final investment decision to proceed with the Payara field development, Guyana’s third offshore oil development on the Stabroek Block, at the end of September... Continue Reading →
(OW) Siemens Gamesa has discontinued its plans to build and operate an offshore wind turbine blade manufacturing plant in Virginia, US. The company’s USD 200 million (about EUR 187 million) manufacturing plant was planned to be built at the Port of Virginia’s Portsmouth Marine Terminal. It was intended to support major US offshore wind projects,... Continue Reading →
(OET) Italy-headquartered cabling giant Prysmian Group has revealed strong results for the first nine months of 2023, with new orders year-to-date amounting to approximately €13 billion, including projects for which the Italian player has been selected as the preferred bidder. This was driven by energy transition and electrification, which are expected to remain long-term growth... Continue Reading →
(TN) Equinor signed an agreement with Denham Capital to acquire Rio Energy, a leading company in onshore renewable energy in Brazil. The transaction includes selected assets and employees, while Denham Capital will retain certain assets. With this acquisition, Equinor reinforces its position as an energy company in the Brazilian market. "Through Rio Energy, Equinor will... Continue Reading →
(Reuters) Denmark's Orsted is still "committed" to developing offshore wind farms in the United States despite the company's cancellation of two projects off the coast of New Jersey, White House senior advisor John Podesta told Reuters on Monday. Podesta spoke with the company after its shock decision last week, he said in an interview. The... Continue Reading →
(OW) Several days ago, Ørsted called it quits on the Ocean Wind 1 offshore wind farm in the US, with some of the main issues leading to the decision to abandon the project being supply chain bottlenecks, primarily vessel shortages. This has affected not only the now-dropped Ocean Wind 1 but also the company’s Revolution... Continue Reading →
(Reuters) - Venezuela's state-owned PDVSA is in talks with local and foreign oilfield firms to hire equipment and services that would allow it to revive depressed output, sources close to the meetings said, after the U.S. relaxed sanctions on the country. The U.S. Treasury Department in October authorized for six months the production and export of Venezuelan... Continue Reading →
Brazil Energy Insight 