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Oilfield services firm Baker Hughes Co said on Tuesday it will simplify its organizational structure by reducing its business units to two from four, starting October 1. The company added it expects to deliver at least $150 million in cost savings. The Houston, Texas-based firm said it will combine its Oilfield Services and Oilfield Equipment... Continue Reading →
(Reuters) - Chevron Corp has asked the U.S. government to expand its license to operate in Venezuela after the oil major agreed with state-run PDVSA to revamp joint ventures in the sanctioned country, six people close to the matter said. Chevron's authorization request is the California-based company's latest attempt to have a greater say in... Continue Reading →
(Reuters) - Progress to relaunch oil major Chevron Corp's (CVX.N) operations in Venezuela under U.S. sanctions on the country depends on licenses from Washington, Venezuelan oil minister Tareck El Aissami said on Tuesday. The U.S. Treasury Department in May renewed a license that allows Chevron to operate in Venezuela under very restrictive terms. The company had requested... Continue Reading →
(Reuters) - Most big Wall Street firms passed a test for business as usual in Texas last week when state Comptroller Glenn Hegar kept all but BlackRock Inc.(BLK.N) off a list of companies whose stance on boycotting oil and gas stocks could trigger divestment by public agencies. But top banks like Wells Fargo (WFC.N) and JPMorgan Chase &... Continue Reading →
(Reuters) - Trafigura has been prevented from bringing fuel to Mexico months after the lifting of import restrictions on the global commodities trader, federal court documents showed, underscoring the roadblocks that foreign energy companies continue to face. The Geneva-based company in April convinced a federal court judge in Mexico City to lift the suspensions, according... Continue Reading →
(WO) Latest analysis from Westwood Global Energy Group, a specialist energy market research and consultancy firm, reveals a healthy recovery roadmap for the global land rig market, driven by higher commodity pricing and mounting pressures around energy security. Westwood expects many regions to recover from the dramatic global downturn throughout 2020 better than previously expected. In... Continue Reading →
(Bloomberg) — U.S. shale producers are on course to make nearly $200 billion this year, enough to make the industry debt-free by 2024 and potentially fund a pivot toward more natural gas production, according to Deloitte LLP. High oil prices and disciplined capital spending mean American frackers are on course for their most profitable year... Continue Reading →
As global carbon capture, utilisation and storage (CCUS) capacity is nearing 1 billion tonnes per annum, the new U.S. energy bill – the Inflation Reduction Act (IRA) – is expected to boost the uptake further, however, Wood Mackenzie, an energy intelligence group, believes that more is needed to meet net-zero goals by 2050. Wood Mackenzie pointed out... Continue Reading →
(Reuters) - A Venezuelan man has been indicted for allegedly laundering the proceeds of inflated procurement contracts obtained via millions of dollars in bribes to officials at Venezuelan oil venture Petropiar, the U.S. Department of Justice said on Wednesday. Rixon Moreno, 46, allegedly received benefits including over $30 million in payments on contracts from Petropiar... Continue Reading →
(Reuters) - Exports of Mexico's newest crude are ramping up under Italy's Eni (ENI.MI) as U.S. refiners find it an apt replacement for banned Russian oil and one that complements domestic grades. The shipments, which started in April according to Refinitiv Eikon data, represent the first crude exports made by an oil company other than state firm... Continue Reading →
Brazil Energy Insight 