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(Reuters) - China Petroleum & Chemical Corp (600028.SS), better known as Sinopec, is planning its highest capital investment in history for 2022 after recording its best profit in a decade, echoing Beijing's call for energy companies to raise production. Sinopec expects to spend 198 billion yuan ($31.10 billion) in 2022, up 18% from a year ago,... 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 →
(PetroleoHJoje) The Maersk Developer rig, chartered to execute Karoon's intervention campaign in Baúna, in the Santos Basin, is already on its way to Brazil. The Maersk unit, which left Trinidad & Tobago last week, is expected to arrive in the country in the second half of April. The semi-submersible Maersk Developer will start campaigning in... Continue Reading →
PetroRio inaugurated a new power generation system at FPSO Bravo, which is installed in the Polvo and Tubarão Martelo fields, in the Campos Basin. The production of electricity at the unit will be made with natural gas produced at the complex, replacing diesel. The novelty promises to bring environmental gains, with reductions in the burning... Continue Reading →
(Reuters) - A group of oil and gas "mini-majors" are emerging among U.S. shale producers, built from aggressive dealmaking that industry players expect will accelerate on strong commodity prices and the retreat of Europeans from U.S. onshore production. The players, including Devon Energy Corp , EQT Corp (EQT.N), Continental Resources (CLR.N), Pioneer Natural Resources (PXD.N) and Diamondback Energy ,... Continue Reading →
(Reuters) - Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is due to rise 70,000 barrels per day (bpd) to a record 5.208 million bpd in April, the U.S. Energy Information Administration (EIA) said in its productivity report on Monday. Total output in the major U.S. shale... Continue Reading →
(OE) Oil and gas company Eco Atlantic has agreed to acquire 100% of Toronto-based JHI Associates Inc. ("JHI"), including JHI's 17.5% stake in the Canje Block offshore Guyana. The Canje Block, offshore Guyana, is directly adjacent to the prolific Stabroek Block where ExxonMobil has discovered more than 10 billion barrels of oil. ExxonMobil operates the Canje Block... Continue Reading →
(Reuters) - Last year, when Brazilian President Jair Bolsonaro sacked the head of state-run oil company Petrobras amid a spat over domestic fuel prices, the market reaction was apoplectic. Preferred shares in the firm plummeted 22% in a day. Analysts quickly downgraded a slew of Brazilian assets from state banks to sovereign debt. Many investors... Continue Reading →
(Reuters) - Within hours of Moscow launching its invasion of Ukraine, BP’s chief executive summoned his senior team to discuss the limited options for its Russian operations, including separating the British energy giant’s stake in Russian oil firm Rosneft or exiting completely, according to three senior BP executives. Bernard Looney made it clear at the... Continue Reading →
Brazil Energy Insight 