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(OE) By David Linden Head of Energy Transition at Westwood Global Energy Group If we want to reach net zero by 2050, there is an increasingly high risk that some of the oil and gas infrastructure investments (i.e. in platforms, pipelines, processors, storage sites etc) made today will result in stranded assets. In other words,... Continue Reading →
Houston-based Occidental has agreed to sell its interests in two Ghana offshore fields for $750 million to Kosmos Energy ($550 million) and Ghana National Petroleum Corporation (GNPC) ($200 million). The sale to Kosmos closed upon signing and the sale to GNPC is expected to close in the fourth quarter of 2021. The transaction includes Occidental’s... Continue Reading →
(OM) Angola’s crude oil production has declined almost 30% in just six years, from 1.7 MMb/d in 2015 to just shy of 1.2 MMb/d in 2021, according to GlobalData. The company now expects further decline for the country through to 2025, which is forecast to see about 1.1 MMb/d – despite the multiple expansion projects that... Continue Reading →
(Offshore) Wood Mackenzie estimates that the global upstream industry could net a windfall of over $1 trillion if oil prices remain above the $50/bbl planning price. According to research director Kavita Jadhav, there are various ways the industry could invest the extra revenue. These include returning cash to shareholders, maintain spending on oil and gas, and... Continue Reading →
Following reports that a consortium between Brazil’s PetroRio and Vinci’s subsidiary Cobra has been chosen as the top bidder for Petrobras’ Albacora offshore oilfield, PetroRio is awaiting notification from Petrobras about the process while Petrobras has said there is still no decision about the winning proposal. Citing people with knowledge of the matter, Reuters reported on Thursday... Continue Reading →
(PetroNoticias) The first oil transfer operation of the FPSO Carioca – the first definitive production system installed in the Sepia field, in the Santos Basin pre-salt – destined oil for the production of oil products at the Henrique Lage Refinery (Revap ) and at the Paulínia Refinery (Replan), in São Paulo. The oil produced in... Continue Reading →
(Reuters) - Royal Dutch Shell (RDSa.L) warned on Thursday of a $400 million hit to third-quarter earnings from the damage caused by August's Hurricane Ida. However, in an update ahead of quarterly results this month, the oil major also flagged a boost to cashflows from soaring natural gas and electricity prices. Gas and power prices have been... Continue Reading →
Brazil state oil giant Petrobras has chosen a consortium of PetroRio SA and Cobra, a subsidiary of France's Vinci SA, as the top bidder for its Albacora offshore oilfield, four people with knowledge of the matter said. The PetroRio-Cobra bid topped a competing offer placed by a consortium composed of private equity firm EIG Global... Continue Reading →
(PetroleoHoje) Cade approved two 3R acquisitions in the Potiguar Basin: the purchase of shares issued by Duna Energia, which will make the oil company a full subsidiary of 3R, integrating the Ponta do Mel and Redonda fields in the portfolio; and the acquisition of a 50% stake in Galp in the Sanhaçu field. Both operations... Continue Reading →
DP World's subsidiary Drydocks World Dubai has started converting an Aframax tanker capable of carrying 700,000 barrels of oil to a Floating Storage and Offloading Unit (FSO) for Dixstone, part of Perenco. As part of the extensive modification and life extension work at the FSO Pargo project, Drydocks will apply a new hull coating, which... Continue Reading →
Brazil Energy Insight 