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(Reuters) - A new battle for control of Citgo Petroleum, the eighth largest U.S. oil refiner and Venezuela's foreign crown jewel, could soon be unleashed under a proposed management shake-up by the South American country's opposition lawmakers. The revamping would come despite the company posting strong profits after two years of losses and could lead... Continue Reading →
Equinor's Hywind Tampen floating wind farm in Norway will become operational this year, becoming the world's largest floating wind farm, however, it will not be as big as planned, at least not in 2022, due to steel quality issues found in four of 11 turbines. Namely, as previously reported, Equinor is developing the 11 turbine... Continue Reading →
(Reuters) - A pool of banks will have to buy shares worth at least 400 million euros ($401 million) in Saipem (SPMI.MI) after a cash call by the Italian energy services firm failed to raise the 2 billion euro target it was seeking from investors. Saipem SpA said on Monday it had raised only around 1.4 billion... Continue Reading →
(OEM) With two-thirds of global resources in their hands, seven National oil companies (NOCs) own the lion’s share of remaining discovered oil and gas resources, says Wood Mackenzie, an energy intelligence group. Following Russia’s attack on Ukraine, the outlook for the supply, demand, and price of hydrocarbons is constantly shifting, leading to a rewriting of energy trade... Continue Reading →
(OEM) London-based and Oslo-listed oil and gas company Panoro Energy has completed the sale of its interest in the Offshore Mining Lease no. 113 (OML 113) offshore Nigeria to Oslo-listed PetroNor. Back in October 2019, the two oil and gas players entered into a sale agreement, enabling PetroNor to buy out Panoro’s interest in OML 113, including... Continue Reading →
Africa-focused Tullow Oil said on Wednesday it expected to make $200 million in free cashflow this year at an average oil price of $95 a barrel, adding that it sees no cashflow in the first half after an arbitration payment and an acquisition. Tullow said a shareholder prospectus for its planned merger with Capricorn Energy... Continue Reading →
(WO) The Global Underwater Hub (GUH) says floating offshore wind represents the greatest opportunity for the £8 billion ($9.5 billion) subsea industry in the UK this generation and must not be missed. The new strategic, intelligence-led organization, set up to transform the UK’s underwater industry into one of the largest and fastest-growing industries in the... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 06/03/2022, informs the beginning of the non-binding phase for the sale of its entire 18.80% stake in the company UEG Araucária S.A. (UEGA), located in the state of Paraná. Potential buyers qualified for this phase will receive a process letter containing detailed information... Continue Reading →
(Reuters) - Brazil’s Economy Minister Paulo Guedes said on Tuesday that state-owned oil firm Petrobras' (PETR4.SA) frequent updating of fuel prices may not be the "best tool" for the economy and consumers. Speaking at a Senate committee hearing, he stressed that oil prices are currently at the same level as in February and that the company may... Continue Reading →
Alberto Ferrin was nominated the new president of the oil company in the Brazil. With ExxonMobil for more than 15 years, Ferrin has held a variety of roles with the company in exploration and production around the world, including leadership positions in West Africa, Australia, the United States and Mexico. “Brazil remains a strategic country... Continue Reading →
Brazil Energy Insight 