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London-listed Tullow Oil and Capricorn Energy, formerly known as Cairn Energy, have reached an agreement on the terms of a recommended all-share combination of Tullow and Capricorn to create what they say will be “a leading African energy company.” The two companies revealed on Wednesday that it is intended that the combination will be implemented by... Continue Reading →
(OE) Italian energy services group Saipem has agreed to sell its onshore drilling business to Britain's KCA Deutag (KCAD) for $550 million, as it strives to bolster its finances after a profit warning and focuses on offshore drilling. Asset sales and a 2 billion euros ($2 billion) new share issue are part of Saipem's efforts... Continue Reading →
(Reuters) Brazilian President Jair Bolsonaro, seething about fuel prices as his poll standings slip ahead of October's presidential election, has intensified his calls to shake up the board and management of state-run oil company Petrobras. But it will take at least 45 to 60 days to complete the necessary procedural and bureaucratic steps to install... Continue Reading →
(Reuters) - Mexico's heavily indebted state oil company Pemex said on Tuesday it will cover $2 billion in debt with suppliers and contractors through a peer-to-peer refinancing program that will offer the firm's 2029 global notes with an 8.75% coupon. Pemex said it "structured a mechanism to exchange commercial debt for financial debt, an attractive... Continue Reading →
(Reuters) - As liquefied natural gas (LNG) producers try to take advantage of a global energy shift triggered by Europe's move to become independent from Russian gas, Latin America's only two LNG exporters are moving in opposite directions. In Peru, LNG shipments are ramping up fast with special emphasis on Europe, where a combination of... Continue Reading →
Tenaris, a company manufacturing pipes and related services for the global energy industry, has informed that an Italian court has dismissed a case against Tenaris’s Chairman and Chief Executive Officer and two other Board members over allegedly improper payments in Brazil. Tenaris said it had been advised that the Milan court of first instance overseeing... Continue Reading →
(Reuters) Oil prices extended gains on Tuesday after the EU agreed to slash oil imports from Russia, fueling worries of a tighter market already strained for supply amid rising demand ahead of peak U.S. and European summer driving season. Brent crude for July, which expires on Tuesday, rose $2.19, or 1.8%, to $123.86 a barrel... Continue Reading →
(Reuters) - Malaysia's state energy firm Petronas (PETR.UL) on Tuesday posted higher profit of 23.4 billion ringgit ($5.35 billion) for its first quarter, in tandem with greater revenue following an upward trend in prices. Revenue rose almost 50% to 78.8 billion ringgit in the January-March quarter, mainly due to the price impact for major products,... Continue Reading →
Energy industry expert and assurance firm DNV has partnered up with 25 industry giants in a Joint Industry Project (JIP) aimed at enhancing technology development for floating offshore wind substations, with particular attention to how export cables and topside equipment tolerate movements of a floating substructure. The objective is to align industry best-practice allowing for... Continue Reading →
(Reuters) Suriname's state oil company Staatsolie plans to hold an auction for deepwater offshore blocks at the end of 2022 and another for shallow water blocks in mid-2023, the company's managing director told Reuters. The South American nation is a small onshore crude producer that is hoping to begin offshore output but has yet to... Continue Reading →
Brazil Energy Insight 