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(Offshore Energy) Oil and gas giants BP and Eni have signed an agreement to form a new 50/50 independent company in Angola through the combination of the two companies’ Angolan businesses. The new company will be named Azule Energy and it is expected to be Angola’s largest producer. The agreement follows the memorandum of understanding between the... 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) - Brazilian President Jair Bolsonaro criticized stiff price hikes for gasoline and diesel by state-controlled oil company Petrobras on Saturday, saying the firm had reported an "absurd" amount of profit. He said, however, he would not interfere in the pricing policy of the company, formally known as Petroleo Brasileiro SA. Petrobras on Thursday said... Continue Reading →
(Reuters) - Oil prices shed as much as $4 a barrel on Monday, extending last week's decline as diplomatic efforts to end the war in Ukraine geared up and markets braced for higher U.S. interest rates. Brent crude futures were last down by $3.81 or 3.4% at $108.86 a barrel at 0741 GMT on Monday.... Continue Reading →
(Reuters) - Petroecuador, Ecaudor's state-owned oil company, on Friday said it will look to double production to 800,000 barrels of oil equivalent per day (boed) in the next five years, which will need private sector investment worth some $12 billion. To achieve the goal, Petroecuador hopes to team up with private-sector oil companies via consortia... Continue Reading →
(Reuters) - Venezuela's oil output could rise by at least 400,000 barrels per day (bpd) if the United States authorizes requests by state-run PDVSA's partners to trade Venezuelan crude, the country's petroleum chamber said on Friday. The increase would allow the OPEC member's oil production, which in January averaged 755,000 bpd according to official figures,... Continue Reading →
(Portos e Navios) Petrobras extended the deadline for the pre-qualification process for companies to supply new FPSOs under the EPC (Engineering, Procurement and Construction) regime, with a capacity for 180,000 bpd and 7 million m³/day of gas. The new date, set for March 18, should not be postponed again. The oil company does not specify... Continue Reading →
(PetroleoHoje) Petrobras obtained the environmental license from Ibama for the project to revitalize the Marlim and Voador fields, in the Campos Basin. The authorization is valid for five years. TechnipFMC will be responsible for supplying up to eight manifolds for the project, while NOV and Baker will supply 448 km of flexible lines – 280... Continue Reading →
(Reuters) Eni and BP are near a deal to raise around $2.5 billion in financing to merge their oil and gas operations in Angola and close to a separate agreement for Eni to buy stakes in Algerian gas plants, three sources told Reuters. The two companies last year announced plans to combine their Angolan businesses into a... Continue Reading →
(Reuters) - Brazil's Senate approved on Thursday two bills aimed at curbing fuel price hikes with subsidies and tax exemptions, a positive move potentially for state-run oil company Petrobras , but one that could add stress to the government's stretched finances. One bill would set an acceptable range for domestic fuel prices. If international prices... Continue Reading →
Brazil Energy Insight 