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(Reuters) - OPEC+ has produced less oil than its agreed output targets, drawing scrutiny from the United States and other major consumers which want more crude from the group. read more The International Energy Agency (IEA) said OPEC+ production was below its target in both September and October by more than 700,000 barrels per day (bpd)... Continue Reading →
(Reuters) - Barclays raised its 2022 oil price forecasts on Tuesday as it expects a faster-than-expected inventory drawdown and cautious supply response to offset a modest surplus next year. The bank raised its 2022 average price forecast by $3 to $80 and $77 per barrel for Brent and West Texas Intermediate (WTI) respectively. Oil prices... Continue Reading →
(Reuters) - Oil prices dropped by more than 1% on Tuesday ahead of the expected release of U.S. crude reserves to cool the market while resurgent COVID-19 cases in Europe also weighed on demand. The United States' planned release of emergency oil reserves is part of a plan that President Joe Biden's administration has hashed... Continue Reading →
(Reuters) - Siemens Energy (ENR1n.DE) and conglomerate Andrade Gutierrez (AGIS.UL) have won 1 billion euro ($1.1 billion) contract to build a 1.7 gigawatt combined cycle power plant in Brazil, the German group said on Tuesday. The contract has been awarded by Gas Natural Acu (GNA), a joint venture of Siemens Energy, BP (BP.L), Prumo Logistica and China's State... Continue Reading →
(Reuters) - Royal Dutch Shell (RDSa.L) has launched talks with investors to secure support for its plan to relocate its headquarters from the Netherlands to Britain, sources said, as a leading advisory recommended backing the move at a December vote. Shell said this month it would scrap its dual Anglo-Dutch share structure and move its head office to London... Continue Reading →
(OE) Design and engineering consultancy Houlder said Tuesday it was supporting Subsea Micropiles, a company adapting land-based micropiling technology to create superior marine foundation and anchor solutions. Houlder is providing marine operations and engineering support to speed up market development and the deployment of Subsea Micropiles’ technology."Innovative foundation technology is essential to reducing costs and... Continue Reading →
Guyana is getting ready to raise requirements on oil operators to protect the nation against spills and future removal costs of production platforms, the head of its environmental agency told Reuters. Guyana currently requires financial assurance, a type of insurance, to cover emergency responses to accidents. Financial assurance is also used at times in some... Continue Reading →
PJ Valves (PJV), a manufacturer and supplier of valves for the energy industry, has secured orders to supply valves for two FPSOs in Brazil. One of these FPSOs is planned to be one of the largest offshore oil producing units in the world. The FPSO, destined for the Buzios field, will have daily processing capacity... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, regarding the news published in the media about the negotiation for the sale of Braskem preferred shares, clarifies that, as disclosed on June 8, August 9, 20 and 30, and October 1, its stake in Braskem is still part of the assets contemplated in its portfolio management. Petrobras maintains its... Continue Reading →
Colombia will look to add 3 billion barrels of oil equivalent (boe) to its hydrocarbon reserves by 2040, Armando Zamora, president of the national hydrocarbons agency (ANH), said on Friday. The addition of these reserves will guarantee Colombia's energy self-sufficiency said Zamora, who spoke during the final day of a virtual forum hosted by the... Continue Reading →
