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(Reuters) - Brazil's central bank has put itself on the front line of the global battle against inflation, but its aggressive monetary tightening risks choking the economy. With annual inflation at 10%, the central bank will fail to meet its 3.75% central target this year and possibly next year's 3.50% goal too. A chronically weak... Continue Reading →
Hedge funds purchased crude after disruption to offshore production in the Gulf of Mexico lasted longer than expected, extending a drawdown of already-tight petroleum inventories. In the week to Sept. 14, hedge funds and other money managers purchased the equivalent of 41 million barrels in the six most important petroleum futures and options contracts, according... Continue Reading →
Three companies are working on a project to convert existing jack-up drilling rigs into offshore green hydrogen production units in the North Sea. Offshore engineering firm Aquaterra Energy, renewable hydrogen producer Lhyfe and offshore drilling contractor Borr Drilling have partnered up in the project called Project Haldane. The project envisions the development of an industrial-scale... Continue Reading →
(Reuters) - Royal Dutch Shell (RDSa.L) said on Monday it would sell its Permian Basin assets to ConocoPhillips (COP.N) for $9.5 billion in cash, an exit from the largest U.S. oilfield for the energy major shifting its focus to the clean energy transition. For ConocoPhillips, it is the second sizable acquisition in a year in the heart of the... Continue Reading →
(TNPetroleo) Oil States Brasil enters into a new contract with Petrobras for the maintenance and operation of dual bore completion risers, including accessories and peripherals such as elevator, spider, torque wrench, boxes, handling and test tools, adapters, pins, test caps, among others. The contract, which will last for 3 years, will all be performed in... Continue Reading →
Royal Dutch Shell Plc said on Monday it expected its crude transfer station in the Gulf of Mexico to be offline for repairs until the end of 2021 due to damages from Hurricane Ida. The facility, West Delta-143, serves as the transfer station for all the output from the company's assets in the Mars corridor... Continue Reading →
Karoon Energy sees strong growth prospects in Brazil, where it started producing oil last year, working to more than double output by 2023 and considering two options to develop another field by mid-decade, its chief executive said on Monday. Karoon produced an average of just over 13,000 barrels per day (bpd) in the eight months... Continue Reading →
(Reuters) - Deep in the Oman desert lies one of BP's more lucrative projects, a mass of steel pipes and cooling towers that showcases the British energy giant's pioneering natural gas extraction technology. The facility earned BP Plc (BP.L) more than $650 million in profits in 2019, according to financial filings reviewed by Reuters. Yet the oil... Continue Reading →
Petróleo Brasileiro S.A. - Petrobras announces its ambition to achieve net zero greenhouse gas emissions from operations under its control (scopes 1 and 2), and its intention to leverage its influence to achieve the same in non-operated assets, in a timeframe compatible with that established by the Paris Agreement. The decision is part of the... Continue Reading →
(Reuters) - Angolan state oil giant Sonangol registered a $4.1 billion net loss in 2020 as the COVID-19 pandemic hollowed out sales and the company struggles to lighten its large debt with asset sales, according to its annual results published this week. The company is the engine of Angola's economy and central to a state... Continue Reading →
