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(Reuters) - Mexico's government on Wednesday proposed sharply reducing the tax burden for state oil firm Petroleos Mexicanos and forecast economic growth of 4.1% for 2022, as Latin America's second largest economy continues to recover from a COVID-19-induced slump. The finance ministry's 2022 draft budget, which it presented to Congress earlier in the day, laid... Continue Reading →
(Bloomberg) --Neptune Energy Group Ltd., the private equity-backed explorer, is considering options including a merger with Harbour Energy Plc that could create one of Europe’s largest independent oil and gas companies, people familiar with the matter said. Neptune, part-owned by Carlyle Group Inc. and CVC Capital Partners, is working with an adviser as it studies... Continue Reading →
(Reuters) - Oilfield service firms Schlumberger (SLB.N) and Baker Hughes (BKR.N) are counting on newer energy transition businesses like carbon capture and hydrogen fuel for growth, and expect these clean energy units to rival some of their more traditional units by the next decade, executives said on Wednesday. Schlumberger estimates that global investments for industries moving away from fossil... Continue Reading →
(Reuters) - Schlumberger NV (SLB.N), the world's leading oilfield service provider, expects to materially grow its margins and cashflow over the medium and short term horizons, Chief Executive Officer Olivier Le Peuch said on Wednesday. The company expects to reach adjusted EBIDTA margins of 25%, or a 500 basis point expansion from pre-pandemic levels, over that... Continue Reading →
Occidental Petroleum Corp on Wednesday said in a securities filing seven of its 10 offshore oil production platforms in the U.S. Gulf of Mexico remain offline since Hurricane Ida. Hurricane Ida tore through the Gulf of Mexico late last month knocking out some 80% of the region's offshore oil and gas production. Restarts have been... Continue Reading →
Oil prices rose on Wednesday, paring overnight losses, with producers in the U.S. Gulf of Mexico struggling to restart operations nine days after Hurricane Ida swept through. U.S. West Texas Intermediate (WTI) crude futures rose 27 cents, or 0.4%, to $68.62 a barrel at 0204 GMT, after sliding 1.4% on Tuesday following the Labor Day... Continue Reading →
BW Offshore, an Oslo-listed firm best know for its FPSO leasing business in the oil and gas sector, said Wednesday it had, together with U.S. renewable energy and utility company Invenergy, submitted bids to develop up to 5.4 gigawatts of offshore wind as part of the first offshore wind ScotWind leasing round in Scotland, UK. "Together, we... Continue Reading →
Guyana awarded a unit of Saudi Aramco a tender to purchase a portion of the country's oil production, and the two parties will likely enter into a one-year marketing deal, an official said on Tuesday. The South American country last month received bids from 15 companies aiming to market its allocation of light crude produced... Continue Reading →
(OE) Stronger hurricanes threatening the U.S. Gulf Coast energy hub are elevating the risks of oil spills from damage to area refineries, oil platforms and subsea pipelines, say experts. On Monday, the U.S. Coast Guard said it was investigating nearly 350 reports of spills in and along the Gulf after Hurricane Ida hit. Federal and state agencies... Continue Reading →
The Colombian Maritime Authority (DIMAR) has selected Fugro to carry out a joint environmental and exploration seep study in the Caribbean Sea. The project began in late August and is scheduled to complete in November. According to Fugro, the work will involve the acquisition, analysis and interpretation of seabed sediment samples and heat flow measurements... Continue Reading →
