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Italian energy service group Saipem said it was unable to update its outlook for the year due to uncertainty over a project in Mozambique as it missed first-quarter expectations. Earlier this week French energy group Total declared force majeure on its $20 billion liquefied natural gas (LNG) project in Mozambique following insurgent attacks. "Evaluations in... Continue Reading →
In 1Q21, we kept a solid operating performance, even with the worsening of the COVID-19 pandemic in Brazil. The average production of oil, NGL and natural gas in 1Q21 was 2.77 MMboed, 3.1% higher than 4Q20, as P-70, installed in the Atapu field, continued to ramp-up, and due to lower losses with maintenance stoppages on... Continue Reading →
(Reuters) Royal Dutch Shell’s climate change strategy does not go far enough and investors should advise against it at an upcoming meeting, a UK pension funds group said on Wednesday. Shell has asked investors to vote on its energy transition strategy, although the vote is advisory only. read more Its plans call for reaching net zero... Continue Reading →
(OilPrice) As Guyana prepares to become a major oil production nation the spotlight is firmly on the Guyana-Suriname Basin and the former British colony’s neighbor Suriname. After decades of poor drilling results, ExxonMobil’s slew of large high quality oil discoveries in Guyana’s offshore Stabroek Block has reignited interest in the Guyana-Suriname Basin’s oil potential. Suriname,... Continue Reading →
U.S. oil producer Hess Corp (HES.N) on Wednesday swung to a profit in the first quarter despite lower production, as a winter storm boosted demand for natural gas, while steady COVID-19 vaccine rollouts aided a recovery in oil prices. Global crude prices have averaged around $61 in the first three months of the year, building on a... Continue Reading →
(Reuters) The transition from a fossil-fuel dominated energy system to one with zero emissions would require trillions of dollars of investment in new production, distribution and consumption equipment worldwide. New investments could support millions of new jobs in construction and manufacturing, but policymakers are struggling to decide whether to recover the costs from consumers or... Continue Reading →
Wintershall Dea posted a jump in first-quarter financial results thanks to record production and recovering oil and gas prices, the German-Russian producer said on Tuesday. Its earnings before interest, tax, depreciation, amortization, and exploration expenses (EBITDAX), a standard oil industry measure, rose to 704 million euros ($850.22 million) in the three-month period, up 47% year-on-year.... Continue Reading →
(TNPetroleo) Government representatives, MME's Secretary of Petroleum and Natural Gas, José Mauro Ferreira Coelho, and the director general of ANP, Rodolfo Saboia, defend the program for the sale of the Petrobras refineries. "We think that divestment in refining is fundamental to create the new market," said Coelho. The secretary argues that, without new investments in... Continue Reading →
( TNPetroleo) Pre-Sal Petróleo (PPSA) is holding an international bidding this Wednesday, the 28th, at 10 am, for the contracting of a trading agent for the Union share of oil from the Individualized Area of Tupi. The contract will run for five years and is expected to sell 4 million barrels of oil at an... Continue Reading →
(OE) U.S. oil major ExxonMobil said on Tuesday it made an oil discovery at the Uaru-2 well in the Stabroek Block offshore Guyana. Uaru-2 will add to the previously announced gross discovered recoverable resource estimate for the block, which is currently estimated to be approximately 9 billion oil-equivalent barrels, ExxonMobil said. Drilling at Uaru-2 encountered... Continue Reading →
