World Oil (Bloomberg) – bp Plc is preparing to drill a deepwater well in Brazil in the latest attempt to break a streak of bad luck by oil majors who have paid billions for exploration rights and have little to show for it. The London-based major is getting ready to drill at the Pau Brasil field in Brazil’s so-called pre-salt
Nasdaq HOUSTON – Exxon Mobil’s surprise challenge to Chevron’s acquisition of Hess through a dispute over a stake in a major Guyana oil field could prove fruitful for the U.S. oil giant, even if it does not end up enlarging its holdings in the South American country. Exxon XOM.N said on Monday it may exercise pre-emptive rights that could block Chevron CVX.N from acquiring
World Oil (Bloomberg) – Colombia’s state energy company, Ecopetrol SA, has determined that a natural gas deposit in the Caribbean Sea that officials were counting on to shore up the nation’s dwindling reserves is significantly smaller than initially estimated. Officials said Thursday that they are now reevaluating the discovery, named Orca-1. In the processes of working to verify its size,
World Oil (Bloomberg) – Guyana President Irfaan Ali called for the “immediate” development of its natural gas resources to make the South American country a regional energy powerhouse on top of its rapidly-growing oil exports. The government is requesting that companies propose strategies to produce more natural gas, Ali said at the Guyana Energy Conference & Supply Chain Expo in
World Oil (Bloomberg) – Argentina’s biggest oil company, state-run YPF SA, is planning a sweeping asset sale under President Javier Milei to sharpen its focus on shale production and boost its share price. The plan is part of a broader effort to streamline the company and increase its production and exports, according to a company official who asked not to
World Oil (Bloomberg) – Key Biden administration national-security officials traveled to Guyana on Sunday as the U.S. works to prevent the country’s dispute with Venezuela over oil and mineral riches from sliding into armed conflict. Jon Finer, the principal deputy national security adviser, and Juan Gonzalez, the White House National Security Council’s senior director for the Western Hemisphere, are continuing
World Oil (Bloomberg) – Oil prices could top $90 per bbl this year if attacks escalate on ships in the Red Sea, according to the top executive at Brazilian state-controlled oil giant Petroleo Brasileiro SA. “We have a very fragile neck there for the oil and gas business,” Chief Executive Officer Jean Paul Prates said in an interview on Bloomberg
World Oil (Bloomberg) – Venezuelan oil production at a four-year high is expected to decline quickly if the US follows through on threats to reinstate sanctions on the nation. The Biden administration on Tuesday said sanctions relief to Venezuela’s oil and gas sector will be allowed to expire on April 18, unless the government holds free and fair presidential elections.
Oil Price Brazil’s state oil major Petrobras is this year set to go on a shopping spree in wind and solar, its chief executive told Reuters this week. The company aims to build a portfolio of stakes in wind and solar projects to the tune of 2 GW, Jean Paul Prates told the news outlet in an interview. “The market will see
World Oil (Bloomberg) – The privatization of state-run oil company YPF SA is no longer included in the sweeping reforms President Javier Milei is trying to get approved by Argentina’s congress, according to a summary of the legislation circulated Monday by government officials. The bill, currently up for debate in Argentina’s lower house, was changed after negotiations by lawmakers. The
Nasdaq Dozens of companies have rushed in recent weeks to obtain data and join a U.S. court-ordered auction of shares in a parent of Houston-based oil refiner Citgo Petroleum, Venezuela’s foreign crown jewel, according to people familiar with the matter, as a first-round bidding is set to close on Monday. Several dozen groups, including investors, oil and gas companies, refiners
Oil Price Ecuador’s state-run oil company, Petroecuador, has declared force majeure on three more oil blocks due to protests by the indigenous Kichwa community, just days after doing the same for another block. The three blocks were jointly producing a total of about 142,000 barrels of oil equivalent before production fell to about 122,500 on Monday. The indigenous community has accused the company
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