Friday, December 2, 2022

News

As Venezuela pumps below OPEC target, oil rivals begin filling gap

(Reuters) - As Venezuela’s dilapidated energy sector struggles to pump enough crude oil to meet the country’s OPEC output target, rival producers within the exporters group have started to plug the gap, OPEC and industry sources said. The South American...

If oil triggers loss of agriculture Guyana could face social, economic upheaval

As Guyana gears up to be a significant oil producer in the Caribbean and Latin American region, warnings about the potential neglect of other sectors, such as agriculture, and the resulting impact this could have on the country of...

Brazil’s Petrobras says O&G output for October topped 2.7 million boed

Petrobras said on Thursday that its total oil and natural gas output in October was 2.77 million barrels of oil equivalent per day (boed), of which 2.67 billion boed was produced in Brazil and 104,000 boed abroad. The average oil...

Total Chief would review Iran gas deal if new sanctions arose

French oil and gas major Total would have to review its Iran gas project if the U.S. decided to impose unilateral sanctions on Tehran, given the company’s assets in the U.S. market, its chief executive told CNN. The oil major...

Ecopetrol, Repsol acquire oil blocks in Gulf of Mexico

Colombia’s state-run oil company Ecopetrol ECO.CN, in partnership with Spain’s Repsol (REP.MC), has acquired four new blocks in the Gulf of Mexico for deep water oil exploration, Ecopetrol said on Friday. Ecopetrol’s U.S. subsidiary, Ecopetrol America Inc., and Repsol can...

Shell’s long-standing head of crude trading Muller quits

Royal Dutch Shell’s head of crude oil trading, Mike Muller, has stepped down after 29 years with the company, an internal announcement reviewed Nov. 17 by Reuters showed. Muller, one of the world’s most powerful oil traders, has relinquished his...

Oil climbs but still set for first fall in six weeks

(Reuters) Oil prices climbed on Nov. 17 but were still heading for their first week of losses in six, weighed down by Russian hesitation for extending a global pact to cut output and curb oversupply. Benchmark Brent crude oil was...

Rosneft drills world’s longest well

Russia-based Rosneft, as a member of Sakhalin-1 Consortium, successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently...

Guyana should start borrowing money now to fix crumbling infrastructure – Presidential Advisor

While Guyana will not receive revenue from oil production until 2020, Presidential Advisor on Petroleum, Dr. Jan Mangal, believes the South American country’s government can pursue loans now to begin fixing crumbling infrastructure. He said how oil revenue is ultimately utilized...

Siemens cutting 6,900 jobs in power & gas, other divisions

Siemens AG has announced that it will cut around 6,900 jobs worldwide in its Power and Gas Division (PG), Power Generation Services Division (PS) and Process Industries and Drives Division (PD) over the next ‘several years’. Most of the cuts,...

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Hess first oil company to enter three-quarter billion USD carbon credits deal with Guyana

Stabroek Block stakeholder, Hess Corporation, has committed to purchasing US$750 million in carbon credits from Guyana, kicking off a...