Brazil's Petrobras could include Colombia gas project into 2027-2031 plan.
Petrobras, Brazil's state oil company, may include the Sirius offshore gas project in Colombia as part of its production curve that will be revealed later this year in the 2027-2031 Business Plan. She said that Petrobras had'made progress towards obtaining the licence,' but still needed to 'conclude consultations with local community members. It is the operator of the project, with a 44.4% share along with Colombian Ecopetrol. Anjos stated that the project envisages the construction of a pipeline to transport gas directly from the seabed to the coast…
As the Gulf crisis worsens, Bangladesh and Pakistan are affected by energy disruption
Parvin Akter, the chef of Dhaka in Bangladesh's capital, adjusts her cooking according to the availability of gas pipes in the area. Due to a global energy crisis, gas is now intermittently available. She sometimes has to wait till midnight to prepare her meal. Even switching to an Induction Cooker has not helped as power outages can often leave food uncooked. In Pakistan, more than 2,000 km (1,200 miles), on the other side South Asia, the government?started? a fuel subsidy on Wednesday in order to reduce the sharp increase in fuel prices.
German energy company SEFE increases gas storage to ensure winter reserves
SEFE, the German state-owned company that owns SEFE, said Wednesday it has independently increased its natural gas storage levels. This comes as Europe enters winter with lower inventories than in recent years. Germany and other European countries are scrambling for a way to replenish their depleted gas reserves before the winter months. Middle East supply disruptions tighten up the global market, pushing up prices and costs. An earlier government source said that Katherina Reiche…
French strike at Dunkirk LNG Terminal reduces capacity
Fluxys' data shows that a?24-hour strike in France’s power sector is expected to?reduce delivery capacity at?the Dunkirk liquefied natural gas terminal?to 4 gigawatt hours per day as of 0700 GMT Tuesday. Fluxys' data shows that the terminal delivers at least 9.4 GWh a day. The unions at the state-owned EDF, Fluxys (a Belgian gas terminal operator) and Elengy (a French gas terminal operator) have called a strike on Tuesday to protest a French Court of Auditors recommendation to reduce employee benefits like?access to cheaper electricity.
Chevron targets Argentina and Mediterranean for global LNG expansion, deal with India
Freeman Shaheen, the President of Global Gas at Chevron, said that the company is looking to expand the global gas portfolio to include Argentina and the Mediterranean in order to meet the growing demand from buyers who are concerned about the security of energy due to the Middle East crisis. The global gas market has experienced two major disruptions over the last four years. The Ukraine conflict in 2022, and the Iran conflict in this year have cut off supply from Russia and Qatar. This has pushed up the price of liquefied gas.
Australia relaxes the east coast gas reservations rule for LNG exporters and delays start in 2028
Australia relaxed slightly on Thursday a proposed rule that would have "forced" energy exporters to set aside a fixed amount of natural gas (?20%) for its East Coast market. Instead, they were required to reserve as much as a fifth. The Energy Minister Chris Bowen stated that exporters can provide up to an additional 200 petajoules per year. This is more than enough for the energy market operator to be able to meet the potential shortfalls up to 140 petajoules.
Australia relaxes East Coast Gas Reservation Rule for LNG Exporters
Australia relaxed slightly on Thursday a proposed rule which would have forced energy exporters 'to reserve a fixed 20% of natural gas for its East Coast market, but instead required them to reserve as much as a fifth. Energy Minister Chris Bowen stated that exporters could provide an additional 200 petajoules per year. This would be more than enough to prevent the potential shortfalls predicted by the energy market operator. Bowen, in a press release,…
European Investment Bank lends Elia EUR1 Billion for Princess Elisabeth Energy Island
The European Investment Bank has granted a EUR1billion ($1.2billion) credit facility to Belgian electricity transmission network operator 'Elia' for its Princess Elisabeth Island energy project in North Sea. The artificial island will be located 45 km off the coast of Belgium. It is Elia's flagship project and will act as a major piece of offshore grid infrastructure that will connect future offshore wind farms with the Belgian grid. The EIB stated that the EUR1 billion loan it made was the largest ever for an energy infrastructure in the Benelux area.
Eni, the Italian energy company, doubles its efforts in Venezuela to recover debt
Analysts said that the Italian oil company Eni improved its chances to'recover more than $2.3bn owed by Venezuela' with the signing of a new oil project deal in the country this week. Eni has collected these receivables after nearly three decades of doing business in Venezuela. Eni was faced with a difficult choice as Washington and Caracas reopened Venezuela's oil industry to international investors this year. It could either deepen its commitment or risk worsening their chances of recovering their claims…
Eni, the Italian energy company, doubles its efforts in Venezuela to recover debt
Analysts said that the signing of a new deal for an oil project in Venezuela this week has increased the chances of Eni recovering the more than $2.3billion owed to it by Venezuela. Eni has collected these receivables after?nearly 30 years in Venezuela from the state-owned PDVSA. Eni was faced with a difficult choice as Washington and Caracas reopened Venezuela's oil industry to international investors this year. It could either deepen its commitment or risk worsening their chances of recovering their claims…
Citadel, a hedge fund giant, is reportedly looking to purchase US assets for shale production.
Citadel has been in talks with a?U.S. Five people with knowledge of the matter have confirmed that Citadel is considering expanding its?business into?physical assets. Four sources claim that Ken Griffin's firm was one of the bidders on WildFire Energy. The company was sold earlier this year by Warburg Pincus & Kayne Anderson. Magnolia Oil & Gas won the auction and agreed to purchase the Eagle Ford shale operator in South Texas, for $4.06 Billion. Sources…
Timor Gap purchases Osaka Gas' stake in Greater Sunrise Project
Timor Gap, the national oil company of East Timor, announced that it had signed a 'binding agreement' with Osaka Gas for the purchase of a 10% participating interest by Osaka Gas in 'the Greater Sunrise' gas 'project. Soares said that the acquisition will help the joint venture partners of the project reach a final decision on investment and unlock the value in the Greater Sunrise resource for East Timor as well as other stakeholders. Osaka Gas confirmed the deal but declined to comment on it's value.
Shell Acquires Stake in BP's Conifer Prospect in the Gulf of Mexico
Shell Offshore, a subsidiary of British oil and gas major Shell SHEL.L, said on Wednesday it would acquire a 30% stake in the BP-operated Conifer exploration prospect in the Gulf of Mexico.Shell and BP are prioritizing long-term growth in their oil and gas portfolios after years of investing heavily in renewables and other lower-carbon energy businesses.BP said in a separate statement that Shell would also acquire a 50% stake in the Tupinamba exploration block in Brazil's Santos Basin.
How do Caracas, Washington and other countries structure a huge oil production deal?
Venezuela and the U.S. announced a large-scale oil-production agreement last week. To develop even a small portion of the 64 billion?proven reserves in the 17 oilfields that are included in the agreement, a complex three-layer structure is required. The pact, if completed in the form it has been negotiated so far, will provide a 'base volume of exportable Venezuelan crude oil from mature fields that are already operating, and total production is expected to increase to as much as 1.5 million barrels a day (bpd), according to authorities.
ONEOK will buy Brazos Midstream’s Permian Midland Basin Assets for $4.43 Billion
ONEOK announced on Sunday that it has purchased Brazos Midstream’s Permian -Midland Basin Natural Gas Gathering and Processing Assets for around $4.43 Billion. This will more than double the U.S. Pipeline Operator's processing capability in the region. As pipeline operators in the U.S. benefit from increased oil and?gas output in the Permian basin, and increasing natural gas demand amid record LNG exports, the acquisition is timely. The company stated that…
Moscow's petrol stations restrict sales due to shortages
According to witnesses and fuel suppliers, Moscow's fuel stations have implemented new limits on gasoline purchases due to fuel shortages caused by Ukrainian drone attacks against refineries as well as strong seasonal demand. Fuel suppliers and witnesses have confirmed that fuel stations in Moscow have imposed limits on gasoline purchases due to fuel shortages linked?to Ukrainian drone attacks on refineries, as well as strong seasonal?demand. In May, shortages began to spread across most Russian regions.
ExxonMobil to recoup initial costs and increase profits in Guyana
ExxonMobil's joint venture in Guyana has recovered the?billions?of dollars?it invested for developing a large oilfield, according to its chief financial office. The South American nation will receive more money from oil. Since its discovery in 2015, the U.S. Oil Producer's portfolio has included Guyana's Stabroek Block. It is estimated that the block contains at least 11 billion gallons of oil equivalent. The field's revenue has helped Guyana become one of the fastest growing economies in the globe, and the country is now producing more than 900,000.
As El Nino threatens, hydropower plants in the south of Brazil prepare for heavy rainfall
Generators are reviewing their plans to deal with large volumes of water. Scientists believe that a severe El Nino will occur in the next few months. The Brazilian units of China Three Gorges and French Engie, two of the largest dam operators in Brazil, have said that they are preparing for a number of things, including spillway testing to ensure that dams operate safely, and engaging with riverside communities who could be affected by releases of water from dams.
French and Benelux stocks - Factors to watch on Friday, July 31
Here are some company news and stories that could have an impact on markets in France and Benelux or individual stocks. Credit Agricole, a French bank, posted better-than expected second-quarter earnings?Friday. This was due to growth in its retail, asset-management and investment banking businesses. The net income attributable shareholders increased 1.4% on a yearly basis to EUR2.05billion ($2.36billion), excluding an one-off gain recorded a year ago. This was higher than the EUR1.9billion analyst consensus.
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. ALTEN: 'French engineering- and technology-consulting firm Alten reported revenues of EUR2.11bn in the first half of 2012 and revised upwards its outlook for?2026, anticipating organic growth between 1.4% and 1.8% as well as operating profitability around 9%. AMG CRITICALMATERIALS: Graphit Kropfmuhl was sold to Asbury 'Advanced Materials' by the Dutch specialty metals and material company AMG - Critical Materials.