Tag Archives: Oil & Gas Exploration and Production (TRBC level 4)

Petrobras Brasil, the government approved the rules for a potential Sepia, Atapu sale | Instant News


FILE PHOTO: The Petrobras logo is seen in front of the company’s headquarters in Sao Paulo 23 April 2015. REUTERS / Paulo Whitaker / File Photo

RIO DE JANEIRO (Reuters) – The board of Brazil’s state-owned oil company Petrobras has agreed a deal with the government on compensation to be paid to Petrobras in the event of an auction of reserves in two offshore oil regions, the company said. on Friday.

Petroleo Brasileiro SA, the company’s official title, will receive $ 3.253 billion if the reserves from the Atapu field are auctioned off, and $ 3.2 billion if the reserves from Sepia are sold. Payments will be made for roughly a decade.

The government tried and failed to auction off reserves in the offshore Atapu and Sepia oil blocks in 2019, although officials want to try again. Since Petrobras has carried out exploration and development work in the area, the company is entitled to compensation.

Reporting by Gram Slattery; Edited by Leslie Adler and Aurora Ellis

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Australian stocks were flat as technology shares followed Wall Street lower | Instant News


* Energy stocks rose due to rising oil prices

* Healthcare stocks benefited from a weaker Aussie dollar

* Cboe Global Markets buys ASX competitor, Chi-X Australia

March 25 (Reuters) – Australian stocks traded flat early Thursday as gains in the energy and health care sectors were offset by losses among tech stocks that followed their Wall Street counterparts’ decline.

The S & P / ASX 200 index is flat at 6,778.8, at 2323 GMT. The benchmark closed 0.5% higher on Wednesday.

The three major US indexes fell in overnight trading as optimism about the economic recovery by Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen was unable to stop technology stocks’ decline for a second straight day.

Nikkei futures were up 0.04%, S&P 500 E-minis futures were up 0.14% and the benchmark 10-year Treasury yield was up to 1.6137%.

Energy stocks rose 0.9% as oil prices surged after a ship ran aground on the Suez Canal, potentially tying up global crude shipments.

Gas explorers Woodside Petroleum Ltd and Santos Ltd rose 1.3% and 2.4%, respectively.

Export-dependent health care stocks extended gains as the Australian dollar weakened. A weaker local currency helps the company’s revenue-generating in US dollars.

Drug developer CSL Ltd and diagnostic service provider Sonic Healthcare gained 0.4% and 1.9%, respectively.

Australian tech stocks fell 1.4%, with buy-now-pay-later Afterpay and artificial intelligence developer Appen down 2.9% and 1.9%, respectively.

The mining sub-index traded slightly lower, with global miners BHP Group and Rio Tinto losing 0.7% and 0.9%, respectively.

Meanwhile, exchange operator Cboe Global Markets Inc said on Thursday it would acquire operator Chi-X Australia, the country’s second-largest securities exchange and the only competitor of ASX Ltd.

ASX Ltd shares fell as much as 1.6% in early trading.

New Zealand’s benchmark S & P / NZX 50 index edged up 0.3%, helped by gains among technology and industrial shares.

Reporting by Soumyajit Saha in Bengaluru, Editing by Sherry Jacob-Phillips

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First Guyanese crude oil cargo to India en route to Mundra port data | Instant News


March 23 (Reuters) – The first cargo from Guyana’s new oil producer to the world’s third-largest crude oil importer, India, departs this month from a production facility off the coast of the South American nation on a vessel chartered by trading firm Trafigura, data from Refinitiv Eikon appear on Tuesday.

India has asked refiners to accelerate diversification of imports to reduce their dependence on Middle Eastern crude after OPEC + this month decided to extend production cuts to April, two sources said.

As OPEC’s share in Indian oil imports fell to historic lows between April 2020 and January 2021, the refinery began making preparations to import Guyanese crude while renewing major supply contracts between major refiners Indian Oil Corp and Russia.

A cargo of 1 million barrels of Guyana’s light sweet Liza crude oil sailed on March 2 aboard the Marshall Islands-flagged tanker Sea Garnet bound for India’s Mundra port, where it will arrive around April 8. Eikon data.

Guyana’s Minister of Natural Resources, Vickram Bharrat, told Reuters this month that the crude onboard the Sea Garnet was initially allocated to New York-based Hess Corp, a company that produces crude oil in Guyana together with Exxon Mobil Corp, and was shipped to Trafigura. Bharrat said he did not know the identity of the final buyer of the cargo.

Trafigura declined to comment on commercial matters. Hess did not immediately reply to a request for comment.

Since Guyana started exporting crude oil in early 2020, its oil has mainly flowed to the United States, China, Panama and the Caribbean, according to tanker tracking data.

India is a major importer of Venezuelan oil, but tough US sanctions on the South American country since 2019 have limited the volume India can buy, even if it is permitted.

India did not receive Venezuelan crude imports in February for the third month in a row due to Washington’s suspension of an oil-for-fuel swap between state-run PDVSA and Reliance Industries since October. That compares to 371,300 barrels per day (bpd) of Venezuelan oil arriving in Indian ports in February 2020.

Apart from Russia, North American producers Canada, the United States and Mexico have gained market share by selling heavyweight crude to India. (Reporting by Marianna Parraga in Mexico City and Neil Marks in Georgetown, Editing by Daniel Flynn and Marguerita Choy)

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Germany, Canada agree to explore green hydrogen development | Instant News


FRANKFURT (Reuters) – Germany and Canada agreed on Tuesday to explore joint development of green hydrogen from Canadian hydropower for export to Germany.

FILE PHOTO: German Economy Minister Peter Altmaier reacts during a press conference to present the German government’s hydrogen strategy, in Berlin, Germany 10 June 2020. John Macdougall

Germany wants to scale up hydrogen as an alternative to fossil fuels for mass applications in industry and energy to meet climate targets, but lacks the land resources to generate enough green power to use in the necessary electrolysis processes.

Green hydrogen is a zero-carbon fuel made by electrolysis, using renewable energy from the wind and the sun to split water into hydrogen and oxygen.

Canada’s Minister of Natural Resources, Seamus O’Regan, said in a webcast that “Canada has the advantage of natural resources and the urgency to reduce emissions,” while German Economy Minister Peter Altmaier said the two countries shared the same ambition of achieving climate neutrality by 2050.

No details on possible trading volumes for hydrogen were given.

Deputy ministers from the two countries will meet in May for the first time to work out a work schedule for the effort.

Canada launched its hydrogen strategy last December, asking investors to spur growth in a sector that the government says could be worth C $ 50 billion ($ 40 billion) and create 350,000 jobs.

It wants to become one of the three largest hydrogen producers in the world with a significant share allocated for exports.

The European Commission last July outlined its vision to promote green hydrogen by 2050, which is expected to attract investment of up to 470 billion euros. Analysts see formidable challenges, particularly infrastructure costs and conversion losses that make production expensive.

Altmaier and O’Regan also said liquefying Canadian gas for export called LNG for regasification in Germany could also be part of the cooperation, for which time the gas serves as a “bridge technology” to hydrogen, for which Goldboro LNG is planned for a terminal project on the East Coast. Canada can come into play.

Germany only agreed last Thursday to work more closely with Saudi Arabia on green hydrogen, and its company has already deployed antennas to that country and Chile.

($ 1 = 1.2455 Canadian dollars)

Reporting by Vera Eckert, editing by David Evans

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Germany, Canada agree to explore green hydrogen development | Instant News


FRANKFURT (Reuters) – Germany and Canada agreed on Tuesday to explore joint development of green hydrogen from Canadian hydropower for export to Germany.

FILE PHOTO: German Economy Minister Peter Altmaier reacts during a press conference to present the German government’s hydrogen strategy, in Berlin, Germany 10 June 2020. John Macdougall

Germany wants to scale up hydrogen as an alternative to fossil fuels for mass applications in industry and energy to meet climate targets, but lacks the land resources to generate enough green power to use in the necessary electrolysis processes.

Green hydrogen is a zero-carbon fuel made by electrolysis, using renewable energy from the wind and the sun to split water into hydrogen and oxygen.

Canada’s Minister of Natural Resources, Seamus O’Regan, said in a webcast that “Canada has the advantage of natural resources and the urgency to reduce emissions,” while German Economy Minister Peter Altmaier said the two countries shared the same ambition of achieving climate neutrality by 2050.

No details on possible trading volumes for hydrogen were given.

Deputy ministers from the two countries will meet in May for the first time to work out a work schedule for the effort.

Canada launched its hydrogen strategy last December, asking investors to spur growth in a sector that the government says could be worth C $ 50 billion ($ 40 billion) and create 350,000 jobs.

It wants to become one of the three largest hydrogen producers in the world with a significant share allocated for exports.

The European Commission last July outlined its vision to promote green hydrogen by 2050, which is expected to attract investment of up to 470 billion euros. Analysts see formidable challenges, particularly infrastructure costs and conversion losses that make production expensive.

Altmaier and O’Regan also said liquefying Canadian gas for export called LNG for regasification in Germany could also be part of the cooperation, for which time the gas serves as a “bridge technology” to hydrogen, for which Goldboro LNG is planned for a terminal project on the East Coast. Canada can come into play.

Germany only agreed last Thursday to work more closely with Saudi Arabia on green hydrogen, and its company has already deployed antennas to that country and Chile.

($ 1 = 1.2455 Canadian dollars)

Reporting by Vera Eckert, editing by David Evans

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