Tag Archives: Oil & Gas (TRBC level 3)

ExxonMobil cancels an asset sale in Australia’s Bass Strait: AFR | Instant News


FILE PHOTOS: Exxon sign seen at a gas station on the outskirts of Chicago in Norridge, Illinois, USA, October 27, 2016. REUTERS / Jim Young

SYDNEY (Reuters) – ExxonMobil has canceled a potential sale of its multi-billion dollar oil and gas assets in Australia’s Bass Strait, according to the Australian Financial Review.

The decision by major US oil companies comes just six weeks after the deadline for indicative bids for the portfolio set by JPMorgan advisers.

“After completing an extensive market evaluation, ExxonMobil has decided to retain its Australian-operated Gippsland Basin production assets,” a spokesman for ExxonMobil Australia’s local affiliate Esso was quoted as saying by AFR.

He hinted that the sales process had not yielded sufficiently attractive offers, AFR reported.

An ExxonMobil spokesman could not be reached for comment on Saturday.

Reporting by Swati Pandey; Edited by Tom Brown

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Italy drafts guidelines for a national hydrogen strategy, the document shows | Instant News


MILAN, Nov 16 (Reuters) – Italy has set guidelines for a national hydrogen strategy to help decarbonize the economy as it gradually phases out coal and increases production of renewable energy to meet long-term climate targets.

In a draft document called the National Hydrogen Strategy Preliminary Guide, seen by Reuters, the Ministry of Industry said it was targeting investment in the sector at around 10 billion euros ($ 12 billion) by 2030, with half of that coming from European funds and private investment. .

To help increase “green” hydrogen production, about 5 gigawatts of electrolysis capacity to extract gas from water will be introduced during the period, the document says.

Electrolysis can be a carbon-free process if the power used is generated from renewable energy. Hydrogen is now mostly produced from fossil fuels or other carbon emission processes, because electrolysis is too expensive because of the large power required.

By 2030, hydrogen could account for 2% of Italy’s final energy demand and help remove up to 8 million tonnes of CO2, the document said. As the scale of the industry goes up and costs fall, this could reach up to 20% by 2050, he said.

The document, when published, will form the basis of consultations before a final hydrogen strategy is approved, possibly early next year.

Brussels mapped out plans this year to promote hydrogen as it strives to achieve net zero emissions by 2050. France, Germany and Spain have set their own targets.

Hydrogen is currently too expensive to be widely used but as costs go down, governments around the world see it as a substitute for fossil fuels in areas where electrification is not an easy solution.

The ministry document, which says the plan could create more than 200,000 jobs and generate up to 27 billion euros in Italy’s gross domestic product, said hydrogen could be used in transportation, heavy industry and natural gas pipelines.

Italian gas group Snam has been experimenting with a 10% hydrogen mixture in part of its natural gas network, while power company Enel and energy company Eni both have hydrogen plans.

$ 1 = 0.8458 euros Reported by Stephen Jewkes; Edited by Edmund Blair

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Petrobras Brasil opens sales processes for the old Marlim oil cluster | Instant News


FILE PHOTO: The logo of the Brazilian state-owned Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS / Sergio Moraes / Photo File / Photo File / Photo File

RIO DE JANEIRO (Reuters) – Petroleo Brasileiro SA from Brazil PETR4.SA is preparing to sell a 50% stake in the marine oil cluster in its legacy, the company said Monday in a filing.

In production since the 1980s in the Campos Atlantic Ocean basin, the giant Marlim cluster has four fields – Marlim, Voador, Marlim Leste and Marlim Sul – producing 217,000 barrels of oil per day, or nearly 10% of the company’s total production.

The sale, at an early stage, is part of Petrobras’ plan to sell non-core assets to cut debt and focus investment in the world’s largest deepwater discovery this century, in the so-called pre-salt region.

Newer pre-saline deposits, found under a thick layer of salt on the seabed in Brazilian waters, have increased rapidly in the last decade and are responsible for more than 70% of Petrobras production.

Marlim was once the largest oil field with more than 500,000 barrels per day, Marlim has experienced a decline in production in the last decade. At present, Marlim Sul and Marlim are Brazil’s sixth and eighth largest oil fields, respectively. Marlim Sul has the largest number of producing wells in Brazil, 67.

The four fields which also produce 3.6 million cubic meters of natural gas are located between 90-150 kilometers offshore and up to 2,500 meters below the seabed.

Petrobras shares rose more than 4% in Sao Paulo following the announcement.

Reporting by Sabrina Valle, editing by Louise Heavens and Steve Orlofsky

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The UK fraud office secures assets linked to the Brazilian bribery scandal | Instant News


LONDON (Reuters) – The UK’s Office of Serious Fraud (SFO) said on Thursday it had earned just under 1.2 million pounds ($ 1.6 million) from a Brazilian national involved in Brazil’s “Car Wash Operation”, the country’s largest bribery investigation that began in 2014.

The SFO said it opened a civil recovery investigation into Julio Faerman in 2015 after the former agent of the Netherlands-based oil and gas services group SBM Offshore. SBMO.AS admits to paying bribes to win contracts from the Brazilian state oil company Petroleo Brasileiro (Petrobras) PETR4.SA.

The agency said it was suspected Faerman had bought part of a 4.25 million west London apartment with corrupt funds.

Faerman is subject to a cooperation agreement with Brazilian prosecutors after paying a $ 54 million settlement, according to a London High Court ruling handed down in July.

A London lawyer representing Faerman declined to comment.

“This is a very good outcome for the SFO, sending a clear message that we are not going to sit back and let Britain be a safe port for dirty money,” said Liz Baker, head of the SFO’s international aid and crime product division. .

Faerman was also ordered to pay the SFO a fee of £ 57,000.

Reporting by Kirstin Ridley; Edited by Jan Harvey

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The UK fraud office secures assets linked to the Brazilian bribery scandal | Instant News


LONDON (Reuters) – The UK’s Office of Serious Fraud (SFO) said on Thursday it had earned just under 1.2 million pounds ($ 1.6 million) from a Brazilian national involved in Brazil’s “Car Wash Operation”, the country’s largest bribery investigation that began in 2014.

The SFO said it opened a civilian recovery investigation against Julio Faerman in 2015 after a former agent of the Netherlands-based oil and gas services group SBM Offshore admitted to paying bribes to win a contract from Brazilian state oil company Petroleo Brasileiro (Petrobras).

The agency said it was suspected Faerman had bought part of a 4.25 million west London apartment with corrupt funds.

Faerman is subject to a cooperation agreement with Brazilian prosecutors after paying a $ 54 million settlement, according to a London High Court ruling handed down in July.

A London lawyer representing Faerman declined to comment.

“This is a very good outcome for the SFO, sending a clear message that we are not going to sit back and let Britain be a safe port for dirty money,” said Liz Baker, head of the SFO’s international aid and crime product division. .

Faerman was also ordered to pay the SFO a fee of £ 57,000.

($ 1 = 0.7597 pounds)

Reporting by Kirstin Ridley; Edited by Jan Harvey

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