While investors are focused on Ecuador’s tumultuous presidential election, two other measures on the ballot in the August 20 vote will also shape the country’s financial future. Ecuadorians are expected to vote in favor of referendums to order the closure of a major oil field and restrict gold and copper mining, which could leave the government with a big hole in its budget. The initiatives come alongside a presidential race that was thrown into chaos last week when one of the leading candidates was killed while campaigning. A referendum will ask all voters whether to allow oil production to continue…
Author: Automotivedealernews.com
Oil fell to its lowest level in nearly two weeks on growing concerns that China’s faltering economy will erode demand from the world’s biggest crude importer. US oil futures settled below $81 a barrel in thin trading, falling along with stocks and challenging the strength of underlying physical markets. An unexpected interest rate cut by China’s central bank highlighted the problems besetting Beijing, from a worsening housing slump and weak consumer spending to fears about banking in the shadow “Oil markets are suffering from economic growth issues,” said Giovanni Staunovo, an analyst at UBS Group AG. “Chinese economic data continues…
TWMA has been contracted by BP to provide drilling waste processing on a large-scale oil and gas project in Egypt. TWMA said in a media release that the price tag for the work is up to $15 million. The drilling waste management specialist said it will use its RotoMill drill cuttings processing technology to process all drilling waste generated by BP’s WND & END exploration and development project in the Mediterranean Sea. Expected to last up to five years, work will begin in October this year, the company said. Chosen for its environmental benefits, the RotoMill uses a thermal desorption…
In a statement sent to Rigzone, Valaris confirmed that a fire broke out on board the Valaris 72 rig, which the company said is currently docked in Scotland. “We can confirm that there was a small fire on board the jackup Valaris 72, which is currently berthed in Dundee Harbour, in the early hours of Friday 11 August,” Valaris said in the statement. “Our emergency response procedure was activated and the appropriate authorities were immediately notified. The small fire was extinguished before emergency services arrived,” the company added. “No personnel were injured and the platform was not damaged. We are…
Apache Corp., confident of its oil discovery with TotalEnergies SE off the coast of Suriname, is pursuing new discussions for a floating liquefied natural gas site in cooperation with neighboring Guyana, an Apache executive told analysts and investors Natural gas is a by-product of oil production that companies manage in different ways. Apache plans in the medium term to reinject gas under the South American nation’s surface, Apache Vice President Gary Clark said Monday at the Enercom conference in Denver, according to Roth MKM analyst Leo Mariani. In the long term, Apache could try to export it through an LNG…
Scientists at the National Oceanic and Atmospheric Administration’s (NOAA) Climate Prediction Center have increased their forecast for the ongoing 2023 Atlantic hurricane season from a near-normal activity level to a higher-than-normal level of activity, NOAA said in a statement posted on its site. NOAA said in the statement that its forecasters have raised the likelihood of an above-normal Atlantic hurricane season to 60 percent, noting that the organization’s previous outlook in May predicted a of 30 percent of that. The chance of near-normal activity has dropped to 25 percent, down from a 40 percent chance projected in May, NOAA said.…
Both the United States and the United Kingdom issued warnings of an increased risk to commercial shipping near Iranian waters in the Strait of Hormuz. The International Maritime Security Construct, a US-led coalition of nations that provides security in the vital waterway, said in a statement that it advises ships to transit as far away from Iran’s territorial waters as possible. It said it has “notified regional sailors of appropriate precautions to minimize the risk of seizure based on current regional tensions.” The Strait of Hormuz, at the mouth of the Persian Gulf, is a strategic waterway for oil traffic,…
It may be hard to believe, given the oven-like temperatures many of us have been dealing with in recent weeks, but the 2023-24 propane heating season is on the horizon—its official start is October 1, just seven weeks away. . To quote Bill and Ted from theirs Excellent adventure movie franchise, one could argue that, for the US propane market, “The best place to be is here. The best time to be is now.” Production is at or near an all-time high, as are exports. Propane inventories are well above their five-year average, which should help stave off winter supply…
Singapore-based Maxeon Solar Technologies, Ltd. is investing more than $1 billion to build a new 3 gigawatt (GW) solar facility in Albuquerque, New Mexico, its first expansion in the United States . The facility will produce state-of-the-art TOPCon silicon photovoltaic cell technology and Maxeon’s proprietary tile cell performance line solar modules to meet the rapidly growing demand for domestically produced solar panels , the company said in a recent press release. With the plant, Maxeon said it is targeting the utility-scale power plant market and rooftop distributed generation applications. The plant is expected to be the first large-scale manufacturing of…
Abu Dhabi National Oil Co. indicated it is willing to raise its informal offer for Covestro AG to about 11.6 billion euros ($12.7 billion) on the condition that the German chemical group agrees to enter into formal talks, people with knowledge of the matter said. The state-backed energy giant has verbally indicated to Covestro that it could return with a new written proposal of 60 euros per share, should negotiations begin, the people said. An offer at that level would represent a premium of about 29% to Covestro’s closing share price on Friday. Covestro’s management and supervisory board are considering…