The government of President Luiz Inacio Lula da Silva is moving forward to allow Brazil’s state oil company to survey an ecologically sensitive coastal region, a decision that threatens to overshadow a major environmental summit and fuel a lingering dispute within his administration. The Attorney General, or AGU, will be of the opinion that it is not necessary for Petroleo Brasileiro SA to carry out a major environmental impact study to begin oil exploration in the so-called Foz do Amazonas, a region on the country’s northern coast. , according to two people with knowledge of the matter. The attorney general,…
Author: Automotivedealernews.com
Oil rose after Saudi Arabia prolonged its unilateral production cut by another month and hinted that deeper reductions may be on the way. The OPEC+ leader’s cut of 1 million barrels a day will now last into September, leaving output at about 9 million barrels a day, and may “be extended, or extended and deepened,” according to a statement on the state Saudi Press Agency. West Texas Intermediate rose 2.6% to settle above $81 a barrel. Crude rallied last month, with WTI erasing its year-to-date losses, after the Organization of Petroleum Exporting Countries and its allies cut production. The surge…
Asia-Pacific region focused Jadestone Energy has once again halted operations at the Montara Venture FPSO offshore Australia. The company said that a gas alarm was triggered within ballast water tank 4S, indicating possible communication with one of the adjacent tanks within the FPSO. Jadestone said production from the Montara fields has been temporarily shut in and key stakeholders, including the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA), were notified of the incident. Tank 4S will be emptied and cleaned over the next week to permit an inspection to identify the source of the communication between tanks and allow…
Tamboran Resources has signed four non-binding letters of intent (LOIs) with four different companies for the potential purchase of a combined 510 terajoules (TJ) to 750 TJ of gas per day. Tamboran signed separate LOIs with Origin, AGL, EnergyAustralia, and Shell Energy Australia for gas from Tamboran’s low-reservoir-carbon-dioxide Beetaloo Basin gas assets for a period of up to 10 to 15 years, the company said in a news release Wednesday. Tamboran said it plans to separately work with the companies to eventually close binding fully termed gas sales agreements (GSAs), which include purchase prices, transportation arrangements, and other key commercial…
With today’s high diesel prices, learning how to increase fuel economy on your diesel pickup can offer you significant savings. And, while the measures required to do so aren’t necessarily free, the end result will be worth it. That’s because you’ll enjoy improved engine performance and lower overall fuel costs. Let’s take a closer look at some simple ways you can increase fuel mileage on your diesel truck so you can start saving money right away. 5 Ways to Increase Fuel Economy on a Diesel Pickup 1. Follow a regular preventative maintenance schedule. At the risk of sounding like a…
Reconnaissance Energy Africa has appointed Brian Reinsborough as President and Chief Executive Officer, effective August 1, 2023, while Adam Rubin has been named General Counsel of the company with effect from August 7, 2023. Reinsborough brings 35 years of successful oil and gas exploration and production experience, including over 25 years in deepwater Gulf of Mexico, Reconnaissance said in its media release. Having worked globally for Mobil Oil, Nexen, Warburg Pincus as an Executive-In Residence and Venari Resources, Reinsborough has discovered over two billion of barrels of oil equivalent over the course of his career in the deepwater Gulf of…
Occidental Petroleum Corp. and ADNOC are collaborating to evaluate investment opportunities in direct air capture (DAC) facilities and carbon dioxide sequestration hubs in the USA and the United Arab Emirates (UAE) to develop carbon management platforms and accelerate their net-zero goals, the two companies said in separate news releases. Under the terms of a memorandum of understanding (MOU) signed by both parties, ADNOC may evaluate participation in DAC plants and CO2 sequestration hubs under development in the USA by Occidental subsidiary 1PointFive, the Occidental news release said. Occidental and ADNOC may also evaluate jointly developing one or more UAE-located carbon…
Chesapeake Energy Corp. has reported $391 million in net income for the second quarter, down nearly four times from $1.389 billion for the prior three-month period as output fell. Production totaled 3.653 billion cubic feet of gas equivalent (Bcfe), down 416 Bcfe quarter on quarter. Natural gas comprised 96 percent of April-June production, the rest being liquids, the Texas state-based company said in a press release. Chesapeake generated $515 million in cash from operations for the second quarter, down from $889 million for the previous three months. It posted $903 million in cash on hand as of the end of the…
Phillips 66 Co. reported Wednesday $1.697 billion in income for the second quarter, down $264 million from the prior three-month period amid weakening refining margins. The Texas state-based company’s earnings for the April-June quarter fell by over half the corresponding figure in the second quarter of 2022, when it collected $3.036 billion in pre-tax profit for its refining segment. But margins have since dropped, after riding on oil and gas prices that skyrocketed amid a trade disruption that followed Russia’s invasion of Ukraine February 2022. Phillips 66 logged a pre-tax refining income of $1.134 billion for the second quarter of…
Petroleos Mexicanos shut down the country’s largest oil-exporting terminal because of a leak, adding to a string of major operational headaches for the state-owned company just as the summer driving season increases demand for crude. The FPSO Yúum K’ak’ Náab in the Gulf of Mexico was shut on Sunday because of a crude leak in one of its hose trains, according to a shipping report seen by Bloomberg. Last month, Pemex shut its Salina Cruz terminal after hoses loading a ship were blown off by strong winds, and a company gas platform had an explosion that killed two people. The incidents come…