(BW, 30.May.2024) — BW LPG Limited (NYSE: BWLP, OSE: BWLPG.OL) reported a Q1 2024 Net Profit After Tax (NPAT) of $150mn, yielding an annualised return on equity of 37% with $468.5mn free cash flow generated. The Q1 operating profit was $157.8mn, and earnings per share was USD 1.07. The net […]
Author: ENERGY ANALYTICS INSTITUTE (EAI)
Energy Analytics Institute (EAI), formerly LatinPetroleum.com, is a Houston-established private organization with a satellite presence in Calgary, Mexico City and Venezuela where it operates under Editores LatinPetroleum SA. Since 1999, EAI has been a leader in energy news coverage of Latin America in particular. Coverage, run out of Latin America, now spans the world and encompasses nearly all energy and energy-related sectors.
U. S. Steel and Nippon Steel Announce Receipt of All Non-U.S. Regulatory Approvals
(U.S. Steel, 30.May.2024) — United States Steel Corporation (NYSE: X) and Nippon Steel Corporation (TSE: 5401) have received all regulatory approvals outside of the U.S. related to the proposed transaction between U. S. Steel and Nippon Steel. These approvals have been received from the Directorate-General for Competition of the European […]
Saudi Arabia Sets up New Aramco Share Sale
(Reuters, 30.May.2024) — Saudi Arabia’s government on Thursday filed papers to sell a new stake in state oil giant Aramco that could raise as much as $13.1 billion, a landmark deal to help fund Crown Prince Mohammed bin Salman’s plan to diversify the economy. In the main part of the deal, Saudi […]
JBIC $1bn Loan to Support Scarborough Energy Project
(Woodside, 30.May.2024) — Woodside signed a US$1bn loan agreement with the Japan Bank for International Cooperation (JBIC). The loan agreement, executed in Tokyo between Woodside CEO Meg O’Neill and JBIC Deputy Governor Kazuhiko Amakawa, will fund Woodside’s Scarborough Energy Project. It further strengthens Woodside’s balance sheet, providing diversity of funding and […]
ConocoPhillips to Acquire Marathon Oil in All-stock Deal
(ConocoPhillips, 29.May.2024) — ConocoPhillips (NYSE: COP) and Marathon Oil Corporation (NYSE: MRO) announced today that they have entered into a definitive agreement pursuant to which ConocoPhillips will acquire Marathon Oil in an all-stock transaction with an enterprise value of $22.5bn, inclusive of $5.4bn of net debt. Under the terms of […]
Subsea7 Awarded ‘Super-major’ Deal Offshore Brazil
(Subsea7, 30.May.2024) — Subsea7 announced the award of a super-major1 contract by Petrobras, after winning a competitive tender, for the development of the Búzios 9 field located approximately 180 kilometres off the coast of the state of Rio de Janeiro, Brazil, at 2,000 metres water depth in the pre-salt Santos basin. The […]
Chevron Updates Stockholders at Annual Meeting
(Chevron, 29.May.2024) — Chevron Corporation (NYSE: CVX) provided an overview of the company’s business performance and plans at its 2024 Annual Meeting of Stockholders. “Chevron continues to deliver strong operational performance, maintain cost and capital discipline and consistently return cash to shareholders,” said Michael Wirth, Chevron’s chairman and CEO. “We’ve strengthened our portfolio […]
Hess Corp. Receives Stockholder Approval for Proposed $53bn Merger with Chevron
(Hess Corporation, 28.May.2024) — Hess Corporation (NYSE: HES) has received the necessary approval of its stockholders for closing the company’s merger with Chevron Corporation. At the special meeting of Hess stockholders held today, a majority of the outstanding shares of Hess common stock were voted in favor of the adoption of the […]
TE H2 Partners with VERBUND on Large Project in Tunisia
(TotalEnergies, 28.May.2024) — TE H2 a joint-venture between TotalEnergies and EREN Groupe, together with VERBUND, Austria’s leading electricity company, have signed a Memorandum of Understanding with the Republic of Tunisia to study the implementation of a large green hydrogen project named “H2 Notos” for export to Central Europe through pipelines. H2 […]
Major Energy Fund Buys 20% Participation in PERU LNG
(PERU LNG, 28.May.2024) — PERU LNG announces that 20% of its shares have been acquired by MidOcean Vicuna Holdings Ltd, a liquefied natural gas company managed by global energy and infrastructure investment fund EIG. “This transaction represents a significant development as it reflects confidence in PERU LNG’s strong operating fundamentals. This […]
TotalEnergies Takes FID for Atapu-2 and Sépia-2 Oil Developments
(TotalEnergies, 27.May.2024) — TotalEnergies, together with the operator Petrobras and their partners in the Atapu and Sépia consortiums, have taken the Final Investment Decision (FID) for the second development phase of Atapu and Sépia fields, located in the prolific pre-salt Santos Basin, offshore Brazil. The Atapu field has been producing since 2020 […]
Marechal Duque de Caxias in Brazil on Way to Pre-salt Layer
(Petrobras, 27.May.2024) — The platform ship Marechal Duque de Caxias arrived in Brazil on 27 May 2024, from China, heading for the Mero field in the pre-salt Santos Basin. The platform of the FPSO type (floating production, storage, and transfer unit) can produce up to 180,000 barrels of oil and compress […]
Oil tycoon gets license to continue buying asphalt from Venezuela
CARACAS, VENEZUELA (Nicolle Yapur, Bloomberg, 27.May.2024) — US energy magnate Harry Sargeant III secured a license to continue importing asphalt from Venezuela without breaching US sanctions. Oil firms that want to stay or operate in Venezuela have been applying for permits from the US Treasury after Washington reimposed sanctions last month. Texas-based […]
Subsea7 Awarded Belinda Field Contract in the UK North Sea
(Subsea7, 27.May.2024) — Subsea7 announced the award of a sizeable1 contract by Serica Energy, for the Belinda field development south-east of the Triton FPSO. The Belinda field is operated by Serica Energy and located approximately 190 kilometres east of Aberdeen in the UK Central North Sea, with a water depth of 95 […]
MODEC Updates on FPSO Errea Wittu
(Go Integrated Group, 26.May.2024) — MODEC recently announced that the keel laying for the FPSO Errea Wittu hull has been completed five weeks ahead of schedule. This is an important achievement for the vessel which will operate at the $12.7bn Uaru project, the fifth oil development in the ExxonMobil-operated Stabroek […]
UK Running Out of Options to Achieve a ‘Just and Fair’ Energy Transition by 2030
(RGU, 24.May.2024) — A new report by Robert Gordon University (RGU) has revealed that the UK will fail to achieve a ‘just and fair’ transition by 2030 unless there is urgent alignment across the political spectrum to sustain UK offshore energy industry jobs, supply chain investments and the economic contribution […]
Paratus Energy Services Provides 1Q:24 Trading Update
(Paratus Energy Services Ltd., 24.May.2024) — Paratus Energy Services Ltd. announced a trading update for the first quarter 2024 and updates on Paratus, its subsidiaries and associated companies (“Paratus Group” or the “Group”). Company overview Paratus Energy is the holding company of a group of leading energy services companies. The Group […]
Board of Directors Approves Election of new Petrobras CEO
(Petrobras, 24.May.2024) — Petrobras, following up on the release published on 22 May 2024, informs that its Board of Directors, at a meeting held today, appointed Magda Chambriard as a member of the Board of Directors and elected her as the company’s new CEO. Magda Chambriard took office in both positions […]
Petrobras Inks Deals for Platforms P-84 and P-85
(Petrobras, 24.May.2024) — Petrobras signed on 24 May 2024, contracts with Seatrium O&G Americas Limited to acquire the P-84 and P-85 vessel platforms. Both units will be self-owned and installed in the Atapu and Sépia fields, respectively, in ultra-deep waters of the pre-salt of the Santos Basin, with first oil date […]
New Stratus Energy to acquire production & significant development opportunity in Mexico
MEXICO CITY, MEXICO (By Fidencio Casillas, Energy Analytics Institute, 24.May.2024) — New Stratus Energy (NSE) entered into definitive agreements to acquire an initial 49% equity stake in Operaciones Petroleras Soledad S. de R.L. de C.V. (OPS), a private oil and gas company in Mexico. This deal grants NSE the exclusive […]
CNOOC Subsidiaries Sign EPCCs with MIREME and ENH
(CNOOC, 24.May.2024) — On 24 May, CNOOC Limited announced that its wholly owned subsidiaries have entered into petroleum exploration and production concession contracts (EPCCs) with the Ministry of Mineral Resources and Energy of Mozambique (MIREME) and Empresa Nacional de Hidrocarbonetos (ENH) for 5 offshore blocks in Mozambique. The contracts were […]
PEMEX Concludes Working Sessions with Suppliers
(PEMEX, 23.May.2024) — The CEO of Petróleos Mexicanos (PEMEX), Octavio Romero Oropeza, concluded a three-day round of working sessions held in Villa Hermosa, Tabasco, and in Ciudad del Carmen, Campeche, where he engaged in a direct dialogue with suppliers and contractors who maintain commercial relations with the country’s most important […]
Aker Solutions Doubles Down on Consultancy Business, Unveils New Name
(Aker Solutions, 23.May.2024) — Aker Solutions’ consultancy has today announced plans to double its revenues and headcount by 2030 as it introduces its new name, Entr. Entr’s growth is driven by an increased demand for Aker Solutions’ early phase offerings and the need to adapt its services for new and […]
More Private Investment Needed in Mexico to Meet Expanding Energy Demand
(WoodMac, 23.May.2024) — With a presidential election looming, Mexico is facing several energy challenges, including declining oil and gas production, a need to increase exploration activity, a high dependence on gasoline imports, a constrained power supply and public pressure to transition to renewable energy. All this is occurring as domestic demand […]
Frontera Announces Annual Meeting Results
(Frontera, 23.May.2024) — Frontera Energy Corporation (TSX: FEC) announced the results from its 2024 annual meeting of shareholders held today (the “Meeting”). ELECTION OF DIRECTORS Shareholders elected each of the nominees proposed by management as set forth in the management information circular of the company dated 4 Apr. 2024. The total number […]
Golden Arrow Updates on San Pietro Iron-Copper-Gold-Cobalt Project
(Golden Arrow, 23.May.2024) — Golden Arrow Resources Corporation (TSXV: GRG) (FSE: G6A) (OTCQB: GARWF) provided an update on its exploration activities in Chile and Argentina. Highlights: Multiple magnetite mantos that correlate with similar bodies in adjacent holes, and new specularite breccias confirmed in first drill hole of 2024 campaign at the central Rincones target, San Pietro Iron-Copper-Gold-Cobalt […]
Up to 50 Firms Seek U.S. Oil Licenses in Venezuela, Official Says
(Reuters, 23.May.2024) — The U.S. has received up to 50 requests for individual licenses from companies aiming to do business in Venezuela’s oil industry, following the expiration of a general authorization granted last year to the sector, the chief of the U.S. mission for Venezuela said late on Wednesday. The U.S. Treasury Department in mid-April […]
Pan Global Accelerates Copper Project in Southern Spain
(Pan Global, 23.May.2024) — Pan Global Resources Inc. (TSXV: PGZ) (OTCQX: PGZFF) (FRA: 2EU) announced the addition of a second drill rig at the Escacena Project to augment the planned 2024 drilling program at the company’s 100%-owned Escacena Project in the Iberian Pyrite Belt, southern Spain. “Building on the base of positive drill results […]
GoGold Presents its 2023 Sustainability Report
(GoGold, 23.May.2024) — GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) presented its fourth annual Sustainability Report that sets out the company’s performance and achievements with respect to its environmental, social and governance (ESG) practices. The company is steadfastly committed to responsible mining practices, prioritizing safety, environmental responsibility, and benefits for local communities. “We’re pleased […]
Norfolk Southern in Deal to Resolve federal East Palestine Derailment Claims
(Norfolk Southern, 23.May.2024) — Norfolk Southern Corporation (NYSE: NSC) has reached an agreement on a consent decree with the following U.S. agencies: the Department of Justice (DOJ), the Environmental Protection Agency (EPA), and the Department of the Interior (DOI) to resolve all their claims and investigations arising from the derailment in East Palestine, […]
Moody’s Changes Ecopetrol’s Credit Rating to Ba1
(Ecopetrol, 23.May.2024) — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that credit rating agency Moody’s downgraded its global credit rating from Baa3 to Ba1 and changed the outlook from negative to stable. Additionally, the agency reduced the individual rating (BCA[1]) from Ba3 to B1. The decision to modify the individual rating […]
Mexico’s Presidential Front-runner Walks a Thin, Tense Line
(AP, 22.May.2024) — As she runs to replace outgoing President Andrés Manuel López Obrador, Claudia Sheinbaum is struggling to construct her own image, leaving many wondering whether she can escape the shadow of the larger-than-life incumbent. The former Mexico City mayor and frontrunner in the June 2 presidential election has had […]
Ecopetrol Reports on Investigation by Superintendency
(Ecopetrol, 22.May.2024) — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that between May 3, 2024 and May 9, 2024, the company and its subsidiaries, Cenit Transporte y Logística de Hidrocarburos S.A.S. and Oleoducto Central S.A. (Ocensa) were notified of Resolution No. 20884 of April 26, 2024, through which the Superintendency of Industry and Commerce (SIC) opened an […]
PEMEX reaffirms commitment to pay suppliers
MEXICO CITY, MEXICO (PEMEX, 22.May.2024, Words: 291) — The CEO of Petróleos Mexicanos (PEMEX), Octavio Romero Oropeza, currently on a working tour of the southeastern part of the country, is holding a series of meetings with PEMEX’s main suppliers. Besides reaffirming the institution’s commitment to ensure outstanding payments, he is […]
ExxonMobil, Shell Considering Bids for Stake in Namibia Oilfield
(Offshore Technology, 22.May.2024) — ExxonMobil and Shell are among the energy giants evaluating bids for a stake in Galp Energia’s oilfield offshore Namibia, reported Bloomberg, citing sources. TotalEnergies and Equinor are also interested in acquiring the 40% stake that Galp is looking to sell in the Mopane discovery, the sources added. The Mopane field, part of the […]
John Hess Personally Calls Investors to Support Chevron Deal Before Vote
(Bloomberg, 22.May.2024) — John Hess, the boss of the oil company that bears his family name, is talking to directly with shareholders in a last-ditch effort to ensure enough support for a $53 billion takeover by Chevron Corp., according to people familiar with the matter. The Hess Corp. chief executive […]
Developer Seeks Permit to Send US Gas to Mexico for LNG Exports
(Reuters, 21.May.2024) — A Mexican energy developer is seeking U.S. permission to export gas to Mexico, turn it into liquefied natural gas (LNG) and send it to countries with U.S. free-trade agreements, its filing with the U.S. Department of Energy showed. Mexico-based Gato Negro Permitium Uno and partners including Houston-based Big River […]
Zachry Initiates Voluntary Court-supervised Chapter 11
(Zachary, 21.May.2024) — Zachry Holdings, Inc. (ZHI) announced that ZHI and certain of its subsidiaries have initiated a voluntary court-supervised Chapter 11 process that provides them with time and flexibility to resolve issues related to the Golden Pass LNG (GPX) export terminal project in Sabine Pass, TX. This action is […]
APA Reveals over $700mn in Asset Sales from Two Transactions
(APA Corp., 20.May.2024) — APA Corporation (Nasdaq: APA) announced the sale of non-core producing properties by Apache Corporation and certain of its subsidiaries in two separate transactions with aggregate proceeds of more than $700mn, prior to customary closing adjustments. Combined, the properties represent estimated net production in the first-quarter 2024 […]
ADNOC Inks Equity Stake, LNG Offtake Deal with NextDecade
(ADNOC, 20.May.2024) — ADNOC announced the acquisition of a 11.7% stake in Phase 1 (Trains 1-3) of NextDecade Corporation’s (Nasdaq: NEXT) Rio Grande LNG (RGLNG), a liquefied natural gas (LNG) export project located in Texas, US, which is expected to produce a less carbon-intensive LNG. Highlights: –11.7% equity stake in Phase 1 […]
Glass Lewis Urges Hess Shareholders to Vote for Chevron Deal
(Hess, 20.May.2024) — Hess Corporation (NYSE: HES) announced that independent proxy voting and corporate governance advisory firm Glass, Lewis & Co. has recommended that Hess shareholders vote FOR the proposed merger with Chevron. In its report, Glass Lewis notes “the strategic and financial merits of the proposed merger are sound and reasonable” and that […]
Aris Mining on General Meeting Results
(Aris Mining, 18.May.2024) — Aris Mining Corporation (TSX: ARIS) (NYSE-A: ARMN) reports voting results from its Annual General Meeting of shareholders (the Meeting) held earlier today. AGM Voting Results Shareholders holding 46,147,782 shares, being 32.54% of the outstanding shares of the company were represented by proxy at the meeting. The voting […]
Petrobras Ranking by Poder 360
(Energy Analytics Institute, 18.May.2024) — In 2023, Petrobras was the 4th most profitable oil company. Saudi Arabia’s Saudi Aramco remains the leader, on its own, according to Poder 360. Petrobras ranked above other oil majors, including some with higher revenues. This is the case of the British BP, the Norwegian […]
AMLO’s ‘Dream’ Pemex Refinery Hits Another Delay
(Reuters, 17.May.2024) — Mexican state energy company Pemex started sending 16,300 barrels per day (bpd) of crude oil to its new Olmeca refinery this week, less than 5% of its total capacity, internal data seen by Reuters showed, signaling another delay. President Andres Manuel Lopez Obrador had built hugely ambitious infrastructure project in his […]
California Ports Gear up to Build Offshore Wind Ports
(American Journal of Transportation, 17.May.2024) — Two California ports, Long Beach and Humboldt Bay, are gearing up to build offshore wind ports but still need financing. The two ports plan to build facilities that will assemble and launch floating offshore wind turbines to be deployed off the coasts of Central and […]
CGG Changes Name to Viridien
(CGG, 16.May.2024) — At the Annual General Meeting on 15 May 2024, shareholders approved the resolution to change the company’s corporate name from CGG to Viridien. Sophie Zurquiyah, CEO, Viridien, said: “Our new name, Viridien, connects our company’s history to our future, confidently positioning us for accelerated growth as an […]
GoldMining on Voting Rights
(GoldMining, 16.May.2024) — GoldMining Inc. (TSX: GOLD) (NYSE: GLDG) announced that at its annual general meeting held on 16 May 2024, all nominees listed in its management information circular dated 25 Mar. were elected as directors of the company. A quorum of 32.49% of the votes attached to the outstanding shares of the company was present in […]
Exmar Provides 1Q:24 Update
(Exmar, 16.May.2024) — EXMAR’s engineering subsidiaries Exmar Offshore Company in Houston and DV Offshore in Paris had continued high utilization rates for their third-party engineering services, the company said in its first quarter 2024 update. ____________________
U Power’s UOTTA Battery Swapping Technology to Enter the Peruvian Market
(U Power Limited, 16.May.2024) — U Power Limited recently embarked on a collaborative pilot test with a Peruvian mining firm to evaluate electric heavy-duty vehicles on an established haulage route. This venture aims to identify an efficient substitute for traditional fuel-powered trucks, offering the potential to cut energy use and reduce […]
Aris Mining on Results of Annual Meeting
(Aris Mining, 16.May.2024) — Aris Mining Corporation (TSX: ARIS) (NYSE-A: ARMN) reports voting results from its Annual General Meeting of shareholders held earlier today. AGM Voting Results Shareholders holding 46,147,782 shares, being 32.54% of the outstanding shares of the company were represented by proxy at the meeting. The voting results from […]