Brazil’s Petrobras posted mixed production figures on Wednesday, as the state-run oil company ramps up output at some major oilfields while also jettisoning a number of legacy production assets as part of a wider divestment drive. In a securities filing, Petroleo Brasileiro SA, as the state-run oil firm is formally known, said it produced 2.83 million barrels of oil equivalent per day in the third quarter, up 1.2% in quarterly terms, but down 4.1% from the same period last year. Crude production came in at 2.269 million barrels per day, ...

BP has signed a sales and purchase agreement with a unit of China’s Shenzhen Gas Group Co Ltd to supply piped natural gas for 10 years starting 2023, BP said in a statement on Wednesday. Under the agreement, BP will provide Shenzhen Sino-Benny LPG Co Ltd, a wholly-owned unit of Shenzhen Gas, with up to 300,000 tonnes a year of pipeline gas. The gas will be supplied through the liquefied natural gas (LNG) receiving terminal of Guangdong Dapeng LNG Company Ltd in Shenzhen, where BP holds regasification capacity. BP also ...

Oilfield firm Baker Hughes Co reported quarterly profit that fell short of analyst expectations on Wednesday, in part due to global supply chain issues, sending its shares down sharply in early trading. Oil service firms are expected to be supported by a rebound in oil prices to pre-pandemic levels as demand recovers and the Organization of the Petroleum Exporting Countries, Russia and their allies stick to their output-increase schedule instead of accelerating production. But some companies are seeing earnings clipped by higher prices for materials and disruptions to global supply ...

China’s energy administration has urged power grid firms to maximise the purchase of electricity from renewable projects, to help ease power outages in the country. Grid firms should prioritise renewable power among other sources when purchasing electricity, the National Energy Administration said in a statement on Wednesday. Source: Reuters (Reporting by Muyu Xu and Shivani Singh; Editing by Christopher Cushing)

Japan’s five major LPG importers aim to introduce 30,000 mt/year of carbon-free LPG in the early 2030s and replace their supply with “green LPG” to meet all LPG demand by 2050 under a newly formed consortium, senior executives said Oct. 20. Astomos Energy, ENEOS GLOBE, Gyxis, Japan Gas Energy and Iwatani have formed the Institute of Japan Green LP Gas Promotion aimed at introducing carbon free LPG through developing a series of synthetic technological process known as propanation and butanation in Japan, the executives told an online press briefing. The ...

Big oil is back. After enduring a near-death experience during the COVID crisis when demand plummeted and being distinctly off-trend as the sustainable investing wave engulfed Wall Street, cash-rich oil companies are again a sweet spot for fund managers. Oil’s powerful rally and record-high gas prices have put the MSCI World Energy index .dMIWO0EN00PUS on track for its best run since at least 1998, up more than 40% so far in 2021. And there may be more to come — the International Energy Agency projects oil demand to recover to ...

India is open to the idea of a term deal with OPEC + to ensure price stability in crude supplies, Oil Secretary Tarun Kapoor said Oct 20 at the India Energy Forum by CERAWeek, erasing volatile price swings detrimental to the economic growth of Asia third-largest economy. He said such a crude supply deal could take a cue from India’s existing long-term gas supply deals with countries like Qatar. “Much like gas contracts that are of up to 25 years duration and priced at some benchmark, oil too should have ...

Crude prices have been on the rise and given 85 percent of India’s crude supplies depend on imports, MK Surana, chairman and MD of Hindustan Petroleum Corporation Limited (HPCL) told CNBC-TV18’s Anshu Sharma how OMCs are navigating in such a volatile time. Surana, who was talking on the sidelines on day 1 of the CERAWeek event, the crude price may remain high this quarter due to winter stocking but from next quarter onwards it shall moderate. He explained that all commodities have moved in tandem and therefore, to some extent ...

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said users switching from gas to oil could account for demand of 500,000-600,000 barrels per day (bpd), adding that the world was now waking up to shortages in the energy sector. Prince Abdulaziz said the potential switch depended on how severe winter weather would be and how expensive alternative energy prices would be. He outlined a wide range of factors that have led to a recent spike in energy prices, including limited investment in hydrocarbons and infrastructure, low inventories, the lifting ...

Energy prices are expected to inch up in 2022 after surging more than 80% in 2021, fueling significant near-term risks to global inflation in many developing countries, the World Bank said in its latest Commodity Markets Outlook on Thursday. The multilateral development bank said energy prices should start to decline in the second half of 2022 as supply constraints ease, with non-energy prices such as agriculture and metals also expected to ease after strong gains in 2021. “The surge in energy prices poses significant near-term risks to global inflation and, ...

Last month, Wood Mackenzie hosted our annual Global Energy Summit. The Asia Pacific session welcomed a range of senior industry leaders from across the energy and natural resources sectors to debate our topic of Net Zero and the Future of Energy. With the world looking drastically different to where we were 12 months ago, our speakers had a lot on their minds. Condensing the debate into five key themes was no easy task, but here’s my take on the issues that are shaping the future of energy across Asia Pacific. ...

Oil tumbled on Thursday as a forecast for a warm U.S. winter put the brakes on a rally that drove prices to a three-year high above $86 a barrel early in the session on tight supply and a global energy crunch. Winter weather in much of the United States is expected to be warmer than average, according to a National Oceanic and Atmospheric Administration released Thursday morning. “The report, indicating drier and warmer conditions across the southern and eastern U.S., is putting pressure on the complex,” said Bob Yawger, director ...

British and European wholesale gas prices mostly fell on Thursday, driven by losses in the coal market that trumped forecasts of higher demand amid colder weather and less wind. * The Dutch wholesale gas price for November was 2.13 euros lower at 90.60 euros per megawatt hour (MWh) by 0857 GMT. * The contract for December delivery was down 2.73 euros at 90.80 euros/MWh. * In the UK market, the contract for the first quarter of 2022 was down 7 pence at 233 pence per therm. * Gas was taking ...

Energy producing nations have pledged to collaborate with India in its efforts to move towards the twin goals of energy security and decarbonization, but added that surging oil prices is a wake-up call to ensure the flow of plentiful investments into the sector in coming years. Policymakers from the United States, Australia and Middle Eastern countries attending the India Energy Forum by CERAWeek said that India’s robust energy growth potential over the coming decades would provide ample opportunities to strike partnerships with private players in the country, as well as ...

M&A activity has continued to increase with three deals thus far in the fourth quarter, totaling roughly $330 million. Northern Oil and Gas bought non-operated interest in 400 Bakken wells from Comstock Resources for $154 million. An undisclosed buyer purchased 22,000 net acres in the Eagle Ford from Callon Petroleum for $100 million. SilverBow Resources purchased 17,000 net acres in the Eagle Ford from two sellers for a total of $75 million. While the three most recent M&A deals don’t amount to a substantial sum, it is a fairly strong ...