Petrobras’ efforts to increase oil and gas production are bearing fruit. Petrobras produced 2.7 million barrels of oil equivalent in the second quarter of the year, which represented a 2.4% increase as the company ramped up production at five platforms and started 12 new wells, of which eight in the Campos Basin and four in the Santos Basin.
On July 1, in favor of Saipem SpA and Samsung E&A Co. Ltd., the Court of Appeal set aside the High Court of Justice’s sanction for Petrofac’s restructuring plan. Petrofac and the two companies had been part of a failed project – called Clean Fuels Project – to enable the production of cleaner fuels at a Thai refinery.
Located on Canada’s west coast, the LNG Canada facility benefits from access to abundant, low-cost natural gas and an ice-free harbor. The plant is the first-of-its-kind in Canada with an annual production capacity of up to 14 million tonnes of LNG. It positions Canada as a major supplier of low-carbon natural gas to global markets and will operate under a 40-year license helping to reduce global greenhouse gas (GHG) emissions by replacing coal with natural gas. A Phase 2 expansion would increase the facility’s processing, storage and shipping capabilities. LNG Canada and its five joint venture participants continue to explore pathways to a Phase 2 expansion but have not yet reached a final investment decision.
According to a table accompanying the statement, September “required production” is 9.978 million barrels per day for Saudi Arabia, 9.449 million barrels per day for Russia, 4.220 million barrels per day for Iraq, 3.375 million barrels per day for the United Arab Emirates, 2.548 million barrels per day for Kuwait, 1.550 million barrels per day for Kazakhstan, 959,000 barrels per day for Algeria, and 801,000 barrels per day for Oman.
ADNOC Gas chief executive Fatema Al Nuaimi said, “This long-term agreement with HPCL, our third with Indian companies in the past year, reflects the robust energy partnership between the UAE and India. This milestone underscores ADNOC Gas’ ability to reliably meet rising global demand for LNG and support India’s ambition to increase natural gas to 15 percent of its primary energy mix by 2030”.
Chief Executive Officer Murray Auchincloss reset BP’s strategy in February by promising to refocus on oil and gas after years of failed low-carbon investments. Other supermajors had recommitted more quickly to the hydrocarbon-focused strategies that fed their profits.
“The preliminary investigation indicates that ADNOC and Covestro may receive foreign subsidies distorting the EU internal market”, the Commission said in a statement online. “The possible foreign subsidies notably include an unlimited guarantee from the UAE, as well as a committed capital increase by ADNOC into Covestro.
“ConocoPhillips is one of our most important customers and long-term partners, and Aris has consistently demonstrated its ability to deliver reliable, full-cycle water infrastructure solutions. This extension represents a significant milestone for Aris – lengthening the acreage-weighted remaining term of our produced water contracts from approximately six years to over ten years”, Amanda Brock, President and CEO of Aris Water Solutions, said.
As regards OPEC+ production policy, the analysts said that “While OPEC+ policy remains flexible, we assume OPEC+ will keep its production quota unchanged after September as we expect the pace of builds in OECD commercial stocks to accelerate and seasonal demand tailwinds to fade away.”
The Chinese companies are replacing Western oil and gas majors who left Iraq in search of greener pastures. CNPC took over the West Qurna 1 field last year and plans to boost its capacity to 1.2 million barrels daily by 2035. West Qurna 1 is one of the largest oil fields in the world, with reserves estimated at more than 20 billion barrels of recoverable hydrocarbons. Currently, it produces around 550,000 barrels daily.