Oil and Gas Industry

Brazil’s Lula Defends Oil Exploration In The Amazon 

Oil & Gas‚ Oil and Gas Industry‚ Uncategorized | intent | February 18, 2025 | Comment off

Brazilian President Luiz Inacio Lula da Silva is pressuring the country’s environmental regulators to approve oil drilling near the mouth of the Amazon River, arguing that revenue from this new fossil fuel supply could help finance a transition to green energy. Located in the Equatorial Margin, the offshore site, Bloc 59, is about 160 kilometers (99 miles) off Brazil’s eastern coast. Brazil’s environmental regulator rejected a license in 2023, citing issues such as the risk of oil spills that could affect one of the world’s most biodiverse regions. State-run oil giant Petrobras (NYSE:PBR) estimates the potential reserves in the basin at 10 billion barrels.

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WTI Slips Below $71 Amid Supply Confidence

Oil & Gas‚ Oil and Gas Industry | intent | February 17, 2025 | Comment off

West Texas Intermediate’s front-month futures were trading at as little as 1 cent more per barrel than contracts for the next month out, down from a premium of $1.52 about a month ago. It’s the weakest the so-called prompt spread has been since November, when it turned negative in a bearish structure known as contango. WTI’s March futures slid to settle below $71 a barrel.

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Type One Energy Inks Fusion Magnet Licensing Agreement with CFS

Oil & Gas‚ Oil and Gas Industry | intent | February 17, 2025 | Comment off

Type One Energy Group has secured an exclusive license to use Commonwealth Fusion System LLC’s high-temperature superconducting (HTS) cable technology to develop its proprietary stellarator fusion magnets. Type One Energy said in a media release the licensing agreement allows it to benefit from CFS’ experience in manufacturing the world’s most powerful HTS fusion magnets.

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SP Energy Networks, National Grid Break Ground on Subsea Power Superhighway

Oil & Gas‚ Oil and Gas Industry | intent | February 17, 2025 | Comment off

At the cable’s two landfall points, Torness, in East Lothian, and Hawthorn Pit, in County Durham, two converter stations will be built to change the electricity from alternating to direct current – the most efficient way for it to travel long distances, the partners said. Specialist boats are then used to lay the cable across the seabed and bury it throughout the route before connecting it to the grid.

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Avoid Crop Biofuels in Decarbonization Push, Shippers Tell IMO

Oil & Gas‚ Oil and Gas Industry | intent | February 17, 2025 | Comment off

“Unless legally-binding safeguards are introduced, there is a risk that a large amount of fossil fuels will be replaced with unsustainable biofuels,” the companies said in a joint statement released by the European Federation for Transport and Environment, a non-governmental organization known as T&E. When deforestation and land use are taken into account, palm and soy are two to three times worse for the climate than traditional fuels, according to T&E.

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