GEORGETOWN, May 8, 2023 – MODEC has signed an EPCI contract to build an FPSO bound for TotalEnergies’ offshore Uaru field in Guyana, the Japanese shipbuilding company announced on Monday.
Crude oil prices were once again on the decline today in Asian morning trade, extending a slip that began yesterday after the American Petroleum Institute surprised markets by estimating an inventory build in both crude and gasoline.
Despite oil’s most recent slump to a 15-month low last week, analysts and investment banks continue to expect higher prices at the end of this year as demand is set to pick up with the driving season, and supply is bound to tighten with the OPEC+ cuts in the second half of 2023.
Russia’s crude oil exports by sea hit a new high of 3.55 million barrels per day (bpd) in the four weeks to May 5, the highest shipments since at least early 2022, tanker-tracking data monitored by Bloomberg showed on Tuesday.
TotalEnergies, along with Italy’s Eni and the UK’s BP and Shell, have been at the vanguard of securing new oil and gas supplies for Europe to substitute for lost energy supplies from Russia since its invasion of Ukraine in February 2022.
Saudi Aramco, the world’s largest oil company, has made headlines once again with its lower Q1 profits of $31.9bn, which is a 19.25% decrease compared to the same period a year earlier when it made $39.5bn.
Morocco is at a crossroads. Its ecological conditions, with the sun of the Sahara and the wind of the Atlantic coast, make it a prime candidate for massive-scale solar and wind farms.
BRASíLIA, May 9, 2023 – Petrobras’ Anna Nery FPSO has begun production at the Marlim and Voador offshore fields on the Campos Basin in Brazil, the Brazilian NOC announced on Monday.
Washington (AFP) – Facing a deep economic crisis, Pakistan has started to buy Russian oil, but the country’s petroleum minister says the future lies in diversified, especially green, energy.
President Muhammadu Buhari has directed the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to take over the supervision of all crude oil export terminals in the country.