OPEC+ is considering pushing back its planned output increase due in April, potentially the fourth time it has delayed bringing back production. Adding to the prospect of tighter supplies, as much as 30% of oil exports from a major Kazakh pipeline to the Black Sea may be halted after a Ukrainian drone attacked a pumping station in Russia. The Group of Seven also is considering tightening the price cap on Russian crude exports, possibly curbing supplies further.
The company said this month that it now has full ownership of the CPO-09 block in the nation’s oil-rich eastern plains after completing its $452 million acquisition of Repsol SA’s 45 percent stake. That investment’s strategic location near Castilla and Chichimene, among the country’s top five fields, allows the company to benefit from synergies, a top executive said in an interview.
SBM Offshore is developing a compact, modular carbon capture solution designed to significantly reduce emissions from oil and gas production on FPSOs, as part of its emissionZERO program. The study for Petrobras encompasses the design and commercial assessment of diverse carbon capture system configurations for future FPSOs deployed in Petrobras fields, considering varying turbine types and machinery setups, gas flow rates and installed gas turbine power, and CO2 concentrations and gas compositions, SBM Offshore said.
Unioil chief executive Janice Co Roxas-Chua said separately, “We are confident that this [the partnership with Aramco] will equip ourselves in accelerating our growth and development, further innovate, and strengthen our position as a leader in the wholesale and retail fuels market”.
The Macquarie strategists highlighted in the report that, last week, the EIA “reported builds in commercial crude (+4.1 million barrels) and at Cushing (+0.9 million barrels), with mixed product stats (gasoline -3.0 million barrels, distillate +0.1 million barrels, jet +0.9 million barrels)”.
It would be the fourth time the Saudi Arabia-led producer group has delayed plans to revive output. That’s eased worries about a supply surplus developing this year. The International Energy Agency is calling for an overhang of 450,000 barrels a day and, in the US, inventories are sitting at a three-month high while one measure of market tightness is flashing signs of oversupply.
TotalEnergies SE and Air Liquide SA plan a €600 million ($628 million) joint venture to produce green hydrogen for the French oil giant’s refinery in the Netherlands, along with a supply deal for its petrochemical plant in Belgium.
The three companies said in a joint media release that under the Framework for Action agreement, Masdar and TotalEnergies will strengthen their cooperation to provide reliable and sustainable electricity to local communities in Africa and support its long-term energy systems transformation, and jointly develop new clean energy opportunities in Southeast Asia.
An increase in ship-to-ship transfers, plus the emergence of alternative receiving terminals, led to the jump, according to traders who participate in the market and asked not to be identified because the matter is sensitive.
Galp said that its investments during the fourth quarter reached EUR 500 million ($522.3 million), mainly channeled toward the execution of upstream projects, such as the Namibia appraisal campaign and Bacalhau. The company also said it continued pursuing industrial low-carbon projects.