In a letter addressed to the Managing Director of VRA on Tuesday, February 18th, 2025, sighted by myjoyonline.com, the company stated that effective March 6th, 2025, it would cease further gas deliveries in accordance with Clause 13.6(a) of the Takoradi Gas Sales Agreement.
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.
The OPEC Fund for International Development and the Industrial Development Bank of Türkiye (TSKB) have signed an agreement for a EUR 50 million ($52.46 million) loan to support climate- and circular economy-related projects in the Mediterranean country.
MOL Group said in a media release that the quality of the products has been verified by radioisotope analysis by the independent specialist laboratory of Isotoptech Zrt, confirming the right ratio of HVO. The production test confirmed that MOL Group is technologically ready for the production of alternative synthetic fuels, it said.
A peace deal in the Ukraine could lead to the lifting of Western sanctions on Russia, which would in turn boost the availability of Russian oil supply internationally—but only theoretically. The European Union has signaled on a regular basis over the past three years it is willing to keep squeezing Russian energy as much as it possibly could and it’s quite likely the squeeze will continue even after a peace deal is signed—if that happens.
NGL Energy Partners said that Water Solutions’ operating income slipped by $8.9 million for the quarter under review due to higher losses from asset disposals or impairments. “This decrease was partially offset by a gain of $3.0 million due to the write-off of a contingent consideration liability and higher disposal revenues due to an increase in produced water volumes processed from contracted customers and higher fees charged for interruptible spot volumes”, the company said.
The U.S. added six rigs and Canada added 13 rigs week on week, taking the total North America rig count up to 840, comprising 582 rigs from the U.S. and 258 rigs from Canada, the count outlined.
Hess Corp. grew its net oil production in Guyana by 52 percent to 195,000 barrels per day (bpd) in the fourth quarter of 2024 compared to the same three-month period in the prior year, according to quarterly results it released Wednesday. The New York City-based company’s net production in the United States’ Bakken shale also […]
Management of the Ghana Upstream Petroleum Chamber has paid a courtesy call on the minister for energy and green transition, the honorable John Jinapor to congratulate him on his appointment and to invite him to a roundtable discussion with its members. The team from the Chamber was led by its CEO, David Ampofo.
Output in 2024 is expected to have totaled 720 MMboe, marking a sixth consecutive year of record highs, the Chinese state-backed company said. CNOOC Ltd., majority-owned by China National Offshore Oil Corp. (CNOOC)., put the total volume goal for 2025 between 760 MMboe and 780 MMboe, of which 69 percent is to come from China.