The agreement extends the licence to 2037, supports the further development of the block’s remaining resources and prolongs the production and design life of the Kizomba A, Kizomba B, Mondo and Saxi-Batuque FPSOs.
Since the Russian invasion of Ukraine in February 2022, the European Union has been working to decrease its dependence on Russian energy. The EU responded to Russia’s invasion by introducing sanctions on a range of energy products, including oil and gas, which it has gradually strengthened over the last three years as the region has reduced its reliance on Russian energy.
Oil prices are set to end the week higher after geopolitical risk climbed and Trump delayed tariff announcements.
The total number of active drilling rigs for oil and gas in the United States slipped again this week, according to new data that Baker Hughes published on Friday, following a 8-rig decrease in the week prior.
Brazil has become the latest target of U.S. President Donald Trump’s ire after the Republican frontrunner threatened 50% tariffs on the South American giant for allegedly persecuting right-wing ex-president Jair Bolsonaro. In a post on Truth Social, Trump called on Brazilian President Luiz Inácio Lula da Silva to halt what he described as a “Witch Hunt that should end IMMEDIATELY!” Bolsonaro is currently on trial for allegedly attempting to overturn the results of the 2022 election.
The contract will remain effective until September 30, 2025. Its value is between EUR 250 million and EUR 500 million.
The LNG will be sourced from the company’s Das Island liquefaction facility, with the total deal valued at approximately USD 400 million. The site has exported over 3,500 LNG cargoes globally since 1977 and produces up to 6 million tonnes per year.
West Texas Intermediate advanced almost 3% to settle above $68 a barrel after President Donald Trump said he plans to make a “major statement” on Russia on Monday and reiterated criticism of President Vladimir Putin. One sanctions bill, which at least 85 senators have endorsed, would levy 500% tariffs on China and India if they make any purchases of Russian energy.
Rising Phoenix Capital, an investment firm specializing in oil and gas mineral royalty acquisitions, today announced a new strategic acquisition in the Midland basin. The mineral rights, located in Ector and Midland Counties, TX, are operated by ConocoPhillips and were acquired through the firm’s Maroon Bells Fund, an income-focused mineral portfolio that has delivered consistent cash distributions.
bp Plc said it expects to report rising production and a strong result from its oil trading business for the second quarter, offering a boost for the energy major struggling to reverse years of underperformance.
Production for the three months through June is now expected to be higher compared with the first quarter, the London-based company said in a statement on Friday. That’s up from earlier guidance for it to be broadly flat. Output had slipped in the first three months of the year. It will report earnings for the period on Aug. 5.