Pampa Energia, Argentina raises over $400 mln for Vaca Muerta campaign
Pampa Energia, a natural gas producer in Argentina, announced a $410 million debt issuance on Friday. This demonstrates investor confidence as the company expands its operations in the Vaca Muerta shale in the country. The massive shale deposits, where state-owned YPF, Vista Energy and other competitors are investing, is a bright point in the ongoing economic crisis of South America, marked by triple-digit rates of inflation. Pampa said that its new debt will be due in 2031, and it was issued with a 7.95% coupon.
OPEC+ Has Oil Price and Demand Problems. It Should Solve Demand
OPEC+ has two problems and two solutions.The first problem is that crude oil prices are too low for the comfort of most of the members of the group, which pulls together the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia.The second issue is that crude demand has so far disappointed the somewhat optimistic forecasts made by OPEC for 2024 growth.The first solution is for OPEC+ to surprise the market and change its mind on increasing output from the fourth quarter onwards.The second solution is to increase output as planned…
Perenco will acquire mature gas fields from BP
BP Trinidad and Tobago has signed an agreement with Perenco T&T for the divestment of its Immortelle offshore gas field and production facilities. The oil major said this in a Monday statement. It said that the agreement includes undeveloped resources in the Parang field. All fields except Parang have been in operation since 1993, and produce about 30 thousand barrels equivalents of oil per day. According to the agreement, bpTT is required to buy gas from these fields in order for it meet its contractual obligations.
Oil continues to fall on the back of weak China data and the prospect of increased OPEC+ supplies
The oil prices continued to fall on Monday, as OPEC+ is expected to increase production in October. Meanwhile, signs of sluggish consumption in China and America, the two biggest oil consumers in the world, have raised concerns over future growth. Brent crude futures dropped 61 cents or 0.8% to $76.32 a bar by 0450 GMT, while U.S. West Texas intermediate crude fell 52 cents or 0.7% to $73.03 a bar. Last week, Brent fell by 0.3% and WTI dropped 1.7%. Six sources within the oil producer…
Oil prices continue to fall on the prospect of increased OPEC+ supplies
The oil prices continued to fall on Monday as investors weighed higher OPEC+ output in October against a sharp decline in Libyan production amid sluggish demands in China and the U.S. Brent crude futures dropped 57 cents or 0.7% to $76.36 per barrel at 0108 GMT, while U.S. West Texas Intermediate Crude fell 50 cents or 0.7% to $73.05 per barrel. Last week, Brent fell by 0.3% and WTI dropped 1.7%. Six sources within the producer group have confirmed that the Organization of the Petroleum Exporting Countries (OPEC+) is planning to increase oil production starting in October.
Sources say that Sinochem, a Chinese company, plans to withdraw from its US shale joint venture with Exxon.
Sinochem, a Chinese state-backed oil company, plans to sell its 40% stake, worth upwards of $ 2 billion, in a U.S. joint venture with Exxon Mobil, according to people familiar with the situation. Sources claim that Sinochem hired Barclays investment bankers to help it with the sale of its Wolfcamp joint-venture stake. Source: Exxon has the first right of refusal to sell the joint venture, which is majority owned and operated by the company. Sources cautioned, however, that the sale discussions are still in their early stages and a deal is not guaranteed with Exxon, or any other interested parties.
GE Vernova claims that offshore wind turbine blade failures have nothing to do with each other
GE Vernova said on Friday that recent turbine blade failures in two offshore wind farms located in the United States of America and the United Kingdom were unrelated. The company is still dealing with the fallout of three separate blade accidents that occurred in just four months. The latest incident occurred on August 22 at Dogger Bank, off the coasts of Yorkshire and the North Sea. This was just over a week after a blade broke off at Vineyard Wind off the coasts of Massachusetts. According to a Dogger Bank website statement…
Biden administration finalizes the solar lands plan and touts progress
The administration of U.S. president Joe Biden announced on Thursday that it had finalized plans to expand solar power on federal lands across 11 western states. This is part of an overall push to accelerate the permitting and construction process for large infrastructure projects. The White House is looking to speed up the approval of projects ranging in scope from wind and solar farms to power transmission as part of its efforts to combat climate change and decarbonize the energy sector. It also wants to promote the "Investing in America' agenda in advance of the November election. The U.S.
Two Republicans ask Pentagon to add Chinese Battery Maker CATL to restricted List
Two Republican senators on Wednesday requested that the U.S. Defense Department add Chinese battery manufacturer CATL to a list of restricted companies suspected to be working with Beijing's army. Experts say that companies added to this list are not eligible for U.S. government contracts, and they also face significant reputational risk. Senator Marco Rubio and Representative John Moolenaar of the House Select Committee on China asked Defense Secretary Lloyd Austin, to place CATL, formally known China's Contemporary Amperex Technology Co, on the list. They said "it would send a strong signal to U.S.
Deese, a Harris advisor, calls for a Marshall Plan on clean energies
Brian Deese is an adviser to Vice President Kamala's presidential campaign. He called for a program that would lend money to allies to purchase green energy technologies in the United States as part of an overall strategy to combat climate change. Deese - who served as an adviser to President Joe Biden, and then President Barack Obama - referred to it as a "new version" of the Marshall Plan. The Marshall Plan was a system of grants created by Harry Truman and George Marshall in order for Europe's recovery after World War II.
Conab raises estimate for Brazil's 2024/2025 sugarcane crop
Conab, Brazil's national agricultural agency, increased its forecast on Thursday for Brazil's sugarcane production in 2024/25 but stated that it would still fall below the previous season due to low rainfall and high temperatures reducing yields in key regions. The agency estimates that the sugarcane production in South America will reach 689.83 millions metric tons in this season. This is higher than the 685.86million tons estimated in April, but lower than the 713.21million tons expected in 2023/24.
Gran Tierra Energy, a Canadian company, offers $226 million to buy UK-based i3 Energy.
The shares of i3 Energy jumped up to 33.7% in the morning on Tuesday after Canada's Gran Tierra Energy made an offer to purchase the British oil producer for 174.1 million pounds (226.23 millions). The implied value of the deal is 13.92 pences per i3 Energy's share. This represents a 49% premium to its closing price on August 16, which was listed in London. At 0804 GMT, i3 shares rose 26.27% to 12.16p. Gran Tierra Energy hopes to build an independent energy company with scale in the Americas.
Offshore Energy Production & the World Economy
As the price of gas continues to seemingly hold steady at around three dollars a gallon, the pocketbooks of Americans continue to suffer. Regretfully, due to global conflict and the outbreak of wars across Europe and the Middle East, oil prices are continuing to climb upwards, troubled by geopolitical conflict and fears of a potential shutdown of international oil and gas fields.Thankfully, the United States has long been blessed with tremendous sources of domestic energy that, if properly utilized, can protect us from suffering a similar energy-reliance disaster as experienced in Europe.
Floating Production – A Growing Segment in Transition
The specialized deepwater oil & gas and floating offshore wind segments will share many of the same stakeholders and supply chains, competing for increasingly scarce resources.To receive a full version of Inteletus analysis, click hereThe established floating production segment is forecast to experience continued growth through this decade, driving demand for, among other things, moorings, subsea systems, umbilicals, risers, flowlines and the large anchor handlers and subsea support vessels that will install and maintain the elements.At the same time…
Survival of the fittest: petrochemical manufacturers battle global glut
The survival mode of petrochemical producers is on in Europe and Asia. Years of capacity building in China, the top market for petrochemicals, and high energy prices in Europe have pushed margins down two years in a row. The weakness of the sector is concerning for an oil industry that looks to petrochemicals as a way to maintain profits in future years when transportation fuel demand will fall with the energy shift. Industry executives and analysts report that major producers in Asia…
Recession risk roils markets, but it's not alarming yet
The disappointing U.S. employment data has shaken the confidence that there will be a soft landing in the world's biggest economy. Global equity markets have tumbled and bets for interest rate reductions are surging. Investors abandoning popular carry trades in yen have played a major role in the recent selloff. This has complicated the message that asset prices are sending about the economy. Anyone can guess the likelihood of a U.S. recession. Goldman Sachs increased its odds of an American recession to 25%. JPMorgan believes that a recession could start before the end of the year. In July, the U.S.
Autry Stephens, Texas Oil Billionaire, Dies at the age of 86
Autry Stephens died at the age of 86 after a long battle with cancer, Endeavor Energy Resources announced on Friday.He was known for his relentless work ethic and frugal attitude. He continued to work even while under medical treatment and relying on friends to fly in a private plane to Houston to receive cancer treatments.Sources said that his work ethic was shaped during the difficult years of the 1980s, 1990s and beyond when he struggled with Endeavor. Wildcatters launched Endeavor, a closely-held U.S. oil-and-gas firm in 1979.
Solar, Wind Uptake to Reach 5.4 TWac from 2024 to 2033, Says Wood Mackenzie
Global solar deployment to add 3.8 TWac of new project capacity by 2033 compared to 1.6 TW of wind power, while 640% growth is forecast for energy storageFrom 2024 to 2033, developers will bring more than 5.4 terawatts (TWac) of new solar and wind capacity online, increasing the cumulative global total to 8 TWac, as the world endeavours to electrify economies and meet decarbonisation targets, according to latest analysis by Wood Mackenzie.Energy storage capacity (excluding pumped hydro) will grow by more than 600%, with nearly 1 TW of new capacity expected to come online in the same period.
France's Engie Surprises with Higher assistance
tax (EBIT), leaving out nuclear, to 5.6 billion euros ($ 6.05. billion).Revenues a year ago at Engie, the largest gas network. operator in Europe, had gained from high regional gas rates. and volatility.The outcomes were above expectations, said experts at. JPMorgan, with excellent performance throughout its companies, and. exceptional efficiency in versatile generation.EBIT at its Global Energy Management and Sales unit fell 38%. to 1.95 billion euros as rates normalised and on milder winter season. weather condition.Its renewables organization posted a 5.7% rise in incomes to.
US Natural Gas Producers Eye More Production Cuts as Prices Fall
After prices fell nearly 40% in just two months, major U.S. gas producers plan to curtail their production further during the second half 2024. The Henry Hub futures price has dropped below $2 per million British Thermal Units (mmBtu) while Waha gas prices in West Texas have fallen to a record low so far this year. As temperatures were cooler than anticipated, the demand for gas fell. In the meantime, supplies had increased as producers boosted production in the second quarter following a 47% increase in prices between April and May. EQT is one of the largest gas producers in America.
