Day: October 27, 2020

Mexican Energy Minister: Pemex Is Open To Working With Foreign Oil Companies

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The Mexican government is ready to review offers for so-called farm-outs with Pemex if the projects proposed are feasible, Reuters has reported, quoting Energy Minister Rocio Nahle. This is a marked departure of Nahle’s previous skepticism about the benefits of Pemex working with foreign oil companies. In fact, just last month the Mexican government said it was working on a new infrastructure plan that, according to reports, would not include any new contract possibilities for oil and gas exploration and production. This has not helped troubled Pemex, which is the most indebted…

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BP Beats Forecasts To Return To Small Profit In Q3

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BP (NYSE: BP) avoided a second consecutive loss and beat analyst estimates as it reported on Tuesday a small profit for the third quarter after oil prices stabilized at around $40 a barrel from the slump in Q2. The UK-based supermajor, which is in the process of slashing 10,000 jobs, reported an underlying replacement cost profit—its proxy for net profit—of US$86 million for Q3, compared with a loss of US$6.7 billion for the second quarter of 2020 and US$2.3 billion profit for the third quarter of 2019. Analysts had expected…

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Oil Demand In Doubt As COVID Cases Climb

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The average energy capacity cost of utility-scale battery storage has declined from $2,152 per kilowatt-hour in 2015 to just $625/kWh in 2018. As of the end of 2018, the U.S. had 869 MW of installed energy storage capacity. The U.S. added 152 MW in 2019. In the first 7 months of 2020, the U.S. added 301 MW of energy storage capacity. Market Movers Cenovus Energy (TSE: CVE) and Husky Energy (TSE: HSE) were upgraded to Buy from Hold at Stifel, after Cenovus said it would buy Husky (more on that…

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Italy augments participation at WETEX; seeks incremental opportunities in the renewable sector

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The Italian Trade Agency (ITA), the official Agency of the Italian Government which promotes the globalization of Italian firms under the aegis of the Ministry of Foreign Affairs, in collaboration with the Embassy of Italy in the UAE, presents the Italian expertise on sustainable and renewable technology at the virtual edition of Water, Energy, Technology, and Environment Exhibition (WETEX). Today marks the official opening day of the first-ever carbon neutral 3D virtual exhibition which runs until October 28, and Amedeo Scarpa, Italian Trade Commissioner to the UAE, Oman and Pakistan…

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Today’s Oil and Gas Update – IGAS Energy plc; Mosman Oil & Gas and more…

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Market Update: Monday 26 October 2020  President Energy (AIM:PPC): Positive strides amid difficult climate IGAS Energy plc (AIM:IGAS): Partnership with Bayotech to produce hydrogen   Mosman Oil & Gas* (AIM:MSMN): Significant additional interest acquired in the Cinnabar Market Update: Monday 26 October 2020  President Energy (AIM:PPC): Positive strides amid difficult climate IGAS Energy plc (AIM:IGAS): Partnership with Bayotech to produce hydrogen   Mosman Oil & Gas* (AIM:MSMN): Significant additional interest acquired in the Cinnabar Lease Energy Prices          Brent Oil US$41.7/bbl vs US$40.7/bbl on Friday WTI Oil US$39.4/bbl vs US$40.4bbl on…

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