Category: News & Announcement

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 (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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Iran has decided to use local firms to develop a large offshore natural gas field, which was discovered by an Indian company and set to be developed by a group of Indian firms, Press Trust of India reported on Monday, citing sources with direct knowledge of the plans. An Indian consortium led by ONGC Videsh discovered the huge Farzad-B gas field back in 2008. Iran and India have since negotiated the terms of the field’s development for years, in fits and starts. Three years ago, the Indian consortium led by…

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U.S. oil and gas producer ConocoPhillips unveiled on Monday a target to reduce emissions from its operations to net zero by 2045-2055 in a first announcement from a major American oil firm setting specific targets to cut its carbon footprint. Unlike European oil majors – who have rushed to pledge various commitments to become net-zero energy companies – U.S. companies, including Exxon and Chevron, hadn’t set any such goals. For this, U.S. supermajors have received backlash from investors in recent months, including from the world’s largest asset manager, BlackRock. ConocoPhillips’…

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As part of its plan to reduce greenhouse gas emissions and become carbon neutral by 2050, the European Union (EU) will consider the creation of a legally-binding framework at the international level for methane emission reduction, including in the energy sector. In its EU strategy to reduce methane emissions published on Wednesday, the European Commission said that the scope of actions for energy-related methane emissions covers the entire oil, natural gas, and coal supply chains, including liquefied natural gas (LNG), gas storage, and biomethane introduced into gas systems. “The Commission…

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