Canacol Energy wins three new Colombian gas exploration blocks

Canacol Energy wins three new Colombian gas exploration blocks

Canacol Energy has successfully secured a 100% operated working interest in three new conventional gas exploration contracts. Company pleased to announce that it has commenced the production and sale of liquified natural gas (“LNG”), the first such operation in Colombia. Company pleased to report its financial and operating results for the three and nine months ended September 30, 2019. All remarks made during the conference call will be current at the time of the call. Natural gas sales for the third quarter of 2019 averaged approximately 146 million standard cubic feet per day. This level of sales was achieved in...

OPEC+ agrees to redistribute oil cuts under Saudi pressure

OPEC+ agrees to redistribute oil cuts under Saudi pressure

OPEC+ will adjust its output target and redistribute production cuts between its members under pressure from Saudi Arabia. China’s record imports of crude oil in November underscore both the challenges and risks facing OPEC. Brent rises 3% in wk;WTI up 7% in biggest weekly gain since June. It has long carried an outsized share of the burden. Saudi Arabia spearheaded a deal on Friday that will see the OPEC+ group of oil producers commit. OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall. The group pumps more than half the world’s...

Chevron Technology Ventures invests in Infinitum Electric as part of its low-carbon initiative

Chevron Technology Ventures invests in Infinitum Electric as part of its low-carbon initiative

Infinitum Electric, a leading motor technology company delivering IoT-enabled electric motors. Company announced a contribution of $100,000 from the Chevron Global Community Fund. Global organizations will work together to accelerate development of cloud-native solutions. A group of Ecuadorian plaintiffs whose litigation against Chevron Corporation has been exposed as a fraud and bribery scheme. Company committed to its advantaged portfolio and long-term value proposition. Company provided an overview of the company’s 2018 operational performance. Company announced today that it has closed a $12.5 million Series B round of financing. This follows a successful Series A round completed in January. The Canadian...

Saudis pledge to cut production, but only if other OPEC members stop cheating

Saudis pledge to cut production, but only if other OPEC members stop cheating

Saudi Arabia appeared to be on track to forge a new quid pro quo with fellow OPEC+ members. The lessons learned by the General Sports Authority from hosting the 2018 series. Webber dove the new all-electric Porsche Taycan from Dubai to Riyadh. A few hours before the Organization of Petroleum Exporting Countries’ meeting in Vienna. It’s a winding track and the drivers absolutely love such snake turns. Eight of the best men’s players in the world competing in the $3 million Diriyah Tennis Cup on Dec 12-14. The upcoming Diriyah Equestrian Festival will be a huge moment for the Kingdom’s...

Repsol’s carbon-reduction pledge puts the onus on peers to follow suit

Repsol’s carbon-reduction pledge puts the onus on peers to follow suit

Repsol’s announcement this week that it will eliminate emissions from its business by 2050. The first WindFloat Atlantic unit featuring the world’s largest offshore wind turbine on a floating platform has departed for its final destination. In line with its commitment to sustainability, Repsol aims to achieve net zero emissions by 2050. It throws down the gauntlet to competitors as large oil companies face mounting investor pressure to clean up their act. The facility, located at the Repsol service station in Ugaldebieta (Biscay), on the A-8 motorway, is the first in Europe to enable vehicle charging. The Chairman of Repsol...

Saudi Aramco pitches itself as the low-carbon investors’ choice

Saudi Aramco pitches itself as the low-carbon investors’ choice

The world’s largest oil producer has pumped about 116 Bbbl of crude oil. The proposed joint venture with Air Products and ACWA Power will own and operate the Jazan Integrated Gasification Combined Cycle. The event runs through Thursday, is expected to draw more than 600 attendees. The giant fields below the kingdom’s desert and the waters of the Persian Gulf. The average cost of a new house in the United States was $4,600. Saudi Aramco recently honored a number of local manufacturers distinguished. It conducted under the theme “Leading” Change in the Quality of Manufacturing. Saudi Aramco has been awarded...

OPEC+ clamping down on members exceeding production quotas

OPEC+ clamping down on members exceeding production quotas

OPEC+ is poised for a debate about lax implementation of oil-production cuts in Vienna this week. Oil jumped above $61 a barrel on last Monday, supported by hints that OPEC. The dollar and global stock markets fell on last Monday after U.S. President Donald Trump’s speech. Russia asking to discuss a rule change that would exclude some of its oil production from the group’s quota. OPEC and other global producers including Russia, a group known as OPEC+ have been cutting output by 1.2 million barrels per day. Brent crude futures were up 35 cents, or 0.6%, at $61.17 a barrel...

Repsol is first oil major to pledge zero emissions by 2050

Repsol is first oil major to pledge zero emissions by 2050

Repsol SA embarked on the most ambitious attempt yet by an oil major to align itself with the Paris climate goals. The first WindFloat Atlantic unit featuring the world’s largest offshore wind turbine on a floating platform. The Chairman of Repsol warns in Brussels of the risk of relocation of European industrial production. Repsol has formed a Joint Venture with United Global Limited after buying a 40% stake in its Singapore-based lubricants manufacturer. Company saying it will eliminate all greenhouse gas emissions from its own operations and its customers by 2050. The company’s net income was 1.133 billion euros in...

Colombia seeks $1 billion Ecopetrol dividend, amid massive civil unrest

Colombia seeks $1 billion Ecopetrol dividend, amid massive civil unrest

Colombia is seeking an additional payout of almost $1 billion from its oil company Ecopetrol S.A. Hundreds of demonstrators took to the streets in the Colombian capital on last Saturday. Colombia’s economy grew at its fastest pace in four years as migration from Venezuela. Luz Polo was at a campaign event when she said a man sent by criminal groups broke down the doors. It faces increased spending pressure amid massive anti-government demonstrations. Nine bullet holes dot the front door and window of Jhon Jairo Vasquez’s home in the northern town of Caucasia. Popular and influential former President Alvaro Uribe...

Aramco IPO retail offering fully covered with one day to go

Aramco IPO retail offering fully covered with one day to go

The retail tranche of Saudi Aramco’s initial public offering is fully covered with one day to go after 3.7 million investors applied. Saudi Aramco recently honored a number of local manufacturers distinguished for offering high-quality products. Saudi Aramco is participating in the 2019 Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC). Company issued a prospectus for its initial public offering on the Saudi Stock Exchange. The subscription reached 32.6 billion riyals ($8.7 billion), lead manager Samba Capital said in statement. Company announced that it is joining the World Bank Initiative. The proposed joint venture with Air Products and ACWA Power...