Industry News
Petrobras reports $470m net loss in Q2 2024, below expectationsÂ
Brazil’s state-run oil giant Petrobras reported lower-than-expected results and decreased investment estimates, a significant drop from 2023.
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Contract News
SBM Offshore contracted to build FSO unit for Woodside’s Trion oil projectÂ
SBM Offshore has been contracted to construct a floating storage and offloading (FSO) unit for the Trion deepwater oil project.
Industry News
Mexico’s Pemex to seek oil partnerships under new government Â
Mexico’s incoming administration is set to encourage state oil company Pemex to form equity partnerships with private firms.
Company News
Petrobras secures environmental clearance to expand production at offshore fieldsÂ
Petrobras has obtained environmental licenses to expand oil production in two offshore fields, reported Reuters, citing sources. Â
Deal News
Reliance plans crude-for-naphtha swap deal for Venezuelan oilÂ
Reliance Industries is planning a crude-for-naphtha swap deal to resume crude oil trade with Venezuela, reported Reuters, citing sources. Â
Industry News
EIA forecasts tighter US oil markets and lower crude prices Â
The US Energy Information Administration (EIA) stated that despite recent falls in crude oil prices, it expects an increase in H2 2024.
Industry News
Harbour Energy’s $392m H1 profit to be affected by Labour’s tax increaseÂ
Harbour Energy, has reported a net profit for the first half of 2024, registering $393mn before tax. Labour’s tax increase to affect this.
Analyst Comment
Asia set to spearhead global polyethylene capacity additions by 2028
Global polyethylene capacity is poised to see considerable growth over the next four years, potentially from 141.29mtpa in 2023 to 198.27mtpa in 2028.
Company News
Occidental net income surges 64% to $992m in Q2 2024Â Â
US oil company Occidental has reported an income attributable to common stockholders of $992m for the second quarter (Q2) of 2024.
Analyst Comment
Three years after the PIA: Nigeria’s upstream outlook
Nigeria’s oil and gas sector is at a pivotal moment as it navigates through a complex regulatory landscape and fiscal reforms introduced by the PIA of 2021.