Latest News
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Petrobras CEO: Weighing options for Polo Bahia offshore fields, including selling, is one of the options being considered by Petrobras.
Petrobras, Brazil's state oil company, is considering all options, including the sale of its Polo Bahia oil fields. Chief Executive Magda Chambriard announced this on Saturday. She added that any decision would be based on shareholder and return interests. Former President Jair Bolsonaro had listed the Polo Bahia Hub, which consisted of 28 onshore oil fields, for sale as part of his divestment plan. Luiz inacio Lula da So Lula took it off the market when he became president in 2023, ending Bolsonaro’s divestment plan. Chambriard stated that the current operation in Polo Bahia is producing very little oil, but it requires a lot of effort. She added that extracting oil from these onshore fields would be more feasible if oil prices were higher than the current $65 per barrel, when they were $90-$100. We have this on the table, but we are not yet sure what we will do. We may decide to outsource, or sell the asset. We're studying the situation and will do what is best for us and for our shareholders. Chambriard refused to comment on possible divestment plans and stated that Urucu produced "the best oil at the highest value." On Saturday, Brazilian shipyards and Chinese shipyards also signed memoranda of understanding in order to promote technological and commercial cooperations and align with the increased demand for Petrobras ships. (Reporting and writing by Rodrigo Viga Gaier, Editing by David Gregorio).
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Former Olympic champion Chopra wins Gold at His Eponymous Event
Neeraj, the former Olympic javelin champion, won gold on Saturday in Bengaluru at Kanteerava Stadium. He registered a dominant win with a throw measuring 86.18 meters in the first round. Chopra, Germany's Thomas Rohler, and Kenya's Julius Yego were among the elite athletes who competed in India's Neeraj Chopra Classic. Chopra, the winner of the Tokyo Olympics 2021 and the Paris Games 2024, was dominant throughout. He followed his winning throw with throws 84.07m, and 82.22m, in subsequent rounds, as over 14,500 spectators cheered on their favourite. "I did not expect such a large crowd and support during the first season." Chopra thanked AFI (Athletics Federation of India), and World Athletics, for providing a world-class competition. This is a huge thing for our nation. "We were able do well and I hope we can continue adding more events to competition." Yego, the former world champion who won silver in Rio 2016, has now claimed silver at 84.51m. This is a promising performance ahead of the World Athletics Championships scheduled for September in Tokyo. Rumesh Patirage of Sri Lanka won bronze with a toss of 84.34m. He continues his upward trajectory, after joining the 85m club in 2024 at the Asian Throwing Championships held in Korea. Chopra made a dramatic recovery after fouling in the first throw. He recovered to post a winning 86.18m attempt that proved unbeatable during the competition. After three attempts, only eight of the 12 athletes made it to the second round. Former Olympic champion Rohler was shocked to find himself unable to advance after only one valid attempt during the first round. Chopra expressed his hope to host the event next year with more athletes, both domestic and international. (Reporting and editing by Clare Fallon in Bengaluru, with Suramya kaushik from Bengaluru)
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As floodwaters recede in Central Texas, 27 people have been confirmed dead
Authorities confirmed that 27 people including nine children were dead following flash floods across central Texas. Rescuers are still searching for survivors, including the dozens of girls who remain missing from their summer camp. As floodwaters receded around the Guadalupe River in Kerr County in Texas, approximately 85 miles (137 kilometers) northwest of San Antonio, 800 people were evacuated. The majority of the missing people are young girls. Near the camp, river levels rose rapidly by 29 feet. After thunderstorms dumped up to a foot of rainfall early Friday, the U.S. National Weather Service announced that the flash flooding emergency had largely been lifted for Kerr County. This was the epicenter of this flooding. The NWS Weather Prediction Center, College Park, Maryland, has issued a flood watch for the San Antonio and Austin, Texas region until 7 pm on Saturday. Donald Trump, the U.S. president, said that the federal government was working with local and state officials to combat the floods. Melania and I pray for the families affected by this terrible tragedy. "Our Brave First Responders have been on the scene doing what they do best," said he on social media. Dalton Rice, Kerrville's city manager, told reporters that extreme flooding occurred before dawn, with little or no notice, preventing authorities from issuing evacuation orders in advance as the Guadalupe River quickly rose above major flood level. Rice stated that "this happened very rapidly, in a very brief period of time, which could not have been predicted even by radar." "This occurred in less than two hours." Early Thursday, state emergency management officials warned that heavy rains in west and central Texas and flash flooding were possible "in the next few days" citing National Weather Service predictions ahead of the holiday. W. Nim Kidd of the Texas Division of Emergency Management said at a Friday night news conference that the weather forecasts "didn't predict the amount of rainfall we saw". According to the National Weather Service summary of the storm in 1987, the weekend disaster is reminiscent of a devastating flood that occurred along the Guadalupe River almost 40 years earlier. A bus and van trying to leave a church camp were flooded and ten teenagers drowned while trying to get out. It said that hundreds of people had been evacuated.
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Sky News reports that UK's Octopus energy weighs $14 billion in demerger of Kraken's tech arm.
Sky News reported Saturday that Britain's Octopus energy is nearing the hiring of bankers to oversee an $13.7 billion ($10 billion) separation from its technology arm Kraken Technologies and a stake sale. The report was based on sources who are familiar with this matter. The report stated that a minority stake of up to 20 percent in Kraken is expected to sold to external investors to validate the technology platform’s valuation. According to the report, Octopus Energy shareholders will receive shares in Kraken, the newly independent business, when the demerger is completed within the year. The report cited a source to say that a valuation of 10 billion pounds for Kraken implied the entire group, including the retail supply business is worth 15 billion pounds and more. Octopus Energy refused to comment on the article, while Kraken Technologies was not able to be contacted immediately. Sky News reported that investment banks were invited to bid for the demerger contract in recent weeks.
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Sources say OPEC+ will continue to increase output.
OPEC+ is likely to agree on further accelerating oil production increases at its first Saturday meeting since oil prices jumped and then retreated following Israeli and U.S. attack on Iran. Since 2022, the group that pumps half the oil in the world has curtailed production to help support the market. It reversed its course in order to gain market share this year and after U.S. president Donald Trump asked the group to pump more oil to keep gasoline prices low. Two sources familiar with the talks said that two groups may agree to increase output by up to 550,000 barrels a day in August. This is an increase from the monthly increases of 411,000 barrels a day (bpd) they approved in May, June, and July and 138,000 in April. The eight members of the group, Saudi Arabia, Russia and the UAE, Kuwait Oman, Iraq Kazakhstan and Algeria, will meet online at 9am GMT on Saturday to decide the policy for August. In April, the eight countries began to unwind their latest output cut of 2,2 million bpd. Then, in May, they increased the increases again, despite crude prices being impacted by the additional supply. The increase in production came after certain OPEC+ countries, like Kazakhstan and Iraq, exceeded their production targets, which angered other members who were still sticking to the cuts. Kazakh production returned to growth in the last month, and reached a new high. Sources have stated that OPEC+ - which is the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia - wants to increase its market share in the face of increasing supplies from other producers, such as the United States. OPEC+ announced a production increase of 1,37 million bpd from April to July. This represents 62% of the 2.2 million bpd production cut that is being unwinded. There are still other layers of reductions that total 3.66 million bpd. Reporting by OPEC Newsroom. Dmitry Zhdannikov wrote the article. Mark Potter (Editing)
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FT reports that the EU is stockpiling critical minerals in response to geopolitical threats.
Financial Times, citing an EU draft document, reported that the European Union intends to stockpile essential minerals to protect against possible supply disruptions caused by geopolitical tension. The draft said that "the EU faces a complex and deteriorating landscape of risk marked by increasing geopolitical tensions including conflict, the mounting impact of climate change, environment degradation, hybrid and cyber threats." The FT reported that the document warned of a higher-risk environment driven by "increased activities from hacktivists and cybercriminals", as well as state-sponsored groups. The European Commission didn't immediately respond to an inquiry for comment. According to the newspaper, the draft document is still subject to changes and will be published next Monday. It states that there are "limited understandings of the essential items needed to prepare for a crisis in the context of a rapidly changing risk landscape". The European Commission released its EU Preparedness Union Strategy in March. It urged member states to increase their stockpiles and encouraged citizens to have 72 hours worth of essential supplies on hand for emergencies. The strategy aimed to prepare the EU for possible risks, such as cyberattacks, geopolitical crises and natural disasters. It also included the possibility of an armed attack against EU member states. (Reporting and editing by Tom Hogue, William Mallard, and Surbhi Misra from Bengaluru)
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There are at least 13 deaths in Texas flash floods; more than 20 young campers have gone missing
Authorities in Texas said that torrential rains caused deadly flash floods on the Guadalupe River, south-central Texas, Friday. At least 13 people were killed and nearly two dozen girls are reported missing after a riverside summer camp. After thunderstorms with heavy rains, the U.S. National Weather Service declared an emergency flash flood warning for certain areas of Kerr County in Texas Hill Country. This is located about 65 miles (105 kilometers) northwest of San Antonio. Dalton Rice, Kerrville's city manager, told reporters that extreme flooding hit before dawn without much or any warning. This prevented authorities from issuing evacuation orders in advance as the Guadalupe quickly rose above the major flood stage. Rice stated that "this happened very rapidly, in a very brief period of time, which could not have been predicted even by radar." "This occurred in less than two hours." State emergency management officials warned on Thursday, citing National Weather Service predictions ahead of the holiday weekends, that heavy rains would be expected in the west and central Texas "in the next few days" and could cause flash flooding. In flood-affected communities, the Fourth of July fireworks displays were canceled, including in Kerrville where the planned U.S. celebration on Friday night was to be held at the waterfront. The river was flooded by rain, and the Independence Day celebrations were submerged. Kerr County Sheriff Larry Leitha said that 13 people had been found dead in the area due to flooding. He added, "I believe there will be many more after this thing is done." At an earlier press briefing, Texas Lieutenant Governor Dan Patrick stated that six to ten bodies of adults and kids had been discovered. Some were found in cars that had washed downriver. Pray for the Missing The authorities are also searching for 23 girls who were listed as missing among over 700 children in several summer camps near the Guadalupe River. This was when floodwaters inundated the area at 4 am local time. Patrick said, "We pray that all missing people are found alive." The sheriff did not reveal whether any unaccounted-for girls at Camp Mystic – a Christian private summer camp for young women – were included in the county-wide total of deceased victims. Authorities said that all campers were otherwise safe. However, they could not evacuate the campers immediately because of high water levels. In a message to reporters, Camp Mystic’s director stated that power, water, and internet services had also been shut off. At a press conference on the disaster, Kerr County Judge Rob Kelly said that everyone was doing their best to rescue the children. Kelly stated that a number residential subdivisions as well as RV parks and campgrounds had been severely affected. Kelly, when asked by reporters to explain why more precautions weren't taken due to the stormy weather forecast, said that a disaster this magnitude was unforeseeable. "We get floods every day." He said that this is the most dangerous valley of the river in the United States, and added, "We didn't have any reason to think it would be as bad as what happened here." "None at all." The Texas Division of Emergency Management issued an alert on Thursday stating that it has increased the readiness of its operations centre and "activated more state emergency response resources", as west and central Texas prepare for "continued heavy rainfall and flash flood threats heading into holiday weekend". Patrick reported that the Guadalupe River rose 26 feet (8 meters) in just 45 minutes, amid the heavy rains soaking up the area. Search teams flew 14 helicopters, a dozen drones, and hundreds of emergency personnel to the area. They were also conducting rescues on the ground from trees and fast-moving water. The Llano River, which flows through Mason County adjacently, was also reported to be at flood stage. This posed "a life-threatening scenario," according to the weather service. Patrick warned of a continuing threat of flash flooding from San Antonio to Waco in the next 48 to 72 hours. Officials said that the U.S. Coast Guard, the Federal Emergency Management Agency and other personnel were mobilized to help local authorities deal with the crisis. Steve Gorman, Los Angeles (Writing and reporting; additional reporting by Ismail Shakil and Jasper Ward; Acharya Bhargav and Toronto; editing by Matthew Lewis).
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Unspecified number of deaths and missing in Texas flash flood
Local authorities report that flash floods caused by torrential rainfall and thunderstorms along the Guadalupe River, in south-central Texas on Friday killed an unknown number of people, and left many others missing. Unknown numbers of children were caught in floodwaters which swept across campgrounds. At a press conference on the disaster, Kerr County Judge Rob Kelly stated that "everyone is doing their best to get these children out." Kelly stated that authorities have preliminary figures on fatalities but refused to release specific numbers until they know more about the extent of the casualties. Local media reported at least six deaths. After heavy rains of up to one foot, the U.S. National Weather Service has declared a flash flooding emergency in parts of Kerr County located in south-central Texas Hill Country about 65 miles north of San Antonio. Kerr County Sheriff's Office has reported "catastrophic floods" in the area. This resulted in "confirmed deaths and missing persons." Dalton Rice, Kerville's city manager, told reporters that the extreme flooding occurred without much or any advance warning. This prevented authorities from issuing evacuation orders. Rice stated that "this happened very rapidly, in a very brief period of time, which could not have been predicted even by radar." "This occurred in less than two hours." He said that scattered residential subdivisions and recreational vehicle parks, as well as campgrounds, were the hardest hit. Texas Lieutenant Governor Dan Patrick stated that he is working with the emergency response team of the state to coordinate the floods. "Another rainy day is predicted in these areas." Even if it is a light rain, flooding may occur. "There is a continuing threat of possible flash floods from San Antonio to Waco in the next 24-48 hours, in addition to continued risks in West and Central Texas," Patrick wrote in a social media post. Officials said that the U.S. Coast Guard, the Federal Emergency Management Agency and local authorities were all mobilized to help the local authorities deal with the crisis. Steve Gorman, Los Angeles (Writing and Reporting); Additional reporting by Ismail Shakil, Ottawa; Editing done by Matthew Lewis).
Tumbling US gas rates show unstoppable, hurting manufacturers
For almost a. year, U.S. natural gas producers have actually slammed the brakes on. production as rates fall. However relentless output gains including. from oil companies that pump gas as an oil by-product have. released record supplies.
In the oil versus gas contest, gas manufacturers are losing. Some are shutting in wells, canceling projects or selling. themselves to rivals to avoid losses. Natural gas costs this. month was up to an inflation-adjusted 30-year low of $1.59 per. thousand cubic feet, benefiting customers of the fuel like. utilities, but hurting manufacturers who are costing nominal. rates as low as they were in the depths of the COVID-19. downturn.
No place is the discomfort of low-cost gas as evident as Denver-based. BKV Corp. In the last five years, it invested $2.7 billion to. get 4,000 gas wells and 2 gas-fired power plants. It. vowed $250 million to build a lots underground carbon capture. and storage websites to make its gas more climate friendly.
The nosedive in U.S. gas costs has actually stalled BKV's prepare for. a going public and scuttled the carbon joint endeavor. with Verde CO2 to combine its gas and power plants with carbon. sequestration. BKV last year directly prevented loan defaults with. a $150 million bailout by its parent.
Majority-owned by Thailand power giant Banpu Public Co., the. little-known BKV in 2016 began buying scores of U.S. gas wells,. taking castoffs from oil producers' Exxon Mobil, Devon. Energy and others.
We definitely wish to be the greatest natural gas. producer in the nation. That's my aspiration, BKV Chief. Executive Christopher Kalnin stated in an interview here in. December at its very first carbon-sequestration site.
BKV's earnings skyrocketed to $410 million in 2022 on strong. natural gas prices after Russia's intrusion of Ukraine spurred. substantial demand for exports of melted U.S. gas. The business. introduced a strategy to develop a U.S. variation of its Thai parent,. tying together gas and power. The strategy consisted of an IPO. to assist finance the gas-to-power growth and a complement of. carbon-burying wells.
CLIPPED WINGS
BKV fell back to earth under costs suffering from a. relentless unrelenting growth U.S. natural gas output. Its earnings fell. to about $79 million in its most-recently reported nine-month. duration.
U.S. gas firms in 2015 cut drilling 22% to stem the. gusher. However the flows keep coming: The U.S. will pump 105. billion cubic feet a day of gas this year, up 2.5 billion cubic. feet a day in the last year. That boost suffices to fuel. 12.5 million U.S. homes for a day.
In many industries, volume boosts are excellent. More. production equates to more revenue. Rising output has actually overwhelmed. efforts to curtail drilling and even demand from frigid. temperature levels, causing a price drop that knocked U.S. gas. just recently to less than a 3rd of 2022's typical $6.50 per. million British thermal systems. By contrast, benchmark WTI crude. prices fell simply 17%.
Oil prices have actually held steadier thanks to worldwide supply cuts. by significant OPEC producers and their allies.
Skyrocketing gas production, specifically from oil companies. who view gas as a byproduct of their output, has actually proven. reasonably insensitive to costs, stated Nicholas O'Grady, CEO. of U.S. shale gas explorer Northern Oil and Gas.
Gas producers have actually been reluctant to cut output deeply on. the potential customers of giant brand-new liquefied natural gas (LNG) plants. opening this decade, he stated.
LNG exports would drain pipes the excess gas supplies and should. return rates to levels that make gas lucrative to drill again. by 2025, O'Grady and BKV's Kalnin anticipate.
There are 4 U.S. jobs with export allows on the. drawing boards that would consume approximately 6.3 billion cubic feet. If they go ahead would be producing LNG later on this, of gas that. years.
The risk is that 3rd wave of brand-new LNG plants may be. delayed or lost permanently. President Joe Biden's administration. last month indefinitely paused reviews of brand-new gas-export. licenses, jeopardizing as much as 32 billion cubic feet daily. of future consumption.
U.S. natural gas producer Comstock Resources said. recently it would reduce the variety of rigs in operation and. suspend its dividend up until gas costs increase sufficiently, while. competing Antero Resources stated it would cut drilling and drop. task costs budget plan by 26%.
' BEST STORM'
BKV, short for Banpu Kalnin Ventures, started operations in. Pennsylvania in 2016 with a strategy to buy additional old gas. fields from huge oil companies, invest just enough to hold. production steady, await prices to rise and - just then -. invest in expanding production.
The moment appeared to show up in mid-2022. As U.S. gas. reached over $9 per thousand cubic feet, BKV's Kalnin. released a costly and enthusiastic growth strategy.
In July that year, he closed on a $750 million deal for. Exxon Mobil gas homes in North Texas. The exact same. month, he obtained a Temple, Texas, gas-fired power plant for. $ 460 million. Weeks later on, he followed that deal with a $250. million collaboration with Texas-based Verde CO2 LLC to build a. dozen carbon sequestration sites across the United States.
We didn't see rates collapsing like they did, said Kalnin. at the opening of his first carbon sequestration website in. December.
Kalnin, a former McKinsey specialist who spent his early. years in Thailand and later on worked for the nation's national. oil and gas business, hasn't quit on his gas-to-power empire.
( Gas costs) are establishing for another fly-up in the. second half of 2024, Kalnin said in December, indicating. forecasts for increasing LNG need.
There are micro windows for IPOs opening up, a. spokesperson included on Tuesday. We are hoping to stay ready for. when that micro window opens. Market performances for IPOs and. gas prices require to enhance, she included.
Associated gas, which comes out of wells together with oil,. pulled the carpet out from Kalnin's vision. More than a 3rd of. all U.S. gas production comes from manufacturers drilling for oil,. according to government price quotes. That figure is increasing as. wells develop and more gas turns up than oil.
BKV last year won a lifeline from its moms and dad, selling shares. to Banpu for $150 million to avoid breaching debt covenants. Most of the money was put into a debt service account.
You have this perfect storm. A warm winter season plus too. much gas supply, both main and associated, and now, possible. hold-ups to new LNG export allows, stated Blake London, a handling. partner of private equity fund Formentera Partners.
(source: Reuters)