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Energy Markets

Oil & Gas

Oil & Gas

Galp-Northvolt lithium refinery project in Portugal deals with hold-up

A plan to develop among Europe's largest batterygrade lithium refineries in Portugal by end2025 is facing delays due to the intricacy of the project and uncertainty about grant funding, among the partners, Galp , said on Thursday. The 50-50 joint venture Aurora in between the Portuguese oil business and Swedish battery maker Northvolt, established in November 2021, had actually formerly anticipated the refinery to start industrial operations in early 2026. The refinery, with approximated investments of over 1 billion euros ($ 1.10 billion), aims to have an initial yearly production capacity of as much as 35,000 metric lots of lithium...

Oil & Gas

Petrobras bids for Galp's oil field in Namibia, looking for opportunity abroad

Brazil's staterun oil firm Petrobras has actually made a nonbinding offer to purchase a significant stake in Galp Energia's substantial offshore oil discovery in Namibia, Petrobras expedition and production director Sylvia dos Anjos informed on Friday. If accepted, the quote would make Petrobras the operator of the Mopane oil and gas field, which has actually an estimated 10 billion barrels of oil equivalent, Anjos said in her very first interview because taking her brand-new function last month. We are the best deepwater operators, said Anjos on the sidelines of an oil and gas conference in the northeastern state of Sergipe....

Oil & Gas

Portugal's Galp second-quarter earnings leaps 16%, beats expectations

Portugal's Galp Energia on Monday reported its second quarter changed internet revenue leapt 16% and beat expectations as greater oil rate and lower cost of production balanced out lower production and steady refining margin. It reserved an adjusted net revenue of 299 million euros ($ 325.34 million), more than the 236 million euros anticipated by 18 experts surveyed by the company. Changed profits before interest, taxes, depreciation and amortisation (EBITDA) fell 7% to 849 million euros, likewise above the 821 million euro consensus. Chief Executive Filipe Silva stated in a declaration that Galp continued to deliver a robust performance during...

Oil & Gas Exploration

Oil exploration boom in Namibia

Namibia has actually become an oil expedition hotspot after several discoveries over the last few years along its coast. It has not yet produced any oil or gas, but oil majors such as TotalEnergies and Shell have actually made discoveries estimated at 2.6 billion barrels, with production in the southern African country gotten out of about 2030. There have been discoveries in the Orange Basin and there are other prospective locations, including Luderitz, Kavango and Walvis basins. Below are information on the latest advancements (in. alphabetical order): CHEVRON The U.S. oil major is expected to start expedition later on. this...

Oil & Gas

Offers of the day-Mergers and acquisitions

The following bids, mergers, acquisitions and disposals were reported by 1930 GMT on Wednesday: ** A consortium consisting of CVC Advisers and the Abu Dhabi Investment Authority stated it was considering a possible modified deal for Hargreaves Lansdown after the British financial investment platform's board turned down a buyout proposal it had made in April. ** French media and business conglomerate Lagardere said it is moving closer to a sale of its Paris Match magazine to luxury products huge LVMH, on an enterprise worth cost of 120 million euros ($ 130 million). ** Cross-border mergers between European banks are structurally...

Coal

Offers of the day-Mergers and acquisitions

The following bids, mergers, acquisitions and disposals were reported by 0930 GMT on Wednesday: ** BHP's quote for Anglo American underlines the growing appetite for energy transition metals like copper from miners who should become more aggressive to secure new projects or risk missing out, investors and mining CEOs said. ** Abu Dhabi National Oil Company (ADNOC) has actually obtained a 10%. stake in Galp's Location 4 concession in the. multi-billion-dollar natural gas job in the Rovuma basin in. Mozambique, it stated, its very first venture into the African nation. ** Admiral Acquisition will purchase North American. engineering and lab-testing...

Oil & Gas

Portuguese energy group Galp reports 35% jump in quarterly profit

Portuguese energy group Galp Energia reported a biggerthanexpected 35% increase in firstquarter earnings on Tuesday and stated it anticipates its significant oil discovery off the coast of Namibia to support growth in the coming decades. Changed net profit at 337 million euros ($ 360.69. million) beat the 262 million euros expected by 16 experts. surveyed by the company as lower tax payments balance out decreases in. unrefined production and refining margins compared to a year. previously. Adjusted incomes before interest, taxes, devaluation and. amortisation (EBITDA) also beat expectations, increasing 13% to 974. million euros. Galp shares, already up more than...

Oil & Gas

Galp will need partner to assist establish Namibia oil block, states CEO

Portugal's Galp Energia will require a partner to establish a prolific oil discover in Namibia as it is beyond its monetary means to keep an 80% stake in the expedition block that includes the Mopane field, CEO Filipe Silva stated on Tuesday. We will prioritise a partner that is keen to develop rapidly the prospects which will fund the capex, Silva told a conference call with experts. The business said recently that it had finished the first phase of expedition in the Mopane field and approximated it could have at least 10 billion barrels of oil. Sources told last week...

Oil & Gas

OPEC thrilled about Namibia partnership, uses assistance

The Organization of the Petroleum Exporting Countries (OPEC) is thrilled about a. prospective partnership with Namibia and ready to support the. southern African country in its oil journey, OPEC Secretary. General Haitham Al Ghais stated on Wednesday. The OPEC+ oil producers' group, having lost Angola and other. players over the last few years, is looking at Namibia for possible. membership as it aims to begin pumping oil by the next years. following a string of huge discoveries. We are thrilled about the potential of the Namibian OPEC. collaboration and stand all set to use support at this important. point, Al...

Oil & Gas Exploration

Galp looks for to offer stake in Namibia oilfield after discovery, sources state

Portuguese oil company Galp Energia has actually introduced the sale of half of its stake in an expedition block offshore Namibia where it has actually made a significant oil discovery, three industry sources knowledgeable about the matter informed . Galp's Mopane discovery, which is estimated to hold at least 10 billion barrels of oil and gas equivalent, appears to be one of the largest in the basin which might assist kickstart the southern African country's oil market even as federal governments around the world look for to minimize nonrenewable fuel source consumption. Galp has an 80% stake in Petroleum Expedition...

Oil Exploration

Portugal's Galp says field off Namibia might include 10 bln barrels of oil

Portuguese oil company Galp Energia stated on Sunday it had concluded the very first phase of expedition in the Mopane field off the coast of Namibia and estimated it might have at least 10 billion barrels of oil. Galp stated it conducted screening operations at the Mopane-1X well in January and the Mopane-2X well in March. In both wells, which are 8 kilometres apart, it stated significant light oil columns were discovered in top quality tank sands. The Mopane field lies in the Orange Basin, along the coast of the southern African nation, where Shell and France's TotalEnergies have made...

Oil & Gas

Spanish stocks - Aspects to watch on April 12

The following Spanish stocks may be impacted by paper reports and other aspects on Friday. has actually not verified the newspaper reports, and can not vouch for their accuracy: FERROVIAL The business said on Thursday it had executed a buy-back program for up to 500 million euros ($ 535.50 million). MELIA Banco Santander, through an investment lorry, took 38.2% in the share capital of Melia's unit Adprotel Hair, the hotel chain stated on Thursday. Individually, Melia will run, under its brand Melia Collection, a hotel in Spain's southern city of Ronda after an financial investment of five million euros ($...

Fossil Fuels

Oil Exploration

Petrobras' quote for Galp's Namibia prospect to consist of a minimum of one partner, sources say

Brazil's Petrobras will include a minimum of one partner in its quote for a. 40% stake in Galp Energia's Mopane oil prospect in. Namibia, 2 sources with knowledge of the matter told Reuters. Recently, Petrobras' director of exploration and. production, Sylvia dos Anjos, informed Reuters that the state-run. company had actually made a non-binding offer for a stake that would make it. operator of the Mopane block off Namibia's coast. She did not. detail just how much of the 40% Petrobras was looking for. The firm will not seek the complete 40% stake alone, the sources. said on condition of...

Fossil Fuels

Petrobras quotes to run Galp's Mopane oil field in Namibia.

Brazil's staterun oil company Petrobras has made a nonbinding offer to purchase a major stake in Galp Energia's huge oil offshore discovery in Namibia, Petrobras Expedition and Production Director Sylvia dos Anjos told on Friday. If accepted, the quote would make Petrobras the operator of the Mopane oil and gas field, which has at least 10 billion barrels of oil comparable according to estimates, stated Anjos in her very first interview after taking over the function last month. Petrobras is seeking chances abroad due to trouble getting environmental licenses to explore new locations in Brazil, Anjos stated. The company has...

Wind Farms

EDPR first-half revenue more than doubles on capital gains

The world's fourthlargest wind energy manufacturer, EDP Renovaveis, more than doubled firsthalf net earnings on Friday thanks to capital gains from selling stakes in older possessions and a rebound in electricity earnings. EDPR, the renewables arm of Portugal's biggest utility EDP , reserved 171 million euros ($ 185.60 million) in capital gains from the sale of stakes in wind tasks in Canada and Italy and a solar farm in the United States as part of its ' rotation' technique to sell mature plants to fund new ones. Chief Executive Miguel Stilwell de Andrade expects second-half core incomes excluding capital gains...

Environment

Environment

Firemens quell most of Portugal's worst wildfires, fight still on

Thousands of firefighters taking on lethal wildfires in main and northern Portugal had actually mainly splashed the flames in the Aveiro district, one of the worsthit, as of Thursday early morning, and were focusing on more than a dozen blazes still raging in other places. After 5 days of damaging tens of thousands of hectares of forest and farmland, damaging houses and declaring 7 lives, the fires in Oliveira de Azemeis, Albergaria-a-Velha and Sever da Vouga, in the northwestern district of Aveiro, were no longer listed as active on the civil security service's fires website. The flames left parking lots...

Environment

Portuguese cops arrest 14 believed arsonists over wildfires

Portuguese police have arrested 14 thought arsonists this week, who might have set some of the dozens of deadly wildfires raving across the country, adding to the fire threats originating from environment change and rural depopulation. The blazes have actually claimed at least seven lives and damaged houses, factories and tens of countless hectares of forest. Prime Minister Luis Montenegro on Tuesday guaranteed tough repressive action against such crimes dedicated in the name of particular interests, without defining even more. Salvador Pinho Ferreira de Almeida, a Lusofona University professor specialised in civil protection, told Reuters there were strong signs of...

Environment

Firefighters quell a few of Portugal's worst wildfires, battle still on

Thousands of firefighters dealing with lethal wildfires in central and northern Portugal had mostly splashed the flames in the Aveiro district, among the worsthit, as of Thursday early morning, and were focusing on a dozen blazes still raving elsewhere. After five days of damaging tens of countless hectares of forest and farmland, damaging homes and declaring seven lives, the fires in Oliveira de Azemeis, Albergaria-a-Velha and Sever da Vouga in the northwestern district of Aveiro were no longer noted as active on the civil security service's fires portal. Cooler air temperature levels with more humidity given that Wednesday have actually...

Climate Change

At least two die as wildfires hit Portugal, Europe sends assistance

At least 2 people died as wildfires raged in central and northern Portugal on Monday, forcing authorities to evacuate villages, close motorways and ask the European Union to send more water-bombing airplane. The circumstance was most harmful in the northwestern Aveiro district where one forest blaze reached the borders of the town of Albergaria-a-Velha and burned numerous houses, the mayor said. More than 1,100 firefighters were battling that fire and three others in the surrounding location. Cops shut a stretch of the main highway in between Lisbon and Porto as thick smoke blanketed the location. Authorities stated officers had actually...

Climate Change

EU sends out fire planes to deal with raving Madeira blaze

The European Union sent 2 water bombing planes from Spain to the Portuguese island of Madeira on Thursday to help efforts to put out a wildfire that has been raging for 8 days. The blaze, which began on Aug. 14, has actually scorched nearly 5,000 hectares (12,355 acres) of plant life, primarily in mountainous locations with steep slopes and hard access. Portugal asked for help by means of the EU civil security system RescEU. EU authorities provided the 2 Canadair aircrafts and stated the bloc stood ready to deploy additional resources if necessary. Regional government chief Miguel Albuquerque stated the...

Environment

Hundreds of firemens battle Madeira wildfire

Numerous Portuguese firefighters on Sunday rushed to put out a wildfire sweeping parts of the Atlantic island of Madeira's south coast, a popular traveler destination, with strong winds complicating efforts to tackle the blaze. The wildfire, which began on Wednesday in a remote rural area of Ribeira Brava has infected the neighbouring municipality of Camara de Lobos, and now has three fronts, island authorities said. Almost 200 firemens, backed by 38 cars are dealing with the fire however heats, low humidity and strong winds are making complex efforts to combat the flames. A helicopter also fought the blaze however needed...

Environment

Portugal's mining technique might favour copper over lithium

Portugal's government is finalising a tactical strategy to check out for basic materials critical to the green transition, where copper might handle a. more important role than lithium, the environment and energy. minister said on Monday. Maria da Graca Carvalho stated Portugal fortunately has lots of. important basic materials for the green shift, such as copper,. which is needed for electrical cars. Portugal already has the biggest copper mine in the European. Union, operated by Toronto-based Lundin Mining. It also. produces lithium for the ceramics market and has large. deposits of battery-grade lithium that remain in advancement. We have terrific...

Climate Change

EU to vote on gene-editing of crops, patent exception could convince Poland

EU federal governments on Wednesday will vote on brand-new draft rules permitting some crops to be geneedited to make them more dry spell and pestresistant, as they look for to unwind a few of the world's strictest policies on genetically modified organisms (GMOs). The strongest champs of so-called new genomic strategies ( NGT), which can modify the genetic product of an organism without presenting foreign DNA, include Spain, Portugal and Italy, countries currently struggling with the effects of climate modification such as drought. A heatwave due to spread out throughout Europe today is set to take a heavy toll on...

Mining

Dutch miner AMG buys into Portuguese lithium task

Dutch miner AMG has acquired a 15.77% stake in Londonbased Savannah Resources to become the largest investor in the company that is developing a lithium job in northern Portugal, the companies said on Thursday. Savannah CEO Emanuel Proenca said the 16-million-pound ($ 20. million) investment represented a substantial de-risking action,. describing AMG as the perfect partner due to the fact that of its own lithium. service that serves Europe's battery and electrical car (EV). sector. The project, which has faced strong opposition from regional. homeowners and environmentalists, is commonly viewed as a test for. the European Union's aspiration to lower...

Climate Change

European lynx types rebounds from brink of termination

A species of lynx discovered in remote locations of Spain and Portugal has rebounded from near extinction, with its adult population growing more than significantly considering that the start of the millennium. Wildlife specialists are calling the recovery of the Iberian Lynx unrivaled amongst felines in an age of extinction in which types are disappearing at a rate not seen in 10 million years due to environment change, contamination and environment loss. The International Union for Conservation of Nature, which categorises types according to the level of threat they deal with in a Red List produced numerous times a year,...

Environment

Portugal pledges fast anti-drought investment in Algarve tourism center

Portugal's federal government promised on Thursday to speed financial investments worth 366 million euros ($ 397.7. million) to combat a systemic dry spell in the tourismdependent. southern region of Algarve and rapidly supply water equivalent. to a year's metropolitan usage there. Environment Minister Maria da Graca Carvalho stated the. financial investments will include a desalination plant, repairing 125 km. of pipelines to lower water losses, adjoining some. tanks, and using dealt with wastewater at golf courses. She informed a parliamentary committee the brand-new federal government, which. was sworn in April, will not discuss the jobs any. even more and wishes...

Pollution

Volkswagen reaches $54 million 'dieselgate' settlement with Italian owners

Volkswagen and a. group representing car owners in Italy have reached an agreement. worth more than 50 million euros ($ 54 million) to end a legal. battle over the dieselgate emissions scandal, they said on. Wednesday. In the settlement, over 60,000 vehicle owners impacted by the. emissions scams will be paid up to 1,100 euros each, Italian. customer group Altroconsumo stated in a statement. The scandal rocked the automobile market in 2015 when it. emerged that cars had been fitted with unlawful software to. cheat environmental emissions tests. It has cost the German. carmaker more than 32 billion euros ($...