Portugal

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...

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....

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...

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...

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...

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...

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...

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...

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...

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...

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...

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 ($...

Londonlisted Savannah Resources will accelerate its lithium mine task in northern Portugal to make sure very first business output in 2027, it said on Thursday, regardless of uncertainties about rate and need it said were temporary. Some mines around the world that produce lithium, used in electric car batteries, have curtailed operations or delayed growths. Rates have actually visited almost 90% over the last 2 years as products have actually increased and need has actually disappointed expectations. Nevertheless, Savannah Chairman Rick Anton said in a declaration he anticipated 2025 with great confidence, and the company had all the key elements...

Londonlisted Savannah Resources has protected short-lived land access to a big portion of its future lithium mining site in northern Portugal, allowing it to carry out fieldwork and start the second stage of drilling, the company stated on Thursday. But Savannah, which is eager to supply Europe's electrical vehicle (EV) sector with its lithium mine in the Barroso area, is anticipated to continue to deal with opposition from locals and environmentalists in the kind of demonstrations, legal difficulties and refusals to offer land. The company has actually said Barroso's deposit of spodumene, a. lithium-bearing mineral, is the most considerable in...

EDP Renovaveis, the world's fourthlargest wind energy producer, believes U.S. renewable energy legislation introduced under President Joe Biden will not face considerable cuts when Donald Trump is successful him in January, its CEO stated on Wednesday. The renewable energy sector experienced strong development throughout Trump's first presidency and lots of major tidy energy investments that have actually gained from Biden's Inflation Reduction Act (IRA). lie in Republican states, Miguel Stilwell d'Andrade stated. in a call with experts on Wednesday. Our company believe that the benefits these states have actually gotten under. the individual retirement account make it not likely the...

Londonbased Savannah Resources anticipates the rate of lithium to rebound by 2027, when it hopes to start commercial production at its mining task in Portugal, CEO Emanuel Proenca said on Friday. Rates of lithium, which is used in batteries for electric cars and appliances, have actually fallen more than 80% in the past year mainly due to overproduction from China and a drop in demand for electric automobiles. The success of jobs like Savannah Resources' in Portugal is viewed as a crucial test of Europe's ability to lower its dependence on imports from China and other nations of lithium and...

Chinese lithium producers are flooding the global market with the critical metal and causing a. predatory cost drop as they look for to remove completing. projects, a senior U.S. official said on a see to Portugal. that has sufficient lithium reserves. Jose Fernandez, under secretary for economic development, energy. and the environment at the U.S. Department of State, told a. rundown late on Monday that China was producing far more. lithium than the world requires today, without a doubt. That is a deliberate action by the People's Republic of. China to what we are attempting to do with the Inflation...

Londonbased Savannah Resources has actually delayed the expected start date for production of its lithium job in northern Portugal to 2027, it stated on Monday, blaming changes in federal government. The company, which wants to build 4 open-pit mines in the Barroso region to draw out adequate lithium each year for about half a million batteries for electrical automobiles, intended to begin production in 2026. Portugal's centre-right government ascended to power in March after former Socialist Prime Minister Antonio Costa stepped down over an examination into alleged illegalities in his government's handling of lithium and hydrogen tasks. The change of...

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...

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...

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...

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...

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...

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...