Latest News
-
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).
-
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)
-
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.
-
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.
-
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)
-
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)
-
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).
-
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).
Greatest oil and gas sector offers because start of the century
Top U.S. oil and gas manufacturer Exxon Mobil has
won the approval of the Federal Trade Commission
( FTC) to close its deal for Pioneer Natural Resources on the condition that former Leader CEO Scott Sheffield is kept off its board.
The U.S. oil and gas industry went on a $250 billion buying spree in 2023 and the debt consolidation wave has actually continued into 2024.
The mergers and acquisitions have drawn increased antitrust analysis, with the FTC examining multi-billion dollar offers, consisting of those involving Chevron, Diamondback Energy, Occidental Petroleum and Chesapeake Energy.
Here are the significant handle the international oil and gas sector considering that the 2000s:
2001
Chevron purchases Texaco in a $39.5 billion offer and becomes among the biggest energy companies worldwide.
2002
Investors of Conoco and Phillips Petroleum, and the Federal Trade Commission authorize an $18 billion merger in between the companies and produced the third-largest U.S. oil firm ConocoPhillips.
2005
Chevron consents to buy California competing Unocal for about $ 16.4 billion after eradicating Italian oil group Eni, China's CNOOC and other rumored suitors.
2006
ConocoPhillips gets Burlington Resources in a $35.6. billion offer and gains access to financially rewarding positions in North. American gas-rich basins.
2007
Norway's Statoil purchases the oil and gas possessions of Norsk Hydro. for $30 billion to develop a new energy company, Equinor.
2010
Exxon Mobil obtains XTO Energy for about $30 billion in. stock to boost its position as a leading U.S. natural gas. manufacturer.
2012
Russia's state oil company Rosneft purchases TNK-BP. from UK-based BP in a $55 billion offer.
Kinder Morgan finalizes a $21 billion offer to purchase El. Paso Corp, combining the two largest natural gas pipeline. operators.
2014
Kinder Morgan purchases all of its openly traded systems (Kinder. Morgan Energy Partners LP, Kinder Morgan Inc with Kinder Morgan. Management and El Paso Pipeline Partners) in a $70 billion offer.
2015
Shell (then Royal Dutch Shell) acquires British. competing BG Group in a $70 billion deal.
2018
Marathon Petroleum takes over rival Andeavor for $23. billion.
2019
Occidental Petroleum acquires Anadarko Petroleum in. a $38 billion deal.
2020
ConocoPhillips buys Concho Resources for $9.7 billion in. 2020's leading shale deal.
Saudi Aramco completes its purchase of a 70% stake. in petrochemicals business Saudi Basic Industries for $69.1. billion.
PipeChina takes control of oil and gas pipelines, and storage. centers from PetroChina and Sinopec in an offer. valued at $55.9 billion.
2021
Norway's Aker BP buys Sweden's Lundin Energy in a. $ 13.9 billion money and stock offer to form Norway's second. biggest noted oil company.
BHP Group agrees to sell its petroleum business to. Woodside in a merger to develop an oil and gas producer worth $28. billion with growth properties in Australia and the Americas.
2023
Magellan Midstream Partners' unitholders vote in favor of. its sale to larger rival ONEOK for $18.8 billion,. producing one of the largest U.S. energy pipeline business.
ExxonMobil consents to buy Leader Natural Resources. in an all-stock deal valued at $59.5 billion that would make it. the greatest manufacturer in the largest U.S. oilfield and safe and secure a. years of affordable production.
Chevron accepts purchase smaller competing Hess Corp in a. $ 53 billion all-stock offer, putting the company head-to-head. versus rival ExxonMobil in 2 of the world's fastest growing. oil basins - shale and Guyana.
Occidental Petroleum consents to purchase privately held. CrownRock in a cash-and-stock deal valued at $12 billion, its. greatest given that the debt-laden acquisition of Anadarko Petroleum. in 2019.
2024
Diamondback Energy indications a contract to. obtain independently held rival Endeavor Energy Partners in a $26. billion cash-and-stock offer to enhance its presence in the. respected Permian basin.
(source: Reuters)