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Sinopec and Kazakhstan reach agreement on polyethylene project
Sinopec and KazMunayGaz join forces to develop a major polyethylene project in Kazakhstan. This collaboration between the two key players in the oil industry aims to strengthen their partnership and exploit their respective advantages to promote mutually beneficial cooperation.
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Sinopec and Kazakhstan reach agreement on polyethylene project
Sinopec and KazMunayGaz join forces to develop a major polyethylene project in Kazakhstan. This collaboration between the two key players in the oil industry aims to strengthen their partnership and exploit their respective advantages to promote mutually beneficial cooperation.
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Colombia: oil industry concerned about falling crude reserves
Colombian oil reserves are dwindling faster than expected, allowing domestic supply only until 2030. This alarming situation calls into question the government's energy transition and is causing concern within the oil industry.
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Colombia: oil industry concerned about falling crude reserves
Colombian oil reserves are dwindling faster than expected, allowing domestic supply only until 2030. This alarming situation calls into question the government's energy transition and is causing concern within the oil industry.
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Aker BP: Oil discovery near Yggdrasil
Aker BP is about to complete drilling of the Øst Frigg Beta/Epsilon exploration well in the Yggdrasil area of the Norwegian North Sea. This discovery increases the resource base for the Yggdrasil development, previously estimated at 650 million barrels (gross). Production is scheduled to start in 2027.
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Aker BP: Oil discovery near Yggdrasil
Aker BP is about to complete drilling of the Øst Frigg Beta/Epsilon exploration well in the Yggdrasil area of the Norwegian North Sea. This discovery increases the resource base for the Yggdrasil development, previously estimated at 650 million barrels (gross). Production is scheduled to start in 2027.
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Venezuela: Washington extends operating permits for 4 oil companies
The United States has renewed the license of four U.S. oil companies to operate in Venezuela for six months, despite the current embargo on Venezuelan oil. This relaxation of sanctions is intended to ensure the safety of personnel and the functioning of operations.
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Venezuela: Washington extends operating permits for 4 oil companies
The United States has renewed the license of four U.S. oil companies to operate in Venezuela for six months, despite the current embargo on Venezuelan oil. This relaxation of sanctions is intended to ensure the safety of personnel and the functioning of operations.
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What is the status of the oil and gas majors’ energy transition?
Oil and gas companies are investing in green energy while maintaining fossil fuels. Despite emission reduction targets, investment in renewable energy remains low relative to spending on fossil fuels.
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What is the status of the oil and gas majors’ energy transition?
Oil and gas companies are investing in green energy while maintaining fossil fuels. Despite emission reduction targets, investment in renewable energy remains low relative to spending on fossil fuels.
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Prague signs agreement to end dependence on Russian oil
Czech oil company Mero has signed an agreement to increase the capacity of the TAL transalpine pipeline, allowing the Czech Republic to free itself from dependence on Russian oil as early as 2025, with $73 million in funding from Mero.
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Prague signs agreement to end dependence on Russian oil
Czech oil company Mero has signed an agreement to increase the capacity of the TAL transalpine pipeline, allowing the Czech Republic to free itself from dependence on Russian oil as early as 2025, with $73 million in funding from Mero.
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Brazil: Petrobras to appeal drilling ban near the Amazon
Petrobras will appeal the ban on drilling near the Amazon, testing the environmental priorities of the Brazilian president. Ibama's decision to block the project is controversial, with experts pointing to shortcomings in the environmental studies. The Brazilian prosecutor's office also recommends rejecting the drilling.
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Brazil: Petrobras to appeal drilling ban near the Amazon
Petrobras will appeal the ban on drilling near the Amazon, testing the environmental priorities of the Brazilian president. Ibama's decision to block the project is controversial, with experts pointing to shortcomings in the environmental studies. The Brazilian prosecutor's office also recommends rejecting the drilling.
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Guyana: Exxon unhappy with court ruling requiring pollution insurance
Exxon Mobil faces huge revenue losses if the Guyana court does not suspend a ruling requiring unlimited insurance for cleanup in the event of an oil spill or leak, which could lead to production shutdowns and significant financial consequences.
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Guyana: Exxon unhappy with court ruling requiring pollution insurance
Exxon Mobil faces huge revenue losses if the Guyana court does not suspend a ruling requiring unlimited insurance for cleanup in the event of an oil spill or leak, which could lead to production shutdowns and significant financial consequences.
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Putin defends cuts in oil production to maintain prices
Russian President Vladimir Putin defended oil production cuts, saying they were necessary to keep prices at a certain level. However, these statements run counter to the assurances of other OPEC+ members, prompting accusations of interference in the global oil market.
Putin defends cuts in oil production to maintain prices
Russian President Vladimir Putin defended oil production cuts, saying they were necessary to keep prices at a certain level. However, these statements run counter to the assurances of other OPEC+ members, prompting accusations of interference in the global oil market.
USA: new surprise rise in crude oil inventories, drawdown of strategic reserves
Commercial crude oil reserves rose massively in the U.S., despite increased refinery utilization and higher exports. However, this increase had only a limited impact on oil prices.
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USA: new surprise rise in crude oil inventories, drawdown of strategic reserves
Commercial crude oil reserves rose massively in the U.S., despite increased refinery utilization and higher exports. However, this increase had only a limited impact on oil prices.
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Russia’s oil price cap hit its targets, says U.S. Treasury report
The cap on Russian oil prices imposed by the EU, G7 and Australia has met its objectives, according to a US Treasury report. Russian oil exports increased in April 2023 compared to March 2022, but Russia is having difficulty finding buyers for its crude.
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Russia’s oil price cap hit its targets, says U.S. Treasury report
The cap on Russian oil prices imposed by the EU, G7 and Australia has met its objectives, according to a US Treasury report. Russian oil exports increased in April 2023 compared to March 2022, but Russia is having difficulty finding buyers for its crude.
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Next Bridge Hydrocarbons acquires interest in the Orogrande project
Next Bridge Hydrocarbons, an oil and natural gas exploration and production company, has completed a strategic merger and acquired working interest in the Orogrande project. This transaction strengthens Next Bridge's presence in the Texas and Oklahoma energy sector, providing new opportunities and a strong position for the future.
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Next Bridge Hydrocarbons acquires interest in the Orogrande project
Next Bridge Hydrocarbons, an oil and natural gas exploration and production company, has completed a strategic merger and acquired working interest in the Orogrande project. This transaction strengthens Next Bridge's presence in the Texas and Oklahoma energy sector, providing new opportunities and a strong position for the future.
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The United States wants to buy 3 million barrels for its strategic reserves
The U.S. government is soliciting bids for the purchase of three million barrels of crude oil to replenish their strategic reserves. U.S. Secretary of Energy Jennifer Granholm confirms that the purchase process will begin in June after completing the legal requirements for sale.
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The United States wants to buy 3 million barrels for its strategic reserves
The U.S. government is soliciting bids for the purchase of three million barrels of crude oil to replenish their strategic reserves. U.S. Secretary of Energy Jennifer Granholm confirms that the purchase process will begin in June after completing the legal requirements for sale.
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Hayan Abdel-Ghani announces no further Iraqi oil cuts
Iraq's oil minister says there will be no further OPEC+ oil production cuts at its next meeting in June. The decisions taken at this meeting will play a crucial role in the future of the oil market.
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Hayan Abdel-Ghani announces no further Iraqi oil cuts
Iraq's oil minister says there will be no further OPEC+ oil production cuts at its next meeting in June. The decisions taken at this meeting will play a crucial role in the future of the oil market.
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Colombia: the unstoppable rise in the price of once cheap gasoline
Colombian motorists are facing an unprecedented increase in gasoline prices, following the removal of government subsidies. This decision aims to reduce the public deficit and promote a sustainable environmental policy, but it has led to high inflation and criticism from citizens.
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Colombia: the unstoppable rise in the price of once cheap gasoline
Colombian motorists are facing an unprecedented increase in gasoline prices, following the removal of government subsidies. This decision aims to reduce the public deficit and promote a sustainable environmental policy, but it has led to high inflation and criticism from citizens.
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OPEC maintains its global demand forecast for 2023
Opec is maintaining its forecast for global oil demand growth, driven by non-OECD countries, despite economic and geopolitical uncertainties. Oil prices have fallen, prompting OPEC to cut production to support prices.
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OPEC maintains its global demand forecast for 2023
Opec is maintaining its forecast for global oil demand growth, driven by non-OECD countries, despite economic and geopolitical uncertainties. Oil prices have fallen, prompting OPEC to cut production to support prices.
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Economic woes lead to a lower price outlook from the U.S. EIA
The U.S. Energy Information Administration (EIA) released its May Short-Term Energy Outlook, revising its 2023 Brent crude oil forecast downward to $78.65 per barrel. Although demand for liquid fuels is expected to increase in 2023, OPEC+ oil production is expected to decline due to voluntary reductions.
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Economic woes lead to a lower price outlook from the U.S. EIA
The U.S. Energy Information Administration (EIA) released its May Short-Term Energy Outlook, revising its 2023 Brent crude oil forecast downward to $78.65 per barrel. Although demand for liquid fuels is expected to increase in 2023, OPEC+ oil production is expected to decline due to voluntary reductions.
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Al-Zour refinery in Kuwait restores production
The Al-Zour refinery in Kuwait recently restored its crude distillation units 1 and 2, allowing a significant increase in production to 345,000 barrels per day. This improvement has also allowed the country to take advantage of its local production by supplying a shipment of LSFO for domestic electricity.
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Al-Zour refinery in Kuwait restores production
The Al-Zour refinery in Kuwait recently restored its crude distillation units 1 and 2, allowing a significant increase in production to 345,000 barrels per day. This improvement has also allowed the country to take advantage of its local production by supplying a shipment of LSFO for domestic electricity.
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Shell: Anglican Church Pension Fund Against Transition Plan
The Church of England pension fund will vote against the reappointment of Shell executives. The decision is symbolic because the pension fund has only a small stake in Shell, whose strategy to be carbon neutral by 2050 or earlier remains unchanged.
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Shell: Anglican Church Pension Fund Against Transition Plan
The Church of England pension fund will vote against the reappointment of Shell executives. The decision is symbolic because the pension fund has only a small stake in Shell, whose strategy to be carbon neutral by 2050 or earlier remains unchanged.
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Fuel: the association CLCV denounces the “explosive” gross margins of distributors
The consumer association CLCV accuses fuel distributors of having "explosive gross margins" and calls for a price reduction of 10 cents per liter. The CLCV warns that it will refer the matter to the competent authorities if the gross margins do not return to normal by early summer.
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Fuel: the association CLCV denounces the “explosive” gross margins of distributors
The consumer association CLCV accuses fuel distributors of having "explosive gross margins" and calls for a price reduction of 10 cents per liter. The CLCV warns that it will refer the matter to the competent authorities if the gross margins do not return to normal by early summer.
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Aramco announces a profit of $31.9 billion, down 19%.
Aramco recorded a 19.25% drop in net profit in Q1 2023 but remains the source of more than 75% of the majors' combined profits. The company is maintaining its long-term expansion plans despite the decline in hydrocarbon prices and fears of a global recession.
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Aramco announces a profit of $31.9 billion, down 19%.
Aramco recorded a 19.25% drop in net profit in Q1 2023 but remains the source of more than 75% of the majors' combined profits. The company is maintaining its long-term expansion plans despite the decline in hydrocarbon prices and fears of a global recession.
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Ecuador: green light for a referendum on oil exploitation in a reserve
The Constitutional Court of Ecuador authorizes a referendum on the continuation of oil exploitation in the natural reserve of Yasuni. Ecuadorians will be able to vote in the next 75 days to decide on the phasing out of this operation.
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Ecuador: green light for a referendum on oil exploitation in a reserve
The Constitutional Court of Ecuador authorizes a referendum on the continuation of oil exploitation in the natural reserve of Yasuni. Ecuadorians will be able to vote in the next 75 days to decide on the phasing out of this operation.
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France: Michel-Edouard Leclerc considers “inflated” to point out the distributors and not Total
Michel-Edouard Leclerc, chairman of the strategic committee of E.Leclerc centers, criticizes the government's request to lower prices at the pump and believes that TotalEnergies should be the first economic actor to do so. He also refutes accusations of excessive margins of his own brand.
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France: Michel-Edouard Leclerc considers “inflated” to point out the distributors and not Total
Michel-Edouard Leclerc, chairman of the strategic committee of E.Leclerc centers, criticizes the government's request to lower prices at the pump and believes that TotalEnergies should be the first economic actor to do so. He also refutes accusations of excessive margins of his own brand.
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Zimbabwe considers application to explore for oil in classified reserve
The Zimbabwean government is considering an application to explore the Mana Pools National Park for oil and gas. This initiative risks scaring away wildlife and repelling tourists, jeopardizing Zimbabwe's national interest.
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Zimbabwe considers application to explore for oil in classified reserve
The Zimbabwean government is considering an application to explore the Mana Pools National Park for oil and gas. This initiative risks scaring away wildlife and repelling tourists, jeopardizing Zimbabwe's national interest.
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Gulf of Mexico: vital but costly to plug 14,000 inactive oil wells, study says
Plugging inactive oil wells in U.S. waters in the Gulf of Mexico would cost more than $30 billion, but would be much cheaper by focusing on those closest to shore. The environmental risks are higher for the latter.
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Gulf of Mexico: vital but costly to plug 14,000 inactive oil wells, study says
Plugging inactive oil wells in U.S. waters in the Gulf of Mexico would cost more than $30 billion, but would be much cheaper by focusing on those closest to shore. The environmental risks are higher for the latter.
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Shell closes out a season of blazing profits for the oil majors
Shell reports first-quarter net income of $8.7 billion, capping a season of record results for oil majors despite falling oil prices. Pro-environmental NGOs are calling for profits to be used to repair the damage caused by fossil fuels.
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Shell closes out a season of blazing profits for the oil majors
Shell reports first-quarter net income of $8.7 billion, capping a season of record results for oil majors despite falling oil prices. Pro-environmental NGOs are calling for profits to be used to repair the damage caused by fossil fuels.
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