Energy & Oil

• Tuesday, October 24th 2023 - 08:36 UTC

  Big news in oil industry: Chevron takes over Hess Corporation in a US$ 53 billion transaction

  

  Chevron Corporation (NYSE: CVX) announced on Monday that it has entered into a definitive agreement with Hess Corporation (NYSE: HES) to acquire all of the outstanding shares of Hess in an all-stock transaction valued at US$ 53 billion, or US$ 171 per share based on Chevron’s closing price on October 20, 2023. Under the terms of the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The total enterprise value, including debt, of the transaction is US$ 60 billion.

• Monday, October 23rd 2023 - 07:01 UTC

  Falklands brace for avian flu

  

  Agriculture officials in the Falkland Islands have announced that biosecurity measures have been stepped up in anticipation of the imminent arrival of avian influenza, which is likely to come from a sick bird.

• Tuesday, October 17th 2023 - 10:10 UTC

  Fuel shortages reported in Uruguay and Argentina

  

  Fuel shortages have been reported on both ends of the River Plate. But while supply is expected to be back to normal before the end of this week in Montevideo, Argentine rural producers are concerned that the lack of diesel might impact their activity shortly.

• Friday, October 13th 2023 - 06:20 UTC

  Environmentally concerned Chile unveils first green hydrogen-powered bus

  

  Chile's first intercity bus powered by green hydrogen was launched Wednesday. According to those behind the initiative, these units generate water and heat as their only waste, thus eliminating polluting emissions en route to reducing the carbon footprint, the state agency Corporación de Fomento de la Producción (Corfo) and the company Foton, said.

• Saturday, October 7th 2023 - 07:16 UTC

  EU begins applying the Carbon Mechanism on seven imports with surcharges to 20% to 35%

  

  The European Union has been proactive in pressuring its trading partners to adhere to its domestic greenhouse gas emissions reduction goals, primarily rooted in protectionism. First, with the imposition of the Deforestation Law last June. Now, with the adoption of the Carbon Border Adjustment Mechanism (Cbam), Brussels subjects imports of seven inputs to surcharges of 20% to 35% if production exceeds its environmental limits. Brazil is among the top ten potentially most affected exporters, especially in the iron and steel sectors.

• Tuesday, October 3rd 2023 - 20:09 UTC

  Despite Saudi Arabia's oil cut, OPEC+ production has increased boosted by Iran and Nigeria

  

  Oil prices started to gradually recover during July, from a depressed second quarter, with the OPEC+ production cuts and the additional one million bpd reduction from the Saudi Arabia wells.

• Saturday, September 30th 2023 - 09:58 UTC

  Falklands Rockhopper claims the oil company is in “its strongest position”

  

  The oil and gas exploration company with interests in the Falkland Islands, Rockhopper Exploration PLC, declared a pretax loss in the six months ended June 30 of US$ 2.6 million, from USD749,000 a year prior, as administrative expenses jumped 40% to 2.1 million pounds.

• Thursday, September 28th 2023 - 08:37 UTC

  UK implements a U-turn in climate policy and opens largest oilfields in North Sea to exploration and production

  

  The United Kingdom approved the exploration and exploitation of oil and gas in its largest undeveloped field, the North Sea Transition Authority, the responsible regulatory body said on Wednesday.

• Thursday, September 28th 2023 - 08:35 UTC

  Guyana: oil and time

  

  By Gwynne Dyer – Guyana is not a “hellhole country” of the sort Donald Trump complained about when he said he wanted immigrants to come to the US from white places like Norway instead, but it did used to be poor, tropical and largely populated by people of color.

• Monday, September 25th 2023 - 10:00 UTC

  Argentina insists Navitas Petroleum has a ban due to “illegal” operations in Falkland Islands

  

  Argentina has again complained that the Israeli company Navitas Petroleum LP is operating in the Falkland Islands, Malvinas Islands, involved in illegal activities in Argentine insular territory without the pertinent hydrocarbons exploration and exploitation permits from the competent authorities.