Author: omc_admin

Petro-Victory Energy Corp. said it has started its drilling campaign of the AND-5 well at the Andorinha Field in the Potiguar Basin of Rio Grande do Norte, Brazil. The well represents the first of two fully funded drilling programs in the Andorinha field under Petro-Victory’s strategic partnership with Azevedo & Travassos Energia, the company said in a news release. The well targets the Açu and Alagamar formations at a targeted total depth of approximately 3.862 feet (1,177 meters). The company owns 100 percent interest in the Andorinha Field, according to the release. Closing of Capixaba Energia Asset Acquisition Meanwhile, Petro-Victory…

At 10:44 GMT, Light Crude Oil Futures are trading $65.07, up $0.15 or +0.23%. OPEC+ output strategy adds to trader uncertainty Fresh comments from Rosneft CEO Igor Sechin introduced new questions around OPEC+ policy. He suggested that planned output hikes could be advanced by as much as a year. This potential shift, coming just weeks after the alliance extended production cuts, complicates oil prices projections. Any earlier-than-expected supply increase could cap upside, especially if global demand fails to accelerate in tandem. U.S. demand rebounds as inventories drop sharply Supporting prices, recent EIA data shows robust U.S. fuel consumption. Crude inventories…

(BOE Report) – BP has been the subject of takeover talks for several years due to its shares’ relative underperformance, but analysis of its disclosures shows the British energy firm may not be as cheap as its market valuation would indicate. BP says it has net debt of $27 billion – already more than some rivals – but its disclosures show that it has around $38 billion of additional liabilities. “We see BP’s all-in debt profile as something of a poisoned chalice for an acquirer,” RBC analysts said. The $80 billion company has underperformed its competitors for years, which investors…

Shell PLC on Thursday dismissed media reports it could be intending to approach smaller rival BP PLC for a potential merger. Shell “has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with BP with regards to a possible offer”, it said in an online statement. “This is a statement to which Rule 2.8 of the Code applies and accordingly Shell confirms it has no intention of making an offer for BP”, Shell said. It was referring to restrictions imposed by the United Kingdom Takeover…

Asia’s crude oil imports surged in June to the highest level in two and a half years, but the rise isn’t necessarily attributable to strengthening oil demand after a soft start to the year.    Cargoes arriving in Asia in June were likely contracted six to eight weeks prior—in April, when oil prices crashed amid the OPEC+ production hikes plan and the U.S. tariff blitz. Asia’s high crude imports in June helped first-half imports rise by 620,000 barrels per day (bpd) from the first half of 2024, to average 27.36 million bpd so far this year, per data by LSEG Oil Research cited…

The Global Reporting Initiative (GRI) announced today the release of its new finalized Climate Change and Energy Standards, aimed at enabling companies to disclose on climate-related and energy management issues and impacts, and on how they are managing those impacts. GRI Sustainability Reporting Standards are one of the most commonly accepted global standards for sustainability reporting by companies, developed to enable consistent reporting across companies and industries, providing clearer communication regarding sustainability matters to a broad range of stakeholders, including investors. The GRI’s standards are developed by the Global Sustainability Standards Board (GSSB). According to the GRI, the new climate…

ATHENS, Greece (AP) — A large wildfire broke out Thursday south of Athens, prompting authorities to send phone alerts urging the evacuation of five communities near the blaze as temperatures approached 40 degrees Celsius (104 Fahrenheit) in Greece’s first heat wave of the summer.About two dozen water-dropping planes and helicopters were providing air support to 130 firefighters battling the blaze in the Palaia Fokaia seaside area south of Athens, the fire department said. The fire, which reportedly broke out within a populated area, was fanned by strong winds, sending plumes of smoke fanning out across the sky. Television footage showed…

MORTON, Texas (AP) — Even when Mother Nature turns nasty, the weather extremes carry a sense of awesome beauty. About 60 scientists this spring and early summer went straight into hailstorms to better understand what makes them tick and learn how to reduce the $10 billion in annual in damage they cause each year in the United States.When three Associated Press colleagues joined the scientists for several days, they found more than just hail, strong winds, rain and science in the storm. They found breathtaking sights and sounds to share. The rain of a developing storm is visible through the…

JOHANNESBURG (AP) — The death toll from severe floods that inundated parts of South Africa’s rural Eastern Cape province two weeks ago has risen to 101, with a 12-month-old baby the youngest fatality, authorities said Thursday. Two children are still missing.Heavy rain on June 9 and 10 caused by a cold front resulted in floods that swept away victims and their houses, trapped others in their homes, damaged roads and other infrastructure and cut electricity supplies.Zolile Williams, an Eastern Cape provincial government official, provided the updated death toll at a press briefing Thursday and said search operations continued for the…

NEW DELHI (AP) — Three people died and at least a dozen are feared missing after being swept away in a flash flood triggered by torrential rains in the north Indian state of Himachal Pradesh, local authorities said on Thursday.A rescue operation has been launched to trace the missing, said Dinesh Sharma, a local government spokesperson in Kangra. The town is about 18 kilometres (11 miles) from Dharamshala, a popular tourist destination known for its Tibetan culture and as the home of Tibetan spiritual leader, Dalai Lama. Sudhir Sharma, a lawmaker from Dharamshala, said in a social media post that…