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(Bloomberg) – Petroleo Brasileiro SA is considering the sale of its onshore operations in Brazil’s northeastern Bahia state, Chief Executive Officer Magda Chambriard said.  Producing oil and gas on the so-called Polo Bahia Terra is too expensive given that it yields less than a single well on the pre-salt, a deepwater region in the Atlantic that accounts for more than 70% of Brazil’s output, Chambriard told journalists on the sidelines of Brazil-China shipbuilding forum. “When oil is at $100 a barrel it makes more sense than at $65 a barrel,” she said. “We haven’t yet decided what to…

“The Lord of the Rings,” or LotR to those in the know, isn’t just standard reading among those in the tech industry.It also inspires their ventures.Billionaire PayPal cofounder Peter Thiel, for instance, has started several companies inspired by the J.R.R. Tolkien series.The fantasy trilogy, a sequel to 1937’s “The Hobbit,” was first published in the mid-1950s. It follows an unlikely hero, Frodo Baggins, as he and a team of allies adventure across Middle Earth to destroy a powerful ring that could bring darkness to the world if it fell into the hands of Sauron, the dark lord.On Halloween in 2018,…

Subsea7 has been awarded a sizeable1 contract for offshore Egypt, the company announced Friday.   Subsea7 will be responsible for the engineering, procurement, commissioning and installation of flexible pipelines, umbilicals, and associated subsea components for a tie back to existing infrastructures.   Project management and engineering work will begin immediately at Subsea7’s offices in France, Portugal, and Egypt. Offshore activity is expected to start in 2026.  “Our early engagement has been instrumental in shaping a shared vision and delivering innovative, efficient solutions,” said David Bertin, Subsea7’s Senior Vice President GPC East. “This award is a testament to the strength of…

(Bloomberg) – Petroleo Brasileiro SA is considering the sale of its onshore operations in Brazil’s northeastern Bahia state, Chief Executive Officer Magda Chambriard said.  Producing oil and gas on the so-called Polo Bahia Terra is too expensive given that it yields less than a single well on the pre-salt, a deepwater region in the Atlantic that accounts for more than 70% of Brazil’s output, Chambriard told journalists on the sidelines of Brazil-China shipbuilding forum. “When oil is at $100 a barrel it makes more sense than at $65 a barrel,” she said. “We haven’t yet decided what to…

KERRVILLE, Texas (AP) — Flash floods in Texas killed dozens and left an unknown number of July Fourth visitors and campers missing, including many girls attending Camp Mystic. The devastation along the Guadalupe River, outside of San Antonio, has drawn a massive search effort as officials face questions over their preparedness and the speed of their initial actions.Here’s what to know about the deadly flooding, the colossal weather system that drove it in and around Kerr County, Texas, and ongoing efforts to identify victims.Massive rain hit at just the wrong time, in a flood-prone placeThe floods grew to their worst…

Norwegian energy major Equinor ASA has expanded its collaboration with HCL Technologies Limited (HCLTech) to cover Equinor’s IT landscape across several key strategic areas. The two companies agreed to accelerate Equinor’s digital transformation through the acceleration of cloud migration and standardization of services across operations. Furthermore, HCLTech said it will enhance Equinor’s cyber resilience and network performance, improve workplace experience through automation, and enable advanced user experiences with technologies like augmented reality (AR).   “We’re pleased to continue our long-standing collaboration with Equinor”, Sandeep Kumar Saxena, Executive Vice President, HCLTech, said. “This collaboration reflects our shared commitment to innovation and…

Welcome back to our Sunday edition, where we round up some of our top stories and take you inside our newsroom. BI’s Jake Epstein spent the night aboard a US Navy destroyer traveling from England to France. He said the space was tight, as he got a taste of what daily life is like.By the way, you can get the latest on modern warfare, defense tech innovations, and more with BI’s new Defense Flash delivered to your inbox every week. Sign up here!On the agenda today:But first: BI has the receipts on the impact of AI data.If this was forwarded…

The OPEC+ alliance of oil-producing nations, including Saudi Arabia and Russia, decided on Saturday to increase crude output by 548,000 barrels per day in August, accelerating the unwinding of voluntary production cuts amid signs of a stabilising global economy and firm market fundamentals.At a virtual meeting, eight members of the 22-nation group, Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, agreed to raise supply levels, citing low oil inventories and a steady global economic outlook as key factors for the decision, as per news agency AP.The production hike marks a faster pace than previous months, when the…

KERRVILLE, Texas (AP) — Families sifted through waterlogged debris Sunday and stepped inside empty cabins at Camp Mystic, an all-girls summer camp ripped apart by flash floods that washed homes off their foundations and killed at least 78 people in central Texas.Rescuers maneuvering through challenging terrain continued their desperate search for the missing, including 10 girls and a counselor from the camp. For the first time since the storms began pounding Texas, Gov. Greg Abbott said there were 41 people confirmed to be unaccounted for across the state and more could be missing. In Kerr County, home to Camp Mystic…

Egypt’s non-oil private sector experienced a further decline in business conditions in June, with contractions in output and new orders accelerating, according to the latest S&P Global Purchasing Managers’ Index (PMI) data released on Sunday.The headline PMI fell to 48.8 in June from 49.5 in May, marking the fourth consecutive month below the 50.0 threshold that separates growth from contraction. This decline was driven by weaker demand and a sharp reduction in purchasing activity, which saw its steepest drop in 11 months.”June PMI data pointed to another mild decline in the health of the non-oil sector, driven by sustained decreases…