Petroleum

TotalEnergies and Vantage enter into a 75/25 joint venture owning the Tungsten Explorer drillship

Retrieved on: 
Tuesday, February 6, 2024
Partnership, Tungsten, JV, TotalEnergies, Exploration, Sale, Petroleum

PARIS, Feb. 06, 2024 (GLOBE NEWSWIRE) -- TotalEnergies and Vantage Drilling International have signed a binding agreement to create a new joint venture (JV) that will acquire from Vantage the Tungsten Explorer drillship.

Key Points: 
  • PARIS, Feb. 06, 2024 (GLOBE NEWSWIRE) -- TotalEnergies and Vantage Drilling International have signed a binding agreement to create a new joint venture (JV) that will acquire from Vantage the Tungsten Explorer drillship.
  • Pursuant to the terms of the agreement, TotalEnergies will pay $199 million for a 75% interest in the JV owning the rig, with Vantage owning the remaining 25%.
  • Leveraging on Vantage’s deep offshore drilling experience and longstanding collaboration with TotalEnergies, the JV will contract Vantage to operate the Tungsten Explorer for 10 years.
  • “TotalEnergies is pleased to enter into this agreement with Vantage to take shared ownership of a drillship, the Tungsten Explorer, which we already used in exploration and development activities in Namibia, Cyprus and Congo.

Usha Haley: How Chinese Investment in US Shale Gas Impacted Green-Technology Development

Retrieved on: 
Monday, February 5, 2024
Policy, National Science Foundation, Impact, Research, Wichita State University, Transport, Economic development, SME, Investment, Petroleum, Employment, Water, Council of Economic Advisers, Translation, Renewable energy

Meanwhile, China, the world's largest energy consumer, has strategically set its sights on shale gas, but lacks a competitive technological edge.

Key Points: 
  • Meanwhile, China, the world's largest energy consumer, has strategically set its sights on shale gas, but lacks a competitive technological edge.
  • How has Chinese investment affected US technology development?
  • Usha Haley, Barton Distinguished Chair, Wichita State University, and principal investigator, provided answers through her National Science Foundation funded research on "Technology Development, Strategic Risk and National Policy: The Impact of Chinese State-Capitalist Investments in US Shale Gas".
  • The results uncover statistically significant shifts in technology ownership and innovation, with China dominating green-patenting activity, and Chinese investors increasingly dictating trajectories of green-technology development in US shale gas.

Afolabi Oke, Appointed as Ambassador of the African Union 6th Region to Nigeria, ECOWAS

Retrieved on: 
Wednesday, January 31, 2024
African, Ambassador, Government, African Union, Economic development, ECOWAS, Senegalese Americans, Private sector, Economy, Petroleum, Oke, Telecommunications, Letter, Management

Lagos, Nigeria--(Newsfile Corp. - January 31, 2024) - Afolabi Kehinde Oke, Nigerian business executive and technology entrepreneur, has been appointed as the official Ambassador of the African Union 6th Region (AU6R)/The Economic Community Africa Sixth Region (ECASR) to Nigeria and the Economic Community of West Africa States (ECOWAS).

Key Points: 
  • Lagos, Nigeria--(Newsfile Corp. - January 31, 2024) - Afolabi Kehinde Oke, Nigerian business executive and technology entrepreneur, has been appointed as the official Ambassador of the African Union 6th Region (AU6R)/The Economic Community Africa Sixth Region (ECASR) to Nigeria and the Economic Community of West Africa States (ECOWAS).
  • The African Union, in an official statement, highlighted that Afolabi Oke's appointment was based on his exceptional qualifications, expertise, and unwavering commitment to the mission and vision of AU6R/ECASR.
  • "I am deeply honoured to accept the prestigious appointment as Ambassador of the African Union 6th Region/ The Economic Community of Africa Sixth Region to Nigeria and the Economic Community of West African States (ECOWAS).
  • As Afolabi Oke takes on this significant diplomatic role, expectations are high for his leadership to further enhance the ties between the African Union 6th Region and Nigeria, as well as contribute to the economic development and technological advancement of the ECOWAS region.

Questerre updates next steps following ruling on Bill 21

Retrieved on: 
Thursday, February 1, 2024
Hearing, QEC, Oslo Stock Exchange, News, Permeability, Environment, Justice, TSX, Questerre Energy, Petroleum, FAX, Economics, Act, Renewable energy

CALGARY, Alberta, Feb. 01, 2024 (GLOBE NEWSWIRE) -- In response to shareholder inquiries, Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) provided an update on upcoming events following the ruling by the Qubec Superior Court (Civil Division) last week on the Company’s application to stay key provisions of the Act ending exploration for petroleum and underground reservoirs and production of petroleum and brine (the “Act”), for the duration of the judicial proceedings. This application was made to preserve Questerre’s rights.

Key Points: 
  • In the meantime, the Company is proceeding with the main hearing on the merits of the case in accordance with procedural rules in Québec, including its debate on the constitutional validity of Bill 21.
  • The Justice recently ruled that the examinations will proceed as originally scheduled, despite the request of the Attorney General for postponement of these examinations.
  • Following the completion of pre-trial examinations, a date will be set for the main hearing.
  • Questerre is a believer that the future success of the energy industry depends on a balance of economics, environment, and society.

Hess Midstream LP Announces Guidance, Increases and Extends Return of Capital Program Through 2026

Retrieved on: 
Wednesday, January 31, 2024
Finance, Oil, Gas, Energy, Professional Services, Other Energy, Growth, GAAP, Natural gas, Water, Public expenditure, Adjustment, Investment, Hess Corporation, Petroleum

Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today provided financial and operational guidance and expectations.

Key Points: 
  • Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today provided financial and operational guidance and expectations.
  • "Our 2026 minimum volume commitments imply substantial growth from 2023 levels, underpinned by Hess’ planned development activity and our continued focus on gas capture.
  • Hess Midstream expects full year 2024 net income of between $670 million and $720 million and Adjusted EBITDA of between $1,125 million and $1,175 million.
  • Hess Midstream expects 2024 capital expenditures of between $250 million and $275 million.

India Construction Market Forecast Report: Average Annual Growth of 5.9% Forecast During 2024-2027, Supported by Investment in the Transport, Electricity, Housing and Industrial Sectors - ResearchAndMarkets.com

Retrieved on: 
Wednesday, January 31, 2024
Other Construction & Property, Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, Growth, Population growth, Coal, FY, Government, Housing, Central Statistics Office (India), Ministry of Statistics, Carbon, GFCF, Commercial, Petroleum, City, Statistics, Construction, Yoy, Electricity, Infrastructure, Sector, Water resources

The "India Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market, 2023-2027" report has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • The "India Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
  • Over the remainder of the forecast period, between 2024 and 2027, the Indian construction industry is expected to register an average annual growth of 5.9%, supported by investment in the transport, electricity, housing, and industrial sectors.
  • It provides -
    Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in India, featuring details of key growth drivers.
  • Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.

Hess Midstream LP Reports Estimated Results for the Fourth Quarter of 2023

Retrieved on: 
Wednesday, January 31, 2024
Energy, Utilities, Oil, Gas, Growth, Sponsor, GAAP, MVC, Capital, Water, Capital expenditure, Global Infrastructure Partners, General partnership, Hess Corporation, Petroleum

Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today reported fourth quarter 2023 net income of $152.8 million compared with net income of $149.8 million for the fourth quarter of 2022.

Key Points: 
  • Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today reported fourth quarter 2023 net income of $152.8 million compared with net income of $149.8 million for the fourth quarter of 2022.
  • We refer to certain results as “attributable to Hess Midstream LP,” which exclude the noncontrolling interests in Hess Midstream Operations LP owned by the Sponsors.
  • Revenues and other income in the fourth quarter of 2023 were $356.5 million compared with $314.6 million in the prior-year quarter.
  • Hess Midstream will review fourth quarter financial and operating results and other matters on a webcast today at 12:00 p.m. Eastern Time.

How Urbanization and Changing Lifestyles Boost the Demand for Biodegradable Paper and Plastic Packaging: Market to Reach US$ 36.8 Billion by 2034

Retrieved on: 
Friday, February 2, 2024
Social change, Paper, CSR, Agriculture, FMI, Biomass, Recycling, Biotechnology, Waste management, Cellulose, Petroleum, Plastic, Social responsibility, Urbanization, Starch, Organization

NEWARK, Del., Feb. 2, 2024 /PRNewswire/ -- The Global Biodegradable Paper and Plastic Packaging Market is anticipated to reach a valuation of US$ 14.0 billion in 2024, driven by urbanization and changing lifestyles. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 10.1% between 2024 and 2034, and reaching a total valuation of approximately US$ 36.8 billion by 2034.

Key Points: 
  • Future Market Insights, Inc. (FMI) forecasts a flourishing future for the biodegradable paper and plastic packaging market, fueled by growing environmental awareness, collaborative innovation, and sustainability initiatives.
  • Learn about the market challenges and benefits for stakeholders in our FMI report
    NEWARK, Del., Feb. 2, 2024 /PRNewswire/ -- The Global Biodegradable Paper and Plastic Packaging Market is anticipated to reach a valuation of US$ 14.0 billion in 2024, driven by urbanization and changing lifestyles.
  • The trend is expected to create new opportunities for the market, leading to a projected CAGR of 10.1% between 2024 and 2034, and reaching a total valuation of approximately US$ 36.8 billion by 2034.
  • The development of bio based plastics for packaging applications enhances the biodegradable packaging product offerings of the market and reduces reliance on fossil fuels.

How Urbanization and Changing Lifestyles Boost the Demand for Biodegradable Paper and Plastic Packaging: Market to Reach US$ 36.8 Billion by 2034

Retrieved on: 
Friday, February 2, 2024
Social change, Paper, CSR, Agriculture, FMI, Biomass, Recycling, Biotechnology, Waste management, Cellulose, Petroleum, Plastic, Social responsibility, Urbanization, Starch, Organization

NEWARK, Del., Feb. 2, 2024 /PRNewswire/ -- The Global Biodegradable Paper and Plastic Packaging Market is anticipated to reach a valuation of US$ 14.0 billion in 2024, driven by urbanization and changing lifestyles. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 10.1% between 2024 and 2034, and reaching a total valuation of approximately US$ 36.8 billion by 2034.

Key Points: 
  • Future Market Insights, Inc. (FMI) forecasts a flourishing future for the biodegradable paper and plastic packaging market, fueled by growing environmental awareness, collaborative innovation, and sustainability initiatives.
  • Learn about the market challenges and benefits for stakeholders in our FMI report
    NEWARK, Del., Feb. 2, 2024 /PRNewswire/ -- The Global Biodegradable Paper and Plastic Packaging Market is anticipated to reach a valuation of US$ 14.0 billion in 2024, driven by urbanization and changing lifestyles.
  • The trend is expected to create new opportunities for the market, leading to a projected CAGR of 10.1% between 2024 and 2034, and reaching a total valuation of approximately US$ 36.8 billion by 2034.
  • The development of bio based plastics for packaging applications enhances the biodegradable packaging product offerings of the market and reduces reliance on fossil fuels.

Chevron Self-Inflicts Wound In CA; Failed to Plug Low Producing Wells That Yield Only 3 Barrels Of Oil Per Day, Should Blame Itself Not State For 'Impairments', says Consumer Watchdog

Retrieved on: 
Friday, February 2, 2024
Consumer Watchdog, Multimedia, Foot, Bankruptcy, Ford, Running, Court, Petroleum

Chevron's wells only produce an average 3 barrels of oil per day, according to a new analysis by FracTracker .

Key Points: 
  • Chevron's wells only produce an average 3 barrels of oil per day, according to a new analysis by FracTracker .
  • Consumer Watchdog said Chevron should have long ago plugged its low producing wells and was only keeping them active in order to avoid the cost of plugging them.
  • According to FracTracker, Chevron wells produced 4.34 barrels of oil per day in 2019, 3.86 in 2020, 3.74 in 2021, and 3.08 in 2022.
  • "Chevron is wrongfully blaming California for its own negligence in managing its wells," said Jamie Court, president of Consumer Watchdog.