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China on the Verge of Reversing Ship Recycling Ban

January 1, 2021
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Ever since China banned the recycling of foreign ships on its shores at the end of 2018, there has been an increasing call in the shipping community to allow the work to resume. Now, it is understood that Beijing is close to reversing its two-year-old decision. The move will give ship owners better green ship recycling alternatives concerning

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Exxon signals $20 billion 4th quarter write down

January 1, 2021
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Exxon Mobil Corp signaled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth quarter results, but the gains would be overshadowed by an up to $20 billion asset writedown. The largest U.S. oil producer has posted losses in the first three quarters of 2020 on an ill-timed spending increase that

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Despite Tariffs, U.S. Trade Deficit in Goods Reaches All-Time High

January 1, 2021
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Despite tariff measures and the disruption of the COVID-19 pandemic, the U.S. trade deficit in goods rose to a record $84.8 billion for the month of November, up 5.5 percent over the same period last year. Goods imports were up by nearly six percent in November compared with a year earlier, and exports fell by more than

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5,000 new oil and natural gas wells approved in eastern Wyoming

December 31, 2020
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The Bureau of Land Management issued a decision that could generate billions of dollars for the American public and will strengthen domestic energy production and independence. The Record of Decision for the Converse County Oil and Gas Project allows the development of up to 5,000 new oil and natural gas wells within a 1.5-million-acre project area in

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Atlantic Zephyr semi sold for $1

December 31, 2020
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Brazilian energy firm PetroRio has signed an agreement with Ventura for the 1974-built semi-submersible drilling rig Atlantic Zephyr for a nominal price of $1. According to PetroRio, the purpose of the acquisition is to reduce operational costs and increase the Tubarão Martelo Field’s efficiency through a significant reduction of the response time to eventual wells shutdowns.  “This strategy aims to replicate

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Daewoo bags $455 million Mozambique LNG construction award

December 30, 2020
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Daewoo Engineering & Construction (E&C) out of South Korea has won an LNG plant construction project in Mozambique valued at 500 billion won (over $455 million). The Total-led project in Mozambique LNG Area 1 involves building two liquefaction trains and auxiliary facilities with an annual production capacity of 64 million tons at the Afungi Industrial Complex in Mozambique.

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ExxonMobil and Seadrill ready the Saturn for operations in Campos and Santos Basin

December 30, 2020
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ExxonMobil will start a new exploration campaign on the Brazilian coast. The company received the endorsement from Ibama (Brazilian Environmental Institute) to drill wells in blocks BM-C-753, BM-C-789, BM-S-536, BM-S-647 and Titã, located in the Campos basins and Santos. The license granted by the environmental agency will last for four years. With the authorization in hand, ExxonMobil will be able

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Vitol hands over $45 million in corruption settlement to Petrobras

December 30, 2020
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Brazilian state-run oil company Petrobras said that it had received 232.6 million reais ($44.65 million) on Tuesday in a settlement with Swiss energy trading firm Vitol, which was implicated in a sprawling national corruption probe. Petroleo Brasileiro SA, as Petrobras is formally known, said in a security filing that the settlement was brokered as part of a leniency

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Petrobras claiming over $152 million in arbitration against Odebrecht

December 29, 2020
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Petrobras informs that it presented today a request for arbitration with an indemnity claim estimated at approximately R$ 800 million, against Odebrecht S.A., based on the shareholders' agreement regarding Braskem, for violations of its terms. Braskem is not part of this arbitration, which is protected by confidentiality. Source: Marketscreener Join our mailing list here

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