Oil Daily | OPEC Output Hits Yearly Low Amid Libyan Disruptions; Petrobras Finds Major Gas Reserves in Colombia
Friday, Oct 4, 2024 8:00 am ET
EC --
FOSL --
PBR --
XOM --
【Oil-Producing Countries Dynamics】
Brazil's Petrobras discovered two significant natural gas reserves offshore Colombia, potentially doubling Colombia's gas reserves. The finds are crucial for Colombia's domestic market amid declining production. The consortium with Ecopetrol will continue development, though commercial viability needs further studies.
Ecopetrol's Caribbean offshore gas projects face delays, with production unlikely before 2029, worsening Colombia's energy crisis as demand is projected to outpace supply significantly by 2026. Colombia plans a $40 billion investment to transition from reliance on oil and gas revenues.
A Reuters survey revealed OPEC's September oil production hit a yearly low at 26.14 million bpd, mainly due to Libyan disruptions. OPEC produced above the implied target for nine members, with Libya set to resume production after resolving a political standoff.
African oil-producing nations have raised 45% of the $5-billion seed capital for the Africa Energy Bank to fund oil projects amid financing challenges. The bank aims to address funding crises and reduce reliance on foreign financiers.
Russia's oil and gas revenues dropped 0.9% in September from August, despite a 4.3% year-on-year increase. The Russian budget heavily relies on these revenues, with expectations of declining oil revenues over the next few years.
【Latest Oil Policies】
Nigeria is advancing a new framework to boost its natural gas sector, aiming for $10 billion in investments. The policy includes tax incentives to attract investors, aiming to enhance energy security and reduce reliance on fossil fuels.
【Industry News】
The UK government announced a £22 billion investment in carbon capture facilities to create jobs and boost private investments. The initiative aims to capture 8.5 million tons of CO2 annually, though the IEA has criticized the economic viability of carbon capture.
【Company News】
Exxon warned of a potential $1 billion impact on Q3 earnings due to lower oil prices and refining margins. Despite a strong second quarter, Exxon faces challenges as international prices drop, though U.S. demand remains resilient.
Canada’s Enbridge will build pipelines worth $700 million to support BP’s Kaskida oil project in the Gulf of Mexico, expected to start production by 2029. This development is part of BP's long-term energy strategy.
Brazil's Petrobras discovered two significant natural gas reserves offshore Colombia, potentially doubling Colombia's gas reserves. The finds are crucial for Colombia's domestic market amid declining production. The consortium with Ecopetrol will continue development, though commercial viability needs further studies.
Ecopetrol's Caribbean offshore gas projects face delays, with production unlikely before 2029, worsening Colombia's energy crisis as demand is projected to outpace supply significantly by 2026. Colombia plans a $40 billion investment to transition from reliance on oil and gas revenues.
A Reuters survey revealed OPEC's September oil production hit a yearly low at 26.14 million bpd, mainly due to Libyan disruptions. OPEC produced above the implied target for nine members, with Libya set to resume production after resolving a political standoff.
African oil-producing nations have raised 45% of the $5-billion seed capital for the Africa Energy Bank to fund oil projects amid financing challenges. The bank aims to address funding crises and reduce reliance on foreign financiers.
Russia's oil and gas revenues dropped 0.9% in September from August, despite a 4.3% year-on-year increase. The Russian budget heavily relies on these revenues, with expectations of declining oil revenues over the next few years.
【Latest Oil Policies】
Nigeria is advancing a new framework to boost its natural gas sector, aiming for $10 billion in investments. The policy includes tax incentives to attract investors, aiming to enhance energy security and reduce reliance on fossil fuels.
【Industry News】
The UK government announced a £22 billion investment in carbon capture facilities to create jobs and boost private investments. The initiative aims to capture 8.5 million tons of CO2 annually, though the IEA has criticized the economic viability of carbon capture.
【Company News】
Exxon warned of a potential $1 billion impact on Q3 earnings due to lower oil prices and refining margins. Despite a strong second quarter, Exxon faces challenges as international prices drop, though U.S. demand remains resilient.
Canada’s Enbridge will build pipelines worth $700 million to support BP’s Kaskida oil project in the Gulf of Mexico, expected to start production by 2029. This development is part of BP's long-term energy strategy.