Petrobras (NYSE: PBR) on Friday reported a new discovery in the pre-salt Campos Basin offshore Brazil.
Located in the CM-411 block, Well 1-BRSA-1377-RJS – also called Urissanê – sits approximately 124 miles (200 kilometers) off the coast of Rio de Janeiro state at a water depth of 9,678 feet (2,950 meters), Petrobras noted in a written statement. Petrobras and ExxonMobil Exploraҫão Brasil Ltda. (NYSE: XOM) each own a 50-percent interest in the Petrobras-operated block.
Petrobras pointed out that well data from Urissanê, which encountered oil in the pre-salt section, will undergo analysis to better target exploratory activities in the area and assess the discovery’s potential. The company did not identify which rig drilled the well.
Logistics firm Medserv has been awarded a contract to provide support for a gas production project in Egypt.
Medserv Egypt Oil & Gas Services JSC it will supply materials and warehouse management services for for BP’s drilling and gas production projects in Egypt. It follows an international tender.
The project is expected to contribute towards an improved financial performance of Medserv Egypt Oil & Gas Services JSC, the company said.
It said it is another major step to broaden Medserv’s oil and gas client portfolio within this region and together with already contracted business. It further underpins the company’s business pipeline.
The MSE Equity Total Return Index registered a further 1.4% decline, as losses in the opening and closing sessions were enough to outweigh the gains in the other three sessions. The local equities’ index ended the week at 8,241.788 points.
A total of 19 equities were active, three of which headed north, while another 10 closed in the opposite direction.
A total weekly turnover of €0.8 million was generated over 152 deals.
BMIT Technologies plc was the most liquid equity, as it registered a total turnover of €161,511 during the week.
The equity started off the week on a positive note, as it reached €0.49 but did not manage to sustain the gain, as it closed flat at €0.48 yesterday.
In Nod to Shareholders, ExxonMobil Aims to Slash GHG Emissions by Double-Digits
ExxonMobil on Monday announced more ambitious goals to reduce greenhouse gas (GHG) emissions over the next five years only a week after a group of shareholders called for an overhaul of strategic goals.
The Irving, TX-based supermajor also expects to meet a 2020 forecast set two years ago to cut global methane emissions by 15% and natural gas flaring by 25% from 2016 levels. ExxonMobil said the stepped up goals align with the United Nations climate accord, better known as the Paris Agreement.
“These meaningful near-term emission reductions result from our ongoing business planning process as we work toward industry leading greenhouse gas performance across all our business lines,” CEO Darren Woods said. “We respect and support society’s ambition to achieve net zero emissions by 2050, and continue to advocate for policies that promote cost-effective, market-based solutions to address the risks