Uganda, Tanzania and oil firms Total and CNOOC have signed agreements that will kickstart the construction of a $3.5 billion crude pipeline to help ship crude from fields in western Uganda to international markets.
Iraq: Genel Energy receives payment for Shaikan oil sales
12 Apr 2021
Gulf Keystone confirms that a gross payment of $29.4 million ($23.0 million net to GKP) has been received from the Kurdistan Regional Government ( KRG ). The payment is comprised of gross $22.3 million ($17.5 million net) for
Shaikan crude oil sales during February 2021 and gross $7.1 million ($5.5 million net) in relation to the arrears from the outstanding November 2019 to February 2020 invoices. Following receipt of the arrears payment, the current outstanding balance is $65.2 million net to GKP.
Chile: Statkraft to build its first wind farms in the world’s southernmost country Chile
12 Apr 2021
Statkraft, Europe’s largest renewable energy generator, will build its
first wind farms in Chile, expanding its renewable energy generation capacity in the South American country amid an increasing demand for hydro, wind and solar power in the southernmost nation in the world.
Combined with the company’s existing hydropower assets, Statkraft will reach a generating capacity of 366 megawatt (MW) by the end of 2023. The 102 MW Torsa wind power project consists of three wind farms, totalling 19 wind turbines supplied by German manufacturer Nordex.
In total, the wind farms are expected to produce more than
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Could A Comeback In Venezuelan Oil Crash The Markets? By Matthew Smith - Apr 12, 2021, 5:00 PM CDT
Crude oil prices had a rocky start to 2021. There are plenty of wildcards which will continue to fuel price volatility for the foreseeable future, the most notable being supply threats with global oil production expected to expand despite sharply diminished demand growth. One such event is whether Venezuela, after suffering one of the worst economic collapses witnessed outside of war, can rebuild its shattered energy sector and return to pre-2017 production levels to pump more than two million barrels per day. Venezuela’s autocratic president Nicolas Maduro believes this is achievable and has been steadily implementing a range of radical measures designed to trigger an oil industry recovery. The strife-torn founding OPEC member’s petroleum potential is tremendous. Aside from having the world’s largest crude oil reserves of over 303 billion barrels, in
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