Brazil’s state-led oil company Petrobras discovered hydrocarbons in the C-M-411 block located in the offshore Campos Basin, the company said Jan. 29. “The data from the well will be analyzed to better guide exploratory activities in the area and the potential of the discovery,” Petrobras said. The discovery was made …

U.S. oil major Chevron Corp. on Jan. 29 swung to an $11 million fourth-quarter loss and missed Wall Street expectations as low margins on fuel, acquisition costs and foreign currency effects overwhelmed improved drilling results. Oil companies are expected to benefit from a bounce-back in oil and gas prices after …

Responses to the coronavirus disease (COVID-19) caused global demand for petroleum products to fall significantly in 2020. The U.S. Energy Information Administration (EIA) estimates that the world consumed 92.2 million barrels per day (b/d) of petroleum and other liquid fuels in 2020, a 9% decline from the previous year and …

A new fusion rocket thruster concept which could power humans to Mars and beyond has been proposed by a physicist at the US Department of Energy’s plasma physics laboratory at Princeton University. According to the Princeton Plasma Physics Laboratory (PPPL) the rocket would use magnetic fields to shoot plasma particles …

Preparatory to becoming a full member of the International Energy Agency (IEA), India has signed a “Framework for Strategic Partnership” with the IEA. India is currently an “Association Country” of the IEA, but it is seeking full membership of the Agency. The framework will “strengthen mutual trust and cooperation and …

The consumption of renewable energy cannot come anywhere close to overtaking oil and gas usage in the decades ahead, the Organisation of Petroleum Exporting Countries said on Wednesday. Secretary-General, OPEC, Mohammad Barkindo, said this in his special address at the S&P Global Platts Americas Petroleum and Energy Conference, with the …

A paper identifying key tipping-points for climate action across more than 20 sectors of the global economy is to be published today, outlining the technological breakthroughs key actors must deliver in order to put the world on track to net zero emissions by 2050. Named “The Race to Zero Breakthroughs”, …

Oil slid in Asia morning trade on Thursday despite a huge drop in U.S. crude stock, as the strength in the U.S. dollar and fresh fuel demand worries due to travel curbs and delays with coronavirus vaccines weighed on prices. U.S. West Texas Intermediate (WTI) crude futures fell 33 cents, …

Tackling climate change is impossible without investment in the clean energy transition of developing countries, International Energy Agency (IEA) chief Fatih Birol said on Wednesday. Birol, who heads the Paris-based energy watchdog, said at a virtual meeting of the World Economic Forum that more than two-thirds of global emissions come …

Iran exported $594 million worth of non-oil products to Eurasian Economic Union (EAEU)’s member states, a commercial official said on Wednesday. Iran has exported $594 million of non-oil commodities to the EAEU so far, Chairman of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) Masoud Khansari said at the …