Brazil’s Petrobras saw its proven oil and gas reserves increase by 500 million barrels last year, from 10.9 billion barrels to 11.4 billion barrels, the company said this week as quoted by Reuters.
As much as 85% of this total was in the form of crude oil and condensates with the remainder natural gas, Petrobras also said. The company also added 1.3 billion barrels of oil equivalent to its total reserves, while production came in at 900 million barrels of oil equivalent.
Going forward, the Brazil state energy major will focus on boosting production from existing fields, the company said in 2024, and seek to diversify its portfolio without losing focus of its profitable assets. Stemming natural depletion at mature fields will be another focus for the company between 2025 and 2029.
The Environmental Protection Agency is reconsidering...
The Environmental Protection Agency is reconsidering California's authority to enforce strict vehicle emission standards, according to a Supreme Court filing. The motion, which seeks to pause related litigation, reflects the EPA's review of a 2022 Biden-era decision supporting California's zero-emission vehicle mandates to ban gas-powered car sales by 2035.
Trump prioritizes protectionism over inflation control
Donald Trump's economic agenda prioritizes protectionism and isolationism,...
Donald Trump's economic agenda prioritizes protectionism and isolationism, with a focus on promoting manufacturing and imposing tariffs. These policies are expected to raise costs and challenge the Federal Reserve's ability to manage interest rates, potentially leading to higher inflation.
Chevron-led JV plans gas-fired power for data centers
Chevron, Engine No. 1 and GE Vernova have formed a joint venture to develop...
Chevron, Engine No. 1 and GE Vernova have formed a joint venture to develop natural gas power plants co-located with data centers in the US Southeast, Midwest and West. Branded as "power foundries," the projects could supply up to 4 gigawatts and launch initial operations by the of 2027, with potential for expansion to support growing AI-driven energy demand.
The Federal Reserve presses pause on interest rate cuts. After ...
The Federal Reserve presses pause on interest rate cuts. After the Fed meeting yesterday, Chair Jerome Powell said the current target range of 4.25% to 4.5% is staying put for now. He explained that the central bank would need to see “real progress on inflation or some weakness in the labor market before we consider making adjustments” and insisted that he was in no rush to change course. Following the three meetings before this one, the Fed had lowered interest rates. Powell also revealed that he had not communicated with President Trump since he demanded interest rates come down immediately in Davos. The Fed chair declined to comment on that episode but said the public should be confident in the Fed “focusing on using our tools to achieve our goals and really keeping our heads down and doing our work.
The Trump administration scrapped its federal grants freeze after causing great confusion with it.
Former Sen. Bob Menendez, Democrat of NJ, was sentenced to 11 years in prison for bribery and corruption charges.
Hamas will free three Israelis and five Thais in a hostage release today.
Logitech will release a device that allows employers to invisibly track if people are in the office.
