The OPEC+ group of oil producers has extended its production cuts totaling 3.66 mln bpd until 2025, maintaining a controlled supply while taking advantage of the current price of the benchmark Brent crude at over $85/barrel. OPEC forecasts that cumulative oil-related investment requirements from now until 2045 will amount to about $14 trln, or around … Read more
The New York City Department of Finance is expected to deviate from the New York State corporate tax reform regulations in several key areas, including the application of unincorporated business tax sourcing rules for corporate partners, authorizing deviations from statutory apportionment methods based on individual facts and circumstances, allocating income from passive investment customers using an 8% fixed allocation, increasing the threshold for taxpayers to use a billing address “safe harbor,” and retaining excess inclusion in income for holders of residual interests in real estate mortgage investment conduits.
Nicosia rejects Chevron’s improved optimization plan for the Aphrodite offshore gasfield, insisting that the 2019 development plan is binding. Chevron’s proposed revisions aim to reduce costs and output, but Nicosia is not satisfied with the lower revenue implications. The partners are considering their options in response to Nicosia’s rejection.
President Nikos Christodoulides met with Eni CEO Claudio Descalzi in Nicosia to discuss gas findings. The meeting reviewed the discoveries made in 2022 by Eni and TotalEnergies, leading to the drilling of the Cronos 2 appraisal well in late 2023. A production test in early 2024 showed excellent performances and increased volumes. The meeting also discussed a fast-track approach to drilling the appraisal well and outlined preferred solutions to meet energy priorities in the short and longer term. Eni has been present in Cyprus since 2013, operating in various blocks.
Fact: Future LNG demand is expected to be led by Asia, particularly China, with global LNG demand projected to increase to about 700mtpa by 2040.
The point of contention regarding the development of the Aphrodite gas field off the coast of Cyprus has been overcome, according to Energy Minister George Papanastasiou. The plan for extraction of gas from the Aphrodite field will continue based on the agreed development and production plan from 2019. The government wants to respond as soon as possible to start planning the joint venture with Chevron. Discussions on the matter have been exhausted, and Chevron understands that gas extraction will be based on the 2019 plan. There is an ongoing dispute with Israel over “plot 12” connected to the Aphrodite field, but the Energy Minister believes the differences should be closed in the next three months. The CEO of Italian company Eni has requested a visit to Cyprus this month to discuss the development and production plan for the Kronos I and Kronos II fields.
Egypt is unlikely to export any LNG to Europe this summer due to declining production at the Zohr field, which is prioritizing domestic energy needs.
Cyprus aims to conclude construction works for the LNG terminal in Vasiliko by the end of 2024 to reduce electricity generation costs.
The MyPetrolina app offers users the chance to win one of two Nissan X-Trail e-power vehicles, each valued at €46,100, as part of a promotion running from 14th March to 6th June 2024. To participate, users must make transactions of €10 on P-EnergyMax automotive fuels at Petrolina, Agip, and Eni service stations. Each transaction qualifies as an entry into the competition. Additionally, the app allows users to collect points, redeem them for branded products, access exclusive offers, and locate nearby service stations. This promotion is exclusive to MyPetrolina app users and is part of the celebration of Nissan’s 90th anniversary.
The MyPetrolina app is offering its users the opportunity to win one of two Nissan X-Trail e-power vehicles, each valued at €46,100, as part of a promotion running from March 14 to June 6, 2024. Users can participate by making transactions of €10 on P-EnergyMax automotive fuels, including Unleaded 95/98, Eurodiesel, and Autogas, at Petrolina, Agip, and Eni service stations. Additionally, the app allows users to collect points, redeem them for branded products, access exclusive offers, and locate the nearest Petrolina, Agip, and Eni service stations. Participation is exclusive to MyPetrolina app users.