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Petrobras, Brazil's largest oil company, faces a $34 million bill as its drillship idles in Foz do Amazonas
Petrobras, the state-run Brazilian oil company, has spent 180 million reais (33.7 million dollars) to keep a drillship in reserve in the Foz Do Amazonas basin. This is while it waits for a regulatory decision on a request for drilling. According to the Brazilian oil worker's federation FUP, the NS-42 drilling ship arrived at its designated location in August off the coast Amapa state in northern Brazil. Its daily cost is 4 million reais (748,433). Petrobras used a ship for a simulation of an emergency response in August. The company is seeking a drilling license from the Brazilian environmental agency Ibama in this region. It's ecologically sensitive, and it's also considered the most promising oil frontier by the company. Ibama stated in September that it had approved the results of the drill but asked Petrobras to make adjustments before making a final determination. Petrobras source: The 180 million reais cost includes only the rental of the drillship. Personnel costs are excluded. Petrobras mobilized its largest response structure ever in August, with over 400 personnel, large vessels and aircraft. The simulation was designed to show how Petrobras would respond in an oil spillage that could occur in the environmentally sensitive area. Petrobras stated in a press release that it expected to receive an environmental license "soon", while Ibama has not given a date for the review of Petrobras recent submissions. This situation is similar to a previous incident in 2022-2023 when Petrobras had a drilling ship stationed in the same area for several months. The company was waiting on Ibama to approve a simulation drill. This never happened. ($1 = 5.3457 reais) (Reporting by Marta Nogueira in Rio de Janeiro Writing by Fernando Cardoso Editing by Matthew Lewis)
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Stoke Space, a company that makes reusable rockets, raises $510 Million in its latest round of funding
Stoke Space announced on Wednesday that it had raised $510m in a round of funding led by Thomas Tull, the US Innovative Technology Fund. The money will be used to accelerate development of Nova reusable launch vehicles. Investors including 776 Breakthrough Energy Glade Brook Capital, Toyota Ventures, Glade Brook Capital, and Washington Harbour Partners also participated in the round. The Washington-based startup refused to disclose the valuation at which they raised funding. Tull, the chairman of USIT, said that "Lift capacity is now an important factor in our ability to compete in and lead the space economy." "Stoke’s pioneering approach towards reusable launch systems directly enhances our national security as well as commercial access to space." Stoke, along with SpaceX, Jeff Bezos Blue Origin, Rocket Lab USA, United Launch Alliance, and other companies, was selected by the U.S. Space Force to enhance U.S. launch capabilities. The company stated that the award is a reflection of the increasing demand for medium-lift launch capability for defense, and for the proposed Golden Dome system missile defense. The company reported a January profit of $1.1 million. Raised $260 Million In a funding round. Stoke Space, with funding from NASA, the U.S. Space Force and other partners, is developing a fully reusable Nova rocket to launch spacecraft at low cost. (Reporting from Prakhar Srivastava, Bengaluru. Editing by Sahal Muhammad)
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US airlines claim it is "imperative" that FAA achieve quick wins in airspace overhaul
According to a Wednesday letter, a group of major U.S. airline representatives said that it was imperative the Federal Aviation Administration achieve some "quick victories" in the $12.5-billion overhaul of the outdated air traffic control system. Airlines for America CEO Chris Sununu, in an unreported previously letter to Transportation Secretary Sean Duffy, said that the FAA should implement airspace modernization plans, buy simulators for improved controller training, lay telecoms fiber, and buy new radios and radars. Sununu, the head of the group representing American Airlines, United Airlines Delta Air Lines, and Southwest Airlines wrote: "These initial successes will create tangible benefits to the traveling and shipping community, help coordinate messages on progress, and boost optimism about the prospects for moving the project forward." Duffy said that he wanted air passengers to be able to see improvements by the summer travel season of 2013. He wants Congress approve an additional $19 billion over the initial $12.5 million to overhaul the entire system. USDOT and FAA declined to comment. The FAA has been criticised Prior lagging efforts in modernization The U.S. Air Traffic Control System is in dire need of an overhaul. It suffers from frequent and serious technological failures. Duffy said that the FAA was forced to use eBay at times in order to obtain spare parts. According to a government report published last year, 51 out of 138 air traffic systems were not sustainable. In the letter, it was suggested that FAA reduce the training time for new controllers and accelerate plans. to eliminate paper strips To track planes, deploy the remote tower technology in several locations that are not currently towed, eliminate floppy discs faster and use new cloud-based displays for controllers. Sununu wrote: "Reducing controller training washout rates would increase the number controllers." Air traffic control problems have been brewing for years, but the public's alarm was sparked by a series of high-profile incidents, near misses and an air crash that claimed 67 lives in January. The lack of controllers has caused flight delays for over a decade. Many are forced to work six-day weekends and mandatory overtime. About 3,500 air traffic control positions are not filled by the FAA. USDOT interviewed two of the men last week. Candidates vying for the position of project manager The multi-billion-dollar effort.
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Source: Canada brought up Keystone XL revival during tariff discussions with Trump
CBC News reported on Wednesday that Canadian Prime Minister Mark Carney discussed the possibility of reviving Keystone XL, the oil pipeline connecting Alberta with the United States. A source familiar with these discussions confirmed this. Source: Carney, under pressure from Canadians to deal with the painful U.S. steel, auto, and other tariffs, asked Trump whether he was interested in a Keystone project that had Canadian support. The source stressed that discussions are in a very preliminary stage and refused to reveal whether or not the Canadian government is confident there will be a company willing build the pipeline. The source stated that Trump was open to the idea and that negotiators would consider it in future discussions. CBC News was the first to report that Carney spoke with Trump about Keystone. Carney's and the White House did not respond immediately to requests for comments. Keystone XL is a crude pipeline that was proposed. It would have been 1,181-kilometres long and carried approximately 830,000 barrels of oil per day from the oil sands in northern Alberta, to the U.S. major storage hub of Cushing, Oklahoma. The oil would then be sent to Gulf Coast refineries. TC Energy proposed the project for the first time in 2008. It quickly attracted environmental and Indigenous resistance. Trump revived the project during his first term after it was rejected by President Barack Obama. The pipeline, though construction had begun, was never finished after U.S. president Joe Biden revoked the key permit in 2021 for the U.S. segment of the project. Trump stated in February that the Keystone Expansion was something he wanted to see built. He promised easy approvals if the company building the pipeline would "come home to America." TC Energy spun off its oil-pipeline business in October last year into a brand new company called South Bow. The company lost billions of dollars on the Keystone Project when Biden canceled his permit. South Bow's spokesperson stated that the company was not privy to ongoing discussions between Canadian and U.S. government but supported efforts to increase transportation of Canadian crude. The company announced in February that it had "moved forward" with the Keystone project. (Reporting from Amanda Stephenson, Calgary; Additional reporting and editing by Jarrett Renshaw, Maria Cheng and Caroline Stauffer)
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Azeri BTC's daily oil exports for November are expected to increase by 3% m/m.
The differential between Brent and Urals crudes dated on Wednesday remained unchanged, but the Azeri BTC plan for exports from Turkey's Ceyhan Port in November was set at 15,3 million barrels compared to the 15.4 million barrels exported in October. Calculations showed that Azeri BTC crude exports would increase by approximately 3% per day in November compared to October. Alexander Novak, Deputy Premier of Russia, said that the country has gradually increased its oil production. It was very close to achieving the output quota set by OPEC+ last month. PLATTS WINDOW There were no bids or offerings reported on the Platts Window for Urals, Azeri BTC Blend or CPC blend crudes on Wednesday. According to sources, the U.S. delayed sanctions against Serbia's Russian owned NIS oil company that runs Serbia's sole oil refinery for a week, until October 15. The Nova Ekonomija portal in Belgrade reported this on Wednesday. (Reporting and editing by Kirsten Doovan)
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Brazil will not be introducing free public transportation soon, the chief of staff to the president says
Rui Costa said that the Brazilian president's chief of staff has no plans for the government to eliminate the public transport fares in Brazil this year or the next. This comes a day after Brazil's finance minister confirmed the results of studies assessing ways to fund the sector. Costa told a local radio station that there was no plan for this or next year. "I would like to be clear that the president has only asked for studies." A government source said that there were doubts about the logistical and the political feasibility of this proposal. Source: President Luiz inacio Lula da So has asked his economic team for an evaluation of the possible implementation of the measure. However, he is not in a hurry and doesn't intend to make it a part campaign promise. Costa said that the studies would be presented to President Obama so he could assess if the project was feasible and from where the money would come. If it is viable, the announcement will come at the right time. In an interview this week with Record TV, Finance Minister Fernando Haddad stated that the proposal will be included in Lula’s policy platform in Brazil next year when it holds its general elections. Haddad stated that "(Lula), knows this issue is very important for workers, environmental protection, and urban mobility." Investors' fears that the initiative might have negative fiscal consequences have caused the finance minister's comments to influence Brazilian markets. Reporting by Lisandra Parguassu, Writing by Fernando Cardoso, Editing by Rod Nickel
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ADNOC to pay out $43 billion as dividends to its subsidiaries by 2030
Abu Dhabi National Oil Company announced on Wednesday that six of its publicly listed subsidiaries would distribute 158 billion Dirhams ($43.02billion) in dividends between 2030 and 2035. ADNOC stated that the target amount is almost double the 86 billion dollars in dividends that the six subsidiaries collectively paid since ADNOC Distribution was listed in 2017 via an initial public offer. ADNOC has raised billions by selling stakes to its subsidiaries. It aims to be the top three petrochemical company in the world and top five gas company. Last year, it established the international investment arm XRG to help achieve these goals. ADNOC Gas and ADNOC Logistics & Services will also join ADNOC Drilling to pay quarterly dividends, providing more frequent returns for investors. ADNOC announced the news at an investor presentation of its listed subsidiaries. This was the first event that the group held. ADNOC Gas also announced that it had signed a 20 year gas supply contract with Ruwais LNG, valued at 147 billion Dirhams ($40 billion), to provide feedstock to the new LNG plant. The plant is expected to start production in 2028. It will more than double ADNOC’s LNG capacity. ADNOC said the merger between ADNOC and OMV, petrochemical companies Borouge and Borealis to create Borouge Group International is expected to be completed in the first quarter 2026. ADNOC and OMV have secured financing from global banks to finance the deal worth 56.6 billion Dirhams. This includes the acquisition of Nova Chemicals. ADNOC reported that BGI's deal with the companies will generate annual benefits worth 1.8 billion dirhams. The new entity will be the fourth largest polyolefins company in the world.
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Airbus delivered 507 jets during the first nine months
Airbus announced on Wednesday that it has delivered 507 aircraft in the first nine-month period. The fourth quarter will see 313 additional planes being delivered to meet the full-year goal of 820. In a sign that engine supply has improved, the world's biggest planemaker confirmed that it delivered 73 jets to customers in September. This was a record number for this month. Airbus' spokesperson confirmed that the number of gliders - or fully assembled aircraft waiting to be powered - had decreased from the peak of 60 reported earlier this year. However, the spokesperson did not provide a new estimate. The drop in gliders and the jump in September deliveries, from 50 last year to just 25 this month, suggest that the arrival of engines has accelerated in recent weeks after being affected by the recent strike at CFM supplier as well as the competing demand for spare engine from airlines. (Reporting and editing by Kirsten Doovan; Tim Hepher)
FAA delays flights on third day of government shutdown
Federal Aviation Administration (FAA) delayed flights at several airports, including Reagan Washington National Airport and Newark Liberty International Airport on Wednesday as it continued to experience higher than normal staffing shortages.
By 5:30 p.m., there were almost 3,000 delays. After 10,000 delays on Monday and Tuesday, thousands of them were due to the FAA slowing down flights as a result of the absences of air traffic control at various facilities throughout the country. The government shutdown is now in its eighth day.
The FAA reported that some flights were forced to be held in the air because of a slowdown in traffic.
In the past, staffing problems in our towers have been responsible for about 5% delays. Sean Duffy, U.S. Secretary for Transportation, said that the number of delays was 53% in the last two days on Fox News "Will Cain Show." "My message to air traffic controllers working for DOT, show up to work. You have a job."
The air traffic control staffing problems during this shutdown are more severe than during the last major stoppage of government funding in 2019. That was during President Donald Trump's initial term. This has led to unexpected shortages across the country.
Duffy stated that "the bottom line is that these controllers are stressed and they are rebelling against this shutdown, because they might not get paid."
Maryland Governor Wes Moore, along with congressional Democrats, called on Wednesday for an end to the airport shutdown at Baltimore-Washington International Airport. They noted that air traffic control officers and Transportation Security Administration agents are working without being paid. Moore, a Democrat from Maryland, stated that President Trump was unable to "close a deal" in order to keep the federal government open.
Kwiesi mfume (Democrat) called for supplemental legislation to continue paying air traffic controllers in the event of a shutdown.
He said, "People are starting to be concerned about flying now and as a country we should never reach that point."
During a 35-day government shutdown in 2019, the number of controllers and TSA agents absent increased as they missed paychecks. This led to longer waits at checkpoints. The authorities were forced to reduce air traffic in New York. This put pressure on legislators to end the standoff quickly.
They are not paid. During the shutdown of the federal government, 13,000 air traffic control officers and about 50,000 Transportation Security Administration (TSA) officers still have to report for work. The controllers will receive a partial pay on October 14, for work done before the shutdown.
Moore stated, "Our BWI employees are still here." Moore said, "They do it because they are patriots." They do it because they are patriots.
Duffy also said that USDOT secured $41million to fund the Essential Air Service Program until early November. Alaska Airlines, for example, had promised to continue subsidised flights to remote or rural areas after USDOT warned that they may not be reimbursed as of next week.
Air traffic control shortages have plagued the U.S. for over a decade. Many controllers were already working six-day work weeks and mandatory overtime before the shutdown. About 3,500 air traffic control positions are not enough to meet the FAA's target staffing levels.
(source: Reuters)