A renewed push to reduce the world’s carbon emissions has sparked excitement in many technologies and stocks, with no exception to carbon capture.
Very little price change has occurred with crude oil prices on Presidents’ Day after OPEC + has not yet decided to impose further production cuts to offset demand concerns caused by the coronavirus outbreak.
The nation of South Sudan plans to hold an oil licensing auction, inviting oil companies from around the world to bid for 14 oil exploration blocks. The young country intends to officially launch the tender for the licenses at a conference in the capital city of Juba on October 29-30 with results being declared toward the end of the first quarter of 2020.
Last week, the Brazilian Federal Audit Court approved an oil auction that covers parts of the pre-salt zone offshore Brazil that was involved in a long dispute between the Brazilian government and Petrobras. The Brazilian pre-salt oil region consist of carbonates found below the salt layer. It’s oil-rich offshore reserve that is trapped below 2,000 meters of a thick layer of salt, where this layer of salt was deposited on accumulated organic matter, holding it for millions of years until thermochemical processes turned the organic layers into hydrocarbons (oil and natural gas).
The bulls are off and running today because there is a bevy of bullish headlines including optimism over a U.S./Chinese trade deal and a missile attack on an Iranian oil tanker.