Arrow Exploration (AXL.L) said Tuesday it put the Icaco 1 exploration well on the Tapir Block in Colombia's Llanos Basin on production on May 15.
The oil and gas company noted the well has a restricted rate of 628 barrels of oil per day gross, and testing results showed that the well is capable of higher rates, with well and pump optimization.
BP (BP) said late Friday it offered a revised contract proposal to the United Steelworkers Local 7-1 during negotiations at its Whiting refinery.The oil major said the offer withdraws a proposed voluntary reduction of up to 42 maintenance craft positions and includes an average 13% pay increase over the first four years of a proposed six-year contract.The proposal also includes a discretionary annual cash bonus and a one-time lump-sum payment ranging from $2,500 to $10,000 after contract ratification, the company said.
Liquefied natural gas transportation company Awilco LNG (ALNG.OL) appointed Niels Rigault as its chief commercial officer, according to a Tuesday release.Rigault previously served as the executive vice president commercial at liquefied petroleum gas vessels operating company BW LPG (BWLPG.OL).
The European Central Bank will likely need to raise interest rates at the upcoming June meeting amid a "much more persistent" inflation shock, according to ECB executive board member Isabel Schnabel."The shock is working its way through the economy and is shifting inflation away from our target over a significant period of time. Even if the war ended today, a lot of damage has already been done to energy infrastructure and global supply chains. So, even then, I believe that a monetary policy reaction would be needed," Schnabel told Reuters in an interview published Tuesday.As headline inflation in the euro area hit 3% and is projected to climb toward 4% by the end of 2026, Schnabel added that "looking through is no longer an option in my view." However, she maintained that the central bank remains "strictly data dependent" and will avoid pre-committing to a specific policy path past June.