Norwegian state-owned multinational Equinor said in a statement on May 8 that it has given the green light to invest $9bn in a new oil and gas project in Brazil, alongside local partners Repsol Sinopec Brasil and Petrobras.

Located in the Campos Basin, Brazil’s offshore oil pre-salt region to the north of Rio de Janeiro, the so-called BM-C-33 project comprises three different discoveries — Pão de Açúcar, Gávea and Seat — which contain natural gas and oil reserves equivalent to one billion barrels of oil. Using a floating production and storage unit, Equinor, which will be the operator, will be able to process the hydrocarbons without the need for further onshore processing. Production is expected to start in 2028.

“Brazil is one of Equinor’s core areas and the investment in BM-C-33 emphasises the strategic importance of our Brazilian portfolio,” Geir Tungesvik, executive vice president for projects, drilling and procurement, said in the statement.

Evergo doubles Mexico investment to $400m

Electric vehicle (EV) charging platform Evergo has said that it will double its investment in Mexico to $400m less than half a year after it announced its initial investment.

In an interview with El Economista on May 7, Daniel López, commercial director of Evergo, explained the firm will build four phases of charging stations over a period of 10 years, focusing on urban areas, shopping centres and EV corridors. 

The company expects to build 15,000 charging stations throughout the country. Evergo previously announced in November it will invest $200m over the course of five years following the majority acquisition of E-DRIVE, a Mexican e-mobility infrastructure company.

Calls to stop Hyundai LNG sale to foreigners 

The Federation of Korea Maritime Industries (FKMI) has urged its national government to prevent the sale of Hyundai LNG Shipping to foreign companies. According to various media reports, its owner, South Korea’s IMM Private Equity, has shortlisted five foreign firms as potential buyers of the country’s biggest liquified natural gas (LNG) transportation company for between Won600bn and Won700bn (between $453m and $528.6m).

“If shipping companies for transporting strategic goods are sold overseas, transporting major strategic goods such as crude oil and LNG will have to rely on overseas shipping companies in the future, which will raise serious concerns about energy security in the event of a national emergency,” the industry body said in a statement on May 8.

“The shipping industry plays a key role in all processes of national wealth creation in Korea, from the import of raw materials to the re-export of final products,” it added, specifically for crude oil, gas, coal, and iron ore.

And finally: HSBC has agreed to buy out its China fund management joint venture partner, as it continues its China expansion, Reuters reports.