(Reuters) Karoon Energy announced deals worth $720 million on Thursday to buy stakes in certain offshore oil and gas fields in the Gulf of Mexico from U.S.-based LLOG Exploration, in a move to diversify operations beyond Brazil and Australia. The oil and gas explorer said it would raise around A$480 million ($312.43 million) to fund a 30% stake purchase... Continue Reading →
Shell Reports $6.2B Third-quarter Profit, Boosts Buybacks
(Reuters) Shell on Thursday reported third-quarter earnings of $6.2 billion, in line with expectations, on higher refining margins and strong liquefied natural gas (LNG) trading. The company announced share buybacks of $3.5 billion over the next three months, up from $2.7 billion in the previous three months. It maintained its dividend unchanged at $0.331 per... Continue Reading →
EDF Renewables, MOL Ink Offshore Wind and Green Hydrogen MoU
(OW) Japan-based Mitsui O.S.K. Lines (MOL) and EDF Renewables have signed a memorandum of understanding (MoU) to cooperate on offshore wind and green hydrogen business development. With this MoU, both partners agree to collaborate and bring together their respective and complementary knowledge and experience in offshore wind energy as well as in green hydrogen solutions.... Continue Reading →
Japan’s Inpex Raises Profit Forecast, Seeks to Boost Value
(Reuters) On Wednesday, Japanese oil and gas explorer Inpex raised its full-year net profit forecast by 7% and announced measures to boost the company's value and shareholder returns, including a dividend increase and share buyback. To address the country's number of undervalued stocks, the Tokyo Stock Exchange at the end of March called on companies... Continue Reading →
SLB, Subsea 7, and Aker Solutions’ Subsea JV Gets Nods from Competition Authorities
(OE) Oilfield services firms SLB, Subsea 7, Aker Solutions have received approvals from all relevant competition authorities to create a subsea joint venture, as proposed in August 2022. "Following clearance as of [Friday] by antitrust authorities in Brazil, all regulatory approvals/clearances required to close the transactions have been obtained, including required clearances in Angola, Mozambique, Australia, Norway,... Continue Reading →
Australian offshore wind project moves forward despite lack of licence
(OET) Flotation Energy has signed a multi-million-dollar deal to start environmental surveys in the Bass Strait region in Australia despite licences for potential offshore wind projects not being awarded until later this year. Flotation Energy signed a USD 22 million contract with RPS to commence its two-and-a-half-year programme of environmental surveys for the 1.5 GW... Continue Reading →
Karoon’s revised resource assessment at oil discovery off Brazil seen as ‘good step forward’
Australia’s oil and gas company Karoon Energy has updated its contingent resource estimates for a field offshore Brazil. This is expected to facilitate the technical and commercial feasibility studies for a potential development, which are currently underway. Karoon added the Neon oil discovery option in May 2022 to the rig it hired in April 2021. Following the Patola completion activities, the Maersk Developer rig,... Continue Reading →
Oil and Gas Firms Set to Spend $58 Billion on Well Intervention in 2023 – Rystad
Oil and gas companies are set to spend $58 billion on well intervention – a way to extract additional resources from an existing well instead of drilling a new one – in 2023, the Norwegian energy intelligence group Rystad Energy said. Rystad Energy said its modeling showed this is just the start of a surge... Continue Reading →
France’s Engie and Portugal’s EDP plan to develop offshore windfarms in Australia
(Reuters) - Ocean Winds, a joint venture between Portugal's main utility EDP (EDP.LS) and French company Engie (ENGIE.PA), said on Tuesday it has lodged applications with the Australian government to develop offshore windfarms off the coast of Victoria. The JV, which participated in the Victoria tender through its bidding company High Sea Wind, has presented applications for three... Continue Reading →
Copenhagen Energy’s Offshore Wind Project Gets Support from W. Australia Gov’t
(OE) Danish renewable energy firm Copenhagen Energy has received support from the Western Australia Government as it progresses plans for its Leeuwin Offshore Wind Farm project.The project has been awarded Lead Agency status by the Department of Jobs, Tourism, Science and Innovation. The Lead Agency Framework is reserved for significant projects with the capacity to... Continue Reading →