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(Reuters) - Global liquefied natural gas (LNG) demand is expected to almost double to 700 million tonnes by 2040, Royal Dutch Shell said in its annual LNG market outlook. Demand was 360 million tonnes last year, up slightly from 2019’s 358 million tonnes, despite volatility caused by lockdowns during the coronavirus pandemic. Global LNG prices... Continue Reading →
(Reuters) - Exxon Mobil Corp’s global oil and gas reserves tumbled by a third last year as the COVID-19 pandemic slammed global oil prices and demand, the company said on Wednesday. The largest U.S. oil producer is reeling from the sharp decline in oil demand and a series of bad bets on projects when prices... Continue Reading →
(Reuters) - Bank of America (BofA) Global Research lifted its forecast for Brent crude oil prices for this year citing tighter supplies due to the Texas freeze and OPEC+ output curbs and unmatched global monetary stimulus, it said in a note dated Monday. The bank now expects Brent crude oil to average $60 per barrel... Continue Reading →
(Reuters) - Occidental Petroleum Corp on Monday posted a larger-than-expected fourth-quarter loss despite higher oil and gas prices as an asset sale weighed on results. The U.S. producer has slashed jobs and output after the coronavirus pandemic hammered global energy demand, pressuring an energy company that had loaded up on debt in 2019 to acquire... Continue Reading →
Italian energy group Eni on Friday raised its ambition to cut greenhouse gas emissions, vowing to become net carbon neutral by 2050, as it seeks to keep up pace in an industry under pressure from investors to go green. Like its peers, Eni is stepping up plans to transition to cleaner fuels as governments around... Continue Reading →
Employment in the oil and gas sector, despite some expected uptick, will never return to its heydays of a few years ago, but offshore wind, however, will be "the new hiring haven for energy jobs," especially in the turbine making segment, Norwegian energy intelligence firm Rystad Energy said Friday. The firm sees hundreds of thousands... Continue Reading →
BW Offshore, a company mainly known as the operator of FPSO vessels in the oil and gas industry, is creating what it calls "a floating offshore wind champion targeting large-scale projects," following an agreement signed Wednesday to buy into the floating offshore wind tech developer Ideol. BW Offshore last week said it was in discussions with France-based... Continue Reading →
Oilfield services company TechnipFMC on Tuesday said it had completed its spin-off transaction to create two independent, publicly traded companies, TechnipFMC and Technip Energies. TechnipFMC, created in 2017 through a merger between France-based Technip and U.S.-based FMC Technologies, announced its intention to separate into two independent public firms in August 2019 - one focused on upstream activities... Continue Reading →
Norwegian energy services player Aker Solutions has seen its loss widened in the fourth quarter 2020 on impairments and lower activity, which led to some 30 per cent revenue drop. The Oslo-listed company recognised quarterly net loss of NOK 844 million, versus net loss of NOK 129 million in Q4 2019. Revenue for the Q4... Continue Reading →
The global financial investment for offshore wind capacity set records in 2020, with total capacity investment as well as cash amount earmarked surpassing that of 2018, the previous record year, according to The Renewables Consulting Group (RCG). RCG said that the total capacity financed for offshore wind in 2020 had hit 8,370 megawatts (MW) across... Continue Reading →
