Big oil to keep capital investment taps closed despite collecting $283 bln in 2022, says Westwood

(OET) While looking into the conundrum concerning the cashflow and capex of five supermajor oil companies – BP, Shell, Chevron, ExxonMobil and TotalEnergies – Westwood Global Energy, an energy market research and consultancy firm, has outlined that capital investment is lagging, even though the energy giants became efficient in generating cash from oil and gas production, enabling record... Continue Reading →

February 17, 2023 0

Guyana’s Shore Base Project Could Cut Shipping Costs by About 12%

(Reuters) Companies working on a $300 million logistics facility in Guyana that will support offshore oil operations said on Wednesday the shore base will help reduce shipping costs for supplies by as much as 12% by allowing larger supply vessels to dock. A consortium consisting of U.S. companies Exxon Mobil Corp and Hess Corp and... Continue Reading →

February 17, 2023 0

Oil-rich Guyana expects annual economic growth of over 25% in coming years

(Reuters) - Guyana's government is forecasting the nascent oil producer's economy, which has recently been among the world's fastest-growing, will expand by at least 25% per year in the next three to four years, Finance Minister Ashni Singh said on Thursday. Since oil production was inaugurated in 2019 by a consortium led by U.S. major... Continue Reading →

February 16, 2023 0

U.S. LNG producers poised to leapfrog rivals with three new projects

(Reuters) - At least three proposed U.S. liquefied natural gas (LNG) export plants have likely found enough customers to receive financial approvals this year, according to Reuters calculations, developments that would make the country the world's largest LNG exporter for years to come. After a dearth of plant approvals last decade, developers have secured dozens... Continue Reading →

February 16, 2023 0

Yunlin: A Taiwanese offshore wind restructuring

(TXF) Delays and project cost overruns from the pandemic have meant lenders and sponsors of the Yunlin offshore wind farm in Taiwan are scrambling to remedy the project’s financial woes. ECAs may push out the tenor envelope to ease the pressure - but concrete solutions are yet to be realized. The fledgling Taiwanese offshore wind... Continue Reading →

February 16, 2023 0

Vietnam to further delay rules for multi-billion-dollar wind power – business group

(Reuters) - Vietnam may not have a legal framework to regulate offshore wind farms until next year, a European Union business representative said on Thursday, a delay that could stall billions of dollars of foreign investment in the sector. Vietnam has big offshore wind power potential given the strong winds and shallow waters near coastal... Continue Reading →

February 16, 2023 0

Repsol’s profit beats forecasts, flags big spending increase

(Reuters) - Spain's Repsol (REP.MC) said on Thursday its fourth-quarter adjusted net profit more than doubled, helped by high oil and gas prices, and flagged a big increase in capital spending for this year. Its fourth-quarter profit surged to 2.01 billion euros ($2.15 billion) from 872 million a year earlier, topping the 1.75 billion euros expected by... Continue Reading →

February 16, 2023 0

Oil hot-spot Guyana sees potential for lucrative carbon-offset business

(Reuters) - Guyana, which has jumped into the forefront of offshore oil exploration, is using its inland forests to tap carbon markets, in a business the government sees as more profitable than using the acreage for mining or agriculture, Vice President Bharrat Jagdeo said on Wednesday. The South American country, one of the fastest growing... Continue Reading →

February 15, 2023 0

Glencore hands $7.1 bln to shareholders after record profit

(Reuters) - Glencore (GLEN.L) announced a payout of $7.1 billion to its investors on Wednesday, as high oil and coal prices helped it to post a record annual profit, but it said the rising costs of producing minerals could dent future earnings. In preliminary 2022 results, the miner and trader said it cut net debt to $75... Continue Reading →

February 15, 2023 0

U.S. tweaks monetary penalties for oil & gas players

The Department of the Interior’s Bureau of Ocean Energy Management (BOEM) has made adjustments to monetary penalties for oil and gas companies, implementing the 2023 inflation adjustments for the maximum daily civil monetary penalties contained in BOEM regulations in accordance with Federal law. The Bureau of Ocean Energy Management made the final rule announcement on Tuesday, 14 February... Continue Reading →

February 15, 2023 0

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Category: Financial

Big oil to keep capital investment taps closed despite collecting $283 bln in 2022, says Westwood

Guyana’s Shore Base Project Could Cut Shipping Costs by About 12%

Oil-rich Guyana expects annual economic growth of over 25% in coming years

U.S. LNG producers poised to leapfrog rivals with three new projects

Yunlin: A Taiwanese offshore wind restructuring

Vietnam to further delay rules for multi-billion-dollar wind power – business group

Repsol’s profit beats forecasts, flags big spending increase

Oil hot-spot Guyana sees potential for lucrative carbon-offset business

Glencore hands $7.1 bln to shareholders after record profit

U.S. tweaks monetary penalties for oil & gas players

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