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Global wind power leader Iberdrola will pour six billion pounds ($8.24 billion) into a wind farm complex in the North Sea off the east coast of Britain, in its biggest project investment worldwide, it said on Monday. Iberdrola said in a statement it would foot the bill for the East Anglia Hub site, whose soaring... Continue Reading →
(Reuters) - U.S. oilfield firm Halliburton Co (HAL.N) on Tuesday posted its third consecutive quarterly profit, as a jump in oil prices and drilling activity boosted demand for its services and equipment. Oil prices have rallied to multi-year highs with global crude futures climbing 4.5% in the quarter ended Sept. 30, helped by OPEC+'s decision to maintain... Continue Reading →
(OE/Hans Jacob Bassoe ) Earlier this year, Seadrill filed for chapter 11 for the second time since 2017 and on Monday it announced that more than 88% of the secured lenders accepted the reorganization plan. At the end of October, Seadrill’s plan will be delivered to the court and, if confirmed, it could exit chapter 11... Continue Reading →
Houston-based Occidental has agreed to sell its interests in two Ghana offshore fields for $750 million to Kosmos Energy ($550 million) and Ghana National Petroleum Corporation (GNPC) ($200 million). The sale to Kosmos closed upon signing and the sale to GNPC is expected to close in the fourth quarter of 2021. The transaction includes Occidental’s... Continue Reading →
(Reuters) - Suriname state oil company Staatsolie on Wednesday said it had signed a 30-year production sharing contract with U.S. producer Chevron Corp (CVX.N) for the South American country's offshore Block 5. Chevron Exploration Suriname Ltd and a consortium by TotalEnergies and Qatar Petroleum (QATPE.UL) in June submitted favorable bids for shallow-water exploration in Blocks 5, 6... Continue Reading →
(Reuters) - Investment in renewable energy needs to triple by the end of the decade if the world hopes to effectively fight climate change and keep volatile energy markets under control, the International Energy Agency (IEA) said on Wednesday. "The world is not investing enough to meet its future energy needs ... transition‐related spending is... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras reports that it will release its 3Q21 Production and Sales Report on October 20, 2021 and its 3Q21 Financial Performance Report on October 28, 2021, both after the markets close. On October 29, 2021 two webcasts will be held, the first in Portuguese and the second in English, to present... Continue Reading →
(Offshore) Wood Mackenzie estimates that the global upstream industry could net a windfall of over $1 trillion if oil prices remain above the $50/bbl planning price. According to research director Kavita Jadhav, there are various ways the industry could invest the extra revenue. These include returning cash to shareholders, maintain spending on oil and gas, and... Continue Reading →
Offshore drilling contractor Seadrill has seen its reorganisation plan overwhelmingly accepted by all classes of voting creditors and shareholders and is on track to exit Chapter 11. Seadrill filed for Chapter 11 back in February 2021 and has been working since then on a plan to emerge from bankruptcy. In late July, the rig owner hammered out the... Continue Reading →
(Bloomberg) --Major energy traders including Gunvor Group Ltd. and Mercuria Energy Group Ltd. have reduced the size of their trading positions and increased borrowing from lenders to cover large margin calls stemming from the unprecedented surge in European gas prices, according to people familiar with the matter. Commodity trading houses have been expanding their natural... Continue Reading →
Brazil Energy Insight 