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(Reuters) - Norway's Equinor (EQNR.OL)said on Thursday its second-quarter results would be positively impacted by between $400 million and $550 million from trade in natural gas derivatives used to hedge its physical deliveries. The oil firm has earned record profits from soaring oil and gas prices and is widely expected to see a further increase in... Continue Reading →
(Reuters) - Shell (SHEL.L) said on Thursday surging demand for oil products that had almost tripled refining profits in the second quarter would boost earnings by up to $1.2 billion. In an update before second quarter results on July 28, Shell also said it would reverse up to $4.5 billion in writedowns on oil and gas assets... Continue Reading →
New Fortress Energy Inc. (NASDAQ: NFE) (“NFE”) today announced that it has entered into an agreement with Comisión Federal de Electricidad (“CFE”) as part of a growing strategic alliance supported by His Excellency Andrés Manuel López Obrador, the President of Mexico, and by Manuel Bartlett, the CEO of CFE. The agreement involves (i) expanding and... Continue Reading →
Oilfield services firm TechnipFMC has signed a letter of intent with the Norwegian oil company Equinor for an integrated Front End Engineering and Design (iFEED) study on its BM-C-33 project offshore Brazil. The study will finalize the technical solution for the proposed gas and condensate greenfield development in the pre-salt Campos Basin before Equinor makes its final investment decision (FID). The FEED study includes an option to proceed with a direct award to TechnipFMC for the integrated Engineering, Procurement, Construction and Installation (iEPCI) phase of the... Continue Reading →
(OE) Mexican oil and gas company Pemex has signed a letter of intent with the U.S.-based company New Fortress Energy to resume work on a $1.5 billion offshore gas project in Mexico, Pemex Chief Executive Octavio Romero said on Friday. The agreement is for the development of the long stalled the Lakach non-associated deepwater gas... Continue Reading →
(Reuters) - Russian gas giant Gazprom (GAZP.MM) has decided not to pay dividends on last year's results, the first time it will not pay out since 1998, sending its shares plunging 27%. "The shareholders decided that in the current situation it is not advisable to pay dividends based on the 2021 results," Deputy CEO Famil Sadygov said.... Continue Reading →
(Reuters) - Global energy consumption rose by 5.8% in 2021, exceeding pre-pandemic levels as economies revved up activity, while strong growth in renewable energies chipped away at fossil fuel use, according to a benchmark report by BP (BP.L). Oil demand last year was 3.7 million barrels per day (bpd) below 2019 levels, driven primarily by weakness... Continue Reading →
Brazil’s state-owned oil and gas giant Petrobras has approved the sale of two assets, located in the Espírito Santo Basin offshore Brazil, to BW Energy, an Oslo Stock Exchange-listed oil and gas E&P company. Earlier this month, Petrobras announced that the divestment process of the maritime concession called Golfinho cluster was still in the binding phase, adding that BW Energy was... Continue Reading →
Europe's move away from Russian gas provides a ready and lucrative market for a vast project being developed in West Africa, Mauritania's oil minister said on Thursday. As Russia has reduced gas supplies to Europe and Europe seeks to limit its dependence on Russian gas, Africa has an opportunity to fill the gap, but it... Continue Reading →
(Reuters) - Brazil's antitrust watchdog on Wednesday approved the sale of state-run oil firm Petrobras' (PETR4.SA) 51% stake in gas company Gaspetro with no restrictions. Petrobras is selling the stake to Compass, which is controlled by energy company Cosan (CSAN3.SA), for 2.03 billion reais ($394.15 million), according to a statement from Compass when the deal was announced last... Continue Reading →
