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(Reuters) - Gunvor Group posted a record net profit of $2.36 billion in 2022 with a strong performance across all trading desks, the energy trader said in a statement on Wednesday. Gunvor's rivals also had a bumper year amid high price volatility and as Russia's war in Ukraine reshaped global commodity flows, with Vitol and Mercuria previously... Continue Reading →
(OEM) In the aftermath of geopolitical challenges, energy and climate crises along with economic side effects from the turbulent events that marked 2022, the UK is pivoting towards renewable and low-carbon energy in a push to strengthen energy security, outlines the new report from the Energy Industries Council (EIC), an energy industry trade association and... Continue Reading →
(Reuters) A senior executive at Russia's Lukoil energy company said a project in the Congo in which it is involved would begin producing liquefied natural gas (LNG) in December, Russian news agencies reported. Lukoil Vice President Ivan Romanovsky said the initiative would produce around 600,000 tonnes of LNG per year, and that Lukoil plans to... Continue Reading →
(Bloomberg) – As China scoops up more and more discounted Russian oil, producers in Africa and South America are losing out. Angola is among the hardest hit at the moment, with daily oil exports to China falling 27% so far this month, compared with the whole of February last year, according to data and analytics... Continue Reading →
Oil and gas producer Wintershall Dea swung to a loss last year, hit by significant impairments and losses related to Russia's war in Ukraine, it said on Thursday. Wintershall reported a group net loss of 4.8 billion euros ($5.1 billion), including 7 billion euros in one-off, non-cash losses related to its Russian upstream and associated midstream... Continue Reading →
Dutch General and Military Intelligence and Security Services (AVID and MVID) have sent a letter to the government together with an update on the latest insights into activities being covertly conducted by Russia, including those that are potentially being carried out in preparation for sabotage of the Dutch energy infrastructure in the North Sea. On... Continue Reading →
(Reuters) Russia has in recent months tried to gain intelligence to sabotage critical infrastructure in the Dutch part of the North Sea, Dutch military intelligence agency MIVD said on Monday. A Russian ship has been detected at an offshore wind farm in the North Sea as it tried to map out energy infrastructure, MIVD head... Continue Reading →
(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 →
(Reuters) - Following Moscow's invasion of Ukraine, world's largest oilfield firm SLB (SLB.N) has boosted its business in Russia by cherry-picking service and equipment contracts from rivals who left, according to company documents and people familiar with its operations. While SLB's continued embrace of Russia has drawn sharp criticism, interviews with two people close to the company... Continue Reading →
(OET) With the lessening of restrictions imposed due to the COVID-19 pandemic, expectations of the oil and gas market’s recovery dominated at the start of 2022 prior to the Ukraine crisis. In the wake of Russia’s war in Ukraine, many industries, including the offshore energy industry, were thrown for a loop, which caused a lot... Continue Reading →
Brazil Energy Insight 