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(Reuters) - BP is abandoning its stake in Russian oil giant Rosneft in an abrupt and costly end to three decades of operating in the energy-rich country, marking the most significant move yet by a Western company in response to Moscow's invasion of Ukraine. Rosneft accounts for around half of BP's oil and gas reserves... Continue Reading →
Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports. Brent crude LCOc1 rose $4.82, or 4.9%, to $102.75 by 1028 GMT after touching a high of $105.07 a barrel in early trade. The Brent contract for April... Continue Reading →
The Department of the Interior today announced the results of the nation’s highest-grossing competitive offshore energy lease sale in history, including oil and gas lease sales, with the New York Bight offshore wind sale. These results are a major milestone towards achieving the Biden-Harris administration’s goal of reaching 30 gigawatts of offshore wind energy by... Continue Reading →
Solstad Offshore has reported a revenue of NOK 5.4 billion for the financial year 2021, an 8% increase compared to NOK 5 billion in 2020. Looking ahead, the Norwegian company revealed it fears that the current situation in Ukraine could impact its operations. The Norwegian company announced a full-year adjusted EBITDA increase of 20% to... Continue Reading →
In July 2020, just a few months after the COVID-19 pandemic started to spiral out of control, Shell CEO Ben van Beurden declared world oil demand may have passed its peak - all but condemning his company's core business to eventual obscurity. "Demand will take a long time to recover if it recovers at all,"... Continue Reading →
(OE) Italian oil company Eni has started production from the Ndungu Early Production (EP) development offshore Angola. The field, located in Block 15/06 of the Angolan deep offshore has been developed via the Ngoma FPSO vessel. "The start-up of Ndungu EP is yet another example of how Eni Angola, in full cooperation with Agência Nacional... Continue Reading →
The Biden's administration's sale of offshore wind development rights off the coasts of New York and New Jersey surged past all expectations on Thursday to reach more than $3.3 billion, with bidding still not complete. The auction, which began on Wednesday and is due to resume on Friday morning, is the first offshore wind lease... Continue Reading →
(OE) Nigerian oil company Seplat has agreed to buy ExxonMobil's shallow water assets in Nigeria via the acquisition of the U.S. oil company's Nigerian subsidiary Mobil Producing Nigeria Unlimited ("MPNU"), in what Seplat said was a transformational acquisition for the company. Seplat will pay $1,28 billion for the acquisition. “The transaction encompasses the acquisition of... Continue Reading →
Russia’s Lukoil has completed the acquisition of a 50 per cent operated interest in the Area 4 project – located in shallow waters offshore Mexico – through a deal with the operator’s holding company for $435 million. Back in July 2021, Lukoil entered into an agreement to acquire the 50 per cent operator interest in the Area... Continue Reading →
TechnipFMC first shipment of rigid pipelines from its spoolbase in Brazil TechnipFMC will carry out the first shipment of rigid pipelines from its spoolbase in Porto do Açu, in São João da Barra (RJ), installed in the Dome area (Prumo's joint venture with GranIHC). The operation will start on Friday), marking the supply of the... Continue Reading →
