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Portugal's Galp Energia on Monday reported a 13% slump in adjusted first-quarter net profit, hit by a decline in oil production owing to constraints caused by the COVID-19 pandemic and slower refining activity. Galp suspended output at its largest refinery in Sines and its smallest, Matosinhos, in April 2020. It resumed production at both locations... Continue Reading →
(Reuters) Top oilfield services firm Schlumberger NV (SLB.N) on Monday named new executives to energy transition units, according to a memo seen by Reuters, a move that signals its growing commitment to lower carbon businesses. Sebastian Pages, formerly in the Well Construction group, was appointed as New Energy finance director. Kahina Abdeli-Galinier, previously the marketing director for... Continue Reading →
(Reuters) Exxon Mobil’s effort to build an energy trading business to compete with those of European oil majors unraveled quickly last year as the firm slashed the unit’s funding amid broader spending cuts, 10 people familiar with the matter told Reuters. The cuts left Exxon traders without the capital they needed to take full advantage... Continue Reading →
(Bloomberg) -- After one of the most difficult years in the oil industry’s history, crude prices have recovered and major producers are finally generating spare cash. Investors really want to get their hands on it, but most are likely to be disappointed. That’s because the pandemic has created a legacy of debt for the world’s... Continue Reading →
(Reuters) Total declared force majeure on its $20 billion liquefied natural gas (LNG) project in Mozambique and confirmed it had withdrawn all staff from the construction site following insurgent attacks last month. Dozens of civilians were killed in the Islamic State-linked attacks in the coastal Mozambique town of Palma, near gas projects that are worth... Continue Reading →
(Reuters) India, the world's third-largest crude consumer and importer, has approached Guyana's government about a possible long-term deal to buy the South American country's oil, a Guyanese official said. India has expressed interest in buying one of the 1 million-barrel cargoes Guyana's government is entitled to in order to test the crude in its refineries,... Continue Reading →
(PetroNoticias) The English company Marin Holding International hired the law firm Luzone Legal, specialized in the business area and in the oil and gas sector, to sue Petrobras for possible losses arising from the services provided by the vessel, Vitoria 10,000. As a reminder, the case is one of the most emblematic in the oil... Continue Reading →
Offshore Energy continues with its new In focus weekly feature, spotlighting the latest energy transition developments, after our first edition went online on 16 April. Following last week’s news on the U.S. oil giant Chevron’s entrance into the offshore wind market and note that the company has not yet announced its net-zero agenda, its Norwegian counterpart Equinor – which... Continue Reading →
(OE) Offshore wind (OSW) energy is a new focus for the U.S. under President Biden, who highlighted it in his January 27, 2021 Executive Order on climate. Since then, there have been several new supporting developments: Rulings by the Customs and Border Patrol (CBP);Announcement that workers in Alabama and West Virginia are supplying 10,000 tons... Continue Reading →
International oil activity should ramp-up through the end of this year and beyond, Schlumberger NV (SLB.N) top boss Olivier Le Peuch said on Friday, a shift that will help the company grow revenue outside North America by double-digits in the second half of the year. The oilfield service provider's shares were up 1.27% in pre-market trading at... Continue Reading →
