UK electricity capacity auction for 2028/29 clears at 60 pound per kW/yr

The National Energy System Operator (NESO) announced on Tuesday the auction for Britain to secure enough electricity capacity in 2028/29 was cleared at 60 pounds each kilowatt per year. In 2014, Britain launched…
Italy's Saipem and Norway's Subsea 7, to create a leader in energy services

Saipem, an Italian company, has agreed to merge its Norwegian competitor Subsea 7 into a global leader in offshore energy services. The deal is a 100% share transaction. The two companies announced that the combined group will be called Saipem7.
Italy's Saipem and Norway's Subsea 7, to create a leader in energy services

Saipem, an Italian company, has agreed to merge its Norwegian competitor Subsea 7 into a global leader in offshore energy services. The deal is a 100% share transaction. The two companies announced that the combined group will be called Saipem7.
Gas prices in Europe are rising on a weak wind ahead of the US election
The Dutch and British wholesale prices of gas rose slightly Tuesday morning due to a weak wind and in anticipation of what should be a close U.S. Presidential election. LSEG data shows that the benchmark front…
BP Profit Triples to $2.6B in Q1 on Strong Oil, Gas Trading

BP's profit more than tripled to $2.6 billion in the first quarter thanks to stronger oil prices and bumper revenue from natural gas trading, paving the way for the energy company to start buying back its shares.The jump in profits from a year earlier comes as
Virus Lockdowns Pummel Global Gas Demand, Force LNG Output Cuts
Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output.
Schlumberger Posts Loss on $8.5 Bln Charge as Customers Accelerate Cuts

Schlumberger NV, the world's largest oilfield services firm, on Friday reported a first-quarter loss due to $8.5 billion in charges, as customers accelerated spending cuts amid the continuing decline in oil prices.Crude…
BP Profits Fall 40%

BP's profits fell sharply in the third quarter, hurt by lower oil prices, but strong refining operations helped the company beat expectations even after taking a one-off $2.6 billion charge linked to asset sales.BP…
BP Profits Lifted by Production Uptick

A strong rise in oil and gas production helped BP offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares.BP's second quarter contrasts with Total and Norway's Equinor…
Orsted Reports Positive Start to 2019

Orsted on Wednesday reported higher first-quarter earnings from its offshore wind farms, in a positive sign for the Danish company's focus on renewables after selling its oil and gas business in 2017.Earnings…
Higher Output Cushions BP's Profit Fall

BP's first quarter profits fell by nearly a third but beat forecasts as lower oil and gas prices and weaker refining margins were partly offset by higher production and stronger trading.The slump in profits marks…
$13 Bln Papua LNG Project Pushes Ahead
France's Total and its partners signed a long-awaited deal with Papua New Guinea on Tuesday that will allow initial work to start on a $13 billion plan to double the country's liquefied natural gas exports.Developing…
Oil Edges Above $67

Oil edged further above $67 a barrel on Monday, supported by the prospect of prolonged OPEC-led oil supply curbs though concern that an economic downturn may dent fuel consumption curbed gains.OPEC and non-OPEC…
Oil Gains Despite Potential Supply Glut on the Horizon

Oil rose on Thursday, steadying after losing nearly 7 percent over the previous three days, though concern about the prospect of an oversupplied market next year continued to weigh on prices despite OPEC's message…
Oil Falls as U.S. Crude Enters 'Bear Market'

Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand of lower economic growth and trade disputes.Benchmark Brent crude fell below $70 a barrel for the first time since early April…
Shell's LNG Canada Seen as Tip of Megaproject Iceberg

The launch of a massive liquefied natural gas (LNG) export project in Canada has finally fired the starting gun on a wave of plan approvals around the world, needed to avoid a supply crunch after 2020.Royal Dutch…
The Culture Clash Behind GE's Exit from Baker Hughes
When General Electric Co bought oilfield services giant Baker Hughes last July, it created a global industry colossus with $22 billion in annual revenue. GE promised to digitalize oilfields worldwide, marrying its expertise in big data…
Oil Hits $80, Highest Since Nov 2014, on Iran Concerns

Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall because of renewed U.S. sanctions, reducing supply in an already tightening market.Brent…
McDermott, CB&I Shareholders Approve Merger

McDermott International shareholders on Tuesday approved a merger with Chicago Bridge & Iron Co that creates a vertically integrated onshore and offshore engineering and construction company, thwarting an attempt…
UK North Sea Output Could Resume its Decline
North Sea production has recovered slightly since 2015 as new fields, more drilling helped reverse declines. The UK North Sea is set to resume a two-decade decline in oil production next year, snapping a brief period of growth since 2015…