Eni anticipates that investors will value Plenitude at over $11 billion
Eni's executive said that investors who are interested in buying a minority stake of its retail and renewables arm, Plenitude will value the company at more than 11 billion dollars, including debt. Eni, under its "satellite strategy", plans to sell another minority stake in Plenitude. This comes after the Swiss fund…
Afreximbank, an oil and gas investor, has allocated $3 billion to support local refineries
A senior executive revealed that the African Export-Import Bank, (Afreximbank), which is a major investor in oil-and-gas projects, had set aside $3 billion for financing the purchase of refined goods within Africa, as part of plans to increase refining capacities. Bank and analysts say that Africa exports 80% of its crude oils and 45% of its natural gas…
Ecopetrol executive: We are looking to expand our in-house energy production to include wind power.
Ecopetrol, Colombia's state energy company, is looking at new investments, including purchasing projects run by multinationals to meet its own energy needs. A company vice president revealed this on Wednesday. Julian Lemos is Ecopetrol's vice president of strategy and new business. He said that the plan would look to…
Alaska LNG project to start by 2030, says state governor
Alaska Governor Mike Dunleavy announced on Friday that exports of liquefied gas from Alaska may begin as early as 2030. In his speech to Congress, Donald Trump praised the $44 billion Alaska LNG Project. The project will deliver approximately 3.5 billion cubic foot of gas each day, a large portion of which is destined for international markets.
Executives say that AI will lead to cheaper and faster oil production. CORRECTED.
Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and has prompted companies to reconsider areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference. Oil producers…
Alaska LNG project could begin as early as 2030, says state governor
Alaska Governor Mike Dunleavy announced on Friday that exports of liquefied gas from Alaska may begin as early as 2030 or 2031. In his speech to Congress, Donald Trump praised the $44 billion Alaska LNG Project. The project will deliver approximately 3.5 billion cubic foot of gas per day from Alaska's North Slope, a large portion of which is destined for international markets.
Executives say AI will lead to cheaper and faster oil production.
Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and is prompting companies take a second glance at areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference.
Texas LNG plans to announce its final investment decision in December
Brian Duval, CEO of Glenfarne Energy Transition, said that the company expects to reach a final decision about its Texas LNG project in December. Glenfarne Energy has developed a 4 million metric tons per year (MTPA) liquefied gas plant (LNG) in Brownsville, South Texas. He said that the company had already signed an Engineering…
Egypt leases German gas liquefaction units to boost production
The Egyptian Petroleum Ministry announced in a Tuesday statement that Egypt plans to lease an German floating gas-liquefaction unit. Egypt, the largest Arab country by population, is seeking to increase production of its offshore giant Zohr gas field in order to meet the rising demand for domestic gas during the summer heat.
CEO CERAWEEK Woodside says that the Louisiana LNG investment decision may be delayed until Q2.
Meg O'Neill, the CEO of Woodside LNG Australia, said on Monday that the company may delay a final decision on the Louisiana plant's liquefied gas project until the second quarter 2025 if talks to sell the half of the project continue. Woodside is looking to sell up to 50% of the project. The company has been reported to be in discussions with several buyers…
Gunvor CEO: Global oil supply is growing faster than demand.
Gunvor's CEO, one of the largest oil traders in the world, stated on Monday that global oil supply is growing faster than demand. Last week, oil prices fell to a three-year-low due to a slowdown in demand growth in China as well as concerns over the global impact of President Donald Trump’s protectionist trade policy.
Exxon to build large-scale gas projects in Guyana, a country dominated by oil
Exxon Mobil, the U.S. oil giant, announced a massive project on Wednesday to increase natural-gas production and supply in Guyana. This follows the government's request for more gas as fuel to power onshore projects and petrochemical ones. Alistair Routledge of Exxon Guyana, the head of Exxon in Guyana, outlined a "Wales…
Guyana and Dominican Republic make progress on oil drilling, refining
Dominican President Luis Abinader announced on Tuesday that Guyana and Dominican Republic have made progress in negotiating agreements for offshore oil exploration, a fertilizer factory and possibly a refinery to be built in South America. In 2023, the countries signed a Memorandum of Understanding to work on projects in energy.
Woodside and Trinidad have agreed to initial commercial terms for deepwater natural gas, an executive says
According to three sources with knowledge of the discussions, a Woodside executive and a Trinidad and Tobago government official have agreed on an initial commercial agreement for the development of Woodside's Calypso gas deepwater discoveries. This brings the project closer to the final investment decision. In order to fully utilize its gas processing capability…
Devon Energy expects US crude oil to be priced between $60 and $80 per barrel in the near future
The benchmark U.S. WestTex Intermediate (WTI), crude oil, will be $60-$80 a barrel for the foreseeable future. This was what Devon Energy's Chief Executive Officer told attendees of an energy conference held in Dallas on Tuesday. This price forecast falls within the range of U.S. crude oil prices that have been traded throughout the majority of this year.
Analyst says US onshore wind industry is struggling despite government push to clean energy
Geoffrey Hebertson told attendees of an energy conference organized by the Federal Reserve Banks of Dallas & Kansas City that the Onshore Wind Industry is still struggling to attract investment despite the U.S. Inflation Reduction Act. Hebertson stated that despite the Inflation Reduction Act of 2022, which allowed production tax credits and investments tax credits for 10 years…
Oil prices rise, recovering some of the 7% drop from last week
The oil prices increased on Monday as the Middle East conflict continued and markets were worried about the supply of crude from the region. Brent crude futures rose 58 cents or 0.79% to $73.63 per barrel at 11:02 am ET. ET (15:02 GMT). U.S. West Texas Intermediate Crude Futures were up 67 cents or almost 1% at $69.89 per barrel.
After a 7% drop in a week, oil prices are on the rise again
The oil prices rose in Asian trading Monday after a drop of more than 7% last week due to concerns over demand in China, which is the world's largest oil importer. Also, there were fewer worries about possible supply disruptions in Middle East. Brent crude futures were up 27 cents or 0.37% to $73.33 per barrel at 0625 GMT. U.S.
Egypt reduces renewable energy targets to 40% by 2040, but keeps natural gas as the main focus
The Egyptian government has revised the renewable energy goal for 2040 from 58% to 40%, said Petroleum Minister Karim Badayi on Sunday. He also stressed that natural gas would remain an important part of Egypt's energy mix in years to come. Egypt committed to increasing renewable energy production by 42% to its energy mix before hosting the COP27 summit in 2022.
Russia aims to counter West’s climate agenda by using gas and nuclear power
Pavel Sorokin, deputy energy minister of Russia, said that the country will set its own climate goals and make proposals to combat global warming in an effort to counter the agenda promoted by Western countries. His remarks could be a preview of potential clashes during the COP29 U.N. Climate Summit, due to take place November in Azerbaijan.
