Shell's $6 billion profit beats expectations as LNG offsets a weak refining sector
Shell announced on Thursday that it had exceeded the forecasted profits for the third quarter by 12%. This was due to higher LNG sales, which offset lower oil refining results and weaker trading results. Oil prices dropped by 17% during the third quarter, despite the fact that global refining margins fell sharply due to a weaker economy and the opening of new refineries across Asia and Africa.
Shell to make large cuts in its oil exploration division: sources
Shell will cut its oil and natural gas exploration and production workforce by 20%, according to company sources. CEO Wael Sawan is extending his cost-saving efforts to this highly profitable division following the deep cuts made in renewables and low carbon businesses. Sources said that the restructuring of the exploration, wells development, and subsurface units would result in hundreds of job losses around the globe…
Sources say Shell plans to make large cuts in its oil exploration division.
Shell will cut its oil and natural gas exploration and production workforce by 20%, according to company sources. CEO Wael Sawan is extending his cost-saving efforts to this highly profitable division following the deep cuts made in renewable energy and low-carbon businesses. Sources say that the restructuring of the exploration, wells development, and subsurface units is expected to result in hundreds of job losses around the globe…
Eni, Vaar Agree to Buy Neptune Energy in $4.9 Billion Deal
Italy's Eni ENI.MI and its Norwegian unit Vaar have agreed to buy private-equity backed Neptune Energy in a deal valuing the assets of the gas and oil producer at $4.9 billion including debt, the two groups said on Friday.The acquisition, which is expected to be completed at the start of next year, is one of the biggest oil and gas deals in Europe in years.The deal…
Siemens Equipment for Pertamina's Balikpapan Refinery
Siemens Gas and Power will supply a range of compression and power generation equipment for the Petramina's Balikpapan Refinery located on Borneo Island in East Kalimantan, Indonesia.The equipment will be installed as part of Pertamina’s Refinery Development Master Plan (RDMP). The RDMP involves the construction of a residual fluid catalytic cracker (RFCC) unit with a design capacity of 90…
Neptune Energy Terminates Deal to Buy Edison's North Sea Business
Oil and gas company Neptune Energy has terminated the agreement to acquire Edison E&P’s UK and Norwegian subsidiaries from Energean Oil and Gas. Neptune will pay a $5 million termination fee to Energean.The two companies had last year agreed for Neptune to buy Edison E&P North Sea assets for up to $280 million, after Energean had previously agreed to buy the oil…
India's Reliance Cuts Pay of Oil & Gas Division's Execs
India's Reliance Industries has cut the pay of some top oil-and-gas division employees by up to 50%, according to six sources and a letter seen by Reuters, as it battles lower profitability because of the coronavirus epidemic.Reliance, headed by India's richest man, Mukesh Ambani, has decided that employees earning more than 1.5 million rupees ($20,000) a year will face a 10% salary cut…
Wison Begins Arctic LNG 2 Project
Wison Offshore & Marine (WOM), the upstream oil and gas division of Chinese conglomerate Wison Group Holding, announced the fabrication of Arctic LNG 2 Project (ALNG2 Project) commenced in Zhoushan Yard.The module fabrication contract was awarded by Technip France S.A., a wholly-owned subsidiary of TechnipFMC.Novatek, client of ALNG2 project, is the largest independent natural gas producer in Russia.
LNG Majors Okay MHPS Gas Turbine
The engineering and manufacturing giant Mitsubishi Heavy Industries Group (MHI Group) said it has completed successive technical qualification, conducted by oil majors and engineering companies on Mitsubishi Hitachi Power Systems’ 120MW H-100 Gas Turbine.To date, major LNG players, including ExxonMobil, Shell, Total, along with key engineering contractors such as Bechtel…
Oil and Gas Execs Expect to Boost Spending
The majority of senior energy industry executives expect to maintain or increase spending this year to meet demand for oil and gas after years of austerity, a survey by DNV GL shows.DNV, a technical adviser to the energy industry, surveyed 791 senior professionals from firms with annual revenue ranging from $500 million or less to those earning $5 billion and more.BP…
Total in Talks to Sell North Sea Assets
French energy giant Total is in advanced talks with privately owned firms Albion Energy and First Alpha Energy Capital on the sale of some of its British North Sea assets, two industry sources said.In July, four banking sources told Reuters Total was set to sell a third of its stake in the Laggan Tormore gas field along with other oil and gas assets North Sea that could fetch a total of $1.5 billion.Total and First Alpha had no comment.
Siemens, China's SPIC Eye Link-up in Gas Turbines
Siemens and China's State Power Investment Corporation (SPIC) have entered into a memorandum of understanding confirming their intention to collaborate on heavy-duty gas turbines, the German group said on Monday."The signing today will expedite finalisation of a technology cooperation agreement in the near future," Siemens said in a statement.Under the agreement, Siemens will support SPIC's research and development of heavy gas turbines as well as pro
Noatum Maritime Opens Houston Office
Noatum Maritime Services, the maritime services division of Noatum Maritime, has opened new offices in Houston (US) including commercial offices and a warehouse through its Marmedsa Oil & Gas division.Initially, Marmedsa USA will focus on the provision of specialized services to the gas and oil drilling industry, reinforcing the solutions offered by Noatum Maritime…
Total, Siemens Hope to Sign Cuban LNG Deal Soon
French energy firm Total SA and German industrial giant Siemens AG hope to sign a deal soon with Cuba to build a 600 megawatt gas-fired power plant on the island, according to diplomats and businessmen with knowledge of the talks.The two are leading a consortium that has been in negotiations with Communist-run Cuba since last year when they won a tender for the project…
Alaskan Lease Sale Draws Tepid Response
An oil-and-gas lease sale that raised concerns with environmentalists due to the vast amount of acres offered in Arctic Alaska drew few bids on Wednesday, government officials said. Seven bids were received, covering about 80,000 acres - or less than 1 percent of the 10.3 million acres offered in the National Petroleum Reserve in Alaska by the Trump administration.
GE Mulls 12,000 global Job Cuts
General Electric Co is axing 12,000 jobs at its global power business, the struggling industrial conglomerate's latest effort to shrink itself into a more focused company. The U.S. company launched the cuts to save $1 billion in 2018, saying it expected dwindling demand for fossil fuel power plants to continue. "Traditional power markets including gas and coal have softened," GE said.
Siemens May Cut Jobs in Power Turbine Business Overhaul
Siemens may cut thousands of jobs as part of plans to overhaul its power turbine business, where growth in renewable energy is dampening demand for new coal and gas power stations, a person familiar with the matter said. "Various scenarios are being considered," the source said, adding that details of the changes at the Power & Gas division were still to be decided.
US Silica Shares Tumble on Smaller Sand Volumes
Shares of U.S. Silica Holdings Inc fell as much as 11 percent on Tuesday after the sand producer reported smaller than expected volume in quarterly sand sales. The company sold roughly 2.7 million tons of sand in its oil and gas division during the second quarter, an increase of 8 percent sequentially versus expectations of 15 to 20 percent growth. The company cited…
EMEX Utility Group Launched
EMEX, LLC has announced the opening of its newest division: EMEX Utility Group (EUG), specializing in servicing local distribution companies, municipally owned utilities, and large industrial consumers in procuring electricity and natural gas supply. "Servicing the next level up in energy consumers is an intuitive step forward for EMEX," commented Dan Marzuola, President and COO of EMEX.
Ivory Coast Establish Total-led LNG Consortium
Ivory Coast signed a partnership pact on Tuesday to create a consortium headed by France's Total to build a liquid natural gas (LNG) import terminal that could begin receiving gas shipments by mid-2018. Ivory Coast has emerged from years of political turmoil to become one of Africa's fastest growing economies and demand for electricity is increasing by 10 percent annually, according to the energy ministry.
