Repsol Increases Low-carbon Targets to Accelerate Energy Transition
Spain's Repsol has hiked its 2030 capacity target for renewable energy generation by 60% and made a new pledge on cutting emissions from its oil and gas business, in the latest attempt by an energy group to limit its role in climate change.Facing pressure from investors, banks and governments to cut carbon emissions in line with the 2015 Paris accords…
Siemens Energy CEO Buch Calls Wind Division Problems 'Extremely Annoying'
Siemens Energy cranked up the pressure on wind turbine division Siemens Gamesa on Wednesday, saying it was "extremely annoying" that it was having to reduce its profit outlook as a result of the Spanish-listed unit.The comments from CEO Christian Bruch highlight the problems around the arm's length relationship he inherited…
Oil Profits Soar: Oil Majors Shed Pandemic Blues
Europe's major energy companies profited from a rise in oil prices to report big increases in first-quarter earnings on Thursday, putting the worst of the pandemic era slump in fuel demand behind them.Last year's demand collapse forced BP, Royal Dutch Shell and Equinor to slash their dividends and preserve cash as they to try…
Spanish Crude Oil Imports Fall to Six-year Low
Spanish crude oil imports fell 11.7% in the first three months of 2020 from the same period in the previous year, national oil and gas agency CORES said on Friday, as movement restrictions to stop the new coronavirus spreading sapped demand for fuel.Spain imported 5,063 kilotonnes of crude oil in March, 10.6% less than in the same month last year, CORES said.The quantity imported in the first quarter w
Repsol Profit Beats Estimates
Spanish energy company Repsol trimmed its full-year earnings outlook on Wednesday as lower oil prices and refining margins weighed on profits, but a share buy-back and better than expected results bolstered its stock.Repsol proposed buying and cancelling 5% of its outstanding shares, helping send its stock more than 5% higher…
Repsol's Q1 Net Profit Rises
Spanish oil and gas firm Repsol said on Tuesday first quarter adjusted net profit rose 6 percent from a year earlier, as a fall in oil and gas prices and a halt to production in Libya were offset by lower costs and a stronger U.S.
Eni Q1 Profit Misses Forecast
Italian energy group Eni stuck to its production growth targets for the year on Wednesday, as it reported profits for the first quarter coming in below market expectations.Adjusted net profit in the quarter rose 4 percent to 992 million euros ($1.1 billion), below an analyst consensus provided by the company of 1.05 billion…
Repsol Net Profit Up 7.5%
Spanish oil and gas firm Repsol beat forecasts with a 7.5 percent increase in fourth-quarter adjusted net profit on Thursday, boosted by higher oil and gas prices and increased production, and said its strategic plan was on track.Repsol started new projects in Algeria, Trinidad and Tobago, Britain, Peru and Malaysia during 2018, and benefited in October-December from an annual rise in prices and lower
Repsol Makes Huge Find in Indonesia
A consortium led by Repsol has found new gas resources in Indonesia estimated at at least 2 trillion cubic feet, the Spanish oil and gas firm said on Tuesday, equivalent to around two years' worth of Spanish demand.The discovery at the Sakakemang block in South Sumatra is among the 10 largest finds worldwide in the last 12 months…
Repsol's Biggest Gas Discovery in Indonesia in 18 years
A consortium led by Repsol has found new gas resources in Indonesia estimated at at least 2 trillion cubic feet, the Spanish oil and gas firm said on Tuesday, equivalent to around two years' worth of Spanish demand.The discovery at the Sakakemang block in South Sumatra is among the 10 largest finds worldwide in the last 12 months…
Tilting at Windmills: Spain Strains to Meet Record Renewables Goal
Wind turbine maker Siemens Gamesa is booking 14 colossal specialized cranes, has hired new staff and boosted capacity by up to 80 percent at its Spanish factories as developers strain to meet a 2020 deadline for cutting carbon emissions.More wind farms are set to be built across Spain in 2019 than in any previous year, the APPA association of renewable energy companies calculates…
Spain Strains to Meet Record Renewables Goal
Wind turbine maker Siemens Gamesa is booking 14 colossal specialized cranes, has hired new staff and boosted capacity by up to 80 percent at its Spanish factories as developers strain to meet a 2020 deadline for cutting carbon emissions.More wind farms are set to be built across Spain in 2019 than in any previous year, the APPA association of renewable energy companies calculates…
Endesa to Boost Investment in renewables
Spanish energy group Endesa plans to raise investment in renewables over the next three years and slightly lower the proportion of its profit it will pay in future dividends, the company said on Wednesday.In an update to its strategic plan, Endesa laid out proposals for 5 billion euros ($5.7 billion) in net capital expenditure, with investments in renewables like wind and hydropower taking the lion's s
Cepsa Postpones Bumper IPO, Blames Market Rout
Spain's Cepsa postponed what would have been the largest oil company listing in a decade on Monday, the latest IPO to succumb to a global sell-off in equity markets.Cepsa's owner, Abu Dhabi state investor Mubadala, had planned to raise about 2 billion euros ($2.3 billion) by selling 25 percent of Cepsa.Markets have been roiled by anxiety about a potential trade war between the United States and China…
Boosted by Rising Oil Prices, Spain's Repsol Hits Accelerator
Spain's Repsol plans to increase investment and production and lift its dividend by 2020 after years of cost cuts, the oil and gas company said on Wednesday, as a rebound in global oil prices boosted its profits.The refiner will spend 15 billion euros ($17.6 billion) across units including exploration, production, refining and commercial over the next two years…
Saipem Sticks to Guidance as Q1 Beats Forecasts
Italian oil services group Saipem stuck to its guidance for the year on Wednesday as first-quarter operating profits beat forecasts thanks to growth in its construction business. Saipem, controlled by oil major Eni and state lender fund FSI, said its earnings before interest and taxes (EBIT) came in at 179 million euros ($203 million) compared to a Thomson Reuters SmartEstimate of 154 million euros.
Italy Watchdog Investigates Four Energy Companies Over Invoicing
Italy's antitrust watchdog said on Monday it was investigating energy companies Acea, Eni , Enel and Edison after receiving numerous complaints about their invoicing methods. The watchdog said in a statement it was looking into whether the four firms had violated industry rules on billing and had carried out inspections at their offices in Rome and Milan. It did not say how long the probe might last.
Italy Says No Plans for Eni Stake Sale
The Italian government said on Tuesday it had no plans to sell a stake in oil major Eni , after a junior minister indicated the government planned to divest part of its holding. "The Ministry of Economy and Finance clarifies that it does not foresee placing a stake in Eni on the market," the Treasury said in a statement. Earlier on Tuesday…
Saipem Suspends South Stream Project Activities
Italian oil services group Saipem said on Thursday it had been notified of the suspension of "Marine Spread Activities" as part of the South Stream project. Russia on Monday scrapped the pipeline project to supply gas to southern Europe without crossing Ukraine, but so far Saipem had repeatedly said it had not yet received formal notice of the termination of any South Stream contracts.
Prysmian Wins German Wind Farm Contract
Italian cable maker Prysmian said on Tuesday it won a contract worth up to 730 million euros ($1 billion) for work on an offshore wind park cluster in the German Baltic Sea. Prysmian said the projects will involve designing, supplying and installing high-voltage submarine cable systems between the planned parks in north-east Germany. The cables will be produced in Finland and Italy, Prysmian said.
