TotalEnergies CEO: Up to $2 billion in Russia still stuck
Patrick Pouyanne, CEO of TotalEnergies, told analysts that the French oil giant's stakes in Russian gas company Novatek and its Yamal LNG project in Russia generate between $1.5 and $2 billion annually in dividends. Pouyanne stated that although the company was able to…
J-Power, a Japanese gas-power company, will sell its stake to a US gas-power company
J-Power, a subsidiary of Japan's Electric Power Development, announced on Thursday that it had decided to sell its 50 percent stake in an American gas-fired energy company as part a reshuffle to its asset portfolio. This was done to increase capital efficiency. ACR IV Frontier Holdings…
BP's third quarter profits slump to $2.3 bln due to a decline in oil demand
BP reported higher than expected third quarter profits, $2.3 billion. This is their lowest profit in nearly four years. The drop in refinery profits and the weakening of oil trading were to blame. The drop of 30% in profits compared to a year ago is due to a slowdown on the global economy and in oil demand in particular in China.
GAPKI reports that Indonesian palm oil exports in August were up 15% year-on-year.
GAPKI, Indonesia's largest palm oil industry association, said Tuesday that the country's palm oils stock will remain around 2.5 million metric tonnes at end-2024. This is after production was affected last year by dry weather. GAPKI data show that palm oil exports from…
Ifx: Japan is the top buyer of LNG from Sakhalin 2 in Russia
Interfax reported that a senior manager of the Sakhalin 2 plant in Russia said on Thursday that Japan was currently the largest importer of LNG from Russia, accounting for 57.5% its exports. Since the beginning of Russia's conflict with Ukraine, Japan has decreased its…
Grid operators predict a 20% drop in French gas consumption by 2030
French grid operators announced on Thursday that the consumption of gas in France will drop by nearly 20% by 2030, as a result of changes made to meet climate targets and to reduce costs. France is Europe's biggest energy consumer and its gas consumption has a significant impact on the region's trade and price flows.
OPEC lowers its global oil demand growth forecast for 2024 and 2025
OPEC cut its projection for the global oil demand in 2024 based on data collected so far this season. It also lowered its expectations for next year. This is the second successive downward revision by the producer group. The weaker outlook highlights the challenges that OPEC+ faces in balancing the markets.
Four states join forces to build an interconnector for Azeri windfarms
Azerbaijan formed a joint-venture company with Georgia, Romania, and Hungary on Tuesday. The aim is to build an interconnector undersea across the Black Sea to connect planned Azeri Windfarms with Europe. Green Energy Corridor Power Company, based in Bucharest, Romanian capital will oversee the construction of a 1…
Egypt plans to return to normal oil and gas production by 2025, says PM
In a Thursday press conference, the Prime Minister Mostafa Madbouly announced that Egypt will return to normal oil and gas production levels by 2025. After a series of recent discoveries including the huge offshore Zohr gas field estimated to contain 30 trillion cubic foot of gas…
BP and Iraq to share profits on Kirkuk fields
Iraqi officials from the oil ministry said that BP will develop Iraq's Kirkuk gas and oil fields using a profit sharing model. A final agreement should be reached before the end of this calendar year. Iraq and BP have signed a preliminary deal earlier this month for the…
Trafigura-Entara Consortium to Buy French Refinery
Rhone Energies, a consortium of commodity trader Trafigura and Entara LLC, has agreed with ExxonMobil's ESSO SAF to buy the Fos-sur-Mer refinery and Toulouse and Villette-de-Vienne terminals in France."Discussions with the relevant authorities are ongoing and the necessary authorizations are expected by the end of October…
Siemens Energy Shares Tumble 31% as Wind Turbine Troubles Exposed
Siemens Energy saw $6.3 billion wiped off its market capitalization on Friday after warning that the impact of quality problems at its Siemens Gamesa wind turbine business would be felt for years.The group scrapped its 2023 profit outlook late on Thursday after a review…
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…
Russia's Medvedev Says Oil Could Hit Up to $400 a Barrel if Japanese Proposal Adopted
Russia's former president Dmitry Medvedev said on Tuesday a reported proposal from Japan to cap the price of Russian oil at around half its current level would lead to significantly less oil on the market and could push prices above $300-$400 a barrel.Commenting on the proposal…
IEA Says World Oil Demand to Rise 2% in '23
World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook.The Paris-based IEA also…
Brent Shoots Past $80 a Barrel
Oil markets climbed for a sixth day on Tuesday, boosted by a tighter supply and firm demand outlook, but power shortages in China which hit factory output tempered the rally.Brent crude futures gained 67 cents, or 0.8%, to $80.20 a barrel at 1016 GMT, after reaching their highest level since October 2018 at $80.75.
UK and Norway Sign Deal On New Power Interconnector
Britain and Norway on Thursday signed a bilateral treaty on electricity interconnection to help formalize power trading between the two countries, Britain's ministry for business and energy (BEIS) said.The agreement comes ahead of the start of commercial testing operations in October of the North Sea Link…
India's June Fuel Demand Recovers as Lockdowns Ease
India's fuel demand recovered last month after slumping to a nine-month low in May, as restrictions to curb the spread of the pandemic were eased and mobility picked up.Fuel consumption, a proxy for oil demand, rose 8% from May to 16.34 million tonnes, data from the Petroleum…
ENERGY: Oil Rises on Vaccine Optimism, U.S. Stimulus
Oil prices open March 2021 on a strong note, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions.Brent crude was up 63 cents or 1% at $65.05 a barrel by 1150 GMT, and U.S. West…
Saudi Cuts Drive Oil to 11-month High
Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.Brent crude was up 5 cents to $54.35 a barrel at 1231 GMT after touching $54.90, a fresh high…
