Official from RPT-Argentina says that lithium and copper will drive metal exports up to $10 billion by 2027
Luis Lucero, Argentina's Mining Secretary, said that the country's mining exports would more than double in 2027 to $10 billion from $4 billion. This is due to a slew of new lithium projects and a nascent push for copper. Lucero, in his first remarks to the international media after taking office in April this year…
BHP's return in Argentina is a new sign of hope for copper mines that are still untapped
More than half a dozen officials from the mining industry said that a new incentive program for mining in Argentina has attracted major players like BHP. They are now looking to the South American nation as the next frontier for the copper market. BHP's investment in Argentina last month was the first time in 20 years that BHP had invested in mining.
When is a Cargo of Oil Certified "Carbon Neutral"? Ask Lundin Energy
Sweden's Lundin Energy has sold to Italian refiner Saras what it said is the world's first oil cargo certified as carbon neutral at the point of production, the two companies said on Monday.Oil companies are increasingly trying to market their products as cleaner in an effort to secure a future for the fossil fuel industry in a world where investors…
Lundin Energy Chief Schneiter: Output Trending Upward at Sverdrup
Norway's Johan Sverdrup oilfield, the largest in western Europe, is ramping up production in the fourth quarter after the government increased its production permit, Lundin Energy, a partner in the field, said on Friday.Equinor-operated Sverdrup increased its production capacity to 470,000 barrels of oil equivalent per day (boed) in March from an original 440,000 boed, but outp
Price Drop Triggers Haggling Over Oil and Gas Deals
The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced.At a time when most oil companies are slashing budgets, dividends, and headcounts to preserve cash…
Lundin Cuts 2020 Oil Output Goal, Raises Long-term Target
Lundin Energy has cut its 2020 oil and gas output target after Norway's decision to reduce production along with OPEC+ producers, the Swedish company said on Monday.The company has a 20% stake in the Equinor-operated Johan Sverdrup field, which reached phase-one plateau output of 470,000 barrels of oil equivalent per day (boepd) in April.
Equinor Suspends 2020 Production Guidance
Equinor has suspended its 2020 oil and gas output guidance amid government-imposed curtailments and a glut of supply, and could take further action to scale back activity this year, the Norwegian energy firm said on Thursday.With operations from the North Sea to Africa, the Americas and Asia, Equinor had expected 7% output growth this year before Norway…
Aker BP Cuts Dividend by Two-thirds on Oil Price Slump
Aker BP will cut its quarterly dividend payments by two-thirds due to the COVID-19 pandemic and the plunge in crude prices, the Norwegian oil firm said on Wednesday after reporting a better-than-expected first-quarter core profit.Earnings before interest, tax, depreciation and amortization (EBITDA) came in at $666 million…
Norwegian PM Opens Johan Sverdrup Field
Norway's prime minister Erna Solberg has opened the Johan Sverdrup field center, and the Minister of Petroleum and Energy, Sylvi Listhaug, also attended the opening.Since Equinor and the Johan Sverdrup partners Lundin Norway, Petoro, Aker BP and Total started the field on 5 October last year, production has increased to a level well above 300…
Offshore Energy Outlook for 2020
The “new normal” is a phrase tossed around often in offshore energy circles today as those servicing and operating in the sector grapple with the harsh realities of the prolonged industry downturn. Operators, service companies and equipment suppliers have been forced to adjust to oil selling at prices well below the $100+ per barrel mark seen in years past.
Lundin Petroleum's Q3 Beats Forecast
Swedish oil firm Lundin Petroleum , a partner in Norway's giant Sverdrup oilfield, posted a smaller-than-expected decline in third-quarter earnings on Thursday, while raising output forecasts and cutting capital spending guidance.Earnings before interest, tax, depreciation and amortisation (EBITDA) fell…
First Oil From Johan Sverdrup Reaches Mongstad
Oil from the giant Johan Sverdrup field in the Norwegian sector of the North Sea has arrived at the Mongstad plant north of Bergen.“This is a great day for Equinor and the Johan Sverdrup partnership, consisting of Lundin Norway, Petoro, Aker BP and Total. First oil to Mongstad only a few days after production start confirms that the field is producing well.
Norway Sovereign Fund to Divest E&P Firms
Norway's $1.1 trillion sovereign fund will divest companies solely dedicated to oil and gas exploration and production in a bid to shield itself from a long-term fall in oil prices, the finance ministry said late on Tuesday.The move will partly shift the world's largest sovereign wealth fund away from oil and gas…
Equinor Q2 Earnings Lag Forecast
European oil major Equinor said on Thursday it expects less capital expenditure this year, partly due to further cost savings at its Johan Sverdrup oilfield, after reporting quarterly earnings slightly below forecasts.Adjusted earnings before interest and tax (EBIT) fell to $3.15 billion from the year-earlier result of $4.3 billion…
Equinor to Sell Shares in Lundin Petroleum
Norwegian oil and gas firm Equinor ASA on Sunday said it will sell a 16% stake in Lundin Petroleum AB for about $1.56 billion, and in return acquire an additional 2.6% stake in Johan Sverdrup oilfield.Equinor agreed to sell about 54.5 million Lundin shares at a price of 266.4 crowns ($28.22), representing a discount of about 9.6% to Lundin's close on Friday.It will retain a 4.9
Hurricane Achieves First Oil at Lancaster
Hurricane Energy has announced first oil at its Lancaster field off Scotland, the first such success for so-called fractured basement reservoirs in Britain and a major milestone for the company within its guided schedule.Hurricane specializes in recovering oil from fractures in hard and brittle rock known as fractured basement reservoirs…
Strike Would Cut Norway's Output 11%/Day
Norway's oil and gas output could be cut by about 440,000 barrels of oil equivalents per day, or about 11% of total production, if workers go on strike from June 4, industry association Norwegian Oil and Gas (NOG) said on Monday.A government-appointed mediator is leading negotiations between oil companies…
Norway Oil Workers Threaten Strike
Around 200 Norwegian offshore oil and gas workers plan to go on strike on June 4 unless pay negotiations lead to a deal with employers, the Lederne labour union said on Wednesday.A strike would hit seven offshore fields and at least two of those would have to shut production, cutting output by a combined 102,600 barrels of oil equivalent per day (boed), industry group Norwegian
Johan Sverdrup Phase 2 Plan Approved
Norwegian authorities have formally approved the plan for development and operation (PDO) of the second phase of the Johan Sverdrup field, Equinor announced on Wednesday. The Norwegian energy company said the NOK 41 billion ($4.7 billion) project received broad support in Norway’s parliament at the end of April…
Equinor Q1 Beats Forecast
Norwegian oil and gas firm Equinor reported on Friday a small fall in quarterly operating profit, beating forecasts, and said its giant Johan Sverdrup oilfield in the North Sea remains on track to start production in November.Earnings before interest and tax (EBIT), adjusted for one-off items, fell to $4.2 billion in the first quarter from $4.4 billion during the same period of
