Strategie Grains trims sunseed to keep EU rapeseed forecast.
Strategie Grains, a consultancy in the United Kingdom, has kept its forecast for 2025/26 European Union Rapeseed Production unchanged for the third consecutive month. However it has reduced its outlook for next EU Sunflower Seed Crop. The consultant still expects rapeseed production, the EU's major oilseed crop to reach 19.0 million metric tonnes next season, which is 13% more than the volume of 2024/25. The production of sunseed is expected to be 10.5 million tonnes…
Mubadala Energy acquires Kimmeridge LNG and gas projects in the US
Mubadala Energy is an arm of Abu Dhabi’s sovereign wealth fund. It signed a deal with Kimmeridge, a US-based energy investor, on Thursday that gives it stakes in American gas assets. This marks its entry into the United States market, as part of the company’s growth plans. Mubadala Energy announced that the deal to purchase 24.1% of Kimmeridge’s SoTex HoldCo would give Mubadala Energy direct access to Kimmeridge’s unconventional gas production and to a Louisiana liquefied gas export project.
Thyssenkrupp Steel unit to terminate supply contract with HKM - union
The IG Metall union, which represents the largest German steelmaker T hyssenkrupp Steel Europe, announced on Thursday that it intends to end a contract of supply with HKM. This has fueled uncertainty about the future of this joint venture. HKM, a joint venture of TKSE, Salzgitter, and Vallourec that is a 50-30-20, faces closure following a recent failure to find a buyer. This would be a huge blow for the approximately 3,000 employees. The union stated in a document seen by that TKSE supervisory board would meet on Friday.
Octopus Energy, a British company, has bought a stake in the East Anglia One windfarm
Octopus Energy, a British company, announced on Thursday that its Octopus Energy Generation division had purchased a 10% share in the East Anglia One Wind Farm, which is one of the largest operating wind farms in the world, supplying electricity to around 700,000 households a year. The unit's fourth investment in an offshore wind farm in Britain and seventh in Europe, the financial terms of the deal were not disclosed. Octopus Energy Generation has a portfolio worth around 5 billion pounds ($6.5billion) of renewable energy in Britain.
Japan's Terra Drone will boost collaboration with Saudi Aramco in inspections
Terra Drone, a Japanese startup that uses drones to inspect and survey energy infrastructure, has announced it is increasing its cooperation with Saudi Arabian state-owned Aramco in order to inspect oil and natural gas facilities. Terra Drone, a Japanese company, has signed an agreement with Aramco that will allow it to test its drones in Saudi Arabia. This is expected to begin later this year or early next. Terra Drone stated that the actual operation of the inspections will begin in 2027.
UK watchdog warns SLB-ChampionX could harm competition
The British Competition Regulator said that the proposed $8 billion acquisition of smaller competitor ChampionX by oilfield services firm SLB could lead to a significant lessening in competition in the United Kingdom. SLB and ChampionX will not be allowed to proceed with an in-depth investigation unless they offer corrective measures, said the Competition and Markets Authority. The companies have until April 3, 2019 to provide these remedies. SLB stated that it would work with CMA to resolve any concerns…
The drilling of the offshore gas project in Romanian Black Sea has begun.
On Tuesday, the owners of Romania's Neptun Deep offshore project announced that drilling had begun in the Black Sea. This could lead to the production of one the EU's biggest gas deposits in 2027, which would ease the transition from Russian gas. Neptun Deep is jointly owned by the oil and gas company OMV Petrom, and Romania's Romgaz. It holds approximately 100 billion cubic metres of recoverable gas. OMV Petrom, a majority-owned company of Austria's OMV, is the largest shareholder in Neptun Deep.
Polish Cabinet approves liberalisation in wind farm regulations
Polish authorities approved on Friday a draft law that eases the rules for building onshore wind farms. This is a major step towards delivering on a promise made at 2023's election to increase power production using renewable energy sources. The new rules must be approved by the parliament. They reduce the distance between planned installations, and residential areas, but keep permitting restrictions for projects near national parks and natural protected areas.
Sources say that Elliott met with BP investors in order to discuss further changes.
Two shareholders have confirmed that Elliott Management, an activist investor in BP, has met with several of the company's largest shareholders to form a consensus on more changes. These could include cost reductions and a possible leadership reshuffle. BP's stock has performed worse than rivals Shell, Exxon and Shell in the past five years. Investors have blamed this in part on 2020 plan of the company to focus on its renewable business and cut oil and gas production.
Sources: Turkey and Slovakia receive US waiver extensions for gas payments to Russia
Sources told reporters on Thursday that the United States has extended waivers to Turkey and Slovakia for gas payments made to Russia. The extensions will be valid until the end of May. Washington imposed sanctions on Russia's Gazprombank in November over the Ukraine conflict. Gazprombank is one of Russia's largest banks and receives payments from Gazprom customers in Europe for natural gas. The United States granted a waiver to Turkey, Hungary, and Slovakia in December.
Shell plans to deliver gas from Venezuela to Trinidad by 2026, according to sources
Shell Plc aims to start producing natural gas in Venezuela's Dragon field and export it to Trinidad and Tobago, an hour earlier than the initial 2027 start date. The project demonstrates the industry's hope that sanctions against Venezuela will remain in place despite recent tighter enforcement. The people stated that the partners intend to begin survey work in January and decide to drill three wells. They will also need to renew their U.S. licence later this year. U.S.
Eni sells stakes to Vitol in upstream projects in Ivory Coast and Congo
The Italian energy group Eni announced on Wednesday that it had agreed to sell its stakes in the upstream assets of the Ivory Coast, and the Republic of the Congo, to the global energy trader Vitol. Eni stated that the deal is worth $1.65bn based on an appraisal from January 1, 2024. However, there will be a cash payment at closing. Eni announced that Vitol would acquire an interest on oil and gas producing assets, and blocks, which are undergoing exploration appraisal and development.
Document reveals EU countries' draft plan to relax gas storage targets
A document seen by revealed that European Union nations are considering making the bloc’s binding gas storage targets more flexible. They do this because they fear the rules could lead to an increase in gas prices. Germany, France, and the Netherlands warned that the EU's deadlines for filling gas storage were pushing prices up. By indicating to the markets that European buyers were obliged to purchase large volumes of fuel within fixed deadlines, it created an opportunity to manipulate the prices.
Two former Siemens executives to be tried for violating Russia sanctions in Germany
The court announced on Friday that a German court had decided to initiate a criminal case against two former Siemens executives who were accused of violating the sanctions by exporting Siemens gas turbines into Russian-occupied Crimea. Last year, prosecutors in Hamburg, Germany charged four Germans as well as a Swiss-French national with alleged sanctions violation. In a press release, the Hamburg Regional Court announced that it would proceed with the trial of two of the defendants…
Two former Siemens executives to be tried for violating Russia sanctions in Germany
The court announced on Friday that a German court had decided to initiate a criminal case against two former Siemens executives who were accused of violating the sanctions by helping to export Siemens gas turbines into Russian-occupied Crimea. Last year, prosecutors in Hamburg, Germany charged four Germans as well as a Swiss-French national with alleged sanctions violation. In a press release, the Hamburg Regional Court announced that it would proceed with the trial of two of the defendants…
German Gas Storage Group urges clarification on summer filling policy
Storage operators' group INES warned on Thursday that if the German government does not decide to fill up gas caverns in time for winter, there may be shortages. The ongoing discussions over the formation a new government and the fact that the summer prices are higher than the winter prices complicate the task. Some market participants bet that Germany will need to subsidise feed-in. INES 16 members control about 25% of the gas storage in the European Union.
EIB examines financing for $760 million hydro project in DRC
A spokesperson for the European Investment Bank said that the bank is delaying decisions on financing the Ruzizi III hydroelectric plant, worth $760 million, in Central Africa due to the fighting between Rwandan-backed and Democratic Republic of Congo rebels. After the January blitzkrieg of Congolese rebels, which saw them take over the strategic cities Goma and Bukavu and was condemned by African leaders as well as Western countries, Europe is increasing pressure on its adversaries.
Sources say that most EU countries support softer storage targets for gas
In a meeting held behind closed doors on Wednesday, a majority of European Union member countries supported plans to relax some of the bloc’s binding gas storage targets when they were extended until 2026-2027. EU diplomats confirmed this. Germany, France, and the Netherlands warned that the EU's deadlines for filling gas storage were pushing prices up. By indicating to the markets that European buyers are required to purchase large volumes of fuel within fixed deadlines, it created an opportunity to manipulate the prices.
UK court orders Barrick to pay Hannam $2 Million for the Randgold merger
The High Court of London ruled that Barrick Gold Canada must pay British dealmaker Ian Hannam’s firm $2 Million plus expenses for the work he did on the acquisition by Randgold Resources. Hannam, a former top rainmaker at JPMorgan, was nicknamed "the king of mining" because of his track record in brokering deals for the resources sector. This includes the merger which created BHP in 2001 and the merger between Glencore and Xstrata in 2012. Hannam & Partners…
OPEC holds view that demand is not a concern, despite claims by Kazakhstan to lead the jump in OPEC+ production
OPEC announced on Wednesday that Kazakhstan was the country responsible for a significant increase in crude production in February by the wider OPEC+ group. This highlights a challenge facing the producer group to enforce adherence of agreed output targets. The Organization of the Petroleum Exporting Countries (OPEC) reported that OPEC+ - which includes OPEC, Russia, and other allies - increased its output in February by 363,000 barrels a day, to 41,01 million bpd. Kazakhstan was the leading producer.
