Shell Exits Permian with $9.5B Sale to ConocoPhillips. Its U.S. Output Now Mostly Offshore
Royal Dutch Shell said on Monday it would sell its Permian Basin assets to ConocoPhillips for $9.5 billion in cash, an exit from the largest U.S. oilfield for the energy major shifting its focus to the clean energy transition.For ConocoPhillips, it is the second sizable acquisition in a year in the heart of the U.S.
New York City Sues Exxon, BP, Shell Over Climate Change
New York City on Thursday sued three major oil companies and the top industry trade group in state court, arguing that the companies are misrepresenting themselves by selling fuels as "cleaner" and advertising themselves as leaders in fighting climate change.The lawsuit…
Exxon to Cut 14,000 Jobs as Pandemic Hits Oil Demand
ExxonMobil Corp said on Thursday it could cut its global workforce by about 15%, including deep white-collar staff reductions in the United States, as the COVID-19 pandemic batters energy demand and prices.Exxon and other oil producers have been slashing costs due to a collapse in oil demand and ill-timed bets on new projects.
Total in 10-Year LNG Bunkering Pact with Pavilion
Temasek-owned Pavilion Energy has signed a 10-year fully-termed agreement to jointly develop an LNG bunker supply chain in the port of Singapore with Total Marine Fuels Global Solutions (TMFGS), a subsidiary of French energy conglomerate Total SA.Global law firm Norton…
Woodside Begins Greater Enfield Project
Australian energy giant Woodside has announced in a press release that it will produce first oil from its Greater Enfield project located offshore Australia this month."We expect first oil from the Greater Enfield reservoirs in August 2019. The delivery of the Greater Enfield Project…
Offshore Wind – A Brief History
Happy 80th birthday Maritime Reporter & Engineering News! Eighty years is a significant publishing and business accomplishment!Birthdays always cause a look back. An 80-year review starts in 1939, the close of one very challenging decade, the start of events still reverberating today.
UTEC Bags TechnipFMC Contract in Australia
UTEC said it has been won a contract from Technip Oceania Pty Ltd, part of TechnipFMC in Australia, to provide survey and positioning services on the Greater Enfield Project, offshore Western Australia. The work scope includes pre-lay surveys; onshore dimensional control…
New UK Rules Could Lure Others Beyond Aramco
FCA proposed listing category tailored for state-owned firms; Critics say new listing could roll back on sensible reform. Proposed changes to Britain's listing regime are likely to attract a series of state-backed companies to London's stock markets as governments in oil rich states prepare for a wave of asset sales.
Seven Generations to Buy Some Deep Basin Assets from Paramount
Canadian natural gas developer Seven Generations Energy Ltd said it would buy some of Paramount Resources Ltd's Deep Basin oil and gas properties in west Central Alberta for about C$1.9 billion ($1.47 billion), including debt. Paramount said it would receive C$475…
Chevron's Gorgon LNG to Push Asian Spot Trading
Chevron has started up its massive Gorgon LNG project in Australia and will soon be shipping more of the super-chilled fuel into an oversupplied market, eroding producer revenues but also likely hastening the advent of a liquid Asian spot market. The $54 billion project…
Suncor to buy Canadian Oil Sands
Canadian oil and gas producer Suncor Energy Inc said on Monday it had reached an agreement to buy Canadian Oil Sands Ltd after raising its all-stock offer, valuing the deal at about C$4.24 billion ($2.93 billion) excluding debt. The deal came days after Suncor's hostile…
Appalachian Coal Country Presses GOP for Help
A small but growing number of Appalachian coal communities are urging Republicans in Congress to support a proposed $1 billion federal aid program from the Obama administration to save local economies ravaged by the decline of the coal industry. Nearly a dozen Appalachian…
Small Oil Firms Hunt for Cash as Crude Slump Shuts IPO Door
Slumping oil prices are shutting the door to stock market listings for small oil and gas firms, forcing many to tap more costly forms of financing or to shelve projects and wait for better times. Initial public offerings (IPOs) in the oil and gas sector worldwide have dwindled since crude started sliding in June.
Sierra Leone to Invest Heavily in Power
Sierra Leone is aiming to increase its power capacity tenfold by 2017, a plan the energy minister said should be driven by foreign investors despite the outbreak of Ebola and a history of bureaucratic difficulties. Sierra Leone has recorded strong economic growth rates in recent years as major mining projects came online…
Louisiana to Get Natural Gas Liquefaction and Fueling Facility
Tenaska NG Fuels, LLC and Waller Marine, Inc. today announced that they have agreed to develop, construct, own and operate Louisiana's first natural gas liquefaction and fueling facility along the New Orleans-Baton Rouge Mississippi River corridor with access to the Gulf of Mexico.
UK Energy Sector Under Pressure to Improve Transparency
British energy companies are under pressure to improve the way they announce outages or capacity reductions at their plants after regulator Ofgem found examples that could lead to market distortions. Under European Union regulation called REMIT, introduced in 2011…
Deadbeat Chinese Shipyards Stick Banks with Default Bill
Chinese banks are stuck in a lose-lose legal battle between domestic shipyards and foreign buyers over billions of dollars in refund guarantees that are supposed to be paid out if shipbuilders fail to deliver on time. One in three ships ordered from Chinese builders was behind schedule in 2013…
