Harbour Energy acquires North Sea assets worth $170 million; shares increase 6%
Harbour Energy announced on Friday that it had agreed to purchase all of the subsidiaries of Waldorf Energy Partners and Waldorf Production, which are currently under administration in the UK North Sea, for $170 millions, sending its share price up by nearly 6%. The deal will see Harbour increase its interest in 'its operated Catcher oil field to 90%, and add a non-operated '29.5% interest in the Kraken field.
Carnelian, a buyout firm, raises eyebrows by trying to sell multiple assets in the energy sector.
Carnelian Energy Capital is selling six of its North American oil-and-gas production investments. This comes at a time when private equity firms are under increasing pressure to return more cash to investors and increase their exits. The move, which represents most of Carnelian's oil and gas producing companies, and approximately 40% of its total investments, has raised eyebrows in the industry because traditionally…
Bousso: ROI-Permian will retain US oil crown after peaking even though it has reached its peak
The Permian Basin is set to reach its peak oil production in December. This will be a turning point for the U.S. Shale Boom that has reshaped the global energy markets over the last 15 years. But drilling innovations will ensure that the output of America's most prolific patch of oil will remain stable for many years. In its latest Short-Term Energy Outlook, the U.S. Energy Information Administration reported that the Permian Basin…
Drax plans on converting coal-era power stations into data centres by 2027
Drax Group announced on Thursday that it could convert a part of its power plant in Yorkshire, Northern England, into an data centre by 2027. The land, cooling systems, and transformers were previously used for coal generation. Europe's old coal- and gas-fired plants are in need of a new lease on life. Tech giants like Microsoft and Amazon want to convert them into data centers, using the existing power and water supply, to meet the rise in AI-driven demand for energy.
Russia expects oil refining in 2025 to be flat with 2024
The Russian energy ministry announced on Thursday that the country's oil refinery, coal and gas?production?will remain largely unchanged in 2025, compared with 2024, despite repeated Ukrainian drone attacks against energy facilities. Russia is the third largest oil producer in the world, after Saudi Arabia and the United States. It also holds the largest known reserves of natural gas. Since August, Ukraine has resumed drone strikes deep within Russia.
Bousso: ROI-Permian will retain US oil crown after peaking even though it has reached its peak
The Permian Basin is set to reach its peak oil production in December. This will be a turning point for the U.S. Shale Boom that has reshaped the global energy markets over the last 15 years. But drilling innovations mean that output in America's largest oil patch will remain stable for many years. In its latest Short-Term Energy Outlook, the U.S. Energy Information Administration reported that the Permian Basin…
Romania extends OMV Petrom Permits; Onshore royalty tax will jump
The coalition government of Romania announced on Wednesday that it had extended exploration and production licenses for energy group OMV "Petrom" (and agreed to increase its onshore royalties by approximately 40%). OMV Petrom is a majority-owned company by Austrian OMV. It supplies a third of Romanian gas, fuels, and electricity. OMV Petrom, in partnership with the state-owned Romgaz, is developing the deepwater project Neptun Deep, located in the Black Sea.
Kazakhstan to Divert Kashagan Oil to China After Ukraine Drone Attack
Kazakhstan said on Wednesday it would redirect some oil from its Kashagan field to China and other routes after a Ukrainian drone attack last month on the Caspian Pipeline Consortium's Black Sea terminal in Russia.The decision was announced by the energy ministry after Reuters reported earlier this week that Kazakhstan plans to supply crude to China directly from Kashagan for the first time after the Ukrainian attack damaged the CPC terminal.The CPC…
China's giant polysilicon companies set up an acquisition firm to combat oversupply
Local media reported that Chinese polysilicon manufacturers have established an acquisition?company in order to help restructure a sector plagued by an oversupply. However, it is unclear whether the firm has any concrete plans to purchase and shut down excess capacity. According to the business registration platform Qichacha, Beijing Guanghe Qiancheng Technology was registered on December 9, with assets of 3 billion yuan (424.7 million dollars) and 10 shareholders.
Palm prices end lower after MPOB data shows 6-1/2-year-high stocks
Malaysian palm futures fell on Wednesday, after the monthly data released by the Malaysian Palm Oil Board showed that the country's palm oil stocks were at the highest level they had been in six and a half years. MPOB reported that the MPOB increased the amount of metric tonnes from the previous month by 2.84 million to the highest level since March 2019. The benchmark palm-oil contract for February delivery on the Bursa Derivatives Exchange dropped 45 ringgit or 1.1% to 4…
Venture Global responds to Shell's fraudulent claims in LNG arbitration
Venture Global responded late Tuesday night to Shell's legal challenge over the oil major losing an arbitration case involving liquefied gas cargoes. They rejected Shell's allegations of fraud and accused Shell of violating arbitration confidentiality. The legal documents filed in New York Supreme Court are the latest in a long saga about Venture Global's alleged failure to deliver LNG in accordance with long-term contracts…
Shell In Advanced Discussions to Buy LLOG Exploration for Over $3B
Shell is in advanced discussions to buy LLOG Exploration offshore in a deal valued at more than $3 billion. This would increase the oil major's portfolio of upstream oil and gas producers by acquiring one of the biggest privately owned oil and natural gas producers in the U.S. Gulf. Sources said that the parties were in advanced talks, and that an agreement was close. One source added that the deal…
Exxon predicts increased earnings and oil production by 2030
Tuesday, Exxon Mobil announced that it would target a $25 billion?earnings increase from 2024-2030. The company will also?increase its oil and gas production. Exxon's earnings forecast represents a $5-billion increase over its previous plan. However, Exxon plans to maintain the same spending targets of $28 billion - $30 billion annually through 2030. Exxon said its updated corporate plan reflects the…
Cobalt hydroxide, a key component in EV batteries, has seen its price rise due to export restrictions from Congo
Sources in the industry said that prices of cobalt hydrxide, which is used to make chemicals for electric vehicles batteries, have increased sharply this past year due to cobalt export limitations from the top producer Democratic Republic of Congo. Congo suspended cobalt exports from February to October. The goal was to increase state revenue and tighten up oversight. The country has introduced new conditions to exporters that could complicate the recently-introduced system of quotas.
Canada's new oil tycoon is shaking up the sector with a bold expansion plan
Canadian banker-turned-oil-tycoon Adam Waterous, an industry outsider who lives in a Rocky Mountain tourist town, not energy hub Calgary, has a plan to cement his company's status as one of ?North America's fastest-growing oil companies. Waterous wants to expand the company more aggressively and more efficiently than its competitors after Strathcona Resources' hostile bid for MEG Energy was unsuccessful.
Palm oil tracks drop in Dalian; market waits for MPOB data
Malaysian palm oils futures continued to fall for a second session in a row on Tuesday. This was due to the weakness of the Dalian market, and traders were waiting for the monthly report from the Malaysian Palm Oil Board. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for February delivery was down 33 Ringgit or 0.81% at 4,060 Ringgit ($986.39) per metric ton. A survey found that Malaysian palm oil inventories rose to more than a six-and-a half-year high in November…
Gazprom Delivers First LNG Cargo to China Post Sanctions
Russian energy giant Gazprom has delivered a liquefied natural gas cargo from Portovaya LNG plant to China, in the first such shipment since the United States introduced sanctions against the project in January, LSEG data showed on Monday.Gas carrier Valera, formerly known as Velikiy Novgorod, brought the cargo from the Baltic Sea's plant to the Beihai LNG terminal, LSEG ship-tracking data showed.Russia's…
Oil Prices Fall as Iraqi Production is Restored, Ukraine Talks Continue
Oil prices slipped more than $1 on Monday after Iraq restored production at one of its oilfields which accounts for 0.5% of world oil supply, while investors weighed ongoing talks to end the war in Ukraine.Brent crude futures were down $1.07, or 1.68%, at $62.68 a barrel by 11:05 p.m. EDT, while U.S. West Texas Intermediate crude was at $59.07, down $1.01, or 1.68%.Iraq restored production at Lukoil's West Qurna 2 oilfield…
Data shows that Gazprom has delivered the first LNG cargo to China after sanctions from Portovaya.
LSEG data revealed on Monday that Russian energy giant Gazprom delivered a cargo of liquefied gas from the Portovaya LNG facility to China. This was the first shipment since January when the United States imposed sanctions against the project. LSEG's ship tracking data revealed that the gas carrier Valera (formerly Velikiy Novgorod) transported the cargo from the Baltic Sea plant to the Beihai terminal for LNG.
Data shows that Gazprom has delivered the first LNG cargo to China after sanctions from Portovaya.
LSEG data revealed on Monday that Russian energy giant Gazprom delivered a cargo of liquefied gas from the Portovaya LNG facility to China. This was the first shipment since January when the United States imposed sanctions against the project. LSEG's ship tracking data revealed that the gas carrier Valera (formerly Velikiy Novgorod) transported the cargo from a Baltic Sea plant to Beihai LNG Terminal.