BP's offshore Wind Head to Step Down
A spokesperson for BP announced on Monday that Matthias Bausenwein, the head of offshore winds, is leaving the firm. This comes after the oil giant announced its intention to spin off its offshore operations into a JERA-JERA joint venture. Bausenwein, who joined BP in August 2022 from the Danish renewables giant Orsted, will lead BP's expansion of offshore wind project. Anja-Isabel Dotzenrath - a former CEO at RWE Renewables - left the company last April after less than two years on the job.
Sources say that BP is looking for buyers to buy its US Natural Gas Pipeline System stake.
Four people familiar with the matter have confirmed that BP is looking for buyers to take a stake in their U.S. Natural Gas Pipeline Network. Two people have said that the British energy company may be able to raise $3 billion through the sale. One of them added that BP could sell as much as a 49 percent stake in its business. Two other people confirmed that the sale is part of BP's CEO Murray Auchincloss’s efforts to reduce the debt levels at the company, which have risen in the last year. BP refused to comment.
Energean CEO urges Israel issue new oil and Gas Exploration Licences
Energean, a gas company based in Israel, urged Israel on Thursday to issue new oil and gas exploration licenses offshore to meet the growing demand for gas in the region. Mathios rigas also called upon governments to develop new routes of export from Israel to Egypt and Cyprus. "We need to talk to the government (Israeli) about new licenses and exploration because we have to find more natural gas." Rigas stated that we need to develop additional gas. Energean reported on Thursday that it produced 153,000 barrels equivalent to oil per day during the first 10 month of this year.
Woodside CEO: Louisiana LNG project to be partnered with several companies by March
Woodside Energy's CEO said that the company expects to have several partners in its Louisiana liquefied gas project by the time it gives financial approval to the U.S. Project, which is expected to be the first quarter of 2020. Woodside, a company listed in Australia, is looking to sell 50% of its Louisiana LNG project. It now owns the entire project after acquiring Tellurian Inc. for $1.2 billion in October. The U.S. Gulf Coast plant could convert U.S. Shale Gas into up to 27,7 million tons of LNG per year. Woodside has held talks with U.S.
Woodside's O'Neill says that the LNG market will grow by 50% over the next decade.
Woodside Energy's CEO, who spoke on Tuesday, said that the company expects global demand for liquefied gas (LNG), to increase by 50 percent in the next decade. Over the past decade, the LNG market has grown by 50%. Meg O'Neill, speaking at the Energy Intelligence Forum held in London, said that she expects the market to grow another 50% over the next decade. O'Neill stated that the company has received interest from many onshore gas companies and other companies in partnering with its Driftwood LNG Project and that talks are ongoing.
Exxon executive: US oil producers are unlikely to switch to "drill baby, drill" mode
LONDON, November 26 - U.S. producers of oil and gas are unlikely to increase production dramatically under President-elect Donald Trump, as companies remain focused upon capital discipline, said a senior Exxon Mobil executive on Tuesday. Liam Mallon is the head of Exxon’s upstream division. He told the Energy Intelligence Forum in London that "we're not going see anyone in a 'drill baby, drill'" mode. He said that a radical change in production is unlikely, because most, if no one else, are focused on the economics.
Shell sales increase in Q3 vs TotalEnergies due to higher Asian LNG prices
LONDON, October 31 - Analysts and traders say that higher production and sales of liquefied gas in Asia helped Shell to outperform TotalEnergies in the third quarter. However, group profits for both companies were affected by a drop in oil refining. Shell's quarterly profit of $6 billion beat forecasts by 12 percent, while TotalEnergies reported a profit of $4.1 billion that was slightly below expectations. Shell and TotalEnergies both reported quarterly profits that were down 70% and 82%, respectively.
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. This puts pressure on CEO Murray Auchincloss, who has pledged that BP will improve its performance in response investor concerns about its energy transformation strategy.
Source: Energean has loaded a new oil unit on a vessel off Israel
LONDON, October 25 - Energean added a second unit of oil production to a production vessel that is floating off Israel. This will boost the crude production by as much as two-thirds over the next few months, according to an industry source. Recent days, the M10 oil train modules was lifted onto the Energean Power floating storage and offloading vessel (FPSO), which produces primarily natural gas for the Israeli domestic market from the Karish Field. The source stated that installation and commissioning of the module could take up to 6 months.
Shell's refining margins in the third quarter drop dramatically
Shell said that its refining profits fell sharply from the previous quarter to the third due to a slump in global demand. Its oil product trading earnings were also down, the company added. Shell's trading update, released ahead of its quarter-end results on October 31, revealed that its refining margins had fallen by almost 30% in the three months leading up to the end September. They were $7.7 per barrel the previous period. Shell has said that it expects its trading results in its Chemicals and Oil Products division to be lower than the second quarter.
Grangemouth Oil Refinery in Scotland to close by 2025 and lose 400 jobs
Petroineos, the operator of Scotland's sole oil refinery, announced on Thursday that it would close the facility in 2025, resulting in the loss of 400 positions. The closure is part of plans for the site, which has been around 100 years, to be converted into a fuels-import terminal. Petroineos will shut down the refinery in the second quarter next year. This is subject to employee consultations, according to a spokesperson for the company. The closure of the oil refinery with a capacity of 150…
Has Green Hydrogen Sprung a Leak?
The green hydrogen express is gathering pace, but it may have a worrying problem with leaks.As governments and energy companies line up big bets on the much-touted fuel of the future, some scientists say the lack of data on leaks and the potential harm they could cause is a blind spot for the nascent industry.At least four studies published this year say hydrogen loses its environmental edge when it seeps into the atmosphere. Two scientists told Reuters that if 10% leaks during its production…
Incoming Shell Boss Aims Fire up Renewables Drive
Shell's incoming Chief Executive Wael Sawan is set to accelerate the group's drive to build its renewable energy business, including through a possible "transformative" clean power acquisition, company and industry sources said.Sawan will from January take on a firm with a strong balance sheet after a surge in oil and gas prices, but whose renewables capacity has lagged peers like TotalEnergies and BP as green issues come increasingly into vogue. Shell aims to halve its greenhouse gas emissions by 2030 and to become a net-zero emitter by 2050…
BP Beefs Up Hydrogen Team in Bet on Fuel's Future
BP is beefing up its hydrogen management team as the energy company prepares to accelerate investments in the low-carbon fuel which it believes will play a key role in the world's shift away from fossil fuels.The revamp of the hydrogen team is the first clear sign of changes Anja-Isabel Dotzenrath, a former head of RWE Renewables, has made since becoming BP's head of natural gas and renewables in March.It also comes as BP announces it has agreed to buy a 40.5% stake…
Renewables Surged in 2020, but No 'Decisive shift' Towards Climate Goals Yet, BP Says
Wind and solar power capacity expanded rapidly in 2020 while global energy demand cratered because of the pandemic, yet this did not yet reflect a "decisive shift" towards meeting U.N.-backed climate goals, BP said in its annual energy review.Last year witnessed the biggest fall in carbon emissions in more than 75 years, putting the world closer to the path needed to hit a target of keeping global warming below 2 degrees Celsius this century, BP's 2020 Statistical Review said."Importantly…
Oil May Hit $100 but Volatility Will Grow, Say Energy CEOs
Benchmark oil prices could hit $100 a barrel and price volatility could also grow due to lower investments and the energy transition, the heads of top energy companies said on Tuesday."There is quite a chance to reach $100 but we could see again in the coming years some lows as we have been accustomed to volatility," TotalEnergies Chief Executive Patrick Pouyanne said at the Qatar Economic Forum.Crude prices climbed on Tuesday to a more than two-year high above $75 a barrel."We're probably going to see both $50 and $100 oil, don't ask me about sequence though," Royal Dutch Shell
BP Profit Triples to $2.6B in Q1 on Strong Oil, Gas Trading
BP's profit more than tripled to $2.6 billion in the first quarter thanks to stronger oil prices and bumper revenue from natural gas trading, paving the way for the energy company to start buying back its shares.The jump in profits from a year earlier comes as BP says it expects oil demand to recover in 2021 due to strong growth in the United States and China as COVID-19 vaccination programmes accelerate.In a sign of growing confidence in the economic recovery and its operations following a year of cutting costs, headcount and its dividend, BP said it will buy back $500 million
Shell to Slash Jobs and Capacity at Major Singapore Refinery
Royal Dutch Shell will halve crude processing capacity and cut jobs at its Pulau Bukom oil refinery in Singapore as part of an overhaul to reduce its carbon emissions.The refinery on Pulau Bukom, a small island in the Southeast Asian city-state, can process 500,000 barrels per day (bpd) of oil and is Shell's largest wholly-owned refinery worldwide.The move brings the total refining capacity cuts by Shell in recent months to 571,000 bpd, or just over a fifth of its…
Coronavirus, Consolidation Taking Toll On Energy Jobs
Oil and gas companies worldwide are taking an axe to their employment rolls, shedding workers to survive what is expected to be a prolonged stretch of weak demand.Exxon Mobil Corp said it will cut its workforce by 15%, or about 14,000 people, along with oil majors Chevron Corp and Royal Dutch Shell Plc.All told, more than 400,000 oil and gas sector jobs have been cut this year, according to Rystad Energy, with about half of those in the United States, where several…
Equinor Axing Jobs in US, Canada and UK
Norwegian oil and gas firm Equinor is set to cut jobs significantly in the United States, Canada and Britain to adjust to a fall in oil prices, a company spokesman said on Wednesday.The group plans to cut employee numbers in those countries by about 20% and contractor numbers by around half to ensure profitability at lower oil prices, the spokesman told Reuters, adding that the targets were communicated internally on Tuesday.Equinor will also not drill any new unconventional wells this year in the United States…
