UK's Serica Energy reduces production forecast for 2025 due to 'frustrating Triton' issues
Serica Energy, a British oil and natural gas company, lowered its production forecast for 2025 on Tuesday due to delays at its Triton floating storage and offloading unit (FPSO) in the North Sea. The shares of the London listed firm dropped as much as 7.5%, to 124.2 pence. Serica increased its production in recent years through acquisitions, investments and other means.
Shell sells Singapore refinery assets to Chandra Asri Glencore group
Shell announced the deal in January last year and has now closed the sale. The deadline for the completion of the deal was slightly delayed from its original end-of-last-year date. The deal's value is still unknown. Shell stated that the transaction was completed through the sale shares of Aster Chemicals and Energy Pte Ltd., a Singapore-based company and SSPL's fully-owned subsidiary.
Miner Vale to receive $1 billion in Alianca Energia JV deal
The Brazilian miner Vale announced on Monday that it had agreed to create a joint venture through Alianca Energia, its Brazilian renewable energy company. Vale announced in a filing that it will sell 70% of Alianca Energia, and receive approximately $1 billion cash, once the transaction has been completed. In February, citing reliable sources…
Brazil's Eike Batista eyes new $500 mln Gulf investment in 'supercane' project
Eike Batista was once Brazil's richest businessman. He said that a Gulf investor would soon announce a $500-million investment in his project to use modified sugarcane for the production of sustainable fuels. Batista said that the project had already received $500 million in funding from Sao Paolo's private development bank Brazilinvest…
Sources claim that Indian state firms are interested in SQM’s lithium projects in Australia.
Four sources have confirmed that four Indian state firms were in discussions with Chilean mining company SQM about acquiring a 20% stake of its two projects in Australia. The deal would cost $600 million. This is New Delhi's largest effort to secure supplies for the metal used in EV batteries. Sources said that Khanij Bidesh India Ltd…
NEO Energy and Repsol to Merge UK Oil and Gas Assets
NEO Energy and Repsol Resources UK have entered into strategic merger, creating one of the largest U.K. North Sea independent oil and gas companies under the name of NEO NEXT.Under the terms of the transaction, the combined business will be jointly owned by NEO (55%) and Repsol UK (45%) and will have a large and diverse asset portfolio…
Galp, a Portuguese company, is confident that it will find other markets in the event of US tariffs.
The Portuguese oil company Galp Energia is confident that it can find other destinations for its gasoline exports. Galp's Executive Board member Ronald Doesburg who is responsible for industrial assets said on Tuesday that the company will be able deal with a drop in demand from Americans due to higher prices resulting from proposed tariffs of 25%.
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.
Bloomberg News reports that Trump will approve Venture Global LNG exports to Louisiana from the project.
Bloomberg News reported that the U.S. administration of President Donald Trump is expected to grant Venture Global LNG conditional permission to export natural gases from a proposed Louisiana plant, which was delayed under former president Joe Biden. A person with knowledge of the situation said that the Energy Department will authorize large-scale exports from CP2's project by the company as early as Wednesday.
Sources: Russian-Kazakh joint venture suspends LPG supply from Orenburg plant because of EU sanctions
Kazrosgaz is a joint venture between Russia’s Gazprom, and Kazakhstan’s KazMunayGas. It has suspended production of liquefied gas and its supplies at the Orenburg gas processing facility in Russia this year because EU sanctions have been imposed on imports from Russia for propane and propane butane. Kazrosgaz delivers raw natural gas…
Terabase Energy receives $130 Million to expand solar technology
Terabase Energy, a solar technology company, announced Thursday that it had secured funding from SoftBank of $130 millions to scale up its technology for large projects. Terabase Energy now has a total of $200 million in funding, making it the largest funding round in its history. The amount raised by the company was not disclosed.
Financial Times – March 13,
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Intel named Lip-Bu Tan, a former board member who has worked in the chip industry for many years, as its new CEO on Wednesday. Pat Gelsinger was ousted by the board of the struggling U.S.-based chipmaker back in December.
Ministers and executives say that if sanctions are eased, Europe will avoid Russian energy.
Ministers and executives at a Houston conference said that European buyers will not return to Russia's Energy Sector if the sanctions are lifted. The bloc has diversified its power mix by using renewable energy and alternative suppliers of gas. According to a joint U.S. and Ukrainian statement released on Tuesday, Ukraine agreed to accept the U.S.
Experts say that Trump's tariffs against steel and aluminum will increase costs for US energy companies
The proposed U.S. steel and aluminum tariffs will increase costs for U.S. Oilfield Services companies that rely on this metal for their operations. Oilfield service firms like ChampionX and Patterson UTI are the backbone for the North American oil and natural gas industry. They provide essential equipment and services to drill, produce and maintain.
Frontera says Guyana oil license remains valid amid government cancellation notice
Frontera Energy, a Canadian oil company, said Monday that its exploration license for the Corentyne Block off the coasts of Guyana is still valid. It's evaluating all legal options in order to assert its rights. Guyanese authorities gave Frontera Energy and CGX, the joint license holders, a 30 day cancellation notice for not meeting contract obligations.
LNG producer Venture Global raises Plaquemines project cost forecast by $2 billion
Venture Global announced on Thursday that it expects its Plaquemines LNG Plant in Louisiana project costs to be about $2 billion more than its previous estimate due to inflation and various other factors. In premarket trading, shares of the company dropped 19.2% to $11.50. The LNG producer now expects that the plant will cost between $23.3 and $23.8 billion.
LNG producer Venture Global raises Plaquemines project cost forecast by $2 billion
Venture Global announced on Thursday that it expects its Plaquemines LNG Plant in Louisiana project costs to be about $2 billion more than its previous estimate due to inflation and various other factors. The LNG producer now expects that the plant will cost between $23.3 and $23.8 billion. Previously, it was expected to be in a price range between $21 billion and $22 billion.
Congo considers export quotas for cobalt to boost prices amid glut
Three sources with knowledge of the situation said that the Democratic Republic of Congo was considering cobalt export quotas in order to reduce oversupply of the metal and increase prices. The cobalt price is at a historically low level due to a slackening in demand by automakers. Mines are also ramping up their production of copper from which the cobalt can be extracted as a side-product.
Iraq and BP agree on four Kirkuk oil fields
Iraq and oil giant BP signed a contract to redevelop Kirkuk's four oil and gas fields. BP announced the deal on Tuesday. This is a major breakthrough for Iraq where production has been hampered by war, corruption, and sectarian tensions. The signing takes place a day before BP updates investors on its strategic plan. It is widely expected…
The massive Simandou iron ore mine could end Australia's golden age of iron ore, or it can start a new one. Russell
It is overused to the point of being meaningless. But the Simandou mine, located in Guinea, West Africa is a game changer. It is expected that the full 120 million tons of cargo per year capacity will be reached fairly quickly. The four Simandou blocks are impressive for their size and infrastructure challenges. They boast a 620-kilometre…
