Oman's sovereign wealth fund signs preliminary agreement with Algeria to invest in a fund
The Oman Investment Authority has signed a preliminary deal with the Algerian Finance Ministry for establishing an investment fund in the amount of 115 million Omani Riyals ($298.79 Million). According to an OIA statement, the fund announced by the sovereign wealth fund of the sultanate will focus on the mining, food and pharmaceutical industries.
UNICA: Brazil sugar production up 1.25 percent in the first half of April
UNICA, a group representing the industry, announced on Wednesday that sugar production in Brazil’s center-south region reached 731,000 tons during the first six months of April. This is up 1.25 percent from a year ago and beats analyst expectations. UNICA reported that sugarcane crushing increased by 3% during the period to 16,59 million tonnes.
Gas stocks in Europe could be more stressed this summer due to less hydro and wind.
The wind speed and lower hydropower stock in Northwest Europe could increase demand for gas-fired and coal-fired electricity generation this summer, at a moment when Europe needs to replenish storage that has been depleted following the winter. LSEG data revealed that hydro levels and snowpack are now well below the average levels in continental Europe.
Repsol announces dividends to shareholders after the first quarter exceeded expectations
After reporting first-quarter results that were better than expected, Repsol, a Spanish energy company, pledged to maintain its dividend policy even if the market conditions worsen in future quarters. The adjusted net profit for the quarter fell by 48% compared to a year ago, reaching 651 million euro ($741 millions)…
Equinor Q1 profits rise more than expected
Equinor announced a higher than expected increase in its first quarter profit on Wednesday. This was boosted by an increase in European gas prices compared to the same period last year. Equinor's poll of 20 analysts predicted that the Norwegian oil and gas company would earn $8.51 billion in January-March, but it actually increased to $8.65 from $7.53.
Expand Energy exceeds its quarterly profit expectations and expects minimal tariff impact
Expand Energy, the top U.S. producer of natural gas, beat analysts' expectations for first-quarter profits on Tuesday. This was due to higher natural gas production and prices, as well as a signal that tariffs will have a minimal impact in the near future. In extended trading, shares were up about 1 percent at $108.50.
Conab: Brazil's sugar output will reach record levels in 2025/26
Conab, the state-owned agricultural agency, said that Brazil's sugar production will reach a record in 2025/26, despite a drop in sugarcane production. The agency cited favorable market conditions. The agency estimates sugar production at 45.9 millions metric tons. This is up 4% compared to the previous season. Brazil's sugarcane harvest, however, will be 663.4 tons.
US wants to increase offshore oil drilling through easing of pressure rules
The U.S. Interior Department announced on Thursday that it had implemented new guidelines regarding pressure differentials allowed in certain types of oil drilling, in part of Gulf of Mexico. The department expects the changes to boost U.S. output of oil. The Energy Dominance Council, led by Doug Burgum…
Spot prices are affected by lower demand and more solar.
The drop in demand for power and the increase in solar power in Germany pushed spot prices down on Thursday. These changes also overshadowed a predicted drop in wind energy supply on Friday. German baseload electricity for Friday fell 7.5% to 92 euros (104.65 dollars) per megawatt-hour (MWh) at 0826 GMT. The French equivalent contract dropped 1.3%, to 74 Euro/MWh.
Enverus: Weak oil prices and limited shale acres will impact energy M&A by 2025
Enverus, an analytics firm, said that the U.S. Upstream Oil and Gas M&A Market is bracing itself for the most challenging conditions in the past decade, as oil prices plummet and prime acreage disappears, despite the fact that dealmaking surged last quarter, making it the second best start to the year ever…
Prices for gas in Europe are mixed due to economic concerns and storage requirements
The Dutch and British wholesale gas price were mixed on Tuesday, as economic concerns and forecasts for milder weather continued to exert pressure. However, Europe's need to replenish storage also provided support. LSEG data shows that the benchmark Dutch front-month contract fell by 0.70 euro to 34.70 euros per Megawatt Hour (MWh) at 0905 GMT.
Elliott builds $1.5-billion stake in Hewlett Packard Enterprise
A person with knowledge of the matter confirmed on Tuesday that hedge fund Elliott Investment Management had built up a stake in Hewlett Packard Enterprise worth more than $1.5 Billion. Elliott, one the world's largest activist investors, is now among the biggest investors in the company and plans to engage the management…
China will import more Russian LNG by 2025, says ambassador
China will increase its LNG imports from Russia this year, according to its ambassador in Russia. "I can tell you that there are many buyers." "I think that there will be more (imports)", said Zhang Hanhui. He told reporters there was also discussion between Russia and China about the proposed Power of Siberia-2 pipeline project, but that the route had not yet been defined.
State planner: China will continue to build coal plants until 2027.
According to guidelines released by the government on Monday for upgrading the coal power grid, China will continue to build coal-fired plants in areas where they are required to meet peak demand or stabilize the grid. This policy could raise questions regarding China's commitment in phasing out coal usage during the period 2026-2030…
Prices of EUROPE GAS rise amid economic turmoil
Dutch and British gas rates rose Monday morning, in line with the equities market, after some tariff exemptions were granted for Chinese products supplying tech companies. Milder, windier conditions should also allow for increased gas storage filling. LSEG data shows that the benchmark Dutch front-month…
Sources say that EU countries are seeking extra flexibility in their gas storage targets
EU diplomats have revealed that the EU is considering rules which would allow countries to deviate from the requirement of 90% gas filling before winter by ten percentage points. In 2022, the EU introduced its gas storage regulations to provide EU countries with a buffer during the winter months after Russia stopped supplying fuel following its invasion in Ukraine.
Chevron will pay $740 Million to restore Louisiana's coastline, reports AP
The Associated Press reported that Chevron had been ordered to pay $740m to repair damages caused by the oil and gas giant to the coastal wetlands of southeast Louisiana. Report: The jury's verdict awarded $575,000,000 for compensation for land losses, $161,000,000 for contamination, and $8,000,000 for abandoned equipment.
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 price of gas in Europe is rising due to forecasts for cooler temperatures and Norwegian maintenance
Dutch and British gas rates rose on Tuesday, as forecasts called for cooler temperatures over the weekend. They also cited maintenance scheduled at certain Norwegian infrastructure this week. LSEG data shows that the Dutch front-month contract increased by 0.34 euros to 40.69 Euro per megawatt hour or 12.88/mmBtu at 0818 GMT.
Brazil's sugar crushing fell by 18% during the first half of March.
Unica, a Brazilian industry group, said that the amount of sugar cane crushed in the center-south region in Brazil during the first six months of March was down almost 18% compared to the same period last year. Unica reported that the sugar production in the area during the same time period fell by 19%, to 52…
