Sources claim that Colonial Pipeline will cut jobs.
According to two sources with knowledge of the situation and a statement from the company, The Colonial Pipeline Company informed its employees that it plans to reduce some positions this week. In response to questions about job cuts, the company stated: "We informed our employees that a recent evaluation to ensure our organization was best aligned in order to continue meeting our business strategies and priorities safely will result in some changes to team structures and individual roles." It was not possible to determine the extent of the job reductions immediately.
Orsted, a Danish company, raises $9.35 Billion in a share issue
Orsted, the Danish offshore wind developer, said it raised $9.35 billion in a heavily-discounted share issue on Monday. The company is bolstering its finances amid uncertainty caused by Trump's administration. The company reported that 99.3% was subscribed. Demand for the remaining shares is "extraordinarily" high. The price per share was 66.6 crowns, which is a significant discount to Monday's stock market price of 122.3 crowns. The new issue was open to all existing shareholders. The Danish state, who controls the company, contributed 50.1%.
Australia Gas Market Interventions Fail, Regulator Finds
The Australian Competition and Consumer Commission said that the government's recent efforts to increase gas supplies and lower prices in Australia have largely been unsuccessful and could even be increasing the risk of shortage, according to the regulator. In a recent report, the Australian Competition and Consumer Commission (ACCC), said that several market interventions undertaken in response to a global energy crisis in 2022 had "not led to a material improvement of market outcomes". These measures included changes to Australia's Domestic Gas Security Mechanism…
South African court cancels Eskom's permission to build new gas-powered plant
A top court in South Africa on Wednesday revoked a government permit that allowed state utility Eskom build a large natural gas-burning power plant, claiming there was not a proper consultation with the public. The government is planning to build a 3,000-megawatt plant on the east coast in the port city of Richards Bay as part of its plans to boost the country's power generation capacity following years of blackouts, and move away from coal. The Supreme Court of Appeal's judgment stated that "the effect of this order was to nullify the authorisation".
Orsted reduces profit forecast ahead of $9.4 billion rights issue vote
Orsted, the Danish developer of wind farms, cut its outlook for operating profits in 2025 just before shareholders voted on a capital raise that was crucial to Orsted's fight against President Donald Trump and his opposition to wind energy. Orsted, once hailed as an innovator in offshore wind power, is now in dire straits. It faces industry-wide issues and risks further losses for its two remaining projects on the U.S. East Coast. The company expects to earn between 24 billion and 27, billion Danish crowns, excluding new partnership fees and cancellations.
Minister says Canada's LNG attracts German interest in market swaps
German companies want to swap Canadian LNG cargos off the Pacific Coast to meet European demand. Canada's Minister of Energy and Natural Resources Tim Hodson announced this on Wednesday. Canada, the fifth largest natural gas producer in the world, exported its first ever liquefied gas in June. The LNG Canada facility, led by Shell, is located in British Columbia and is the only North American LNG export location with direct access into the Pacific Ocean. Hodgson, a reporter at the Associated Press, said that European buyers are also interested in these cargoes.
Germany Looks to Meet European Demand with Canadian LNG
German companies are looking to buy and swap Canadian LNG cargoes shipped off the Pacific coast to help meet European demand, Canada's Energy and Natural Resources Minister Tim Hodgson said on Wednesday.Canada, the world's fifth-largest natural gas producer, shipped its first-ever liquefied natural gas export cargo in June from the recently constructed LNG Canada facility in British Columbia, which is led by Shell and is the first North American LNG export site with direct access to the Pacific Ocean.The bulk of LNG Canada's exports is expected to ship to Asia…
US Natural Gas Prices Drop 4% on Record Output
U.S. natural gas futures fell about 4% to a nine-month low on Tuesday on near-record output, ample fuel in stockpiles and forecasts for less hot weather and lower demand through early September than previously expected.Another factor weighing on gas prices was a decline in the amount of gas flowing to liquefied natural gas export plants due to small reductions at several facilities.Front-month gas futures for September delivery on the New York Mercantile Exchange fell 10.8 cents, or 3.7%, to $2.782 per million British thermal units…
US Natural Gas Prices Drop 3% Ahead of Cooler Weather Forecasts
U.S. natural gas futures fell about 3% on Monday on near-record output, ample fuel in stockpiles and forecasts for less hot weather next week than previously expected.Front-month gas futures for September delivery on the New York Mercantile Exchange fell 9.5 cents, or 3.3%, to $2.821 per million British thermal units by 5:53 a.m. EDT (0953 GMT).The U.S. National Hurricane Center (NHC) projected Hurricane Erin, which was near the Bahamas, would move north and then east off the U.S. East Coast…
US Natgas Prices Rise on Increasing Demand
U.S. natural gas futures edged up about 1% on Wednesday after dropping to an eight-month low in the prior session on forecasts for more demand over the next two weeks than previously expected and near-record gas flows to liquefied natural gas (LNG) export plants.That small price increase came despite near-record output, ample supplies of the fuel in storage, and the approach of a storm that could affect the U.S. East Coast as a demand-destroying hurricane next week. Front-month gas futures for September delivery on the New York Mercantile Exchange rose 1.9 cents…
Bloomberg News reports that Orsted, the energy firm, is considering a rights issue of up to 5 billion Euros.
Bloomberg News, citing sources familiar with the situation, reported Friday that Orsted, a Danish energy company, is looking to raise up to 5 billion euros ($5.83billion) through a rights offer in order for it consolidate its finances. If Orsted decides proceed, then the fundraising plan may be announced within the next few weeks. Orsted's value has plummeted from its peak in 2021, due to rising costs and disruptions in the supply chain. Investor confidence has been further undermined by President Donald Trump's opposition against offshore wind.
Russian Oil Vessels Forced to Divert From India Under US Sanctions
At least two vessels loaded with Russian oil bound for refiners in India have diverted to other destinations following new U.S. sanctions, trade sources said, and LSEG trade flows showed.The U.S. Treasury Department this week imposed sanctions on more than 115 Iran-linked individuals, entities, and ships, some of which are involved in transporting Russian oil.U.S. President Donald Trump has urged countries to halt purchases of oil from Moscow, threatening 100% tariffs unless Russia agrees to…
EIA reports that the US has become a net crude exporter to Nigeria for first time.
In February and March the United States became an exporter of crude to Nigeria, due to a slowdown in demand for crude on the U.S. East Coast, which was caused by refinery maintenance. The Dangote refinery also increased Nigeria's need for inputs. This is according to a Tuesday note from the U.S. Energy Information Administration. It is the first instance that the U.S. exported more crude to Nigeria than they imported. Nigeria was ranked ninth in the United States' crude oil imports last year.
Shell receives permission to drill on the west coast of South Africa
Shell announced on Friday that it has received environmental approval to drill five deepwater wells near the west coast of South Africa. Oil majors applied for authorization last year, and plan to drill appraisal or exploration wells at depths between 2,500 metres (8.200 ft), and 3,200 metres (10.500 ft), in the Northern Cape Ultra Deep Block of the Orange Basin. TotalEnergies and other oil companies are planning to drill near the west coast of South Africa, where the Orange Basin extends down into the waters. They hope to replicate the significant discoveries that were made in Namibia.
Analysts say that 'deep pockets' may help Abu Dhabi gain regulatory approval for Santos' bid.
Analysts say that the Australian regulators who are concerned about gas supplies in Australia will be closely monitoring Abu Dhabi National Oil Company's bid of $18,7 billion for Santos. However, they could be won over by promises to accelerate new projects. Analysts say that Santos' shares closed Tuesday at A$7.73, a far cry from the $5.76 per share (A$8.89), which was the proposed takeover bid for Australia's 2nd largest gas producer, announced on Monday. This indicates investors believe that the deal will be rejected by regulators.
ADNOC consortium targets Australia's Santos
Abu Dhabi National Oil Company's (ADNOC) is looking to expand its global gas business and has proposed a $18,7 billion takeover bid of Australia's Santos, the second largest independent gas producer. Santos has supported the plan. Here are some key details about Santos, including its production and reserves (measured in millions of barrels of oil-equivalent (mmboe)), its domestic and foreign oil and gas assets and its long-term LNG deals. 2024 Production (mmboe). Santos is the operator of Darwin LNG, Gladstone LNG and PNG LNG in Australia.
South Africa's $5.8 billion Project Aims to Produce Low-Cast Green Ammonia
A $5.8 billion project on South Africa's east coast seeks to use the country's infrastructure and cheap renewable power to make some of the world's cheapest green ammonia for clients in Europe and Asia, an executive said.South Africa is vying with other African nations, including Egypt, Morocco and Namibia, to meet rising demand in the European Union and Asia for hydrogen and ammonia described as green because they are produced from renewable energy.Ammonia is used in making fertiliser and by the chemical industry and it is also the means to deliver hydrogen, which is sought after to reduce carbon emissions but i
South Africa's Hive project, worth $5.8 billion, aims to be the leader in low-cost ammonia production
An executive revealed that a $5.8 billion South African project located on the east coast aims to use cheap renewable energy and the country's infrastructure to produce some of the cheapest green ammonia in the world for clients from Europe and Asia. South Africa competes with other African nations including Egypt, Morocco, and Namibia to meet the growing demand for green hydrogen and ammonia in Europe and Asia. These products are described as "green" because they're produced using renewable energy. Ammonia can be used to make fertiliser, by the chemical industry, and to deliver hydrogen.
Africa Energy to produce first gas from South Africa's biggest gas field in 2033
Africa Energy Corp, a Canadian-listed company, aims to begin production of South Africa's biggest gas discovery by 2033. Its CEO made the announcement on Tuesday as it pushed ahead with a project that former operator TotalEnergies abandoned. The company is waiting for regulatory approval on a revised environmental authorisation in order to survey Block 11B/12B of South Africa's south coast. South Africa is diversifying away from coal-fired electricity generation by using domestic gas. A flurry new projects are being pursued, including the first liquefied gas import terminal on the east coast.
Shell approves Aphrodite offshore gas project
Shell Energy said that it has taken a final investment decision in its Aphrodite Gas Project offshore Trinidad and Tobago. In a press release, the company said that it expects to start producing gas in 2027. It will reach a maximum production of 18,400 barrels oil equivalent per day. Shell has a 45% stake in Trinidad's Atlantic LNG Plant, which is capable of producing 12 million metric tonnes per annum of super-cooled gas. However, the plant has suffered from a shortage of natural gas. Shell is not able to obtain its full share from the plant of more than 5.5 MTPA LNG.