Equinor is open to options for Orsted stake
The Norwegian board chair of Equinor said that the oil group believes in the core business of offshore wind farm developer Orsted, but it is not yet at the stage where they will merge their renewables companies. Equinor, the Norwegian oil group, holds 10% of Orsted. It has also said that it will participate in Orsted's emergency rights offering to fund U.S.
Orsted Gets Go-Ahead for $9.4B Emergency Rights Issue
Offshore wind developer Orsted won shareholder approval on Friday for a $9.4 billion emergency rights issue to help fund U.S. projects thrown into uncertainty by President Donald Trump's opposition to the renewable energy source.The stakes are high for the Danish state-controlled firm, which was once celebrated as a trailblazer in offshore wind but…
Orsted Shares Drop as US Halts Offshore Rhode Island Wind Farm
Shares in Orsted plunged 17% on Monday after the U.S. halted the Danish company's Revolution Wind project off Rhode Island amid President Donald Trump's pushback on renewable energy investments.Orsted, the world's biggest offshore wind farm developer, has already faced mounting challenges, including rising costs, higher interest rates, and supply chain disruptions, leading to delays and cancellations in the U.S. and other markets.
Prio shares drop as Brazilian oil regulator halts a key unit
Brazilian oil company Prio announced on Monday that the local regulator ANP ordered a production halt for the Peregrino FPSO. The regulator cited the need to improve risk management documentation as well as adjustments to the deluge system of the unit. Shares of the independent oil producer fell as a result. The Peregrino field is responsible for a large portion of Prio’s production…
Gas prices in Europe remain stable ahead of US-Ukraine Meeting
Dutch and British wholesale prices for gas were mostly unchanged on Monday morning, after talks in Alaska failed to achieve a ceasefire on Friday and before a meeting today in Washington between leaders of the United States, Ukraine, and Europe. U.S. president Donald Trump said that on Saturday, Ukraine should reach a deal with Russia to end the conflict…
Norway Oil Industry Investment to Peak in 2025: Survey
A survey by the Statistics Office of Norwegian industry participants showed that oil and gas investment in Norway is expected to peak this coming year and then start decreasing next year. Major projects will be completed. Norway produces around 2% of the world's oil and is now Europe's leading supplier of pipeline natural gas following Russia's invasion in Ukraine in February 2022.
Equinor's auction prospects are boosted by BP's large Brazil oil and gas discovery
The announcement by BP on Monday that it had made its largest oil and gas find in 25 years off the coast of Brazil in Santos Basin bodes well both for Equinor and for their nearby interests. It also shows a strong appetite to auction oil blocks in October in this region. Brazil became one of the largest oil producers in the world after discoveries were made nearly 20 years ago.
India Oil Corp Buys US and Middle Eastern Crude As Trump Criticizes Russian Purchases
Indian Oil Corp has bought 7 million barrels of crude from the United States, Canada and the Middle East, four trade sources said on Monday, as U.S. President Donald Trump ramped up his criticism of the country over its purchases of Russian oil.India is the biggest buyer of seaborne crude from Russia, which is under Western-led sanctions over its…
Equinor extends Norway LNG Outage until August 3
Equinor, a Norwegian company, has extended a maintenance outage to its Hammerfest LNG Terminal, Europe's biggest liquefied gas export facility by another five days, until August 3. The company announced this in a filing with the regulatory authorities on Saturday. The Melkoeya plant, which is also known as Hammerfest in Arctic Norway, was scheduled to resume operation on July 19, but went offline on April 22 for maintenance.
Angola's offshore CLOV phase 3 production starts
Angola’s offshore CLOV Phase 3 developed started oil production Wednesday, adding 30,000 bbls per day to its country's production, according to its national oil and natural gas agency. The satellite project, located in Block 17, will be connected to an existing floating storage and offloading vessel. This will help Angola keep its production at or above 1,000,000 bpd.
Equinor writes down $955 million in US offshore wind costs, blaming Trump
Equinor, of Norway, booked a $955-million impairment on a project for offshore wind in the United States on Wednesday. The company cited U.S. tariffs as well as the uncertain regulatory environment in the United States under President Donald Trump. On Trump's first official day in office, in January, he cancelled all offshore wind leases. This dashed the hopes that the United States could revive the sector.
Equinor Q2 Core Profit drops as expected due to lower oil prices
Equinor reported on Wednesday that its second-quarter profits fell by 13% compared to a year ago, as expected, due to the decline in oil prices, which outweighed an increase in gas. Equinor's poll of 21 analysts predicted that the adjusted earnings for April-June would be $6.54 billion, down from $7.48 billion in the previous year. Equinor has maintained…
Equinor Extends Maintenance Outage at Hammerfest LNG Plant
Norway's Equinor has extended the maintenance outage at its Hammerfest LNG terminal, Europe's largest liquefied natural gas export facility, by 10 days to July 29, the company said on Monday.The Hammerfest plant in Arctic Norway, also known as Melkoeya LNG, went offline for annual maintenance on April 22, and was initially scheduled to return to operation on July 19.However…
Hess will leave Suriname oil block after partners quit over drilling risks
Hess Corp, a U.S. oil company, has decided to withdraw its offshore Block 59 in Suriname, said the South American nation’s state oil firm Staatsolie on Tuesday. Hess didn't immediately respond to our request for comment. ExxonMobil, Equinor and others had left the block a year ago, citing the high risk of drilling an exploratory well. Hess has since been unable find new partners for exploration.
Equinor and partners approve $1.3 Billion Johan Sverdrup Oilfield Expansion
Equinor, a Norwegian oil company, and its partners approved an investment of 13 billion Norwegian crowns ($1.29 billion), for the expansion at Johan Sverdrup. This is the largest oilfield in western Europe. Equinor's partner Aker BP and Equinor said separately that the project will increase recoverable volume from the field between 40 and 50 millions barrels of oil-equivalent.
UK-based Balfour Beatty awarded $1.14 billion contract to build new gas power plants
Technip Energies, a French energy company, awarded Balfour Beatty of Britain a contract worth 833 million pounds ($1.14 billion). The project involves the construction of a UK gas-fired power plant. Balfour Beatty announced that construction on the plant, where 1,500 workers will be employed, will begin later this year and will end in 2028. The British…
UK Issues Environmental Guidance on New North Sea Oil and Gas Drilling
The UK published long-awaited guidance on environmental issues that will impact future developments of two North Sea oil and natural gas fields, including Shell and Equinor. The guidelines explain how future government decisions on extraction should treat greenhouse gas emissions from oil and gas, also known as downstream emissions or Scope 3. The…
UK releases environmental guidance that will impact North Sea drilling
The UK published environmental guidelines on Thursday, which will impact future developments of two North Sea oil and natural gas fields. Shell and Equinor are among the companies that are expected to benefit. The guidelines outlines how future government decisions on extraction should treat greenhouse gas emissions from oil and gas, also known as downstream emissions.
Equinor Gwynt Glas wins UK floating offshore wind leases
The Crown Estate announced on Thursday that Equnior, a joint-venture between EDF Renewables UK, and ESB has won seabed leases for the construction of floating wind farms off the coasts of Wales and South West England. The UK aims to decarbonise the electricity sector by 2030 in order to reduce its reliance upon fossil fuels, and to drive down costs.
Analysts say that the Vaca Muerta shale is a major factor in Argentina's move towards energy independence.
Rystad Energy analysts stated on Tuesday that the shale gas formation of Vaca Muerta in Argentina will produce a large amount of oil and gas by the first quarter 2025, which is driving the nation to achieve energy independence and its ambitious plans to become a major exporter for liquefied gas. Vaca Muerta is a huge unconventional oil reserve that Argentina needs to boost its economy and reduce costly imports.