Orsted Has No Plans to Merge with Equinor's Renewables Unit
Danish offshore wind giant Orsted said on Wednesday that it had no plans to take over the renewables business of Equinor, its second biggest shareholder, which has proposed closer ties between the companies.Norwegian oil, gas and renewables group Equinor, which took a 10% stake in Orsted last year and injected close to $1 billion in an October share issue…
Shell and Total raise concerns about the timing of a new global LNG supply
Shell and TotalEnergies are the two world's largest LNG traders. They said that the timing of the new LNG projects around the globe is still in flux. This could lead to uncertainty regarding long-term supplies. The construction costs of new LNG projects have increased due to rising tariffs. U.S. LNG suppliers are attempting to renegotiate contracts to cover these costs.
Shell Finance Chief flags unpredictability in the timing of global LNG supply
Shell, the largest LNG trader in the world, announced on Thursday that there is uncertainty regarding the long-term supply of LNG due to the uncertain timing of new LNG projects around the globe. Shell CFO Sinead Gorman's comments suggest caution, as forecasts indicate ample LNG supplies in the future. However, she wasn't concerned by the European Union’s decision this month to prohibit Russian liquefied gas (LNG)…
Equinor anticipates a tighter European gas markets this winter
Equinor's chief financial officer said on Wednesday that the outlook for Europe's gas market is tighter this winter than most had anticipated, as storage levels in Europe are 12 percentage points less than they were a year earlier. In 2022, the Norwegian company will overtake Russia's Gazprom to become Europe's largest natural gas supplier when Moscow's invasion of Ukraine disrupts decades-old energy ties.
Equinor Q3 core profits fall more than expected
Equinor announced a 9.9% decline in its third quarter profits, which was higher than expected. Oil and gas prices have fallen since a year earlier. The company has maintained its production forecast. Equinor's poll of 21 analysts predicted that the Norwegian energy group would earn $6.31 billion in adjusted earnings for July-September, a slight drop from $6.89.
Petrobras and Equinor have acquired the majority of blocks at Brazil's presalt auction
The oil regulator ANP announced on Wednesday that Brazil's Petrobras, the state-run oil company, and Norway's Equinor had won a block in Brazil's Pre-salt Area. They each acquired one and partnered up to acquire a third, according to ANP. Karoon Energy, based in Australia, also purchased a block. CNOOC of China and Sinopec have formed a consortium for the acquisition of another.
Equinor begins production in Brazil's Bacalhau Oilfield
Equinor, a Norwegian oil company, announced on Thursday that it had begun production in Brazil at its Bacalhau field one year after the original investment decision in 2021. Equinor said that Bacalhau, with recoverable reserves exceeding 1 billion barrels equivalent oil (boe), is the largest offshore field developed to date by Equinor. The company…
Germany Sets New LNG Import Terminals into Operation
Germany is putting natural gas import terminals into operation as part of the country's efforts to replace piped Russian gas following Moscow's invasion of Ukraine in 2022.It is deploying floating storage regasification units (FSRUs) to receive seaborne LNG, which official data shows has captured an 11% share of all German gas imports over the first three quarters of 2025.Long-term…
Equinor abandons offshore electrification due to rising costs
Equinor, citing rising costs, informed the Norwegian government that it had scrapped its plans to reduce greenhouse gas emissions through the connection of several offshore platforms with the onshore grid. Norway's oil and gas industry is the largest contributor to climate change emissions. It accounts for about one quarter of all emissions. Gas turbines that power offshore installations account for 80% of all industry emissions.
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.
Norway Approves New Gas Export Pipeline from Troll B
The Norwegian Offshore Directorate (NOD) has granted consent to start up a new pipeline from the Troll B platform that will help reduce the decline in gas production in coming years, it said on Thursday.The tie-in connects Troll B to the Kvitebjoern gas export pipeline, which runs to the onshore Kollsnes processing plant, with start-up expected during the fourth quarter of this year, the NOD said.The gas from Troll B was previously
German LNG Terminals Seek to Replace Russian Gas Pipelines
Germany is putting into operation natural gas import terminals as part of efforts to replace piped Russian gas following Moscow's invasion of Ukraine in 2022.Its first move has been to deploy floating storage regasification units (FSRUs) to receive seaborne LNG, while long-term it is planning shore-based facilities to import and produce ammonia and green hydrogen.Here are details of the latest developments:MUKRANThe terminal on Rue
Australia delays its first offshore wind auction due to global investment retreat
Victoria, Australia, has delayed its first auction of offshore wind farm financing, citing global investments hurdles. This is a blow to an industry that's deemed crucial to Australia's transition away from coal-fired energy to renewables. The state government announced on Tuesday it will delay the auction, originally scheduled for this month. A revised schedule is expected to be released by year's end.
Two bids are received for Norway's floating wind tender
Two consortiums submitted bids for the first Norwegian tender to build commercial offshore floating wind farms, according to the Energy Ministry. In May, Norway launched a process to invite bids from firms or groups to secure rights to develop commercial project of up to 500 Megawatts (MW), at the Utsira Nord Site off the south-west coast of the country.
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…
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.
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…