Investors flock to US dividend ETFs after Fed rate cut
Since the Federal Reserve began its rate-cutting cycle last month, U.S. ETFs that invest in dividend paying stocks have seen a surge of inflows. However, a rise in U.S. Treasury rates could slow down the inflow of funds. Morningstar's group of 135 U.S. Dividend ETFs tracked in September brought in $3.05 Billion…
The front-runner for Mozambique president is likely to continue keeping Rwandans on the job of protecting gas sites
Analysts say that the ruling party candidate for this month's election, who is almost guaranteed to win, will continue to rely on Rwanda's army and European money in order to secure the region's vast gas fields, which are plagued by islamist violence. Daniel Chapo (47), an ex-highschool teacher…
Shares of US energy companies rise as Middle East crisis fuels supply concerns
The shares of U.S. Energy companies rose in premarket trading on Wednesday. This was due to the rise in oil prices, which was a result of concerns about a possible escalation in tensions in Middle East. The markets went into a risk off mode after the announcement. The demand for safe-haven currencies such as the Japanese yen…
What are the main issues in Mozambique's elections?
Next week, Mozambicans are voting in legislative and presidential elections. It is almost certain that the Frelimo Party will extend its half-century in power. The party has been fighting a longstanding Islamist insurgency within one of Africa's biggest gas fields. Daniel Chapo is the candidate of the ruling party and a former law professor.
Diamondback Energy increases its third-quarter production estimate
Diamondback Energy, a U.S. shale oil producer, raised its production forecast for the third quarter on Tuesday in order to reflect its $26 Billion acquisition of Endeavor Energy. Last month, Texas-based Endeavor Energy completed its acquisition, making the company the third largest oil and gas producer within the Permian basin…
Energy prices are falling, putting pressure on big oil's huge payouts
Analysts said that major energy companies will borrow billions of dollars to maintain payouts to shareholders or reduce the rate of share purchases in response to a decline in oil prices following more than two years' bumper profits. Since decades, the majors have attracted investors with their promises of steady payouts.
Suriname oil and gas project worth $10 billion to be approved by TotalEnergies and APA
TotalEnergies, a French company, and APA Corp, based in the United States, announced on Tuesday a positive decision to invest in Block 58 of Suriname, the most promising offshore oil and gas project. This is expected launch Suriname’s first offshore production. The small South American nation wants to follow the example of its neighboring Guyana.
Exxon-Seplat $1.28 billion deal approval imminent, Nigeria president says
Bola Tinubu, the President of Nigeria, said that Exxon Mobil Corp.'s sale of its Nigerian assets to Seplat Energy would be approved within days once it received approval from the regulator. Analysts say that the $1.28 billion transaction has been closely monitored since it was announced in 2022.
Sources: TotalEnergies will sign a $10 billion deal for Suriname's offshore project
Four sources familiar with the project said that TotalEnergies, a French oil company, will sign the final investment decision on Tuesday, for the first offshore oil and natural gas development of Suriname. The development is expected to cost more than $10 billion. Gran Morgu, located in Block 58 140 km off of the coast of South America…
Elliott group seeks to buy Citgo Petroleum from Exxon director
Gregory Goff, Exxon Mobil's board director, recently joined a newly-formed company backed by Elliott Investment Management that is seeking to take control of Venezuelan oil refiner Citgo Petroleum. Citgo and Exxon compete in the motor-fuels and lubricants business. Exxon, the third largest U.S.
Elliott group seeks to buy Citgo Petroleum from Exxon director
Gregory Goff, Exxon Mobil's board director, recently joined a newly-formed company backed by Elliott Investment Management that is seeking to take control of Venezuelan oil refiner Citgo Petroleum. Citgo and Exxon compete in the motor-fuels and lubricants business. Exxon, the third largest U.S.
Natural gas producers ask Harris for answers on the battleground state
Drillers from Pennsylvania, an energy-rich state, called on Democratic presidential nominee Kamala Harris this week to explain her stance on natural gas. The energy industry touts it as a clean fuel but climate activists claim that the fuel is a threat to global warming. In January…
Bloomberg News: Chevron and Hess CEO agree that Hess will not be joining the board of directors in a deal with US regulator
Bloomberg News, citing sources familiar with the situation, reported that U.S. Energy Major Chevron agreed with U.S. Federal Trade Commission Hess CEO John Hess would not join its board as part of an agreement to proceed with a $53 billion acquisition deal. The proposed acquisition of all stock…
Brazil's Prio talks to Sinochem about buying Peregrino Oil Field stake
In a filing with the Securities and Exchange Commission on Wednesday, Brazilian oil company Prio said that it is in discussions with Sinochem of China about the possible purchase of a stake within the Peregrino Oil Field. Prio said that no binding agreement had been reached yet, after…
Sources say that the FTC is set to approve chevron’s purchase of Hess for $53 billion, according to sources.
Two people with knowledge of the matter say that the U.S. Federal Trade Commission will likely approve the purchase by U.S. oil company Chevron of Hess this week. Exxon Mobil is the last hurdle to clear. The merger proposal was announced in October last year. Two months later, the FTC sent Chevron a second request for information.
Companies call on world leaders to meet renewable energy targets
On Monday, executives from major companies urged leaders to implement an international agreement made at the COP28 Summit in Dubai last year to triple renewable energy capacity by 2030, to combat climate change. The statement was made at a side event to the United Nations Climate Week, in New York.
Guyana announces tender for new power plant and natural gas liquids facility
Guyana issued on Friday a request for proposal to build a natural gas liquids processing facility and a gas-fired electricity plant, both projects that will feed industrial clients from the country's mostly untapped offshore reserves of gas. A nation of 800,000.000 people is dependent on fuel imports for power generation.
Kiewit: Equipment shortages increase costs of LNG plants
Tom Shelby, Kiewit Energy's President, said that the boom in U.S. LNG plant construction has caused shortages of electric motors, transformers and generators. This has contributed to increased costs and construction delays. Shelby noted that equipment shortages, rising costs of wages…
Turkey's Botas buys 1.6 billion cubic meters of LNG from TotalEnergies over a 10-year period
Alparslan Bayraktar, the Turkish Energy Minister announced on Wednesday that Turkish state-owned energy company Botas had signed a 10-year contract to import LNG from French oil giant TotalEnergies starting in 2027. Bayraktar announced the deal on the social media platform X. The contract…
US offers conditional loan of $1.56 billion for Indiana ammonia plant
The U.S. Department of Energy announced on Monday that it has granted Wabash Valley Resources a conditional guarantee of up $1,56 billion for the construction of a low-emissions production facility of ammonia in Indiana. It said that the project would use petcoke as a waste product from oil refining to produce 500…
