Saturday, August 8, 2020

Finance News

S.Korean Refiners Post Record H1 Losses

© supakitmod / Adobe Stock

Two refiners in South Korea, the world's fifth largest crude oil importer, posted their biggest losses ever in the first half when oil prices slumped as the COVID-19 pandemic ravaged fuel demand.SK Innovation Co Ltd, owner of South Korea's top refiner SK Energy, reported on Wednesday a second-quarter operating loss of 440 billion won ($367 million)…

EU Hydrogen Plan Splits Supporters Down Color-coded Lines

Illustration; Fokussiert - AdobeStock

Energy industry lobbyists and advocates of renewable hydrogen are divided over whether the bloc should support low-carbon hydrogen produced by fossil fuels ahead of a new EU strategy next month.The EU's executive Commission plans to publish its hydrogen strategy on July 8, which will form…

Japan's JERA, France's ADEME, Ideol in Floating Wind Pact

For illustration - Floatgen 2 - Ideol - Credits Ideol & V.Joncheray - BD

Japanese power generator JERA said on Monday it has agreed with France's state-owned investment firm ADEME Investissement and French floating wind technology supplier Ideol on key terms for forming a joint venture to develop floating offshore wind farms.They aim to make a final agreement…

Iraq to Further Cut Oil Output

Illustration ony - Image by Douglas Knight/AdobeStock

Iraq will further cut its oil output and remains committed to the OPEC+ deal, finance minister and acting oil minister Ali Abdul Ameer Allawi said on Twitter.OPEC and its allies such as Russia are due to decide later this month whether to extend record oil cuts they approved in April.

Guyana Received $4.9M in Oil Royalties in 1Q

Liza Destiny FPSO is currently producing oil at the Stabroek Block off Guyana - Image Credit: SBM Offshore

Guyana received $4.9 million in royalty payments for oil production at the offshore Stabroek block in the first quarter, the finance ministry said on Monday, a period that included the South American country's first crude exports.The crude produced by an Exxon Mobil Corp-led consortium at…

China to Boost Energy Reserve Capacity, Support Unconventional Gas Exploration

Illustratin; Image by xmentoys - AdobeStock

China said on Friday it will bolster the capacity of the country's energy reserves and offer lower gas and electricity charges to key industries, as it looks to ensure energy supply and offset the impact of the coronavirus pandemic.In energy announcements on the first day of the parliament…

Price Drop Triggers Haggling Over Oil and Gas Deals

Premier Oil is working to buy the Andrew platform and BP's controlling stake in five surrounding fields, as well as its minority stake in the Shell-operated Shearwater field (Photo: BP)

The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced.At a time when most oil companies are slashing budgets, dividends, and headcounts to preserve cash…

U.S. Tops List of Most Attractive Countries for Renewables Investments. Overtakes China

Illustration only; Image by bphoto - AdobeStock

The United States has overtaken China as the most attractive country in the world for renewables investment and the global clean energy sector is expected to bounce back quickly despite the coronavirus pandemic, research showed on Tuesday.In an annual ranking of the top 40 renewable energy markets worldwide by consultancy EY…

EXIM Bank Amends Mozambique LNG Loan. Earmarks $1.8B for Offshore Work

File Photo: Total

The U.S. EXIM Bank has amended its previously approved September 2019 direct loan supporting U.S. exports for the development and construction of the Total-operated LNG project located on the Afungi Peninsula in northern Mozambique.The original scope of the $4.7 billion loan for the project…

Indonesia Weighing Subsidy Options for Biodiesel Program

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The Indonesian government is considering alternate plans to increase subsidies for the country's ambitious biodiesel program after crude oil prices tumbled, a finance ministry official said on Wednesday.A historic crash in oil prices this year has widened the cost difference between standard diesel fuel and the fatty acid methyl ester (FAME)…

Japan's Jera Joins World Forum Offshore Wind

Illustration; An offshore wind farm - Image by diak / AdobeStock

Japanese energy company JERA has decided to join World Forum Offshore Wind (“WFO”), an organization that promotes the global growth of offshore wind energy.WFO was founded in 2018 in Germany, and it promotes the industry by gathering and distributing related information and educating government officials around the world.

Seajacks Clinches Japanese Offshore Wind Farm Gig

Seajacks Zaratan - Image by Marc Wirges - MarineTraffic

UK-based firm Seajacks, an offshore wind power installation specialist, has signed a foundation installation contract with Kajima Corporation for an offshore wind farm project at Akita Port and Noshiro Port in Akita Prefecture, northern Japan.The project is expected to be the first bottom…

Oil, Fishing, Tourism: Alaska Economy Faces Triple Hit from Coronavirus

© Stephen Finn/AdobeStock

The U.S. state of Alaska is so far distant from the worst medical ravages of the coronavirus pandemic, but its economy is in critical condition. Alaska is especially vulnerable because it depends on oil, tourism and fisheries – basic industries that are reeling from the global coronavirus…

DEME Installs Second SeaMade Offshore Wind Farm Substation

DEME vessel installing SeaMade substation - Credit: Deme

Offshore installation company DEME has installed the second offshore substation at the SeaMade offshore wind farm in Belgium.In a social media post on Wednesday,  Deme said: "The two substations for the SeaMade offshore wind farm have been successfully installed in the Belgian North Sea with heavy lift vessel ‘Gulliver’.

Quality Companies Appoints Nunnally as CEO

John Clay Nunnally  (Photo: Quality Companies)

Quality Companies has announced John Clay Nunnally will move from his role as chief financial officer (CFO) to chief executive officer (CEO).Nunnally was previously CFO for Quality Companies and co-owner, president and CFO of Quality Companies’ Zadok Technologies, the international leader in electrical and instrumentation services.

Archer Names New CEO, CFO

(Photo: Archer)

Oilfield services firm Archer announced Tuesday that Dag Skindlo will take over as the company's new Chief Executive Officer and that Espen Joranger will succeed Skindlo as Chief Financial Officer.Skindlo joined Archer as Chief Financial Officer and EVP Strategy in May 2016. A 28-year oil ad gas industry veteran…

US to Warn Shipping Industry Against Storing Iranian Oil

© Vladimir / Adobe Stock

The Trump administration will soon issue an advisory warning ports, tankers and shipping industry players against storing Iranian oil in violation of U.S. sanctions, a State Department official said on Monday.David Peyman, the deputy assistant secretary of state for counter threat finance and sanctions…

Oil Falls, OPEC Backs Deeper Supply Cuts

Illustration by m.mphoto

Oil fell on Thursday as the coronavirus epidemic showed no signs of slowing, with deaths mounting globally, and while major producers agreed on deeper output cuts to bolster prices, they could not immediately secure Russian support for the decision.Brent crude fell by 33 cents, or 0.6%, to $50.80 a barrel by 1338 GMT. U.S.

NOV Warns Virus Fallout Could Hit Supply Chain

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U.S. oilfield equipment supplier National Oilwell Varco on Friday called the coronavirus a "wildcard" in the oil industry's outlook, with an extended outbreak potentially hurting access to Chinese-make materials and foreign sales.The Houston-based company said further shutdowns at its Chinese…

Cheniere Drops Lawsuit Against Tellurian Board Members

Tellurian Inc on Thursday said Cheniere Energy Inc has dismissed all claims against its Chairman Charif Souki and Vice Chairman Martin Houston.Cheniere Energy, the largest U.S.