White House oil meeting includes independents and has strong ties to Denver
On Friday, the White House will be inviting oil executives to meet with them in order to discuss possible investment in Venezuela. While the list of attendees includes some big names from American oil, such as Exxon Mobil, ConocoPhillips, and Chevron, it also contains smaller independents, private equity-backed companies, and other players. Only the largest U.S. An oil industry source said that oil producers in Venezuela have the experience and scale to operate there. It is noteworthy that smaller companies from Venezuela were included in the meeting, given that most of them operate in the U.S.
Lachlan Harris, an insider at Santos Australia, is named finance director
Santos announced on Friday that it had appointed Lachlan Harri as its new 'CFO'. The Australian gas producer is currently navigating a period of transition tied to the Barossa, and Pikka project. Sherry Duhe, the former CFO who left the position in October after just a year, was replaced by the new CFO. Analysts pointed out at the time that Duhe's departure left Santos without a clear succession, since she was widely seen as a potential successor to CEO Kevin Gallagher if he chose to step down. Lachlan Harris, since October's appointment as acting CFO, is responsible for the financial management of the company.
Woodside's new CEO must navigate LNG projects with high costs through glut risk
Woodside Energy is facing a leadership shake up after BP's?chief executive Meg O'Neill's unexpected departure for the top position at BP. This comes as the Australian 'firm' is trying to deliver key projects on a market that's braced for an oversupply. Analysts say that the oil and gas "producer" is expected to continue with its global strategy of growth, which requires sustained investment in both new assets and continuity within mature fields. After project delays and rising costs, it will be important to advance the Louisiana LNG project. The Louisiana LNG project, valued at $17.5 billion, will be Woodside's key project.
Why US producers are paying attention to Canada's most popular shale play
Executives, analysts, and advisors say that U.S. producers of oil and gas are seeking new drilling territories in Western Canada's Montney Basin, an enormous shale play in a remote area. The basin is already a hub of M&A and may see even more deals in the near future. The United States has become the largest oil producer in the world as a result of extensive drilling on shale deposits over the past 15 years. After a period of rapid expansion, oil producers are less interested in drilling prospects within the Permian oilfield, which extends across Texas and New Mexico.
BP appoints Woodside's Meg O'Neill to be CEO following Auchincloss' abrupt departure
BP, a major oil and gas company, announced that it has appointed Meg O'Neill as its 'CEO', effective April 1, after abruptly removing 'Murray' Auchincloss. O'Neill is the first CEO to be appointed by BP from outside of the company, and the first female to lead any of the top five oil companies in the world. Her unexpected appointment shows that the British oil giant is looking to improve its business, after years of lagging behind its competitors such as Exxon?Mobil?and Shell?. The company began a major shift in strategy earlier this year.
FT reports that US investor Kimmeridge has offered $6 billion to gas driller Ascent Resources
The Financial Times reported that activist investment firm Kimmeridge Energy Management had made a $6 billion bid to buy Ascent Resources. FT reported that the bid was the latest attempt to stop Energy & Minerals Group (EMG), a private equity firm backing Ascent, from selling a stake of more than 30% in the company to another fund, valuing Ascent as high as $5.5 billion. Ben Dell, managing partner of Kimmeridge in the United States, told the newspaper that "our view is this?is a significant price premium over the valuation proposed for the continuation funds".
Harbour Energy acquires North Sea assets worth $170 million; shares increase 6%
Harbour Energy announced on Friday that it had agreed to purchase all of the subsidiaries of Waldorf Energy Partners and Waldorf Production, which are currently under administration in the UK North Sea, for $170 millions, sending its share price up by nearly 6%. The deal will see Harbour increase its interest in 'its operated Catcher oil field to 90%, and add a non-operated '29.5% interest in the Kraken field. Capricorn Energy, a British oil and gas producer, said it had signed a lock-up contract backing the deal. It will settle its unsecured Waldorf claims for between $4 and $5 million.
Energean increases annual net debt forecast for expansion plans in Israel
Eastern Mediterranean-focused gas producer Energean raised its annual net debt forecast on Wednesday, as the company ramps up spending on major projects in Israel and Croatia amid geopolitical disruptions. The London-listed firm secured $4 billion in Israeli gas offtake contract during the first half of this year. This brings its contract pipeline up to $20 billion for the next 20 years. Energean’s production has taken a significant hit since the firm stopped operations at its floating production storage and loading facility located off Northern Israel in June, due to the geopolitical tensions in the Middle East.
Equinor Explores Role in Germany Gas Plant Capacity Expansion
Norwegian energy producer Equinor is looking at options for participating in a planned German gas-fired power plant tender but requires more detail before making any decision, a senior executive said on Tuesday.Germany plans to tender eight gigawatts (GW) of new gas-fired power plant capacity next year, with a further 2 GW to be offered in 2026 and 2027 to strike a balance between decarbonisation and backing up intermittent renewables."We have had, and are having, conversations with actors who will most certainly be in the picture and then we need to see whether we can play a role in this," Helge Haugane, head of Equinor's power bus
Equinor looks at its role in expanding Germany's gas capacity
A senior executive at Equinor said that the Norwegian energy company is considering its options to participate in a German gas-fired plant tender, but needs more information before taking a decision. Germany will tender 8 gigawatts of new gas-fired plant capacity in the coming year. A further 2 GW will be offered by 2026 or 2027, to strike a balanced between decarbonisation while supporting intermittent renewables. Helge Haigane, Equinor's head of power business, said: "We are in discussions with actors that will be most definitely in the picture. He added that the involvement of any company was also dependent on economics.
Shell UK sells its 50% stake in Tobermory Gas to UK-based Ithaca Energy
Ithaca Energy, a North Sea oil-and-gas producer, announced on Wednesday that it had agreed to purchase a 50% stake from Shell UK in the Tobermory Gas discovery located in the West of Shetland Basin off Scotland. Shell's Tobermory interest will be part of Adura. This joint venture between Equinor and Shell is expected to launch later this year. This partnership will be announced in December 2024 and combine Shell and Equinor’s UK offshore oil and natural gas assets. Shell spokesperson stated that the announcement made with Ithaca on Wednesday supports Shell's West of Shetland Gas Growth Strategy.
The Black Sea Infrastructure is at risk, according to the Romanian National Defence Strategy
A draft national defence strategy released on Wednesday said that Romania must strengthen its ties with allies along the Black Sea to protect energy projects, which will make Romania the largest gas producer of the European Union in 2027. In the past two years, the EU and NATO member state has been repeatedly violated by Russian drones. Mines have also been spotted in the Black Sea along key trade and energy routes. Bulgaria, Romania and Georgia, along with Turkey and Ukraine, share the Black Sea, which is vital for grain, oil, and oil-based products.
Shell appeals against arbitration ruling on Venture Global LNG Supply Contracts
Shell has filed a lawsuit in New York Supreme Court to challenge its loss in an arbitration against U.S. liquefied gas producer Venture Global. This comes weeks after BP won a $1 billion arbitration. The two arbitration cases were based on Venture Global's inability to deliver LNG as per long-term contracts, while the prices of LNG soared following the outbreak of war in Ukraine. Shell argues in its latest filing that, while it is difficult to appeal arbitration decisions, they believe such a move was justified as Venture Global withheld crucial evidence. Shell confirmed that the document was filed on Monday.
Shell appeals against arbitration ruling on Venture Global LNG Supply Contracts
Shell has filed a lawsuit in New York Supreme Court to challenge its loss in an arbitration against U.S. liquefied gas producer Venture Global. This comes weeks after BP won a $1 billion arbitration. The two arbitration cases concerned Venture Global's inability to deliver LNG as per long-term contracts, while the prices of LNG on the spot market soared following the outbreak of war in Ukraine. Shell, in a new filing, claimed that, while it was true the legal hurdles to appeal arbitration decisions are high, they believed an appeal would be justified because Venture Global withheld crucial evidence.
Shell challenges Venture Global Arbitration Decision in New York Supreme Court
Shell is appealing its loss in a case against U.S. liquefied gas producer Venture Global at the New York Supreme Court. This comes weeks after BP won a $1 billion arbitration. The dispute arose from Venture Global's failure of to deliver liquefied gas under long-term agreements starting in 2023. Shell claims in a new filing that Venture Global hid information from Shell and to the arbitration tribunal. Shell confirmed that the filing was made Monday. Shell, BP, Edison, and Galp, among others, filed arbitration claims in 2023 accusing Venture Global that it profited from the sale on LNG at the spot market…
ConocoPhillips lifts dividend, raises output forecast after profit beat
ConocoPhillips increased its quarterly dividend on Thursday and raised its full-year production projection after posting earnings that were above expectations in the third quarter, thanks to lower costs and higher output which offset weaker oil price. In premarket trading, shares of the United States' largest independent oil and natural gas producer rose by 1.5%. The company's efforts to streamline operations, cut costs and save more than $1 billion from the Marathon Oil acquisition helped mitigate the effects of a 13% decline in Brent crude oil prices from a previous year.
The battle for MEG Energy in Canada
The shareholders of MEG Energy will vote on Thursday, which could end the long-running battle for the Canadian oil sands manufacturer. This is the timeline for events in this year. Strathcona Resources, a Canadian oil and natural gas producer, announces that it will launch a hostile bid to take over MEG. The deal values the company at C$5.93billion ($4.25billion). MEG's Board urges its shareholders to reject Strathcona bid on June 16, calling it inadequate. The board has announced that it will conduct a strategic review in order to look at alternatives.
How BP won a $1 billion plus case against Venture Global
Five sources familiar with the case said that BP's $1 billion arbitration win against liquefied gas producer Venture Global was won by arguing unfair behavior by the U.S. firm. This strategy could be used in similar cases by other claimants. BP won in October. Two months earlier, Shell had lost a similar lawsuit when it was unable to prove Venture Global's breach of long-term LNG agreements. Shell didn't push the argument that Venture Global acted unfairly in its arbitration. Legal and industry experts say that lawyers across the industry are chasing the details of BP’s winning strategy…
Energean CEO: New $400 million Israel to Cyprus gas pipeline is awaiting approval from government
The head of Eastern Mediterranean gas producer Energean said on Tuesday that a $400 million pipeline will transport natural gas between Israel and Cyprus. Israel has also expressed its support. Energean signed on Monday a letter-of-intent with Cyfield, the leading Cypriot energy and industrial group, for the possible supply of natural gases from Israel via the new pipeline to Cyfield’s planned power station, according to Mathios Rigas, CEO of British firm. Rigas said in an interview at the ADIPEC conference in Abu Dhabi that gas could be flowing through the pipeline in 12 months after the approvals are granted by the government.
$400m Natural Gas Pipeline Between Israel and Cyprus Awaits Government Approval
A $400 million pipeline to transport natural gas from Israel to Cyprus is awaiting government approval from both countries and Israel has expressed support, the head of Eastern Mediterranean focused gas producer Energean told Reuters on Tuesday.Energean on Monday signed a letter of intent with leading Cypriot industrial and energy group Cyfield for the potential supply of natural gas from Israel to Cyfield's planned power plant via the new pipeline, said Mathios Rigas, CEO of the British firm.Gas could flow through the pipeline within 12 months of the government approvals being granted…