China CNOOC's net income for the third quarter of 2014 is down 12% due to lower oil prices
CNOOC Ltd, the Chinese offshore oil-and-gas major, reported on Thursday that its third quarter net income had declined 12.2% from a similar period a year ago as lower oil prices globally offset a strong growth in production. CNOOC reported that its net profit for the period July-September was 32.44 billion Yuan ($4.55billion), in a filing to the Hong Kong Stock Exchange.
Tokyo Gas CEO: US is priority market for overseas expansion, Tokyo Gas.
Tokyo Gas will prioritize the U.S. for its overseas expansion because of its high growth potential, CEO Shinichi SASAYAMA said on Wednesday. Japan's biggest city gas provider is looking at a possible offtake of gas from Alaska. Tokyo Gas, Japan's largest buyer of liquefied gas, and JERA (Japan's second-largest LNG buyer)…
Oilfield giants shift focus to AI infrastructure after drilling demand declines
SLB, Halliburton, and Baker Hughes, oilfield services giants in North America, are focusing on data centers and artificial intelligence infrastructure to fuel their next phase of expansion as they deal with a slowing drilling market and idle rigs. U.S. producers of oil have reduced exploration budgets, as the price of a barrel hovers in the low 60s…
China drives global underground gas storage growth, International Gas Union says
In a report published on Monday, the International Gas Union said that China would lead global underground storage expansion by 2025. It will add 6 billion cubic meters (bcm), or working gas volume, to increase its total capacity to 19,8 bcm. The world's underground gas storage capacity has increased by 10 billion cubic meters since 2022.
Baker Hughes exceeds profit expectations on the strength of industrial and energy technology demand
Baker Hughes, a provider of oilfield services, beat Wall Street expectations for its third-quarter profits on Thursday. This was due to the strength in their industrial and energy technologies (IET) division. Oilfield services firms are navigating a volatile oilfield market. Resilient areas such as LNG infrastructure, upgrades to the power grid…
Halliburton's profits beat expectations on the back of steady drilling demand in North America
Halliburton's third-quarter profits surpassed Wall Street expectations on Tuesday thanks to the steady demand for oilfield equipment and service in North America. The North America segment's quarterly revenue was $2.4 billion. This is the same as a year ago, but it's above analysts’ average estimates of $2.17billion. Halliburton…
Palm extends gains due to good export prospects, soyoil
The price of palm oil in Malaysia rose Tuesday, as traders benefited from the positive outlook for exports and the stronger soyoil market at Dalian and Chicago. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery had gained 43 ringgit or 0.95% to 4,556 Ringgit ($1,078.60). The futures opened higher on Monday…
SLB beats profit estimates on North America demand, ChampionX deal boost
SLB surpassed Wall Street expectations for the third-quarter profits on Friday as steady demand in North America, and contributions from its ChampionX acquisition, helped offset weakening activity in oilfields in other regions. After months of reduced expenditure, the U.S. Oilfield Market appears to have stabilized, but SLB's main profit generator, international demand, is still tepid.
North American LNG Exporters Look to Double Capacity by 2029
Liquefied natural gas exporters in the U.S. have announced plans to more than double U.S. liquefaction capacity, adding an estimated 13.9 billion cubic feet per day (Bcf/d) by 2029, the U.S. Energy Information Administration said on Thursday.The EIA cited its Liquefaction Capacity File and trade press reports for the forecast, and added that the U.S.
Ares Management purchases stake in EDPR assets for $2.9 billion
Ares Management announced on Monday that a unit of its Infrastructure Opportunities division had acquired a 49 percent stake in a diversified U.S. Renewable Energy Platform from EDP Renovaveis, valuing it at approximately $2.9 billion. Since September 2024, Ares Infrastructure Opportunities funds have owned 5.7 gigawatts of capacity in 11 states and 5 U.S. markets.
Enverus, an analytics firm, says that US shale costs will rise to $95/bbl in the mid-2030s.
Energy analytics firm Enverus stated on Tuesday that the marginal cost of producing U.S. shales oil could rise as much as 15 dollars a barrelle to $95 per barrel within 10 years as stagnant production forces companies to drill at locations with less proven resources. Enverus reported that the average cost of producing a barrel in the United States is $70.
Brazil's WEG invests $77 Million to increase US plant capacity because of AI demand
The Brazilian motor manufacturer WEG announced on Tuesday that it would invest $77m in a U.S. facility for the production of specialty transformers. It aims to increase the plant’s capacity by 50%, as artificial intelligence is driving demand in the U.S. WEG says that the investment in Washington, Missouri's plant is aimed at the production of transformers…
US Antimony Corp. wins Pentagon contract worth $245 Million to build Defense Stockpile
United States Antimony Corporation announced on Tuesday that it had secured a five-year contract with the U.S. Defense Logistics Agency for antimony metal ingots to be used as part of the stockpile. The contract is worth up to $245,000,000. The new contract is part of a larger effort by the Trump administration to strengthen U.S.
Halliburton cuts workforce as oil activity declines, sources claim
Halliburton, a U.S. oilfield service provider, has cut staff in recent months, according to sources who are familiar with the issue. This is the latest reduction of workforce in the U.S. petroleum industry, which faces increasing costs, a period when prices have dropped and there is volatility. The global benchmark Brent…
New England officials claim that the US's decision to halt a wind project is a mystery.
Business and government leaders in New England claimed that the Trump administration's decision to stop work on a nearly finished wind farm near the coast of Rhode Island is a threat to grid reliability and jobs, and it defies any explanation. Connecticut and Rhode Island state leaders demanded information from the Trump…
Officials say that the US decision to halt a wind project in New England has a negative impact on grid reliability and jobs.
Energy and labor officials warned on Monday that the Trump administration's decision to stop work on a large wind farm being built off the coasts of Rhode Island could threaten grid reliability and create jobs. ISO New England which operates the grid across six states and North America’s Building Trades Unions issued these…
Danish trader InCommodities has appointed Gunvor's Brockmeyer as its U.S. expansion manager
Rich Brockmeyer, former Gunvor executive, was appointed as the new CEO of InCommodites for North America. The group plans to increase its penetration into the U.S. gas and power market. Brockmeyer, who most recently served as the Executive Committee member of energy trader Gunvor and oversaw North American power and natural gas operations, will join InCommodities on September 2.
Enbridge Sees Demand for More Pipeline Capacity from Canada to US Gulf
Canadian pipeline operator Enbridge said on Friday its recent commercial process to gauge oil shippers' interest in an expansion of its Flanagan South pipeline was oversubscribed, indicating strong demand for additional oil transport capacity from Canada to the U.S. Gulf Coast.The success of the Flanagan South open season…
TC Energy increases its core profit forecast for the full year on natural gas and electricity demand
TC Energy, a Canadian pipeline operator, raised its core earnings forecast for the full year adjusted on Thursday due to increased demand for natural gas and electricity and its North America operations. TC Energy announced in May that it expects a surge in capital projects to be announced later this year or in the following years…
Profits at EDPR Wind Power have dropped 56% as a result of reduced asset sales.
EDP Renovaveis, a wind energy producer, reported on Wednesday that its first-half profits fell 56% from a year earlier, despite boosting power production. This was due to the fact that it sold less assets. EDPR is the fourth largest wind energy producer in the world. It reported that it had only booked 12 million euros ($13.87) in capital gains in the first six months…