Activist shareholders ACCR and pension funds urge BP show that shift to oil will deliver value
UK pension funds, European activist shareholders and ACCR have urged BP to 'publish more information' to prove that its strategy to shift spending from low-carbon projects to oil and natural gas will bolster shareholder value. BP's then CEO Murray Auchincloss had announced a strategy shift back to hydrocarbons a year earlier…
Devon and Coterra merge in $58 billion deal to create U.S. Shale giant
Devon Energy and Coterra Energy decided on Monday to merge as part of a $58 billion all-stock transaction, creating a large-cap company with the top spot in the Permian Basin. The shale industry is consolidating to reduce costs and increase'scale. The largest deal in the sector, since Diamondback's deal of $26 billion for Endeavor Energy Resources 2024…
Reliance stocks lead partial recovery of Indian stocks after budget day saleoff
India's equity benchmarks rose on Monday, with gains led by?infrastructure shares and bargain-hunting in heavyweight Reliance Industries as the?markets recovered from the damage they suffered after the federal budget. The?Nifty50 rose 1.06%, to 25,088.4, and the BSE Sensex gained 1.17%, to 81.666.46.
Trinidad and Tobago talks with Indian Oil about reviving refinery
Trinidad and Tobago is in talks with ?Indian Oil Corp to restart its mothballed 165,000-barrel-per-day Guaracara oil refinery, Energy Minister ?Roodal ?Moonilal said, as the Caribbean nation looks to revive refining capacity shut more than seven years ago. The refinery in the south was shut down in 2018 by the previous government…
Why is Elon Musk interested in putting AI data centers into space?
Musk's plans to launch satellite data centres into orbit could be given a boost by a proposed merger between Elon Musk's SpaceX, and xAI. The news was reported exclusively on Thursday. Musk is battling for supremacy against tech giants such as Alphabet's Google and OpenAI. What are space-based AI data centers?
Mozambique and TotalEnergies launch $20 billion LNG project
TotalEnergies and Mozambique agreed to restart construction of the French energy giant's $20 billion "liquefied natural gas" project in the country on Thursday, even though they are still negotiating over the additional costs associated with delays. Construction on the project was stopped…
TotalEnergies executive: LNG buyers prioritize supply security over price.
An executive from French oil giant TotalEnergies told the India Energy Week Conference on Wednesday that global?instability?is pushing buyers of liquefied natural gas to prioritize energy security?over other considerations such as price. Ronan Bescond is Total's Vice President of Long-Term Marketing and Origination for gas and Power.
Oil Prices Surge 3% on Worries of US Action Against Iran
Oil prices climbed about 3% to a five-month high on Thursday on rising concerns that global supplies could be disrupted if the U.S. decides to attack Iran, one of the biggest crude producers in OPEC.Brent futures rose $2.10, or 3.1%, to $70.50 a barrel by 11:07 a.m. EST (1607 GMT), while U.S.
The mining giant Grupo Mexico doubles its net profit in the fourth quarter due to metals boom
On 'Tuesday', Grupo Mexico, the world’s largest copper producer, said that it had nearly doubled its net profit for the fourth quarter due to higher metals prices and stronger volumes. This more than offset weaker infrastructure results related to suspended oil platforms, as well as foreign exchange headwinds.
Shell's legal battle against Venture Global is centered on communication with the engineer, a court transcript shows
Shell's appeal against its arbitration loss to liquefied gas producer Venture Global centers on possible communications between the U.S. company and independent engineer Lummus Consultants. A draft court transcript, seen by shows, details these potential communications. The transcript…
Sources say that the U.S. will soon issue a general license lifting sanctions against Venezuelan oil industry.
Three sources familiar with preparations said that U.S. officials were working on a general license to be issued soon, which would lift some sanctions against Venezuela's energy industry. This is a change from the previous plan of granting individual exemptions to sanctions to companies that wanted to do business there. U.S.
NextEra eyes nuclear power expansion as data center pipeline grows
NextEra Energy may expand its nuclear fleet in order to provide electricity for?data centres. The giant U.S. energy provider said on Tuesday that they are 'in advanced discussions' to power 9 more gigawatts to the server warehouses. Big Tech's massive data centers have pushed up the demand for electricity in the United States…
Select Eagle Ford assets are being sought by RPT-Exxon XTO.
Exxon Mobil subsidiary XTO Energy, which is part of the oil major Exxon Mobil, is looking for buyers to purchase?some assets? in the Eagle Ford shale in South Texas. In recent days, ?top ?U.S. Two sources said earlier that Exxon, the oil giant, opened a virtual dataroom to start marketing the assets.
Houston, the US oil capital, is buzzing as industry prepares for Venezuelan oil rush
Matthew Goitia explains his idea in a bar downtown Houston. He wants to build and refurbish marine terminals for Venezuela that will allow crude oil to be blended and exported, and chemical products shipped. Matthew Goitia, a director at Pelorus Terminals, explains his ambitious plan…
Venezuelan Oil Exports Progress Slowly Under US Supply Deal
Venezuelan oil exports under a flagship $2 billion supply deal with the U.S. reached about 7.8 million barrels on Wednesday, vessel-tracking data and documents from state-run PDVSA showed, with shipments accelerating after the U.S. eased its blockade but not enough for PDVSA to fully reverse output cuts.Following the U.S.
Kazakhstan's Tengiz Oil Field to Remain Shut for Another 7-10 Days
Oil production at Kazakhstan's vast Tengiz oil field, one of the world's largest, could be halted for another 7-10 days after shutting down on Sunday, cutting crude exports via the Caspian Pipeline Consortium, three industry sources told Reuters.The field's operator Tengizchevroil (TCO) said on Monday that due to power supply problems…
Official: Shell wants to exit Syria's al-Omar Oilfield, but US firms are interested in the sector.
Youssef qeblawi said that the head of Syria Petroleum Company Youssef qeblawi stated on Monday that Shell asked to withdraw its oil from the al-Omar field and transfer their?share to Syria’s state-owned operators, but that U.S. firms were interested in?the?country's energy sector. Al-Omar…
JERA Nex BP will buy EnBW’s stake in UK’s Mona offshore Wind project
JERA Nex BP has announced that it will purchase its partner EnBW’s stake in Mona 'offshore wind project. It also signed a lease agreement with the British 'facility. This move follows a German utility EnBW's announcement that it would be taking a 1.2 billion-euro ($1.39-billion) impairment charge for pulling out of two wind projects…
EnBW cancels two UK offshore wind farms, incurring $1.4 billion in impairment
EnBW, the German utility, announced on Thursday that it would take a 1.2 billion euro ($1.4 billion) impairment charge for scrapping two British wind projects. This was a direct result of losing a UK offshore tender. In this week's record-breaking auction, the?two offshore projects -…
India's largest tax disputes involve foreign companies
In India, foreign companies have complained of tax uncertainty and long-running litigation over alleged duty evasion or levies payable in large M&A transactions. These are the most high-profile tax cases that have been reported in India. India's highest court will convene on January 15, 2019.