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.
US permits talks about Lukoil’s foreign assets to continue until February 28,
The U.S. Department of Treasury on Wednesday extended the license for companies to 'talk' with Russian energy giant Lukoil regarding buying their foreign assets by more than one month, until February 28, 2019. On October 22, President Donald Trump sanctioned Lukoil, one of Russia's largest energy companies…
Viaro Energy's purchase of Shell and Exxon UK gas assets fails
Shell and Exxon Mobil halted the sale of natural-gas assets in Britain's Southern North Sea to a British oil producer, Viaro Energy. Shell announced this in a Wednesday statement. Shell stated that the conditions required to close the deal were not met because of changes in market and commercial conditions.
Sources say BHP will not bid on Rio-Glencore, but wait for the talks to conclude.
BHP will wait for Rio Tinto to complete its talks with Glencore to create the world's biggest mining company. The deal would?create?the largest mining firm in the world. BHP does not plan to make a bid at this time, according to two sources familiar with the situation. Glencore's shares…
European stocks gain as Glencore boosts STOXX600
European shares opened higher on Friday, helped by an 8% increase in Glencore. This put the STOXX 600 at its highest weekly winning streak since may. Gains reversed two sessions of losses when earnings were weaker and geopolitical tensions cooled sentiment. Rio Tinto announced on Thursday that it was 'in early discussions to purchase Glencore.
Exxon announces a decline in upstream profits for the fourth quarter
Exxon Mobil, the U.S. oil giant, said on Wednesday that lower crude?oil?prices may reduce its fourth-quarter?earnings? by $800 million to $1 billion. The price of oil fell 9.2% in the three-month period ending December 31 as geopolitical risk was outweighed by concerns over supply and tariffs. Brent crude futures lost?about 19% by 2025.
US forces oil majors to invest heavily in Venezuela to recover their debts
Two people who were familiar with this outreach report that White House and State Department officials told U.S. Oil executives, in recent weeks, they needed to return to Venezuela and invest significant capital to revive the damaged industry in order to receive compensation for assets expropriated two decades ago by Venezuela.
Australian shares drop as miners and banks fall on holiday thin trade
Australian shares dropped on Monday. The final trading week of the year began on a quiet note as banks and miners led the losses. They eased from recent highs, as holiday turnover exaggerated movements across the market. Investors returned to the market after their Christmas and Boxing Day holidays, and turnover was about half of its 30-day average.
FTSE 100 ticks down in shortened Christmas Eve Session
The FTSE 100 dipped on Wednesday as gains in homebuilders were offset by losses in healthcare during a shortened Christmas Eve session. The UK blue-chip FTSE 100 fell?0.1% to 0936 GMT. It has been trading in a sideways fashion since hitting a five-week-high?last Thursday following the Bank of England’s 25 basis-point rate cut.
Bloomberg News reports that Eneos, a Japanese company, is the leading bidder for Chevron Singapore's oil refinery stake.
Bloomberg News reported that Eneos, Japan's largest oil refiner, is leading rival bidders to acquire Chevron's stake in a Singapore refinery. The deal, however, could still be delayed, according to people familiar with the matter. The value of the refinery as a whole is estimated at $1 billion.
WSJ reports that BP is close to selling its majority Castrol stakes to Stonepeak
The Wall Street Journal reported on Tuesday that BP was close to selling a majority of Castrol's shares to Stonepeak, an investment firm. This deal values BP's lubricants division at $10 billion including debt. The report cited people familiar with this matter as saying that London-listed…
The new BP CEO has a long-lasting legacy at Australia's Woodside
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the London-based oil giant. She made an immediate impression when she took over at Australia's 'Woodside Energy', securing a deal which doubled the production portfolio. Woodside's acquisition of BHP’s…
The new BP CEO has a long-lasting legacy at Australia's Woodside
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the venerable London based major. She made an immediate impact when she took over at Australia's Woodside Energy and secured a deal which doubled the production portfolio. Woodside's acquisition of…
Wall Street Journal, December 18,
These are the most popular stories from the Wall Street Journal. These?stories have not been verified and we cannot vouch for their accuracy. Elliott Investment Management, an activist investor group, has built up a stake in Lululemon Athletica of more than $1 billion. It is now bringing…
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.
The UK has exempted Egypt's Zohr Gas Field from Russian sanctions
The UK added Egypt's Zohr Gas Field, where?Russian oil giant Rosneft has a 30% stake? and London-based BP has a 10%?holding?, to a list that exempts Russia sanctions. In October, Britain and the United States sanctioned Rosneft, one of Russia's largest oil producers, for their role in financing Moscow's invasion in Ukraine.
Shell mergers chief Greg Gut quit after CEO blocked BP bid, FT reports
The Financial Times reported on 'Tuesday that Shell's head of mergers Greg Gut had left the oil giant after CEO Wael Sawan and top executives rejected an internal proposal to??buy rival BP? this year. Gut and the M&A Team pushed for a BP deal early this year. Andrew Mackenzie, chair of the board, was said to have been interested.