BP will sell its US onshore wind business for an undisclosed amount to LS Power
BP announced on Friday that it had agreed to divest its U.S. Onshore Wind business to U.S. based power grid operator LS Power as part of its ongoing strategy to divest. The energy giant did not disclose the deal's value. Investors have criticized BP for its poor performance in recent months.
Wall Street Futures dwindle after record session
The U.S. index futures took a break on Friday after the S&P 500, Nasdaq, and other stock markets closed at record highs the previous day on the back of positive economic and earnings data. Netflix's outstanding profit also failed to spark enthusiasm. At 6:57 am. S&P E-minis rose 2 points or 0.03% at 6:57 a.m. ET. 69,586 contracts were traded.
FTC reverses its order banning John Hess Chevron board member
The U.S. Federal Trade Commission reversed on Thursday an earlier order that barred Hess Corp. CEO John Hess as a condition to the oil giant acquiring his company for $53 billion. ExxonMobil is locked in a dispute with Hess over a large oilfield in Guyana. The outcome of the arbitration…
Why Tether, the crypto giant, bought a South American agriculture company
Tether, world's biggest digital assets company and crypto powerhouse, has leveraged its recent acquisition to make a strategic move for the multi-trillion dollars a year commodities trade. The company wants to integrate its stablecoin - a digital currency pegged at the U.S. Dollar that…
Google signs $3 billion US Hydropower Deal in Largest Clean Energy Agreement
Google announced on Tuesday that it had agreed to purchase up to 3 gigawatts (or more) of hydroelectric power in the United States, forming the largest corporate clean energy pact ever for hydroelectricity. This comes as Big Tech continues its expansion of data centers, which are notoriously energy-hungry.
Saudi Aramco Discusses LNG Purchase to Support Commonwealth LNG's Market Growth
Oil giant Saudi Aramco is in talks with Commonwealth LNG to buy liquefied natural gas from the U.S. company's proposed facility in Cameron, Louisiana, as it seeks to strengthen its position in the market for the superchilled fuel, four people told Reuters on Wednesday.The talks are for 2 million tons per annum (mtpa)…
Sources: Saudi Aramco and Commonwealth LNG in negotiations for an offtake agreement
Four people said that Saudi Aramco, the oil giant, is in discussions with Commonwealth LNG about buying liquefied gas from its proposed Cameron, Louisiana facility. The company wants to improve its market position for super-cooled fuel. Two people confirmed that the talks concern 2 million tonnes per annum.
EBRD lends Moldova 400 million euros for energy security
The European Bank for Reconstruction and Development announced on Tuesday a 400 million euro loan ($468 million) to the state-owned energy company Energocom of Moldova for purchasing gas and electricity on European markets in order to increase energy security for the country. This follows the decision of Russian energy giant Gazprom…
Carrier is the latest multinational company to sue India for electronic waste regulations
The Indian unit for the U.S. Air Conditioning giant Carrier is the latest large firm to file a lawsuit against Prime Minister Narendra Modi over the electronic waste regulations that have increased the fees manufacturers are required to pay to recyclers. The High Court of Delhi will hear the cases of Tata Voltas…
Source: Russian government talks tax relief for Gazprom
A government source revealed on Monday that the Russian government is considering tax reliefs for the energy giant Gazprom. These could be offset by higher taxes on gas producers in general. Novatek and Rosneft, two other major gas producers in Russia, are also listed. Moscow must balance…
UK-based Balfour Beatty awarded $1.14 billion contract to build new gas power plants
Technip Energies, a French energy company, awarded Balfour Beatty of Britain a contract worth 833 million pounds ($1.14 billion). The project involves the construction of a UK gas-fired power plant. Balfour Beatty announced that construction on the plant, where 1,500 workers will be employed, will begin later this year and will end in 2028.
Sources say that Brazil's Petrobras has held off on raising fuel prices amid tensions with Iran.
Petrobras, the Brazilian oil company, is closely watching geopolitical tensions that have been driving up global oil prices in recent weeks. However, it does not intend to adjust domestic fuel prices at this time, according to two sources. Sources, who spoke on condition of anonymity…
Gazprom says that the US and Chinese purchases of strategic reserves may offset Russia's oil surplus.
The head of Russian oil producer Gazprom said that the U.S., China and other countries' purchases of strategic oil reserves will offset any global surplus to keep oil prices in check. The eight members, who are OPEC+ and include Russia and other producers, have decided to increase production for the months of April, July and August.
TotalEnergies plan to restart LNG project is a positive for the energy minister of Mozambique
Mozambique’s energy minister stated on Friday that the government had not received a formal request from TotalEnergies for the lifting of a declaration of force majeure on the $20 billion liquefied gas (LNG), project in the country. However, he was optimistic about TotalEnergies' plan to restart its development during the summer.
Energy companies race to Southeast Asia for gas to meet AI power demand
Energy companies are investing in gas exploration and production to meet the rising demand for power from a growing population and the proliferation of data centers in this region. As countries pursue different paths of energy transition, European majors are pivoting back to conventional fuels that are more profitable.
Exxon, Chevron acquires blocks in Brazil's environmentally-sensitive Foz do Amazonas basin
Exxon Mobil and Chevron on Tuesday took their first steps toward eventually exploring oil in Brazil's Foz do Amazonas basin, scooping up offshore blocks auctioned by the country in the promising but environmentally-sensitive area. This is the first time that a company other than Brazil's Petrobras has ventured into the biodiverse ecological area.
PetroChina aims to reduce risks by increasing North American LNG volume, according to an executive
PetroChina International, trading arm of Chinese oil giant, is interested in North American supplies of liquefied gas. The company wants to reduce its trading risks by negotiating flexible supply agreements, according to a company official on Tuesday. If I look at the portfolio we have today, I'd say that there is a slight over-weighting on duration.
TotalEnergies acquires 40 offshore US blocks operated by Chevron
PARIS, 16 June - French oil giant TotalEnergies announced on Monday that it had acquired a 25 percent interest in 40 federal exploration leases operated by Chevron in the Gulf of Mexico. The outer continental shelf leases consist of 13 blocks located in Walker Ridge, 9 blocks within the Mississippi Canyon region and 18 blocks situated in East Breaks.
Oil industry gathering in Malaysia is shadowed by conflict in Middle East
Energy executives from around the world gathered on Monday in Malaysia's capital for an industry gathering. They were concerned about the dramatic escalation of the conflict between Israel & Iran which has fueled fears that the conflict could spread and disrupt the supply. According to the head of Saudi Arabia's state oil giant Aramco…
ADNOC consortium offers $18.7 billion to takeover Australia's Santos
Santos, an Australian oil and natural gas company, said Monday that it would support a $18,7 billion bid by an international consortium led Abu Dhabi National Oil Company (ADNOC) to acquire the company. ADNOC has, via its investment arm XRG in conjunction with Abu Dhabi Development Holding Company…
