Serentica, a KKR-backed company, may raise as much as $8 billion for India's green energy expansion
A top executive at the Indian company Serentica Renewables said that it plans to raise between $8 billion and $6 billion in the next five year to fund acquisitions and projects, as well as to double its clean energy production capacity. Pratik Agarwal said that Serentica is looking to spend $10 billion to 11 billion dollars to increase its clean energy portfolio by 17 gigawatts by 2029/30. The company wants to buy projects that are currently operating or under construction. There are currently 2 GW installed of solar and wind power and another 2 GW is due to be put into service within the next 10 month.
Woodside and East Timor target first LNG from Greater Sunrise by 2032
East Timor and Australia's Woodside Energy have agreed to investigate sending gas from large, undeveloped Greater Sunrise field to a new plant that will produce liquefied gas in Southeast Asia. The plant could begin exporting gas in seven years. In a Tuesday joint statement, Woodside and East Timor’s Petroleum and Mineral Resources Ministry said that the agreement requires the two parties to examine the commercial and technological viability of a 5 million-metric-ton LNG project. The plan is to begin production as soon as 2032-2035.
Woodside and East Timor target first LNG from Greater Sunrise by 2032
East Timor and Australia's Woodside Energy have agreed to investigate sending gas from large, undeveloped Greater Sunrise field to a new plant that will produce liquefied gas in Southeast Asia. The plant could begin exporting gas in seven years. In a Tuesday joint statement, Woodside and East Timor’s Petroleum and Mineral Resources Ministry said that the agreement requires the two parties to examine the commercial and technological viability of a 5 million-metric-ton LNG project. The plan is to begin production as soon as 2032-2035. This is the first time that the two sides have given a possible start date.
Exxon exceeds Q3 profit expectations on higher Guyana and Permian production
Exxon Mobil surpassed Wall Street expectations for the third quarter earnings on Friday. This was due to higher oil and natural gas production in Guyana, and the Permian basin which helped offset lower oil prices. LSEG data shows that adjusted earnings for the quarter July-September were $8.1 billion or $1.88 a share. This was higher than the consensus analyst estimate of $1.82 a share. Brent crude prices were $68.17 on average in the third quarter of this year, a drop of about 13% compared to the same period a year ago. Exxon is the largest U.S. oil company.
IRENA's chief executive expects sustainable biofuels as a key theme at COP30
Francesco La Camera said that the COP30 climate summit this year will focus on the social aspects of energy transition and the use of sustainable biofuels, according to the Director-General for the International Renewable Energy Agency, IRENA. COP30 is scheduled to take place in Belem (Brazil) from November 10-21. This will be the time for countries to update their national climate commitments, and evaluate progress towards renewable energy targets that were agreed upon at previous summits. La Camera anticipates that a biofuel commitment could be included in the final statement, possibly calling for a quadrupling of production by 2035.
Santos ex-finance chief blames 'untenable' leadership environment for exit
Sherry Duhe, former chief financial officer of Santos Australia, says that she quit the company after only a year because it was "untenable" in terms of leadership and due to her disagreements with Kevin Gallagher. Santos announced Duhe’s departure on 14 October, less than one month after a bid of $18,7 billion for the company by Abu Dhabi National Oil Company failed. In response to a question about the reasons behind her departure, Duhe shared the message she sent out to Santos employees and other parties regarding her decision to depart. Kim Lee is Santos’ executive vice president of people and brand.
Santos' GLNG facility will stop purchasing Australian domestic gas by 2027
Santos' Gladstone Liquefied Natural Gas plant (GLNG) in Australia will cease buying gas produced domestically to meet export contracts, according to its CEO on Tuesday. This could help ease the supply shortages on Australia's east coast. GLNG's CEO Stephen Harty stated that the company spent about A$1billion ($650m) a year on developing its own tenements, building its own supply and eventually would cease all domestic purchases of gas. "We have been on the path of phasing out purchases for a while, and we've had…
Developer says US stoppage of Rhode Island offshore wind is unjustified
According to court documents filed Thursday, the owners of Revolution Wind claimed that the reasons given by the Trump administration for stopping the work on their Rhode Island offshore windfarm were "factually inaccurate" and revealed only after the government had ordered the project to be halted. The filing at the U.S. District Court for the District of Columbia was part of a suit filed earlier this month against a stop-work notice issued by the Department of the Interior to Revolution Wind in August. U.S. president Donald Trump has repeatedly criticised wind energy for being ugly, unreliable and expensive.
Santos stock slides as $18.7 billion ADNOC-led deal collapses
Santos, the Australian gas producer, saw its shares fall as much as 13.6 percent on Thursday. A consortium led by Abu Dhabi-based ADNOC canceled their $18,7 billion offer for the company after commercial terms were not agreed. Santos announced in a press release issued early Thursday morning that it had told the XRG group on Monday that it would be willing to close a deal for $5.626 per share. Santos recently paid a dividend, so the original offer was $5.76 per share. That's $8.89 today. Santos shares fell to A$6.61 at the opening of trading on Thursday, their lowest price since June 10th. The benchmark S&P/ASX200 index was up 0.45%.
China's fossil-fueled power generation in August rose to its highest level in decades
Data and records from the Statistics Bureau showed that China's fossil-fuelled electricity generation in August rose to its highest since at least 1998. This was to compensate for a fall in hydropower production to meet summer demands, according to data. The rise in demand was a result of China's most extreme summer ever, which increased air conditioning use. This shows the country's dependence on fossil fuels for the spikes in demand caused by extreme weather, even though coal's share is declining. According to data from the National Bureau of Statistics…
State researcher: China's oil demand will peak in 2027 and is up 100,000 bpd from this year.
A state oil researcher stated on Monday that China's total demand for oil, including all its products, will peak in 2027. This year, the sector of petrochemicals is expected to increase by about 100,000 barrels a day, due to increased volume. The researcher says that the soaring use of electric vehicles (EVs) in China, which is the largest oil importer in the world, has eroded fuel demand. EVs are expected to replace at least 582,00 barrels of gasoline per day this year. Researchers at the APPEC Energy and Petrochemicals Conference in Singapore said that the country's independent teapot refiners operate at 45% capacity this year.
Al Mansour Holdings, Qatar, bets on Zimbabwean energy in a deal with Australia's Invictus
Al Mansour Holdings, a Qatari investment company, has acquired a 19.9% stake of Invictus Energy in Australia and will contribute up to $500m to the development of the Cabora Bassa Gas Project in Zimbabwe. The equity stake acquired for A$37.8m ($24.56m) will be used to fund short-term projects, including drilling the Musuma-1 priority well. Al Mansour Holdings will form a joint-venture with Invictus called Al Mansour Oil & Gas. This venture will be led by Sheikh Mansour Bin Jabor Bin Jassim Al Thani. It will acquire oil and natural gas assets in Africa.
Private equity deals in Japan are set to reach a record-breaking year.
Private equity funds and advisors predict that take-private deals will reach a new record in Japan this year. They expect the total to surpass the $40.3 billion in 2023. This is because companies are under pressure to increase returns for investors. Private equity was once seen as a threat by Japanese companies, who referred to it as "hagetaka", which means vultures. They are now more open to buying out companies and letting go of their once prized listed status, as activist investors and the Tokyo Stock Exchange call for a revamping of capital management and cross shareholdings.
BHP: It is too expensive to build an Australian green iron industry, as PM calls for China collaboration
BHP, a major miner in Australia, has stated that it would be too expensive for Australia to develop a "green-iron" industry. This comes after Australia and China decided to work together this week to decarbonise steel supply chains. These are responsible for almost a 10th of all global emissions. BHP Australia's Geraldine Slattery said the costs of producing low-carbon steel products "just don't stack up" when she attended a business round table with Australian and Chinese leaders this week in China. Slattery, along with other CEOs from mining companies, accompanied Australian Premier Anthony Albanese to China on a trip this week.
China's oil output surges in June as state-owned refining facilities ramp up their operations
China's crude throughput in June increased 8.5% compared to a year ago, official data revealed on Tuesday. State-owned refineries saw an increase in operations, and a return in profits, according consultancies. According to the National Bureau of Statistics, the world's second largest oil consumer processed about 15,15 million barrels of crude per day in June. Calculations based on data show that the daily processing rate has increased by 8.8% since May, reaching the highest level seen since September 2023. According to Chinese consultancy OilChem…
Sources say that arbitrators have made a decision in the Exxon-Hess dispute regarding Chevron's deal.
According to two sources with knowledge of the dispute, arbitrators have made a decision regarding a major oilfield in Guyana. Chevron's acquisition of Hess for $53 billion will be determined by the ruling. The Paris International Chamber of Commerce overseeing the arbitration is reviewing the decision now before it is made available to the parties. The arbitrators' decision or the date of the release of the decision is not clear. Hess Chevron, and the ICC have not responded to our requests for comment. Chevron has agreed to buy smaller U.S. oil producers Hess and Exxon in October 2023.
Wind opponents sue Trump Administration to block New York wind projects
Fishing companies, as well as offshore wind opponents, filed a suit on Tuesday to challenge the Trump administration’s decision to reverse its course and allow construction on Empire Wind to resume. Empire Wind is a $5 billion project for a wind farm off New York’s coast. Protect Our Coast New Jersey and Clean Ocean Action along with ACK for Whales, 12 fishing industry participants, filed a lawsuit in Trenton federal court, New Jersey to reinstate a stop-work order Interior Secretary Doug Burgum had issued in April, halting the construction of Equinor’s wind project.
Japan will send a senior official for the Alaska energy conference
Yoji Muto, Japan's Economy, Trade and Industry minister, said on Friday a senior official would attend a conference in Alaska next week, at which the $44 billion Alaska LNG Project is expected to come up for discussion. Muto announced that Takehiko Matsuo will be the Vice-Minister of International Affairs for the Ministry. The conference is scheduled to take place from June 3 to 5, Muto stated. The conference begins the day after the Trump administration scheduled talks. It invited officials from Japan and South Korea to Alaska to discuss a wide range of projects, including a gas pipeline. Asian governments are considering U.S.
Meyer Burger shuts down US solar panel manufacturing in Arizona
Meyer Burger, a Swiss manufacturer of solar panels, has closed a U.S. plant in Arizona because of financial problems, laying off all 282 workers, the company announced on Thursday. This is a blow to the solar industry's efforts to create a domestic supply network and reduce its dependence on China, which is the top manufacturer of solar panels in the world. Meyer Burger announced that it would build a plant in Goodyear, Arizona by 2021 to take advantage of clean energy incentives offered during the tenure of former U.S. president Joe Biden who linked fighting climate change and creating jobs with boosting domestic manufacturing.
Malaysia's Petronas targets China and Vietnam while looking for long-term LNG supplies
A Malaysian company, Petroliam Nasional or Petronas aims to increase its liquefied gas sales in markets like China and Vietnam, while also seeking to secure a more long-term supply of North America and emerging market markets. These regions offer significant opportunities because of their rapid economic growth and growing energy needs. Shamsairi stated that Petronas aims to work with China in other areas of lower-carbon energy including renewable energy and hydrogen. Other solutions include green mobility, ammonia and carbon capture and storage.