Repsol to be taken over by MedcoEnergi for South Sumatra oil blocks
MedcoEnergi, an Indonesian company, announced on Tuesday that it had agreed to purchase large stakes of two South Sumatra oil-and-gas blocks from Repsol Spain for approximately $90 million. The oil and natural gas explorer announced that it would take over operatorship of both blocks, subject to Indonesian approval. Repsol stated in 2019 that Sakakemang has 2 trillion cubic feet recoverable gas based on preliminary estimates.
Gunvor expands its precious metals trading into physical trading
Gunvor, a global commodity trading company, has announced that it is expanding its precious-metals business beyond trading derivatives to include physical metal. The company also revealed that it has hired experts in London and Singapore's trading hubs. Gunvor's growth in this sector coincides with an upswing that has seen the gold price double since late 2022, as investors sought refuge from geopolitical and economic turmoil.
The FCA of the UK is investigating energy company Drax for its disclosures about biomass sources
The UK's financial watchdog has launched an investigation into Drax Group's disclosures about the biomass it sources, following a previous investigation conducted by the energy regulator of the country. This sent its shares plummeting more than 12% in Thursday's trading. Ofgem fined Drax 25 million pounds ($33.77m) for reporting incorrect data about wood from Canadian forests.
China urges solar industry to reduce overcapacity
The Chinese industry ministry announced on Tuesday that it had held its second meeting in two months with representatives of the solar industry. It urged the industry to tighten regulations, reduce overcapacity, and reduce the extreme competition between firms. The ministry issued a statement in which it told the representatives at the meeting to "jointly encourage the sustainable and healthy development of the industry".
EU countries are considering a softening of the methane emission law for gas imports
According to a document obtained by, European Union countries could demand that Brussels simplifies the EU's law on methane emissions, which has raised concerns among companies that it may hinder imports of U.S. liquid natural gas. The EU will require importers of gas and oil to report and monitor the methane associated with their imports starting this year.
XRG aims to achieve a gas and LNG capacity of 20-25 millions tons per annum by 2035
XRG (the international investment arm) of Abu Dhabi National Oil Company said on Tuesday that it aims to be a gas and Liquefied Natural Gas business with a capacity between 20 and 25 millions metric tons annually by 2035. XRG, which is led by former BP CEO Bernard Looney, and Blackstone's Jon Gray approved a business plan for five years that aims to build an integrated LNG and gas business…
Mubadala Energy acquires Kimmeridge LNG and gas projects in the US
Mubadala Energy is an arm of Abu Dhabi’s sovereign wealth fund. It signed a deal with Kimmeridge, a US-based energy investor, on Thursday that gives it stakes in American gas assets. This marks its entry into the United States market, as part of the company’s growth plans. Mubadala Energy announced that the deal to purchase 24.1% of Kimmeridge’s SoTex…
Europe struggles to compete with China in rare earths
A consultant stated on Tuesday that Europe is likely to be able only to produce a small amount of the rare earths needed for electric vehicles and turbines in 2030. This is mainly because China, as a dominant producer, will offer cheap prices. In recent years, Europe and the U.S. struggled to increase domestic production and processing to reduce dependence on China. China accounts for 90% of all processed rare earths worldwide.
The prize is worth billions of dollars, but winning it is the key: Russell
Decarbonising steel is one of the biggest challenges to meeting climate goals. However, it could be extremely profitable for those companies and governments willing to take on the risk. Steel value chain is responsible for 7 to 9% global carbon emissions. It is the biggest industrial contributor, and therefore a primary target for many countries' and companies' goals for net-zero in 2050.
The spot price of solar panels is affected by the higher German supply
The French spot electricity price for Thursday dropped on Wednesday, as the consumption in the area was predicted to decline. German solar power prices were expected to rise by nearly 40% on the same day. By 0952 GMT, the price of French baseload electricity for Thursday had fallen by 8.4% to 84.50 Euros ($91.23). The German equivalent contract was not traded.
German antitrust watchdog flags price issues in the oil market
The German antitrust authority said on Wednesday that an examination of Germany's oil markets showed pricing issues. It called for stronger legal regulations on price quotes. The Federal Cartel Office will launch an investigation in 2022 into the German refinery and wholesale market for fuels following Russia's invasion. The two-stage investigation examined refinery pricing…
Vard Completes Conversion of IT Infinity PSV to Cable Laying Vessel
Norwegian shipbuilder Vard has delivered IT Infinity vessel to I.T. International Telecom Marine (IT), after completing its conversion from Platform Supply Vessel (PSV) to specialized Cable Laying Vessel (CLV).Built at Vard Brattvaag and delivered to Volstad Maritime in 2008 as the Volstad Princess, the vessel has changed ownership several times.SD Standard Drilling acquired the ship in 2017…
Tokyo Gas president: Asset sales will boost capital efficiency by Tokyo Gas
Tokyo Gas wants to increase capital efficiency through the sale of underperforming assets including real estate. This was announced by its president on Thursday following disclosures that activist investor Elliott Management had invested 5% in Tokyo Gas. Elliott took a 5.03% share in Tokyo Gas earlier this month. The company is trying to get Japan's largest city gas provider to increase shareholder value.
French and Benelux stocks - Factors to watch in November
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. The Delen family and Belgian holding company extended their historic shareholder agreements by 25 years. French cybersecurity company CD&R said that Permira and CD&R had received all the regulatory clearances needed for the proposed acquisition of the majority stake in the firm.
Woodside and Tokyo Gas discuss stake in US LNG Project
Tokyo Gas and Woodside Energy are in discussions about a possible stake in the multi-billion dollar Louisiana LNG export project. Two people familiar with these talks confirm this. Woodside, a major Australian oil and natural gas company, closed a deal this month to buy Tellurian Inc., a developer that had put itself up for sale after running out of money while building a U.S.
TotalEnergies purchases more gas assets in Texas for value chain boost
TotalEnergies, a French company, has expanded its natural gas footprint into the United States by announcing a deal with Lewis Energy Group. The two companies have agreed to buy a 45% share in certain dry gas producing assets located in the Eagle Ford Basin in Texas. TotalEnergies is one of the largest exporters of U.S. made Liquified Natural Gas.
Equinor executive says that the APPEC/EU methane emission law poses monitoring challenges.
The European Union's legislation imposing methane emission limits on Europe’s oil and gas imports will present monitoring challenges. A Norwegian oil executive said this at the APPEC on Tuesday event. The EU approved the law in May. It will put pressure on international suppliers of greenhouse gases to reduce their leakage. What will happen to the markets when crude oil starts to arrive?
Exxon Mobil Continues to Ramp Up LNG Portfolio
Exxon Mobil is ahead of schedule with its plan to double the size of its liquefied natural gas (LNG) portfolio to 40 million tons per annum (mtpa) by 2030 and will focus on selling its own gas rather than trading that of third parties, said Peter Clarke, Exxon Mobil SVP for global LNG.Exxon is revamping its LNG trading strategy amid growing production of the fuel and as part of a wider corporate reorganization that began in 2022.
Offshore Energy Production & the World Economy
As the price of gas continues to seemingly hold steady at around three dollars a gallon, the pocketbooks of Americans continue to suffer. Regretfully, due to global conflict and the outbreak of wars across Europe and the Middle East, oil prices are continuing to climb upwards, troubled by geopolitical conflict and fears of a potential shutdown of international oil and gas fields.Thankfully…
Digitalization is Drawing CCS a New Learning Curve
Digital solutions are accelerating the progress required to ensure CCS earns its place in climate change mitigation history.Carbon capture has been around since the 90s, but the behavior of CO2 in pipelines is still not that well understood. A lack of suitable multiphase flow assurance models has meant that past CCS projects have had to apply large, costly safety margins to transport and injection systems.