Oil rose alongside stocks as lackluster summer trading left the commodity trailing broader markets. Aggregate open interest in West Texas Intermediate crude is down about 16% from its peak in early June. Risk-on sentiment in the markets pushed oil higher, although a mixed demand outlook and the prospect of more supply from Iran and Venezuela dented investor conviction. Oil’s recovery has faltered in recent weeks as a deteriorating demand outlook in China, the world’s biggest oil importer, remains a lingering concern for traders. The stumble comes despite efforts by OPEC+, the producer group led by Saudi Arabia and Russia, to…
Author: Automotivedealernews.com
Aker Solutions Subsea and Mocean Energy have partnered to extend the life of existing oil and gas centers by using wave energy. The two companies have signed a memorandum of understanding (MoU) to combine their expertise in wave energy conversion and integrated subsea solutions to develop a reliable and cost-effective means of powering subsea infrastructure, Aker Solutions said in a statement of press The deal could see a pilot project in UK waters within two years, the statement said. The project aims to use locally generated ocean energy to tie up stranded reservoirs, help tap new reserves from old oil…
The State of Louisiana, Chevron USA Inc. and the American Petroleum Institute (API) have filed a legal challenge to the Department of the Interior’s Bureau of Ocean Energy Management (BOEM) Final Notice of Sale for Lease Sale 261 announced last week , complaining about “severe restrictions on oil and natural gas vessel traffic” and “significantly reduced surface area,” the API said in a statement. According to the filing in the District Court for the Western District of Louisiana dated Aug. 24, the “BOEM changed the rules and dramatically altered the terms of Lease Sale 261” in its Final Notice of…
Gemany’s RWE AG is selling its subsidiary RWE Gas Storage CZ sro to the state-owned Czech Transmission System Operator (CEPS) for an equity value of $389.1 million (€360 million). The purchase of the company, which includes a workforce of 250 employees, has been approved by the Czech government. The transaction is subject to regulatory approval and is expected to close within the year. RWE has decided to divest its Czech business as “gas storage activities are not part of RWE’s core business,” the company said in a press release on Thursday. RWE maintains its gas storage in Germany, noting that…
Afro Energy Pty. Ltd., a subsidiary of Kinetiko Energy Ltd., has executed a non-binding term sheet with Industrial Development Corp. (IDC) of South Africa to jointly develop a new joint venture (JV) for the evaluation and production of liquefied natural gas (LNG) in South Africa. The first stage of the project targets 50 megawatts (MW) of gas-equivalent power, Kinetiko said in a press release. The first stage is estimated to cost approximately AUD 138 million ($88.4 million), of which IDC will fund AUD 52 million ($33.3 million) in equity for a 30 percent stake in the JV and Afro Energy…
France extended a plan that allows power producers to burn more coal this winter to avoid possible power shortages, but tightened conditions when the country’s two coal-fired power plants operate. The move comes as Electricité de France SA’s nuclear output, which provides more than half the country’s power, is expected to remain below historic levels during the coldest months of the year as continues to fix faulty pipes in some reactors. France loosened emissions limits from coal plants in early 2022. Electricity generators that emit a lot of carbon dioxide, such as coal-fired power plants, will be able to run…
Equinor ASA has started production at the Statfjord Ost field in the North Sea, hoping to increase its output by 26 million barrels of oil equivalent. “The project has been completed with good safety results and is expected to meet the estimated costs, despite inflation and the weakness of the Norwegian krone,” the state-owned company said in a press release on Friday. “Two new wells have been drilled from existing subsea templates and three additional wells are to be drilled,” Equinor added. The current Statfjord Ost development, first commissioned in 1994, also involves linking a new pipeline from Statfjord C,…
Queensland Pacific Metals Ltd. (QPM) has completed the purchase of the Moranbah gas development project in Australia’s Bowen Basin from Arrow Energy Pty. Ltd. for 30 million dollars. QPM, which made the acquisition through its subsidiary QPM Energy, expects production from the project in the northeast state of Queensland to be 2.85 petajoules (PJ) in the last quarter of 2023. QPM expects that production gradually increase to 3.7 PJ in the fourth quarter. of 2024, he said in a press release on Friday. “The acquisition of the Moranbah project transforms QPM into the sixth domestic gas producer listed on the…
It’s only natural that deals like Chevron’s $7.6 billion acquisition of PDC Energy and ExxonMobil’s $4.9 billion purchase of Denbury attract market attention. After all, shoppers are household names to everyone, even those who only think of hydrocarbons when they fill up at their local gas station. But there’s also a lot of other, lower-profile M&A action happening, especially in the Permian and also in the Eagle Ford. You could say that these are cases of “Eat or be eaten” or, in a recent case, “Eat i be eaten.” In today’s RBN blog, we discuss Permian Resources’ plans to acquire…
Harbor Energy has slipped into the red, posting an after-tax loss of $8 million for the first half of 2023. The decline, the company said, was driven by a higher UK tax rate and one-off tax charges. Harbor Energy’s profit after tax for the first half of 2022 was $1 billion. Production averaged 196 kbopd, down from the 211 kbopd average for the first half of 2022, but still in line with guidance and split equally between liquids and gas. This reflects contributions from new wells in Harbour-operated Tolmount and J-Area cores in the UK offset by natural decline, the…