Oil hit a three-week low as light summer trading left the commodity at the mercy of broader markets. West Texas Intermediate futures are down 4.6% this week, poised to snap a seven-week winning streak. Equities, rocked by China’s stock market woes, dragged oil lower, while signs that more interest rate hikes were likely failed to boost confidence in demand. Even a sharp decline in US crude stockpiles and signs of tightening supplies in the Middle East and North Sea failed to lift prices. “Crude oil prices are heavy as Wall Street gets nervous about the outlook for the world’s two…
Author: Automotivedealernews.com
Russia will raise the export tax paid by its oil producers in September to the highest level this year, boosting state coffers as the country’s crude price rises. The government plans to raise oil export duties to $21.40 a tonne next month, more than a quarter higher than in August, the finance ministry said in a statement on Tuesday. That equates to about $2.92 a barrel. Oil taxes are a key source of revenue for Russia, which is seeing its budget strained by rising costs to finance the Kremlin’s war in Ukraine and Western sanctions on the economy. Crude oil…
Norway’s privately held NorSun AS, which manufactures and markets monocrystalline silicon ingots and wafers for the global solar industry, has raised $8.6 million (NOK 90 million) in new equity funding to finance the development of growth projects in the US and Europe. The new capital will be used to finalize plans for a five gigawatt (GW) production facility in the United States. NorSun will also evaluate plans to expand further in Ardal in Vestland, Norway, targeting growth projects in the country and the rest of Europe, NorSun said in a press release. Statkraft Ventures and Ardal Energi will enter as…
The UK government has announced nearly GBP 4 million ($5.1 million) in funding for “green AI (artificial intelligence) innovations” in a new release sent to Rigzone. Twelve green AI initiatives will receive a share of GBP 1 million ($1.2 million) to decarbonise and boost renewable energy generation, helping to achieve the country’s ambitious net zero goal by 2050, indicate the government in the statement. In addition, the government revealed in the statement that it will contribute GBP 2.25 million ($2.87 million) to support new innovations in AI, “with the aim of reducing emissions specifically in the energy sectors”. The government…
Investment firm Carlyle is selling Assala Energy, an oil exploration and production company operating in Gabon, to Etablissements Maurel & Prom SA (M&P), a Euronext-listed oil and gas exploration and production company, according to a press release from Carlyle on Tuesday. The transaction has total consideration of $730 million and is expected to close between the fourth quarter of 2023 and the first quarter of 2024, subject to various approvals, including those of the Republic of Gabon and CEMAC (Communauté Economique et Monétaire de l’Afrique). Centrale) merger control authorization, according to an independent M&P press release. Carlyle invested in Assala…
Saudi Arabia has no good reason to raise the price of oil to $100 a barrel. That’s according to Bjarne Schieldrop, SEB’s chief commodity analyst, who made the statement in a note sent to Rigzone this week. “While among them [Saudi Arabia] they can choose to keep production around 9.0 million barrels per day for a little while longer, they have no reason to push the price of oil up to $100-110 per barrel as they would get a lot of political pain from the US, China and India. , Europe,” Schieldrop said in the note. “Saudi Arabia should be…
In a new report sent to Rigzone this week, Macquarie strategists noted that they remain bullish in the short term, but warned that they “expect to shift to a more neutral and potentially bearish stance as the downturn approaches.” “The remaining upside should be driven by rising runs that will support global equity draws until the fall T/A season begins,” strategists noted in the report. “After a slow start, KSA (Kingdom of Saudi Arabia) and Russia appear to be reducing production and exports in earnest, but we are wary of investments and free riding by other members,” they add. “If…
Perenco UK and Carbon Catalyst Ltd (CCL) have won a license to progress the Poseidon carbon capture and storage (CCS) project from the North Sea Transition Authority’s (NSTA) first carbon storage competitive round ). The Poseidon project encompasses the Leman gas fields, one of the largest geological structures in the southern North Sea sector of the United Kingdom Continental Shelf (UKCS). Leman offers a mix of depleted gas reservoirs and saline aquifers in which carbon dioxide can be permanently stored, Perenco said in a press release. Leman is connected via a pipeline to the PUK Bacton terminal, which will receive…
Venture Global reached a Final Investment Decision (FID) on Plaquemines LNG Phase 1 in March 2022, becoming the first new LNG project to get the post-COVID green light and starting a period of massive expansion for to US LNG. In fact, more than 61 million tonnes per annum (MMtpa) of new US LNG capacity has been given the go-ahead in the past 17 months, including Venture Global’s full 20MMtpa Plaquemines LNG project, plus projects from Cheniere , Sempra and most recently NextDecade’s Rio Grande LNG. Even if no new LNG projects are sanctioned after this, which seems unlikely given the…
Suncor Energy reported net earnings of $1.4 billion (C$1.879 billion) in the second quarter, compared with $2.97 billion (C$3.996 billion) in the year-ago quarter. Suncor’s adjusted operating earnings were $0.93 billion (C$1.253 billion) in the second quarter, compared with $2.83 billion (C$3.814 billion) in the prior-year quarter, according to an earnings release Monday. previous year, mainly due to “decline in crude oil and refined products”. realizations reflecting a weaker business environment in the current quarter, and a first-in, first-out inventory valuation loss in the current quarter compared to a gain in the prior year quarter, partially offset by reduction of…