Rosen Group, an engineering firm that specializes in testing oil and gas assets, is weighing a potential sale, people with knowledge of the matter said. Rosen is working with Baird & Co. to gauge the interest of potential suitors, according to the people, who asked not to be identified discussing confidential information. The company generates annual earnings of more than $200 million on revenue of about $750 million and could attract both strategic and private equity bidders, they said. Discussions are ongoing and there is no certainty they will result in a sale, the people said. A representative for Rosen…
Author: Automotivedealernews.com
Oil rose as stronger demand in China outweighed concerns about further interest rate hikes in the US. West Texas Intermediate futures neared a one-week high of $71 a barrel on Thursday. China this week issued larger crude import quotas than a year earlier and a stimulus package the nation is considering raised hopes for higher demand. While the pace of growth lagged some market participants’ expectations, it was enough to offset the Federal Reserve’s warning of higher-than-expected borrowing costs. “A bit of good news from China can help oil prices a lot as that has been the focal point for…
Brighton, UK-based game development studio The Chinese Room has announced a new horror video game, called Still Wakes the Deep, which takes place on an oil rig off the coast of Scotland. “December 1975: Disaster strikes the Beira D oil rig off the coast of Scotland,” said a release statement for the game posted on the company’s website last weekend. “Nail through the collapsing platform to save your crew from an otherworldly horror at the edge of all logic and reality,” he added. A trailer for the game posted on the company’s Twitter account opens with a zoom of a…
Charlotte-based Duke Energy is selling its utility-scale commercial renewables business to Brookfield Renewable in a deal valued at roughly $2.8 billion, which includes non-controlling tax interests and the assumption of debt. Brookfield Renewable will acquire Duke Energy Renewables, a fully integrated developer and operator of renewable energy assets in the US with 5,900 megawatts (MW) of operating and under construction wind, solar and utility-scale storage assets, and a pipeline development of 6,100 MW that Brookfield Renewable is “well positioned to benefit from a highly supportive regulatory environment and growing demand for renewable energy from commercial and industrial buyers,” Brookfield Renewable…
At least two oil tanker owners are moving away from Nigeria after several companies received backdated tax invoices totaling millions of dollars. Several companies received demands from Nigeria’s Federal Inland Revenue Service, according to a notice to members of industry group Intertanko seen by Bloomberg. They cover the period 2010 to 2019 and range from $400,000 to $1.1 million per vessel. Combined, some claims are in the tens of millions of dollars. As a result, at least two shipowners, who asked not to be identified discussing commercial matters, are moving away from Nigerian ports to avoid the risk of their…
In general, we can expect more of the same. That’s what Enverus regional director for the Middle East in the Global Scout Network, Johannes Sobotzki, thinks, according to a statement sent to Rigzone. “Based on Erdogan’s nationalist agenda, Turkey’s national oil company TPAO has significantly increased exploration activities over the past few years, including the purchase of four drillships,” Sobotzki told Rigzone. “This has had some success, leading in 2020 to the discovery of the Sakarya gas field (>14 trillion cubic feet) in the Black Sea and the recent announcement of an onshore discovery of one billion barrels of oil…
Iberdrola has announced that it has signed a binding agreement to sell 55 percent of its business in Mexico for $6 billion. In a statement posted on its site, the company revealed that Iberdrola Mexico and Mexico Infrastructure Partners (MIP) signed an agreement whereby a trust led and managed by MIP acquires 55 percent of the gross operating profit (EBITDA) of ‘Iberdrola in the country. The agreement includes associated contracts, more than 410 related jobs, and has the financial support of Mexico’s National Infrastructure Fund, as well as other public financial entities linked to the Mexican government, Iberdrola emphasized. The…
We are now in the midst of the summer vacation season, but a recent survey showed that only two in five Americans are planning a trip that requires a flight and/or hotel stay; the fact is that inflation has cut into discretionary income. . US E&P companies are in a similar boat. After a brutal decade marked by intense commodity price volatility, oil and gas producers have over the past two years wooed investors with a new fiscally conservative approach that prioritizes collecting free cash flow to finance increasing shareholder returns. But more recently, lower commodity prices and persistent inflation…
The Philippines booked about $122 million (PHP 6.8 billion) in energy efficiency projects by 2021, the country’s Department of Energy (DOE) reported this week. “Energy efficiency investments include projects that use energy-efficient technologies and practices, including the new installation, upgrade or modernization of specific equipment or devices, such as the modification of lighting, the system of automated lighting control or the intelligent control system, heating, ventilation and air conditioning ( HVAC upgrades, replacement of boilers and other similar devices or equipment), he said on Tuesday. “The DOE also reported increased investment in solar PV [photovoltaics]Variable Frequency Drives (VFD), cogeneration system,…
TotalEnergies has made an oil and gas discovery at the Ntokon well in OML 102, offshore Nigeria. Located in shallow water, 60 km (37.2 mi) off the southeast coast of Nigeria, the Ntokon-1AX discovery well encountered 38 meters (124 ft) of net oil pay and 15 meters (approximately 50 feet) of net gas pay, while its Ntokon-1G1 sidetrack found 73 meters (240 feet) of net oil pay, in well-developed, excellent-quality reservoirs, TotalEnergies said in a statement of the company Ntokon-1G1 successfully tested up to a maximum rate of about 5,000 barrels per day of 40° API oil, the company said.…