(Bloomberg) — Shell Plc’s sale of a multibillion-dollar stake in a joint venture that operates oil fields in Nigeria has attracted bids from four local companies, according to people familiar with the negotiations. Seplat Energy Plc, Sahara Group Ltd., Heirs Oil and Gas Ltd. and ND Western Ltd. submitted the non-binding offers in January, sa...
(Bloomberg) — Oil shot across $90 for the first time since 2014 as winter weather in the U.S. threatened to shut in some production while geopolitical tensions continued to keep investors on edge. West Texas Intermediate rose as much as 2.4%, trading above $88 a barrel as traders doubted that all members of the OPEC+ coalition will be ab...
(Bloomberg) — TotalEnergies SE and its partners reached a final investment decision worth over $10 billion to produce Uganda’s oil discoveries and build a pipeline that will turn the landlocked East African nation into a significant crude exporter. The French major, along with Cnooc Ltd. and state-owned Uganda National Oil Company, announced...
Equinor’s Martin Linge field offshore Norway officially opened on January 27th. With good operational performance since the field came on stream in June and high oil and gas prices, the investments in the field are expected to be recovered in full during 2022. “Martin Linge has been a very challenging project to put on stream. Thanks to comp...
(Bloomberg) --OPEC and its allies are expected by delegates to stick to their plan and ratify another modest production increase next week as they try to satisfy rebounding oil demand. The 23-nation coalition led by Saudi Arabia and Russia will probably rubber-stamp a hike of 400,000 barrels a day for March, officials from about half of the grou...
SINGAORE (Bloomberg) --The oil market is running out of sellers in its surge to almost $90 a barrel. Whether it’s speculators, traders hedging their barrels in storage tanks or U.S. producers, some of the biggest drivers of bearish price movements have all retreated in recent months. As global stockpiles fall to seven-year lows, traders don...
(Bloomberg) --Eni SpA’s Norwegian joint venture, Var Energi AS, will apply for an initial public offering in Oslo on a bet there’s still investor demand for shares in oil and gas companies in Europe. The company is considering seeking a valuation of about $10 billion in the listing, people familiar with the plan said, cautioning the target m...
(Bloomberg) --The European Commission has been told by a key expert group that planned adjustments to its green rulebook risk raising greenhouse gas emissions and undermining the bloc’s reputation as a bastion for environmentally friendly finance. The Platform on Sustainable Finance, which is one of just two groups assigned the role of providi...
(Bloomberg) --The U.S. Treasury Department banned transactions of a key bond issued by Venezuela’s state-owned oil company for one year, the longest since it first stepped in to shield its U.S.-based refining arm from creditors, amid its economic downfall and political crisis. U.S. administrations under Donald Trump and now Joe Biden, had prev...
NEW YORK (Bloomberg) --The era of ever-cheaper clean power is over, giving a fresh jolt of uncertainty to global energy markets battered by one supply crisis after another. Relentless price declines over the past decade made renewables the cheapest sources of electricity in much of the world. In the past year, though, prices for solar panels hav...