Wednesday, January 8, 2025

Winners and Losers in Big Oil’s Offshore Spending Revival

From Bloomberg After four years of cutbacks, oil companies are poised to open their purses again and develop new offshore fields, although the benefits won’t be spread equally across the companies who provide them everything from seismic surveys to pumps and turbines. The long-awaited spending rebound will re-energize oil-services providers that have survived the deepest crisis in a generation thanks

Shell Seeks Sale of Canadian Refinery to Focus on LNG Project

From Bloomberg Royal Dutch Shell Plc is seeking buyers for an Ontario refinery and some sour gas facilities in Alberta as the company focuses on its $31 billion liquefied natural gas project in British Columbia. “These assets have been a cornerstone of Shell Canada for many years, however, they are no longer a fit with Shell’s evolving portfolio,” the company said

Mexico Confirms It Completed 2019 Oil Hedge at $55 a Barrel

From Bloomberg Mexico’s Finance Ministry confirmed that it spent about $1.23 billion to protect 2019 revenues against falling crude prices in the world’s largest annual oil deal. The oil producer locked in hedges at $55 a barrel, equivalent to the price approved by lawmakers for the 2019 budget, according to a Finance Ministry statement. The total expense comes to about

Norway Ready to Claim Share of Any Russian Arctic Oil and Gas Finds

From Reuters Norway will step up preparations to claim its share of oil and gas resources if Russia finds petroleum on its side of a border in the Barents Sea, the head of Norwegian Petroleum Directorate (NPD) said on Thursday. Norway and Russia in 2010 agreed a maritime border in the Barents Sea, ending a 40-year long dispute, and also