Oil Price The value of Russia’s crude oil exports has plummeted by nearly 30% since the end of June as falling international benchmark prices are depressing the value of the cheaper Russian crude grades, Bloomberg has estimated. Higher export volumes were unable to offset the slump in oil prices in recent weeks and Russia’s flagship Urals crude is now trading below
CNBC BP plans to sell its U.S. onshore wind energy business, it announced on Monday, saying the assets were not aligned with its growth plans. BP said it will launch the sale process shortly for the wind assets, bp Wind Energy, which has interests in 10 operating onshore wind energy assets across seven U.S. states. “We believe the business is
Yahoo Finance LONDON – Shell plans to scale back its oil and gas exploration and development workforce by 20% as CEO Wael Sawan widens his cost-saving drive to the highly profitable division after deep cuts in renewables and low-carbon businesses, company sources said. The restructuring in the exploration and wells development and subsurface units will see hundreds of job cuts
Oil and Gas 360 Publisher’s Note: You can view the EnerCom Denver—The Energy Investment Conference and the Energy Transition and Emerging Technologies Series presenter replays for a limited time. Eni SpA is a global energy company engaged in the exploration, development and extraction of natural gas and oil, power generation from traditional and renewable sources, refining and chemicals. Sustainability goals
Oil Price Higher costs and ongoing field developments are set to boost oil and gas investments to a record high offshore Norway, the top hydrocarbon producer in Western Europe, according to new data from Statistics Norway. Total investments in oil and gas activity in 2024, including pipeline transportation, are estimated at an all-time high of $24 billion (257 billion Norwegian
Oil Price BP (NYSE: BP) raised its dividend by 10% and extended its buyback program as it booked better-than-expected earnings for the second quarter of the year. The UK-based supermajor reported on Tuesday $2.8 billion in underlying replacement cost profit – the metric closest to net profit – for April to June, up from $2.7 billion for the previous quarter. The earnings
World Oil (Bloomberg) – Shell Plc plans to sell leases it won to develop floating offshore wind farms off the coast of Scotland, as the oil major continues to roll back a once-ambitious expansion into renewable power. The company wants to sell its share of projects in a joint venture with Iberdrola SA’s Scottish Power to develop as much as
Oil Price The Department for Energy Security and Net Zero has denied reports that Ed Miliband has banned the North Sea oil regulator from issuing any outstanding drilling and exploration licences, calling them “a complete fabrication”. Earlier today, The Telegraph claimed that the new energy security and net zero minister had overruled his officials to stop the North Sea Transition Authority (NSTA)
Oil Price Shares in BP fell by as much as four percent this morning after it warned it was expected to post an impairment of up to $2bn (1.6bn) and was operating under “significantly” lower refining margins. The FTSE 100 oil major, which in April surprised investors with a better-than-expected oil and gas trading performance in the first three months of
World Oil (Bloomberg) – Italian energy group Eni SpA is looking to raise more than €4 billion ($4.3 billion) from disposals in its global upstream business, people familiar with the matter said. The sales would be part of a broader strategy of disposing of €8 billion in assets over the next three years. Units that could be candidates for the
Yahoo Finance LONDON – BP’s new CEO Murray Auchincloss has imposed a hiring freeze and paused new offshore wind projects as he places a renewed emphasis on oil and gas amid investor discontent over its energy transition strategy, sources at the company said. The moves, which have not previously been reported, are part of a decision by Auchincloss to slow
U.S. News BRUSSELS -European Union countries adopted a 14th package of sanctions on Russia that aims to close some loopholes and hits Russia’s gas exports for the first time, EU foreign ministers said on Monday. Western powers imposed sweeping sanctions on Moscow after Russia launched a full-scale invasion of Ukraine in February 2022, which have been progressively ramped up since.
