Petroleos Mexicanos is looking to strengthen its balance sheet with the sale of a stake in Repsol SA for about $3billion as Mexico’s state-owned producer prepares to form partnerships with foreign oil companies.
Pemex, as the Mexico City-based company is known, is selling a 7.9% stake in Repsol, according to a Citigroup Inc. filing to the Spanish stock exchange yesterday. Citigroup and Deutsche Bank AG are conducting the sale. Repsol shares were suspended from trading in Madrid until at least 10am local time, the Spanish regulator said.
The Mexican company is raising cash from the sale as lawmakers prepare regulations to open the oil industry to foreign investment for the first time since 1938. Pemex was “very disappointed” in Repsol’s performance, Chief Executive Officer Emilio Lozoya said in an Oct. 31 interview.
Aberdeenshire marine equipment specialist Motive Offshore has announced an investment of more than £400,000 in its subsea equipment to achieve industry standards.
Operators drilling difficult high-pressure, high-temperature oil fields in the North Sea are pushing the Treasury to improve a tax break to make production more affordable.
The two divers working alongside Russell Robinson at the time of the tragedy were physically and emotionally shattered after the hour-long attempted rescue.
A court was shown the horrific final moments of a dying North Sea diver as colleagues tried desperately to save his life almost 500ft beneath the water's surface.
More communication is needed between Scotland and Norway to develop the strong business relationship between the two country to the next level, a panel of international speakers agreed during the Aberdeen-Stevanger gateway yesterday.
Cheniere Energy Inc.’s decision to postpone its annual meeting by three months signals a potential shareholder battle over executive compensation at the natural gas export company, which had the highest paid U.S. chief executive last year.
The controversial chief executive of Vattenfall is set to land a place on the board of Statoil.
Oystein Loseth announced last year leaving his post with the green energy giant in March 2015 for “personal reasons”.
But last night it emerged that he has been nominated for a seat around the top table at Statoil, the firm behind the Mariner project in the North Sea.
If he is accepted, he will leave Vattenfall this October – six months early – to join the oil firm.
Mr Loseth was at the centre of speculation that he had taken bribes for a deal in 2009, but an independent investigation cleared him of any wrongdoing.
It was alleged that he had taken “extra remuneration” when Vattenfall acquired Dutch company Nuon.
One of Sweden’s best-known lawyers – Christer Danielsson – was brought in to lead the probe.
An oil tanker shipping crude from Iraq’s semi-autonomous Kurdish region turned back after getting almost 200 miles across the Atlantic Ocean, amid a challenge over the shipment’s legality.
The United Leadership, able to haul 1 million barrels, signaled that it was about five miles off Mohammedia in Morocco at about 6pm local time yesterday, according to information entered by the ship’s crew and captured by Coulsdon, England- based IHS Maritime. It turned back on May 30 after getting about 190 miles west of Gibraltar, at which point it was sailing to the U.S. Gulf. The shipment is illegal, SOMO, Iraq’s oil marketing company, said yesterday.
Scottish Renewables will today call for a new body to examine the potential of hydro power to unlock £1billion of investment and deliver a boost to UK energy security.
Well services giant Expro International hailed record sales growth as deep water activity - particularly in Asia - narrowed the firm’s bottom line losses.
North Sea pioneer Algy Cluff’s coal gasification business is well placed to set to help secure UK energy supply, a report has claimed.
Cluff Natural Resources, which owns a number of near-shore licensed fields where coal can used to produce “syngas”, is estimated to be sitting on a potential 3 trillion cubic feet of natural gas on a conservative conversion, analysts at brokers Panmure Gordon said
A diver was pulled motionless from the water after carrying out practice rescue drills at an oil platform in the North Sea, a fatal accident inquiry heard yesterday.
Russia is ready to consider lowering the price paid by Ukraine if the country pays its debt, Miller said in an e-mailed statement. Ukraine still owes for supplies in April and May.
Russia plans to submit a United Nations Security Council resolution today seeking a cease-fire and peace talks in eastern Ukraine, Foreign Minister Sergei Lavrov said at a televised news briefing in Moscow. The proposal would create humanitarian aid corridors, allowing civilians to seek safety and access for the Red Cross.
“We deliberately framed our resolution in a depoliticized way, focusing on measures that can quickly relieve the suffering of the civilian population,” Lavrov said. “We hope the humanitarian character of our resolution will be understood correctly by the UN Security Council and will be adopted rapidly.”