Chevron (NYSE: CVX) and labor unions reached an agreement to end strikes at key liquefied natural gas facilities in Australia that have roiled the global market for the fuel.
Chevron (NYSE: CVX) and unions are close to a deal to end strikes at LNG export plants in Australia that have roiled global markets, with the nation’s regulator proposing an agreement to bridge the remaining issues.
As crude futures leap higher, traders and analysts are increasingly talking about when — not if — prices return to $100 a barrel.
The Offshore Alliance has refused to provide advance warning to Chevron of strike action.
Liquefied natural gas workers at key Chevron sites in Western Australia have begun ramping up a campaign of industrial action in a dispute that has roiled global energy markets.
Chevron (NYSE:CVX) will become majority owner of what’s expected to be the world’s largest hydrogen production and storage facility as the oil giant invests in tech aimed at addressing the intermittency that plagues wind and solar power.
Chevron (NYSE: CVX) is applying to a labor regulator to help resolve its dispute with unions at liquefied natural gas sites in Australia as workers continue partial strikes.
Members of the Offshore Alliance union said they will stop work completely for two weeks starting Sept. 14.
Employees at two Chevron liquefied natural gas facilities in Australia voted down the company’s pay package proposal, according to a union body, opening the way for a resumption of talks in the standoff that threatens global supply.
Pressure has been growing on the Cypriot government to increase local benefits, particularly given high electricity prices.
The threat of strikes at some Australian liquefied natural gas plants remains in focus amid pay disputes between Chevron and union officials, as unions endorsed action at the company’s Gorgon and Wheatstone facilities.
With inventories nearly full well before the start of the heating season and industrial demand subdued, the continent for now remains well supplied.
Woodside Energy Group and officials representing workers at some of its liquefied natural gas facilities are likely to hold more talks next week after failing to reach agreement on issues that could trigger strikes and disrupt global exports.
Workers threatening strikes at Chevron Corp. and Woodside Energy Group liquefied natural gas operations in Australia have urged the firms to quickly resolve disputes and avoid any costly disruption to exports.
European natural gas jumped by the most since March of last year amid the possibility of worker strikes in Australia, highlighting market jitters over potential supply disruptions.
Indonesia accounted for 0.1% of Chevron’s production in 2022. It lost the Rokan block in August 2021, which had contributed 130,000 bpd the previous year.
Plunging margins for petrochemicals are set to take a bite out of Big Oil’s quarterly profits, adding to the pain companies are feeling from lower oil and gas prices.
Chevron posted better-than-expected earnings as output in the Permian Basin soared to a record and the oil giant said it waived the mandatory retirement age for Chairman and Chief Executive Officer Mike Wirth.
Chevron expects to inject even less CO2 at its flagship Gorgon CCS plant this year than in 2022, amid issues with water management and seismicity.
It will increase the throughput of gas from 1.2 billion cubic feet per day to nearly 1.4 bcf per day, or from 12 billion cubic metres per year to 14 bcm. The new gathering pipeline should reach first gas in the second half of 2025.
Sapura Energy has also said its proposed restructuring would include a “white knight” investing 1.8 billion ringgits ($390mn) in the business.
At over $8billion, big company corporate venture capital investment (CVC) in clean energy start-ups ran at a record high last year.
The deal valued PDC at $6.3 billion, or $72 per share. The company is currently trading at around $65, with the deal offering a 11% premium.
Chevron’s flagship carbon capture and storage project in Australia faces years of work to hit full capacity, underscoring the challenge of a technology seen as necessary to help the world hit climate goals.
Oil production from the block could start as early as two years after a deal is signed, Budimbu said.