Petronas plans clean energy business unit in global shuffle
Malaysia’s national oil company Petronas is setting up a business unit focusing on clean energy solutions as part of a global operational shuffle.
divestment
BW Offshore books loss on Indonesian FPSO divestment
BW Offshore has signed a deal to sell its FPSO BW Joko Tole to a group of Indonesian companies that will free up cash to pursue other investments. However, the FPSO was sold at a loss.
Japan is backing oil and gas even after COP26 climate talks
It’s been less than a month since world leaders pledged to combat climate change at the COP26 summit in Glasgow, yet Japan is already showing signs of putting the brakes on divestment from fossil fuels.
Maersk Drilling ‘significantly bolstered’ by sale of Maersk Inspirer
Maersk Drilling (CPH: DRLCO) is enjoying a period of “strong operational performance”, bolstered by the sale of the Maersk Inspirer.
ExxonMobil’s giant Cepu Block exceeds expectations in Indonesia
Production and reserves at ExxonMobil’s (NYSE:XOM) giant Cepu Block - rumoured to be a divestment candidate - have exceeded expectations, reported Indonesian upstream regulator SKK Migas.
Aberdeen University decides to divest from fossil fuels
Aberdeen University, considered one of the UK’s top academic institutions for petroleum studies, has decided to divest from fossil fuels.
Indonesia approves ExxonMobil drilling plan at giant Cepu Block
Indonesian upstream regulator SKK Migas has approved ExxonMobil’s plans to restart drilling at its giant Cepu Block in a bid to find new reserves and stem falling output at the country’s largest oil producing block.
Medco raising cash with eye on ConocoPhillips’ Corridor Block
Medco Energi, an ambitious Indonesian independent oil and gas company, is preparing to raise capital that will help fund acquisitions. Significantly, Medco Energi is reportedly keen to bid for ConocoPhillips’ share of the giant onshore Corridor gas block in Indonesia estimated to be worth more than $1.5 billion.
Indonesia tweaks upstream divestment rules for Pertamina
The Indonesian government will allow Pertamina to divest more than 51% of its participating interest in legacy upstream blocks that it has acquired from former operators.
Repsol and Medco eye ConocoPhillips $1.5bn Corridor stake
Indonesia’s Medco Energi and Spain’s Repsol are reportedly keen to bid for ConocoPhillips' share of the giant onshore Corridor gas block in Indonesia estimated to be worth more than $1.5 billion.
Shell puts Malaysian upstream assets on sale
Shell has officially launched the sale of its shares in oil and gas fields it does not operate offshore Malaysia, according to a document seen by Reuters.
BHP considers exit from oil and gas business
BHP Group is considering getting out of oil and gas in a multibillion-dollar exit that would accelerate its retreat from fossil fuels, according to people familiar with the matter.
Indonesia asks Chevron and Shell to complete divestments
Indonesian upstream regulator SKK Migas has asked Shell to complete the divestment process for its Masela Block, which holds the giant Abadi gas field, by the end of this year, reported local media. Chevron is also being pushed to finalise the sale of its Indonesian Deepwater Development (IDD) to Italy’s Eni.
Shell’s $1bn Abadi divestment process struggles after Sinopec’s interest wanes
Shell has failed to generate any significant interest in the sales process for its share of the giant Abadi LNG project one year after the Indonesian government announced the Anglo-Dutch supermajor’s intention to divest.
Woodside seeks exit for struggling Kitimat LNG project
Australia’s Woodside Petroleum said today that it has decided to exit its 50% non-operated interest in the proposed Kitimat liquefied natural gas (LNG) export project in Canada. However, finding a buyer for the Chevron-operated development, will prove challenging.
Japex sells Canadian shale gas stake to Petronas
Japan’s Japex will sell its 10% stake in a Canadian shale gas project to Malaysia’s Petronas amid concerns over profitability and its carbon footprint.
Japanese upstream players accelerate exit plans
Japanese companies are increasingly focused on upstream portfolio rationalisation, with divestment of non-operated stakes in smaller oil, as well as other non-core assets, expected to accelerate, research from Wood Mackenzie shows.
Ex-Petronas CEO joins ExxonMobil board in surprise move
The former boss of Malaysian national oil company (NOC) Petronas, Tan Sri Wan Zulkiflee, has joined ExxonMobil’s board of directors, in a move that has surprised some industry watchers.
Shell eyes $2.2 billion divestment from giant Indonesia gas project
Shell is pushing ahead with plans to divest its share of the giant Abadi LNG project in the Masela Block offshore Indonesia.
Divestment from oil and gas could ‘cut off our nose to spite our face’, Aberdeenshire MP claims
Aberdeenshire Conservative MP Colin Clark claimed the UK energy sector could be about to "cut off its nose to spite its face" if it doesn't utilise the skills from North Sea oil and gas during a Treasury Committee meeting.
MSPs call on Scottish Parliament to end investment in fossil fuels
A group of MSPs have called on the Scottish Parliament to end its investment in fossil fuels.
Public health body completely divests from fossil fuels over climate concerns
The Faculty of Public Health (FPH) has announced it has ended its investment in fossil fuels over climate change concerns.
Top Shell news from this week
This week has seen a number of announcements from oil major Shell including the divestment of its downstream assets in Denmark.
Shell said to be eyeing $30billion divestment program
Oil major Shell is said to be lining up assets for a $30billion divestment program which could extend from the US and Trinidad to India following its takeover of BG Group last month.