Shell cuts low-carbon investment amid ‘discipline’ drive, boosts CEO pay
The oil company has halved its low-carbon renewable and energy solutions investment target for 2030 to 10%, while boosting chief executive Wael Sawan's pay in 2025.
oil
China’s Sinochem buys first oil cargo from Canadian pipeline
China’s Sinochem Group has purchased one of the first crude cargoes that will be shipped through a new Canadian pipeline that’s designed to move more oil from landlocked Alberta to the Pacific Coast for export.
Opinion: Is the oil and gas sector becoming more attractive to private equity investors?
A 2020 study by McKinsey stated, ‘The oil and gas industry accounts for 42% of global emissions…in addition, it produces the fuels that create another 33% of global emissions.’
Global oil demand to reach its peak this decade, IEA says
Global demand for oil will reach its peak this decade, the International Energy Agency predicted for the first time, amid growing popularity of electric cars and the cooling of China’s economy.
Rosebank: Where will the oil go?
Equinor was asked that key question during a media briefing on the Rosebank oilfield on Wednesday.
AF Gruppen secures decom contract for North Sea platform
Norwegian company AF Gruppen (AFG) has secured a key decommissioning contract for a North Sea platform.
Extinction Rebellion protesters target Labour headquarters
Climate change protesters from Extinction Rebellion (XR) poured fake oil and set off smoke grenades in a targeted protest at the headquarters of the Labour Party in London.
Windfall Tax price floor: What difference will it make to the North Sea?
While it’s not a panacea - and may never actually kick into force - the windfall tax price floor could help with financing the $5bn of North Sea projects awaiting FID.
Oil Ekes Out a Gain as OPEC-Led Rally, Demand Outlook Fade
Oil clung to a slim gain as a weaker demand outlook blunts the impact from OPEC+ production cuts.
OPEC+ makes shock million-barrel oil production cut causing new inflation risk
OPEC+ announced a surprise oil production cut of more than 1 million barrels a day, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.
‘Disaster waiting to happen’: Shadow tankers carrying Russian oil pose environmental danger
The oil tanker Turba normally should have been melted down by now.
Australia’s Santos reports $2.5bn profit surge from higher oil and gas prices
Santos (ASX:STO) today announced its full-year results for 2022, reporting record free cash flow of US$3.6 billion and underlying profit jumping 160% to US$2.5 billion. The results reflect significantly higher oil and LNG prices compared to 2021, due to stronger global energy demand, combined with a higher interest in PNG LNG following its merger with Oil Search.
Bangladesh utilities seek $1bn for fuel to avert blackouts
Private power producers in Bangladesh have sought $1 billion of foreign currency from the country’s central bank to import heavy fuel oil to avert a looming energy crisis this summer.
Russian oil flows to China hit highest levels since Ukraine invasion
Russian exports of discounted crude and fuel oil to China have jumped to record levels as the re-opening of the world’s biggest energy importer gathers pace after the dismantling of Covid Zero.
Malaysia attracts more oil and gas investment as Petronas hosts stellar exploration round
Malaysia’s 2022 oil and gas bid round was a remarkable success, attracting fresh investment, new upstream explorers, as well as new ideas to the mix in Southeast Asia’s most successful market. Indeed, other Southeast Asian countries should take note as Malaysia also launched its 2023 round that will see more investors queuing up.
Malaysia says it hasn’t got formal notice on Sulu seizure claims slapped on Petronas
Malaysia’s law minister on Friday said the government hasn’t received a formal notice of an attempt to seize the Southeast Asian country’s assets in Luxembourg by descendants of the sultanate of Sulu.
Malaysia launches 2023 bid round, awards highest number of PSCs since 2010
Petronas today launched the Malaysia Bid Round 2023 (MBR 2023), offering 10 exploration blocks and two clusters of Discovered Resource Opportunities (DRO). The company also signed deals from last year’s round representing the highest number of PSCs awarded in Malaysia within a single year since 2010.
China’s Xi vows deeper Iran ties amid US push to curb oil trade
Chinese leader Xi Jinping pledged to deepen ties with Tehran after meeting Iran’s President Ebrahim Raisi in Beijing, weeks after the US said it would increase pressure on China to stop buying Iranian oil.
Singapore could review Keppel O&M bribery case with new evidence
Deputy Prime Minister Heng Swee Keat said that Singapore could review a decision not to prosecute key figures at Keppel Offshore & Marine Ltd. over a major bribery case involving payments to Brazil’s state-run energy company Petrobras if there’s new evidence that warrants doing so.
Australia’s Santos in $328m write-downs
Santos (ASX:STO) will take US$328 million ($470.8 million) in write-downs after slashing the volume of oil and gas reserves estimated in fields off Western Australia and other late-life ventures, despite increasing total reserves to a record level.
Santos bags key Dorado environmental approval in Australia
Australian oil and gas producer Santos (ASX:STO) today reported that it has approval from the offshore petroleum regulator for its US$2 billion Dorado oil and gas project in Western Australia. Significantly, the news may ease concerns about the regulator’s harder approach towards project approvals since a court ruling last year.
Saudi Aramco says ESG investing threatens energy security
Saudi Aramco’s top official warned Sunday that an increased focus on climate was undermining investment in oil and gas to the point where it now posed a threat to the world’s energy security.
OPEC chief tells climate negotiators to ‘look at the big picture’
OPEC’s top official urged countries to invest much more in oil to meet the world’s future energy needs and said climate policies need to be more “balanced and fair.”
Indonesia’s upstream player MedcoEnergi boosts capex by nearly 50%
Indonesian energy company MedcoEnergi (IDX:MEDC) will boost its capital expenditure by nearly 50% to about $370 million this year, with a bigger portion allocated to oil and gas development.
Upstream M&A heats up in Southeast Asia as Longboat joins the hunt
Underscoring the rising interest in Southeast Asia’s upstream market, North Sea-focused E&P company Longboat Energy (AIM:LBE), confirmed it is “exploring opportunities to broaden its strategic remit” in the region.