Angola Minister of Mineral Resources, Oil and Gas Diamantino Pedro Azevedo said the decision on cuts had not been unanimous.
While algorithmic CTAs add much-needed liquidity to the market, their trading strategies can amplify daily swings to an extreme. In 2022, when CTA trading volumes rapidly expanded, New York oil futures posted a more-than $2 daily move 242 times.
Based on the IEA’s STEPS baseline scenario, Guyana will increase production to around 2mn bpd by the mid 2030s. Under the more conservative APS scenario, the IEA sees Guyana reaching 1.3mn bpd by 2035.
“BP is paying half a billion pounds per year” on its 3 GW commitment. “It will take not less than six years, although they say it will take four. No project has been developed that fast,” Gorski said.
Russia imported millions of pounds of Halliburton equipment last year despite sanctions, according to a report by The Guardian.
“The assets we are acquiring have long useful lives and natural gas utilities are ‘must-have’ infrastructure for providing safe, reliable and affordable energy.”
Cerasoli said the FERC rules were a good start. “The next problem, though, is that the grid is not going to be large enough to cope with the expansion of power, it needs to be upgraded,” he said.
All told, Ørsted’s impairments may reach 16 billion kroner ($2.33bn).
In the first quarter, Woodside reported an average portfolio sales price of $85 per boe. In the second quarter, this fell to $63.
Denbury’s Rocky Mountain assets are connected to Exxon’s Shute Creek gas facility near LaBarge, Wyoming, which has captured more carbon than any other asset in the US.
Other partners include Global Infrastructure Partners (GIP), GIC and Mubadala. These companies will provide $4.8bn and will receive 62.5% of funds generated from the Rio Grande LNG first phase. The largest commitment comes from GIP, which is stumping up $3.5bn.
The backlash against investing strategies that factor in environmental, social and governance issues is rising in the US and is impacting the way managers are thinking about integrating such considerations into their funds, according to a survey by HSBC Holdings.
“Government funding is phenomenal but it will have to be repaid. The headwind will be the realisation that the energy transition will cost a lot of money,” DeCotis said. “We have to communicate, though, that the cost of doing nothing is higher.”
The number of rigs active in the US has fallen, down by 72 since the November 2022 peak.
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.
Defence Secretary Ben Wallace said the UK’s armed forces had come through with providing an additional evacuation site. HMS Lancaster and the RAF are providing support at Port Sudan.
At a Louisiana shipyard Tuesday, construction slowed so executives, politicians and reporters could tour a boat that’s almost as long as a football field. Some workers welded steel bulkheads, while others used an industrial press the size of a trailer to bend metal. At the center of the activity sat the Eco Edison, a concrete and expensive sign that some companies are pressing ahead in the fledgling offshore wind industry.
Wind power industry growth dropped to the lowest in three years in 2022, hit by rising costs and shifting government policies.
Phase 2 will cost $1.16 billion over the next three years, with the company aiming to reach commercial operations by 2026.
The report went on to say the attack required experienced divers who may have received “specialised government training” at some point.
The challenge over the next 10 years will be in scaling up SAF production. Green hydrogen production is relatively niche, as yet. “A lack of green power and electrolysis capacity, this will not make a dent” in the projected SAF demand.
Shell (LON: SHEL) CEO Wael Sawan has warned that the US is more attractive for investment than the firm’s home base of the UK.
The FCDO said people should prepare for “prolonged power outages”.
“The combination of low fees and increasing costs mean we estimate unlevered internal rates of return (IRRs) as low as 5-6% for some projects. Based on these returns, some projects are finding it challenging to secure finance, particularly via equity raises,” said Harrison.
A rush by China to sign new long-term liquefied natural gas (LNG) deals promises to give the nation even more control over the global market at a time when competition for cargoes is booming.