oilindustry
North Sea gas company Serica Energy says it is considering pulling out of Britain and look at establishing itself in Nordic countries such as Norway, because of the UK's increasingly heavy tax regime. If so, this could be a significant blow to Britain's energy sector, which has seen several offshore energy companies exit the country following steep tax hikes. Serica Energy currently accounts for approximately 600,000 barrels of oil per day, as well as about 5% of gas supply in the UK. The UK's attractiveness as a drilling destination has been falling recently, following taxes on UK oil and gas...
Euronews (English)
Australia’s largest lender has announced it will stop financing fossil fuel companies that don’t comply with the Paris Agreement’s climate goals by the end of 2024. The Commonwealth Bank’s (CBA) move is unusual among other rivals, who have yet to stop supporting coal, oil and gas businesses. In a new report, CBA confirmed that clients who fail to meet an emissions pathway consistent with keeping global temperature increases to the “well below 2C goal of the Paris agreement” would not receive “new corporate or trade finance, or bond facilitation with a maturity beyond 31 December 2024”. The ban...
Euronews (English)
The oil markets rebounded sharply on Wednesday, with the Brent futures at the Intercontinental Exchange rising 2.42% to $78.33 per barrel, and WTI futures at the New York Mercantile Exchange increasing by 2.77% to $75.23 per barrel. Crude prices extended rebounding in the Asian session amid recovering sentiment globally on Thursday, erasing half of their losses in August. The price jump was triggered by the release of US oil inventory data by the Energy Information Administration (EIA), which showed that commercial crude stockpiles fell by 3.7 million barrels to 429.3 million barrels for the w...
Euronews (English)
Nordic tourism has risen significantly in the last few months, as the Norwegian krone continues to weaken against most major global currencies. The Norwegian krone/ US dollar pair has already fallen about 6.50% since the beginning of the year, trading at $0.091 at the time of writing. Similarly, the Norwegian krone/Euro pair dipped around 5.45% since the beginning of January, trading at €0.084 at the time of writing. This has led to a surge in tourism, especially from countries like China, where Norway is seen as a typically expensive country. These visitors are now also spending considerably ...
Euronews (English)
Italian oil and gas giant Eni has reported its second quarter earnings, with the company seeing an adjusted net profit of €1,519m for Q2 2024, a 21% drop from €1,935m in the corresponding quarter last year. Although this was a decline compared with last year, the company still exceeded analyst expectations of €1.42bn, because of its gas and liquefied natural gas (LNG) departments doing exceptionally well. Adjusted net profit for H1 2024 was €3,101m, a 36% drop from the €4,842m seen in the first half of 2023. The company's net cash from operations came up to €4,571m in the second quarter of 202...
Euronews (English)
TotalEnergies reported its second quarter and first half 2024 results on Thursday, with the company seeing lower net income because of faltering gas and refined product demand. Adjusted net income (TotalEnergies share) for the second quarter 2024 was $4.7bn (€4.33bn) which was 9% down from the first quarter of the year. This also missed market expectations of adjusted net income remaining the same as the second quarter of 2023, at $4.96 billion. Adjusted net income (TotalEnergies share) for the first half of the year was $9.8bn, which was 15% down from the first half 2023. Adjusted earnings be...
Euronews (English)
BP, which had been making considerable strides in renewable energy, has recently announced that it would be scaling back on its sustainable energy plans, while refocusing on oil and gas for the foreseeable future. It also announced that it would be implementing a halt on new hiring across the company, as well as temporarily stopping new offshore wind projects. This is mainly due to growing investor anxiety and discontent about the oil giant’s big plans to invest in renewable energy projects, which are considerably capital-heavy. These are viewed as unlikely to generate much returns in the next...
Euronews (English)
A company drilling for natural gas off the coast of northern Israel unexpectedly discovered a 3,300-year-old ship and its cargo, one of the oldest known examples of a ship sailing far from land. The ship, dating back to the late Bronze Age, was found far from shore, indicating that the navigation abilities of ancient seafarers were far more advanced than previously thought because they could travel without a line of sight to land, the Israel Antiquities Authority (IAA) have said. Remarkably, the great depth at which the ship was found means it has been left undisturbed by waves, currents or fi...
Euronews (English)
Dear fellow investors, Love is in the air, everywhere I look around Love is in the air, every sight and every sound And I don’t know if I’m being foolish Don’t know if I’m being wise But it’s something that I must believe in And it’s there when I look in your eyes Chairman and largest shareholder, Harold Hamm, is trying to own our shares of Continental Resources (NYSE:CLR) at a price of $70. We’ve seen it trade above there in the open market in the last month. How strange? Warren Buffett is bidding on a regular basis to buy shares of Occidental Petroleum (NYSE:OXY) from other existing sharehol...
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