China’s gas demand to grow 10% this winter

Chinese demand for natural gas is expected to grow by 10% year-on-year this winter, as a Covid-19 recovery spurs higher residential and industrial consumption, state oil companies said on Thursday. Presenting at a gas seminar in Beijing, the companies said demand during the 2020/21 peak winter season is estimated at 148 billion cubic meters (Bcm),

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Shell starts its new ‘era’ raising dividends

Royal Dutch Shell said Thursday it is starting a new era of dividend growth, as it announced a portfolio reshape to meet cleaner energy needs, Kallanish Energy reports. The supermajor decided to raise its dividend by 4% to 16.65 cents in the third quarter and annually thereafter. In April, it had slashed the payout by

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Six contractors hired to build Keystone XL in US

TC Energy on Thursday awarded more than $1.6 billion in contracts to six major American contractors to build more than 800 miles of the now-stalled Keystone XL Pipeline in three states in 2021, Kallanish Energy reports. The six companies will be responsible for hiring more than 7,000 union workers. The companies are Barnard Pipeline of

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Vietnam clears ExxonMobil’s $5B LNG-to-power project

Vietnam has given ExxonMobil the green lights to proceed with the massive LNG-to-power project, estimated to cost $5.09 billion, Kallanish Energy reports. The northern port city said last week authorities have approved the development, which includes power plants and an import terminal. The statement follows on a previous welcome statement by the Vietnamese government in

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Energy transition poses credit risks to NOCs: Moody’s

National oil companies (NOC) are less prepared for the energy transition than their counterparts in the private sector, which increases their credit risks, Moody’s said Monday. According to a new report by Moody’s Investors Services, the energy transition poses varying degrees of credit risk to the world’s largest NOCs. Those in oil importing countries, where

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XOM to reduce European workforce by 1,600

ExxonMobil said Monday it will cut up to 1,600 jobs in its European affiliates by the end of 2021, Kallanish Energy reports. The move is part of a global review aimed at improving efficiency and reducing costs, through reorganizations and work-processes changes. But reflects the increased “urgency” in ongoing efficiency work due to the demand

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Strike forces Equinor to shut four O&G fields

Equinor said on Monday it has shutdown four oil and gas fields in the Norwegian Continental Shelf due to an ongoing strike by workers from the Lederne trade union. The “controlled closure” of the fields Gudrun, Gina Krog, Kvitebjørn and Valemon comes after 54 members of the trade union stage an offshore walkout. Production at

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Devon, BKV close on Barnett asset sale

Devon Energy has completed on its $830 million sale of its Barnett Shale assets in North Texas to a subsidiary of Banpu Kalnin Ventures, Kallanish Energy reports. The deal marks Devon Energy’s exit from the Barnett Shale. The deal was signed with BKV Barnett LLC. The transaction had been announced last December and was revised last

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Golar LNG’s Hygo Energy Transition seeks $485M IPO

Hygo Energy Transition, a joint venture between Golar LNG and Stonepeak Infrastructure Partners, is seeking an initial public offering (IPO) of $485 million, Kallnish Energy reports. According to a regulatory filing to the Securities and Exchange Commission (SEC) on Thursday, the company plans to offer 23.1 million common shares valued at $18-21 apiece. The higher

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DOE awards $24M to battery, methane detection projects

The U.S. Department of Energy has awarded $24 million to two projects to commercialize sodium-ion battery development and methane detection technologies, Kallanish Energy reports. A $19 million grant went to California-based Natron Energy and a $5 million grant was awarded to Montana-based Bridger Photonics. The grants were awarded as part of DOE’s Advanced Research Projects

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Energy storage to grow to $546B by 2035: Lux Research

The global energy storage market is projected to grow to $546 billion by the year 2035, according to a new recent report by Florida-based Lux Research. One of the largest markets with an expected 76% compound annual growth rate and an increase in revenues of $8 billion in the next three years is residential storage,

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UK renewable use soars during Q2: Drax

The use of renewables for electricity generation rose 32% year-on-year during second quarter according to a new report, Kallanish Energy reports. The Drax Electrical Insights Q2 report, published on Monday by UK power generator Drax and compiled from analysis by Imperial Consultants, found that the share of renewables in the UK energy mix increased to

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Chesapeake, FERC in fight over pipeline contracts

Chesapeake Energy wants to terminate a $300 million pipeline contract in its Chapter 11 bankruptcy proceedings, Kallanish Energy reports. That request has been opposed by pipeline giant Texas-based Energy Transfer. Now the Federal Energy Regulatory Commission is supporting Energy Transfer and is getting involved in the ongoing legal fight, Reuters reported. FERC has argued in

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Apache posts net loss for Q2, announces new discovery off Suriname

U.S. independent E&P firm Apache Corp. reported on Thursday net losses of $397 million in the second quarter of 2020, alongside a new oil discovery on Block 58 offshore Suriname. The net loss attributable to shareholders was driven by significantly lower revenues from oil production during second quarter compared to the previous year, which fell

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Total posts $8B loss in Q2, maintains dividends

French energy major Total posted on Thursday losses of over $8.37 billion during second-quarter driven by impairments, lower hydrocarbon prices and production levels, Kallanish Energy reports. The net loss compares to a net profit of $2.76 billion during the same period last year, as “exceptional circumstances” led to asset impairments totalling $8.1 billion. The majority

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