Chevron Corp. on Monday announced the closing of its acquisition of Noble Energy, Kallanish Energy reports. The closure came after Noble Energy shareholders had approved the $13 billion deal in a Friday vote. “We are pleased to welcome Noble Energy employees and shareholders to Chevron. Noble’s high-quality assets complement Chevron’s advantaged upstream portfolio and the
Read More...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
Read More...The shipping industry’s “grand challenge” of decarbonization will have to rely on a mix of fuels, rather than wait for the ideal solution to arrive, according to DNV-GL. The consultancy said in its Maritime Forecast to 2050 report that currently there are at least 16 different fuel types and 10 fuel technology systems in the
Read More...Biomethane can help decarbonize Europe’s gas markets, but continued growth depends on policy support, Wood Mackenzie said this week. According to analysts Graham Freedman and Nnenna Amobi, the carbon-neutral renewable gas can be directly injected into existing natural gas infrastructure and decarbonize the heating and transport sectors. That’s because biomethane is a purified form of
Read More...German wind turbine manufacturer Nordex has secured a contract to supply turbines to a wind farm located in Texas, U.S., Kallanish Energy reports. Under the terms of the agreement, announced on Friday, will see Nordex deliver and install 65 N149/4.0-4.5 wind turbines in the 4.8 megawatt (MW) operating mode, for a total capacity of 312
Read More...Global wholesale natural gas prices declined in 2019 to reach an average of $3.88 per million British thermal units (MmBtu) – a level not seen since 2016, according to the International Gas Union (IGU). The decline largely reflects the impact of rising global gas supply, which in turn led to sharp falls in spot prices
Read More...The Covid-19 pandemic has dealt a massive blow to countries around the world and brought up “worrying implications” for clean energy transitions, the International Energy Agency (IEA) said in a new report. The crisis is chocking economies and significantly impacting the energy sector, the Paris-based agency said. Unprecedented action and leadership from governments, companies, and
Read More...Chevron and Shell’s upstream portfolios are the most resilient at oil price at $30 a barrel and offer the highest cash margins at $70/Bbl, according to analysts at Wood Mackenzie. Tom Ellacott and the Corporate Analysis team at the consulting firm have studied the resilience of the seven oil and gas majors: BP, Shell, Chevron,
Read More...David C. Lawler is adding to his titles at BP America, Kallanish Energy reports He is currently the CEO of BPX Energy and will become chairman and president of BP America on July 1, succeeding retiring Susan Dio. He will remain as CEO of BPX Energy. “Beyond a track record of delivering strong safety, environmental
Read More...Crude oil prices rose Thursday after the U.S. government reported a much smaller-than-anticipated rise in crude inventories, Kallanish Energy reports. Gains, however, were held down by continuing worries about the spread of the Coronavirus outside China. The Energy Information Administration reported yesterday crude inventories rose only 414,000 barrels for the week ended Feb. 14, compared
Read More...Worldwide liquefied natural gas demand is expected to double by 2040 to 700 million tonnes, according to third party forecasts, Royal Dutch Shell reports in its Fourth Annual LNG Outlook, Kallanish Energy reports. LNG in 2019 rose a robust 12.5%, to 359 million tonnes, Shell stated. “The global LNG market continued to evolve in 2019,
Read More...Crude oil prices rose more than 1% Tuesday on hopes for a U.S.-China trade agreement and optimism Washington could roll back some of the tariffs it has imposed on Chinese imports, Kallanish Energy learns. Brent crude futures gained 84 cents, or 1.4%, to settle at $62.94 a barrel, while West Texas Intermediate crude futures gained
Read More...International E&P companies are struggling to make money from offshore investments made during the latest investment upturn, according to a new study by Rystad Energy, Kallanish Energy reports. The independent research company has evaluated all offshore oilfields sanctioned since 2010 and ranked them by estimated value per barrel of oil under various oil-price scenarios. The
Read More...Offshore wind should become a $1 trillion business by 2040, the International Energy Agency (IEA) said Friday, with global capacity set for a 15-fold increase, Kallanish Energy reports. According to the IEA’s Offshore Wind Outlook 2019, investment last year in the sector neared $20 billion, compared to under $8 billion in 2010. With today’s investment
Read More...The world’s largest oilfield services company surpassed Wall Street expectations on third-quarter revenue, but took a huge hit on the bottom line due to pretax charges, Kallanish Energy reports. Schlumberger reported an $11.4 billion loss on $8.54 billion of revenue during the quarter, a loss per share of $8.22 for common stockholders. One year ago,
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