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Latest news - International

Russia's oil and gas revenue crashed by nearly 50% at the start of 2023, leading to a wider budget deficit as Moscow's spending soars

Russia's oil and gas revenue crashed by nearly 50% at the start of 2023, leading to a wider budget deficit as Moscow's spending soars   A slide in Russian revenue from oil and gas clashed against the Kremlin ramping up spending on its nearly year-long war against Ukraine, resulting in a wider budget deficit for the country in January. Oil and gas revenue tumbled 46% in January from the same month a year ago to 426 billion rubles ($5.96 billion), Russia's finance ministr...

BP underlying profit soars on higher oil and gas prices

BP underlying profit soars on higher oil and gas prices   BP PLC on Tuesday said underlying replacement profit more than doubled in 2022 and was hight in the fourth quarter, in line with increasing natural gas and oil sales from rising prices. The London-based oil major said 2022 underlying replacement cost profit was USD27.65 billion, multiplying from USD12.82 billion in 2021, or to USD46.04 billion from USD22.34 billion before interest and tax. This was underpinned by rising u...

TotalEnergies says has limited exposure to Adani Group companies

TotalEnergies says has limited exposure to Adani Group companies   French oil major TotalEnergies SE said on Friday its exposure to ventures with India's Adani Group is limited and is not re-evaluating its stakes in Adani Total Gas and Adani Green Energy. Shares in Adani Group firms have plummeted in the past week since U.S. short seller Hindenburg's Jan. 24 report which questioned the company's debt levels and use of tax havens. The group has called the report baseless...

Shell reports highest profits in 115 years

Shell reports highest profits in 115 years   Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia's invasion of Ukraine. The company reported adjusted earnings of $39.9bn (£32.2bn) for 2022, the highest in its 115-year history. Energy firms have been making record profits after oil and gas prices jumped following Russia's invasion of Ukraine. The profits have heaped pressure on firms to pay windfall tax...

Rovco strengthens team with strategic appointment: Graham Bells joins as Head of Geoscience

Rovco strengthens team with strategic appointment: Graham Bells joins as Head of Geoscience   Rovco, global provider of subsea robotics and integrated survey solutions to the offshore wind and oil field decommissioning sectors, has strengthened its senior leadership team with the appointment of Graham Bell as Head of Geoscience. He joins Rovco at an exciting time as the company grows into new markets, with a significant expansion of its offshore hydrographic, geophysical, and shall...

TAQA closes the transaction of acquiring 100% of Al Mansoori Petroleum Services to expand to the Middle East, North Africa, Central Asia, and Eastern Europe

TAQA closes the transaction of acquiring 100% of Al Mansoori Petroleum Services to expand to the Middle East, North Africa, Central Asia, and Eastern Europe   The Industrialization and Energy Service Company ("TAQA") announced today the closure of its 100% acquisition of Al Mansoori Petroleum Services ("AMPS"), expanding TAQA's Well Solutions business internationally. The acquisition is funded by a capital increase led by TAQA's existing major sharehold...

Energy services sector set to grow to $1 trillion in 2025

Energy services sector set to grow to $1 trillion in 2025   Rystad Energy expects the global market for oil and gas contractors to rise to a peak of $1 trillion in 2025 and remain at high levels for several years thereafter. Helped by strong growth in the midstream part of the industry to liquefy, transport, and re-gasify natural gas, overall oil and gas spending will stay above $920 billion annually on average for the 2022-2028 period. Despite the risk that another downturn cycle...

CNOOC's $3 billion UK portfolio sale halted on valuation gap -Bloomberg

CNOOC's $3 billion UK portfolio sale halted on valuation gap -Bloomberg   CNOOC Ltd, China's top offshore oil and gas producer, has halted a planned sale of its UK North Sea portfolio, which could have been valued at as much as $3 billion, Bloomberg News reported on Monday. Although initial offers failed to meet CNOOC's expectations for the business, it could still resume a sale once conditions improve, the report said, citing people familiar with the matter. CNOOC d...

Delegate Registrations Now Open for Global Energy Exports Conference 2023

Delegate Registrations Now Open for Global Energy Exports Conference 2023   Delegate registrations are now open for the Energy Exports Conference 2023. The two-day conference in Aberdeen will be held at the P&J Live on the 6th & 7th of June 2023 and is organised by several prominent industry associations and organisations. The event, which is free to attend, will welcome a global audience with the city expected to receive several international delegations. Registered delega...

BP cuts long-term forecast for oil and gas demand

BP cuts long-term forecast for oil and gas demand   BP has trimmed its outlook for oil and gas demand in its latest annual forecast, arguing that the upheaval unleashed by Russia’s invasion of Ukraine will push countries to pursue greater energy security over the next decade by investing in renewables. As a result, global carbon emissions could peak earlier in the 2020s than it had previously suggested, BP said in its annual energy outlook on Monday. But even with increas...

Qatar replaces Russian company in Lebanon gas exploration

Qatar replaces Russian company in Lebanon gas exploration   Lebanon, two international oil giants and state-owned oil and gas company Qatar Energy signed an agreement Sunday that the Qatari firm will join a consortium that will search for gas in the Mediterranean Sea off Lebanon’s coast. The deal inked in Beirut brings Qatar into Lebanon's gas exploration market three months after Lebanon and Israel signed a U.S.-mediated maritime border agreement ending a yearslong dispu...

ADNOC eyes valuation of at least $50 bln for its gas business - sources

ADNOC eyes valuation of at least $50 bln for its gas business - sources   The Abu Dhabi National Oil Company (ADNOC) is eyeing a valuation of at least $50 billion for its gas business slated to float this quarter, two sources familiar with the matter said, setting the stage for one of the most highly anticipated stock market listings this year. The state oil giant announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a sin...

Norway Sees Oil And Gas Tax Revenue Triple To Record $89 Billion

Norway Sees Oil And Gas Tax Revenue Triple To Record $89 Billion   Norway expects to receive a record $89.5 billion (884 billion Norwegian crowns) in oil and gas tax revenue for 2022, triple the previous record in 2021, thanks to soaring gas prices last year, the Norwegian Tax Administration said in an estimate on Thursday. The administration has revised up its estimates for the petroleum tax revenue by 20% from an earlier projection, and the latest figure implies the oil and gas t...

Major oil and gas players bring in $199 billion in 2022, expect stall in growth in 2023

Major oil and gas players bring in $199 billion in 2022, expect stall in growth in 2023   Exxon Mobil Corp., Chevron Corp., Shell Plc, TotalEnergies SE and BP Plc reaped almost $200 billion collectively last year. However, fears of an economic slowdown, plunging natural gas prices, cost inflation and uncertainty over China’s re-opening are dimming the outlook for 2023. Record-setting profit year in 2022 The five companies are expected to report $198.7 billion in combined 2...

EMEC floating wind demo site offers £690 million opportunity to UK

EMEC floating wind demo site offers £690 million opportunity to UK   The economic potential of EMEC’s proposed 100 MW floating offshore wind test and demonstration site has been estimated at £690 million to UK economy. The European Marine Energy Centre (EMEC), based in Orkney, Scotland, concluded concept design for a new floating offshore wind test and demonstration site in 2022 and is aiming to secure a lease for a 100 MW site ~20 km west of Orkney. EMEC&rsqu...

Chevron shows it has the financial muscle to acquire BP - but says it plans to launch a US$75bn buyback instead

Chevron shows it has the financial muscle to acquire BP - but says it plans to launch a US$75bn buyback instead   A note from the investment bank Citi suggested recently that US oilers should have their sights trained on their undervalued UK counterparts. An update from Chevron Corporation suggests American oilers have the financial wherewithal to do this – though the will to do a transaction, in this example at least, seems lacking. On Wednesday, Chevron announced plans t...

Why Equinor is selling its Nigerian offshore oilfield

Why Equinor is selling its Nigerian offshore oilfield   The Norwegian energy firm, Equinor, has indicated an interest in selling off its stake in the offshore Agbami oilfield. Reuter reported that the company has launched the sale of its stake in the offshore asset, joining ExxonMobil, Shell and TotalEnergies who have sought to sell off assets in Nigeria. According to Reuters, Equinor has hired investment bank Standard Chartered to run the sale process, which could raise $1 bill...

Moray West Offshore Wind Farm to use Invergordon port for marshalling monopiles

Moray West Offshore Wind Farm to use Invergordon port for marshalling monopiles  62 monopiles from the international supply chain will be marshalled before load-out on installation vessels    Invergordon port in the Cromarty Firth, Scotland, has been selected by Moray West as the location for marshalling of all 62 monopiles prior to installation as part of the Moray West offshore wind farm. Ocean Winds, created as a 50-50 joint venture, owned by EDP Renewables and ENGIE,...

Guyana in talks with Qatar, UK, UAE and India on oil blocks

Guyana in talks with Qatar, UK, UAE and India on oil blocks   Guyana is in talks with Qatar, Britain, the United Arab Emirates and India on the possibility of directly allocating offshore blocks for oil and gas exploration in parallel with a bidding round this year, President Irfaan Ali said on Monday. South America's newest crude producer has emerged as the world's fast-growing oil region with more than 11 billion barrels of oil and gas discovered. Guyana will receive b...

TotalEnergies begins gas production in Oman’s gas block

TotalEnergies begins gas production in Oman’s gas block   TotalEnergies has announced the start of gas production from onshore Block 10 in Oman as well as a long-term LNG purchase contract with Oman LNG. TotalEnergies started gas production from the Mabrouk North-East field in the onshore Block 10. TotalEnergies holds a 26.55% interest in Block 10, with OQ holding 20% and Shell, operator, holding 53.45%. Gas production is expected to reach 500 MMcfd by mid-2024. The produ...
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