Oil Price The European energy system is currently unstable and could face challenges and shortages, according to Russia’s state-controlled gas giant Gazprom, whose deliveries to Europe have slumped since the Russian invasion of Ukraine. “The fact that the systemic deficit has not gone away is manifested not only by the higher price level in 2023 compared to the pre-Covid
World Oil (WO) – The Forties Pipeline System moves 40% of the UK’s oil from the North Sea through Grangemouth where it is processed for distribution throughout the UK. Over the 6 years of INEOS ownership, oil flows through the system have declined by a dramatic 40%, and INEOS has had to close one of its three processing plants due
Oil Price An advisor to President Biden is the latest to call on the U.K. and Europe to follow in the footsteps of the U.S. and increase their investment in green technology. The U.K. and the rest of Europe have been repeatedly criticised over the last year for failing to launch far-reaching climate legislation to back up their aims for
Oil and Gas 360 Publisher’s Note: INEOS Energy is a participating sponsor at the 28th annual EnerCom Denver – The Energy Investment Conference that brings together energy companies, investors, analysts, and key industry leaders. Register to attend at www.enercomdenver.com • The agreements mark INEOS’ entry into the LNG carrier market. • Both vessels have a capacity of 174,000 m3
Nasdaq Pressure mounted on oil majors on Friday as Norway’s giant sovereign wealth fund said it would vote against CEOs at Chevron CVX.N and Exxon XOM.N and support for a climate activist resolution at TotalEnergies’ AGM surged to over 30%. Together with peers BP BP.L and Shell RDSa.L, the companies face a vocal minority of investors demanding faster emissions cuts as a majority of shareholders supports management in reaping the
Nasdaq BRUSSELS – Group of Seven rich nations must take the lead in phasing out fossil fuels, the leaders of seven countries including The Netherlands and Chile have said, attempting to build momentum for a global deal this year to gradually quit oil, coal and gas. Countries including the 27-member European Union are hoping all nations will agree at this year’s U.N.
Investing LONDON/FRANKFURT – German energy firms Sefe and Uniper have awarded some traders millions of dollars in bonuses for 2022, four sources familiar with the matter said, just months after the companies were rescued with multi-billion bailouts as Russia halted gas supplies. Germany has so far provided around 26 billion euros ($28.6 billion) in equity injections and loans to Sefe
World Oil (Bloomberg) – Prime Minister Rishi Sunak said the UK will need fossil fuels for the “next few decades” as the UK moves to eliminate net greenhouse gas emissions, after being urged to oppose Equinor ASA’s Rosebank oil field project in the North Sea. Source: World Oil “It makes absolutely no sense to not invest in the resources we
Oil Price Chevron’s plans to increase its crude oil exports from Venezuela have hit a snag, with the sanctioned South American country unable to bear the cost of dredging a key oil export inlet. Chevron’s Venezuela hopes include ramping up crude oil exports from the sanctioned country—but in order to do that, Lake Maracaibo needs to be dredged. And
Nasdaq NEW DELHI – Record high imports of crude oil from Russia in fiscal 2022-23 helped India’s refiners boost exports of diesel and jet fuel to Europe as the continent shunned Russian products, preliminary ship-tracking data from Kpler and Vortexa showed. Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products
Nasdaq COPENHAGEN – Denmark on Thursday invited the Russian-controlled operator of the Nord Stream 2 pipeline to help salvage an unidentified object found close to the only remaining intact gas pipeline under the Baltic Sea. Three explosions last September on the Nord Stream pipelines built to deliver Russian gas to Germany have become another flashpoint in a standoff between the West
Oil Price Norway’s oil fund held over $263 million in Signature Bank and SVB Financial Group, the owner of Silicon Valley Bank (SVB), which failed spectacularly over the weekend, sparking government intervention. MarketWatch reports that the Norwegian sovereign wealth fund (SWF) held around $263 million in SVB Financial Group and Signature Bank, based on last week’s valuations. “This is the biggest
