Reuters OSLO/LONDON – BP entered the offshore wind market on Thursday with a $1.1 billion deal to buy 50% stakes in two U.S. developments from Norway’s Equinor, a significant step by the oil firm towards its energy transition goals. The British oil and gas company has set itself a target of increasing its renewable power generation capacity 20 fold over
Reuters OSLO – Equinor on Friday reported a drop in second-quarter operating profit but a strong performance from its refinery and trading business helped to counter a coronavirus-led slump in oil and gas prices allowing the group to beat forecasts. The Norwegian oil and gas company reported an 89% slump in adjusted earnings before interest and tax (EBIT) to
Reuters LONDON – Spanish energy major Repsol (REP.MC) lowered its oil price LCOc1 assumptions on Thursday, bringing its long-term outlook in line with most European rivals which have booked writedowns and leaving Equinor as a bullish outlier in the sector. Repsol took a writedown of $1.5 billion in second-quarter results, after it had already booked 5.7 billion euros ($6.61 billion)
Reuters OSLO – Norway’s parliament has agreed additional tax breaks for the oil industry on top of those proposed by the minority government to spur investment and protect jobs, the ruling Conservative Party said on Monday. Equinor and other companies hit by low crude prices as the COVID-19 pandemic has destroyed demand, had said the government’s plan to postpone tax
Reuters OSLO – Norway approved on Wednesday Equinor’s 4.8 billion Norwegian crowns ($466 million) plan to build floating offshore wind turbines that will provide electricity to North Sea oil and gas platforms, the energy ministry said. The long-planned project is going ahead despite Equinor’s decision to cut investment following a plunge in oil prices that has reduced the company’s cash
CNBC The European Union has awarded 10 million euros ($11.05 million) in funding to a scheme that is aiming to install an ammonia-powered fuel cell on a ship. The beneficiary of the money, the ShipFC project, is a consortium of 14 firms and institutions co-ordinated by NCE Maritime CleanTech. The project will involve the modification of Eidesvik Offshore’s “Viking Energy”
Reuters Royal Dutch Shell (RDSa.L) said on Friday it expected to write down up to $2.3 billion in the fourth quarter, the latest major energy company forced to shrink estimates for sector values due to a weaker economic outlook. In a trading update ahead of full year results, Shell also lowered its oil products sales forecast, pointing to the first
Reuters OSLO – Norway’s Equinor plans to drill 30-40 oil and gas exploration wells globally in 2020, similar this year, with Brazil being a “hotspot” of its international efforts, the company’s exploration head said on Tuesday. The company will drill about 20-30 exploration wells on the Norwegian continental shelf, focusing on the North Sea, plus wells at the Johan Castberg
Source: Houston Chronicle Equinor said Friday it will build the first-ever offshore floating wind development designed to power its oil and gas platforms off the coast of Norway. The roughly $550 million Hywind Tampen project will be built about 85 miles offshore to power the Snorre and Gullfaks platforms in the North Sea. The water depths are deep enough that floating wind
From The Houston Chronicle A natural gas well belonging to the Norwegian oil giant Equinor remains shut in following a weekend fire at one of its drilling sites in Karnes County. The fire happened at Equinor’s Neller-Runge 1-Runge 2 lease off FM 885 a few miles south of Runge around 3:45 a.m. Saturday, the Karnes County Sheriff’s Office reported. Crews
By Tyler Losier, Energy Reporter, Oil & Gas 360 Shell Offshore Inc. makes final investment decision for PowerNap deep-water project in U.S. Gulf Shell Offshore Inc., a subsidiary of Royal Dutch Shell plc (stock ticker: RDS-A, RDS-B), has reached a final investment decision (FID) for the PowerNap deep-water project in the US Gulf of Mexico, electing to move forward with
From Reuters A strong rise in oil and gas production helped BP (BP.L) offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares. BP’s second quarter contrasts with Total (TOTF.PA) and Norway’s Equinor (EQNR.OL), which posted sharp earnings drops, and builds on a steady recovery after deep cost cuts since the 2014 downturn,
