World Oil (Bloomberg) – Hedge fund Bluebell Capital Partners called on bp Plc to bolster investments into oil and gas and cut spending on renewable energy, saying the company’s shift away from fossil fuels is misguided and weighing on the share price. bp should spend $1.5 billion a year more through 2030 on oil and gas production and halt any
World Oil (Bloomberg) — Nigerian President Muhammadu Buhari’s flip-flop over the sale of Exxon Mobil Corp.’s assets could discourage investment in Africa’s largest oil producer in the wake of industry reform meant to grow the sector. A $1.28 billion bid by Lagos and London-listed Seplat Energy Plc for shares in Exxon’s local subsidiary was initially backed by Buhari despite
World Oil The pandemic had a unique impact on the energy industry and will pave the path of the energy transition on its way to net zero emissions, Society of Petroleum Engineers President Kamel Ben-Naceur said during a keynote presentation at the Offshore Technology Conference on Monday. The pandemic’s impacts. The Covid-19 pandemic brought the biggest one-year drop in oil demand
World Oil (Bloomberg) — The energy crisis triggered by Russia’s invasion of Ukraine is increasing the world’s motivation to shift to low-carbon energy, but is also creating a near-term scramble for fossil fuels that will drive billions of dollars of new investment. The U.S. and European countries are planning liquefied natural gas terminals that will be in service for decades.
World Oil (Bloomberg) — Russia’s invasion of Ukraine threatens to intensify the surge in global inflation, hurting oil demand and investment, the Organization of Petroleum Exporting Countries warned. International crude prices briefly hit a 13-year high of almost $140 a barrel last week as a boycott of Russian supplies deepened the shortfall in already tight world markets. Brent futures have
CNBC It’s worth hanging onto traditional energy stocks despite the recent resurgence in solar names, two traders say. The popular Invesco Solar ETF (TAN) is up nearly 10% this week, helped in part by Enphase Energy’s surge after reporting record revenue for its third quarter. TAN is beating the Energy Select Sector SPDR Fund (XLE) in the past month, up almost 22% versus the XLE’s 8.5% gain,
By Tyler Losier, Energy Reporter, Oil & Gas 360 Black Bay Energy Capital forms partnership with Total Operations and Production Services Black Bay Energy Capital, a private equity firm focused primarily on the oilfield services and equipment sector, has formed a partnership with, and made an investment in, Total Operations and Production Services (TOPS). TOPS, which operates in the Permian
By Tyler Losier, Energy Reporter, Oil & Gas 360 Qatar Investment Authority acquires significant stake in Oryx Midstream Services from an affiliate of Stonepeak Infrastructure Partners Qatar Investment Authority (QIA), the country’s sovereign wealth fund, will be acquiring a significant interest in Permian crude operator Oryx Midstream Services from an affiliate of Stonepeak Infrastructure Partners, in addition to chipping in
By Tyler Losier, Energy Reporter, Oil & Gas 360 Black Bear Midstream enters into seven-year agreement with undisclosed Cotton Valley producer Black Bear Midstream, a portfolio company of Oaktree Capital Management (stock ticker: OAK), has entered into a seven-year gas gathering and processing agreement with an undisclosed Cotton Valley producer in Desoto Parish and Caddo Parish, Louisiana. To support both
From the Houston Chronicle Oil majors led by Exxon Mobil and Chevron will need to bulk up their Permian Basin spending to meet their growth goals, triggering more consolidation and higher costs for oilfield services, according to a new report Monday. The IHS Markit report argues that Exxon Mobil, Chevron and, to a lesser extent, Royal Dutch Shell, will need
Calgary-based E&P Artis Exploration Ltd. closed a CDN$180 million (USD$138 million) growth equity investment from Warburg Pincus. Founded in 2015, Artis is focused on the Duvernay East Shale Basin of Western Canada, where the company holds a contiguous acreage position of over 260,000 net acres. Artis is led by Darryl Metcalfe, who was previously president and CEO at Artek Exploration.
Cheniere Energy, Inc. (ticker: LNG) made a positive final investment decision, clearing the way for its Train 3 project at Corpus Christi to reach the goal line. Cheniere said it plans to issue a full notice for Bechtel Oil, Gas and Chemicals, Inc. to continue construction. The construction began in late 2017 under limited notice to proceed, but with the
