fetching latest news
News tagged in:
The investors showed disinterest towards investment in big projects of Exxon and Chevron on Friday. Although they accepted Chevron’s stock buyback of $3 billion, ExxonMobil’s market value was scraped by $11 billion. Both the companies failed to meet the profit estimates of the analysts. The crude price of Brent went up by 50 percent higher than next year but both these companies failed to take full advantage.
The Syncrude outage last month had investors worrying, but the latest report on second-quarter profits of Suncor Energy have dispelled all the concerns. Despite the Syncrude facility shutoff, Suncor managed to generate $1.87 billion in cash from operations in the last quarter, a rise of 46% from 2Q2017. The Calgary-based oil sands firm has projected 740,000 to 750,000 boed in output this year.
UK Ambassador to Angola, Jessica Hand, has described the relationship between UK and Angola to be excellent, with emphasis on the oil sector. She also stated that her country wants to extend bilateral cooperation in other areas as well, such as renewable energy, agriculture, and even democratic support to Angola. Ambassador Hand went on to praise Angola’s efforts to encourage foreign investment, especially from the UK.
Houston-based Halliburton International yesterday reported a drop of some 7.6% in profits in the second quarter, owing to the slowdown in the Permian shale and other parts of the United States. The fracing-service provider had a consistent performance since 2015, but the 2Q2018 saw a $789m operating profit for the company. Halliburton’s oil-service peer, Patterson-UTI Energy also suffered a 7.4% drop, on the disappointing outlook.
The provincial government of KwaZulu-Natal (KZN) in South Africa is looking towards investing more than R200 billion for infrastructure development. The government has shifted its focus on offshore oil and gas exploration. The acting KZN Premier, who is currently attending the BRICS Business Council Investment Opportunities conference, spoke about how the provincial government is actively taking interest in oceans economy.
In an attempt to spread its social investments across Nigeria and to promote the study of science subjects among secondary school students, Shell’s Nigerian subsidiary, SNEPCo has donated four ultra-modern science labs to Erku Secondary Commercial School in Kwara State. The State Commissioner for Education and Human Capital of Kwara state has made an appeal to the parents and teachers to encourage the students to learn science and technologies.
Leading oilfield services company, Houston-based Schlumberger yesterday announced second quarterly earnings, reporting a profit for the company. Schlumberger CEO, Paal Kibsgaard regarded the second quarter as both busy and exciting. Schlumberger reported second-quarter revenue in North America to be around $2.5 billion, which is an increase of 12% sequentially. In the international markets of $4.4 billion, profits for the company grew by 6%.
UAE and China yesterday signed numerous agreements and memorandums worth $1.6 billion, pertaining to oil and gas exploration in the UAE-capital Abu Dhabi. The two countries also entered into an agreement to establish a “trade market” at Dubai Jebal Ali Free Zone sectors. China’s investment in UAE is part of the Chinese President Xi’s “Belt and Road” initiative.
Canadian pipeline major, Kinder Morgan yesterday released its quarterly report, with a quarterly profit that nearly halved from the last time. The lower profit was owed to the firm moving lower volumes of crude oil through its pipeline, and obviously, due to the pending sale of Trans Mountain pipeline with the Canadian government. Net income dropped to C$13.7 million, from C$25.1 million, a year earlier.
Chinese oil major, CNOOC informed that the management is willing to invest additional $3billion in its existing stakes in Nigeria’s offshore oil and gas operations. Referring to Nigeria as the largest investment destination, CEO of CNOOC stated that the company has already invested $14 billion in Nigeria. CNOOC considers investment in Nigeria as the most strategic and important international business undertaking.
Darren Woods, the CEO of ExxonMobil, has said that the firm is trying to find a fine balance between sustainability and economic growth. Exxon plans to invest $200 billion in significant oil and gas projects around the world over seven years, indicating that growth is a priority. He also cited investments in environmental projects such as algae biofuels, and in emission reduction in its industrial processes as the way forward.
To become a leading downstream player across the globe, the UAE oil major ADNOC has disclosed its plans of capitalizing $45 billion over the next five years together with partners. This is in line with the company’s 2030 strategy of a more profitable upstream, more valuable downstream, sustainable and economic gas supply, underpinned by more proactive and adaptive marketing and trading.
Shell Offshore Inc. (Shell) has decided to invest in the development of Vito, a deepwater development in the Gulf of Mexico. Vito is expected to reach peak production of approximately 100,000 boed.With a lower-cost developmental approach, the Vito project is a very competitive and attractive opportunity industry-wide.
Ben van Beurden, the CEO of Shell, sends out a strong message to the Follow This (Dutch Environmental Group) activists and investors that they can trust him on cutting down carbon emissions without shifting away from oil and gas. He further re-emphasized his intention for Shell to achieve greater profits from clean energy resources in the coming years.
Linda Cook, the CEO of U.S. based Harbour Energy, has made a $10.3 billion offer to Santos, Australia’s third largest producer. Cook said she would work towards the expansion of Santos in Asia and Africa. The prime focus would be on natural gas and liquefied natural gas (LNG) in particular.
Latest data from the Britain government showed that Britain's GHG emissions fell by 3% from 2016 levels owing to decline in coal-fired power generation plants. Britain is the second largest heat-trapping gases emitter behind Germany. The report also revealed that Britain's GHG emissions have fallen 43 percent since 1990. A significant investment in renewable energy has resulted this drastic change.
The North Sea shows signs of recovery after the oil price crash in 2014. According to the Oil and Gas UK representing North Sea operators, about 16 oil and gas development projects worth 5 billion pounds are expected to get a green signal in the coming 12 months. The production in 2018 is envisaged to rise by 5 per cent.
From the 1st of April (2018), India’s biggest oil refiner, Indian Oil Corp. plans to invest as much as $3.5 billion to expand and upgrade its refineries and boost its marketing network. Interestingly, the company aims to use internal resources for the capital expenditure and has no plans to raise loans or issue bonds. However, Indian Oil’s New Delhi spokesperson refused to comment on the investment agenda.