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Even as energy prices trend down from recent highs, Bank of America still expects the Federal Reserve to make a 75-basis-point rate hike at the next FOMC meeting, but there's a chance of an even more aggressive move."We think the main takeaway from the June inflation data is that underlying price pressures remain robust and unacceptably high relative to the Fed's mandate," BofA analysts wrote in a Friday note.
China National Offshore Oil Corp. said it will increase spending on clean energy so that its carbon emissions peak by 2028, while also bringing forward its net-zero deadline to 2050, according to the company’s climate action plan released Wednesday. The offshore oil and gas giant’s spending on renewable energy will account for 10%-15% of its total over 2026-2030, from a range of 5%-10% announced last year for the period through 2025. The emissions counted will only be the company’s own, and won’t include those generated by the customers of its fossil fuels.
St Petersburg, June 23 (IANS) The severe sanctions against Russia for invading Ukraine are causing dramatic changes in the global economy and the oil market. Against all odds, Russia, one of the major energy-producing countries, continues to play a crucial role in the global energy market, while such unprecedented turbulence and disruption in the global economy can lead, among other things, to a shortage of energy.
After power, the country's oil sector PSUs would now float an infrastructure investment trust (InvIT) as part of the asset monetisation exercise announced by the government and mobilise resources for fresh capital investment.As part of the exercise, gas transportation utility Gail India is expected to set up the gust InvIT in the oil sector in the next financial year.
French oil major Total SA’s $2.5 billion investment in Adani Green Energy last week is a sign that global companies increasingly under pressure to invest in environmental assets are eyeing India’s 1.3 billion energy users.India’s goal of doubling renewable power by next year is getting a boost from international investors who see the massive market’s potential outweighing significant risks
According to industry estimates, as much as Rs 1.75 lakh crore investment is required to bid out 35GW of renewable energy capacity in the country. About 50 GW of clean energy is under implementation, while India has already installed over 90GW renewables, including 37GW of solar and 38GW of wind energy.
Saudi Aramco has suspended a deal to build a $10 billion refining and petrochemicals complex in China. Aramco decided to stop investing in the facility in China’s Northeastern province of Liaoning after negotiations with its Chinese partners and Aramco declined to comment on it. The uncertain market scenario could be behind the decision. The joint venture was signed when Prince Mohammed bin Salman was in Beijing in February last year.
Drilling rig operator Maersk Drilling has secured another one-well contract from Aker BP. The $21.6m contract excludes a potential performance bonus and comes with a further one-well option. The original contract forms part of the Aker BP includes alliance agreement with Maersk Drilling and Halliburton. The contract for the Maersk Integrator is a direct continuation of its previously announced work scope and is expected to start next April.
Occidental Petroleum (Oxy) has signed a purchase and sale agreement with Orion Mine Finance for $1.33bn, the transaction is expected to be closed in the fourth quarter of this year. Assets under the sale are located in Wyoming, Colorado and Utah. The company will retain its core assets in the Rockies, including Colorado’s DJ Basin and Wyoming’s Powder River Basin.
Chevron Corp. decided to invest in Zap Energy Inc. Chevron came up with this decision as companies are facing increasing pressure from investors to reduce emissions and spend more on low-carbon energy and disclose the impact of their fossil fuel production on climate change. Chevron Corp. is added to the list after Italy’s ENI and Norwegian state oil company Equinor.
Oilfield services firm, Petrofac reported revenues of $2.1bn in the first half, 25.5% below the same period last year. The earnings report reflects project delays caused by COVID-19 and lower oil & gas prices. The underlying profits after tax fell 86.4% to $21m, despite Petrofac's significant cost savings efforts during the year. The total order book shrunk from $7.4bn at the start of the year to $6.2bn towards the end of first half.
U.S. oil major Exxon Mobil on Tuesday has signed an agreement with Global Clean Energy to buy 2.5 million barrels of renewable diesel per year for five years to help reduce its carbon footprint. Exxon plans to distribute the renewable diesel within California and potentially to other domestic and international markets. The renewable diesel will be sourced from Global Clean Energy’s refinery in Bakersfield, California, starting 2022.
Saudi Aramco said it’s still working on a deal to buy a $15 billion stake in Reliance Industries Ltd.’s refining and chemicals business, even as lower oil prices forced it to slash investment spending. The deal with Reliance would help Aramco to join the ranks of the top oil refiners and chemical makers. Aramco is already a major supplier of crude to India.
Aramco reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had forecast, and it expected capital expenditure for 2020 to be at the lower end of a $25 billion to $30 billion range. But the company is sticking with the plan to pay $75 billion in dividends this year. Net profit fell to 24.6 billion riyals for the quarter to June 30 from 92.6 billion riyals a year earlier.
Hindustan Petroleum Corp’s increased profit by 157% to Rs 2,252 crore in the April-June quarter capitalizing on inventory gains and increased marketing margins. The gross refining margin for the quarter was $.04 per barrel compared to $0.75 in the year-ago quarter. Crude prices have more than doubled to $45 a barrel since late April. Product prices too have similarly risen.
U.S. oil refiner Marathon Petroleum Corp posted a smaller-than-expected quarterly loss on Monday. The demand recovery helped Marathon post a smaller adjusted loss of $868 million, or $1.33 per share, for the second quarter, compared with analysts’ estimate of a $1.75 loss. Investors had been worried about the refiner’s large debt due over the next five years. About half of the company’s $32 billion in total debt is outstanding through 2025.
Maersk Drilling will invest USD $1m in California-based company Clean Energy Systems to develop a new technology called Carbon-Negative Energy. The novel technology will help produce renewable fuel and power and aid to remove greenhouse gases. Maersk Drilling is working to reduce the emissions associated with offshore drilling in multiple ways.
US oil and gas producer Hess Corp underwent a smaller than expected loss on Wednesday. Hess said the average selling price of its crude oil, fell 35.4% in the second quarter to $39.03 a barrel. Its quarterly total costs and expenses fell over 27% to $1.1 billion. Crude prices sank to extreme lows due to the global crisis however higher output and lower costs helped offset a plunge in oil prices.