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☆ Shell to Sell Its Onshore Nigeria Oil Business for $1.3 Billion
▼ + stars: | 2024-01-16 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: 1 min

Shell said Tuesday that it had agreed to sell its onshore oil and gas business in Nigeria to a group dominated by local companies for $1.3 billion. The transaction is an effort by Europe’s largest energy company to reduce its risks in the country that is Africa’s largest oil producer. Nigeria has long been a cornerstone for Shell, but also the source of a damaging legal and environmental legacy. Other partners in the joint venture include Nigeria’s state oil company, which has a 55 percent stake, and France’s TotalEnergies. Shell will continue its offshore energy drilling in Nigeria, as well as its liquefied natural gas operations there.

Persons: Shell, France’s Organizations: Shell Locations: Nigeria, Niger Delta

☆ Venezuelans approve takeover of oil-rich region of Guyana in referendum
▼ + stars: | 2023-12-04 | by ( David Shortell | ) edition.cnn.com time to read: +4 min

CNN —Venezuelans voted by a wide margin Sunday to approve the takeover of an oil-rich region in neighboring Guyana – the latest escalation in a long-running territorial dispute between the two countries, fueled by the recent discovery of vast offshore energy resources. The area in question, the densely forested Essequibo region, amounts to about two-thirds of Guyana’s national territory and is roughly the size of Florida. Venezuela has long claimed the land, which it argues was within its borders during the Spanish colonial period. It dismisses an 1899 ruling by international arbitrators that set the current boundaries when Guyana was still a British colony, and Venezuelan President Nicolas Maduro has cast the referendum in anti-imperialist sentiment on social media. Still, the escalating rhetoric has prompted troop movements in the region and saber-rattling in both countries, drawing comparisons from Guyanese leaders to the Russian invasion of Ukraine.

Persons: Nicolas Maduro, Irfaan Ali, Robert Persaud, Maria Corina Machado, Maduro, ”, Phil Gunson Organizations: CNN, Guyana –, Venezuelan, Electoral Council, Guyanese, Court of Justice, International Crisis Locations: Guyana, Essequibo, Florida, Venezuelan, Venezuela, British, The Hague, Ukraine, Guyanese, Caracas

☆ Biden Energy Adviser to Discuss Lebanon Border Issues on Israel Trip -US Official
▼ + stars: | 2023-11-20 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

WASHINGTON (Reuters) - President Joe Biden's energy security adviser Amos Hochstein was traveling to Israel on Monday to discuss issues related to the northern border with Lebanon, including how to stop the Gaza conflict from spreading, a U.S. official said. "This trip builds on Hochstein's visit to Beirut earlier this month where he made clear the United States does not want to see conflict in Gaza escalating and expanding into Lebanon," the official said. "While in Israel, Hochstein will emphasize that restoring calm along Israel's northern border is of utmost importance to the United States and it should be a top priority for both Israel and Lebanon." Hochstein helped to finalize a maritime demarcation deal last year between Israel and Lebanon, bringing a measure of accommodation between the enemy states as they eyed offshore energy exploration. However, tensions have escalated along the border since cross-border raids that Israel says killed 1,200 people.

Persons: Joe Biden's, Amos Hochstein, Hochstein, Steve Holland, Doina, Chizu Nomiyama Organizations: WASHINGTON, U.S Locations: Israel, Lebanon, Gaza, Beirut, United States, Palestinian, Lebanese

Circuit Court of Appeals ruling means the lease sale — once set for September, but postponed multiple times amid legal fights — will be held in December. And it must cover 73 million acres (30 million hectares), as originally planned when the administration announced the sale in the spring. The administration later scaled back the area covered by the lease sale to 67 million acres (27 million hectares) as part of an agreement to protect the endangered Rice’s whale. But the state of Louisiana joined oil and gas companies in opposing the changes. The American Petroleum Institute, a powerful U.S. oil and gas industry trade association, lauded the development.

Persons: Biden, —, ” George Torgun, Ryan Meyers Organizations: ORLEANS, U.S, Circuit, Industry, Biden, American Petroleum Institute, Energy, Fifth Circuit Locations: Gulf, Mexico, Louisiana

☆ This unmanned lifeboat could rescue drowning people on its own
▼ + stars: | 2023-11-13 | by ( Rebecca Cairns | Hazel Pfeifer | ) edition.cnn.com time to read: +6 min

Accidents are all too common, and often deadly, says Sam Mayall, a lifelong sailor and former maritime transport deck officer. “A lot of the technologies employed offshore now are the same technologies that have been there for the last 40 or 50 years,” says Mayall. Spotting people is just one part of search and rescue — getting them out of the water rapidly is also critical. Zelim’s “Swift” conveyor belt is adapted to the maritime environment to get people out of the water quickly. The maritime industry is slow to innovate, says Phillips, and the industry-standard rescue winches have been the same for decades.

Persons: Sam Mayall, ”, Mayall, “, ” Zelim, isn’t, “ Swift, —, Laura Tognarelli, Swift, “ It’s, ” Sam Mayall, Gareth Phillips, Phillips, Phillips — Organizations: CNN, coastguard, UK’s, Guardian, US Coastguard, Mariners, CNN Guardian, Zelim, Milford Haven Port Authority, Swift, Marine Locations: Scottish, Milford Haven, MHPA

☆ Greenpeace loses legal challenge to UK's new North Sea oil and gas licences
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

Vessels that are used for towing oil rigs in the North Sea are moored up at William Wright docks in Hull, Britain November 2, 2017. REUTERS/Russell Boyce/File Photo Acquire Licensing RightsLONDON, Oct 19 (Reuters) - Britain's decision to authorise new licences for oil and gas exploration in the North Sea was lawful, London's High Court ruled on Thursday, dismissing a legal challenge by Greenpeace. Judge David Holgate rejected Greenpeace's case on Thursday, saying in a written ruling that the decision not to assess end-use emissions was not irrational. A Department for Energy Security and Net Zero spokesperson welcomed the decision. Britain says domestic oil and gas production is key to its plan to improve energy security and that doing so is consistent with its target of net zero carbon emissions by 2050.

Persons: William, Russell Boyce, David Holgate, Greenpeace's, Philip Evans, Tessa Khan, Sam Tobin, William James, Tomasz Janowski Organizations: REUTERS, Greenpeace, Britain's Department for Energy Security, Department for Energy Security, Thomson Locations: William Wright, Hull, Britain, North, Europe

☆ 'Insanity upside potential': A hedge fund manager up 734% since the start of 2019 highlights the best investing opportunity he's ever seen — and explains why the remarkable oil rally will gain steam
▼ + stars: | 2023-09-19 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Renewed optimism about the economy calmed demand concerns while expectations of the largest oil production cuts since 2007 started to sap supply. Saudi Arabia and its OPEC allies refuse to boost oil production, much to the chagrin of the US. And so that's why I think it's just really, really interesting. Boosting uranium production takes years, he added, so it may take years to fix the shortage. Oil-adjacent stocks are the second-largest part of the Praetorian Capital Fund, Kupperman said.

Persons: Harris Kupperman, Kupperman, it's, I've Organizations: Energy, OPEC, Praetorian Capital Management, Capital Fund, Uranium Trust Fund, Praetorian Capital Fund, drillers, Offshore Locations: Saudi Arabia, Kazakhstan, Uzbekistan, Russia, Ukraine

☆ Russia and Ukraine are battling it out over gas and oil platforms in the Black Sea, UK Ministry of Defence says
▼ + stars: | 2023-08-27 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +2 min

Russia and Ukraine are battling over strategic gas and oil platforms in the Black Sea. The Black Sea is a key spot in the Russia-Ukraine conflict, and it has become a hotbed of military activity in the war. Ukraine has also struck several Russian-controlled platforms in the Black Sea, including three gas platforms that Russia had converted into "small garrisons." AdvertisementAdvertisementLast year, military expert Oleg Zhdanov said that the towers were like the "ears and eyes of the Russian Black Sea Fleet," according to Offshore Energy. Ukraine has also used many of its hi-tech sea drones in the area, with Ukrainian intelligence chief Kyrylo Budanov saying they had successfully paralyzed Russia's Black Sea fleet using the drones.

Persons: Oleg Zhdanov, Kyrylo Budanov, Russia's Organizations: Service, UK Ministry of Defence, Twitter, Offshore Energy Locations: Russia, Ukraine, Wall, Silicon, Crimea, Odesa, Russian, Ukrainian

☆ Meet Apollo, the ‘iPhone’ of humanoid robots
▼ + stars: | 2023-08-23 | by ( Ashley Strickland | ) edition.cnn.com time to read: +9 min

The design for Apptronik’s latest humanoid robot, named Apollo, was unveiled on Wednesday. Apollo is Apptronik's latest humanoid robot. Rather than highly specialized robots that can only serve one purpose, Apptronik wanted Apollo to be the “iPhone of robots,” Cardenas said. Courtesy ApptronikBefore Apollo, Apptronik focused on what it called a Quick Development humanoid robot. To the moon and beyondApptronik serves as one of NASA’s partners that works on humanoid robot designs.

Persons: Argodesign, Apollo, “, ”, Jeff Cardenas, Bill Stafford, ” Cardenas, Shaun Azimi, NASA’s, Cardenas, Apptronik, Nick Paine, ” Paine, Paine, ” Azimi, Artemis VI, Azimi Organizations: Austin , Texas CNN, Austin, University of Texas, NASA, JSC, DARPA, Space Center, International Locations: Austin , Texas, Houston, Australia, uncrewed, Apptronik

[1/9] United Nations Interim Force in Lebanon (UNIFIL) members stand near their vehicles in Naqoura near the Lebanese-Israeli border, southern Lebanon, August 16, 2023. Israel and Hezbollah have avoided war across the Lebanese-Israeli frontier since their last major clash 17 years ago, deterred by mutual threats of destruction. The tensions come against the backdrop of a political crisis in Israel that has emboldened its enemies. Lebanon can ill afford conflict four years into a financial meltdown that has paralysed the state. Hezbollah last year gave its blessing to a maritime border deal with Israel that allows Lebanon to explore for offshore energy.

Persons: Aziz Taher, Israel, Tzachi Hanegbi, Hassan al, Baghdadi, Benjamin Netanyahu, Mohanad Hage Ali, General Lázaro, Andrea Tenenti, Tom Perry, Nick Macfie Organizations: United Nations Interim Force, REUTERS, Reuters, National Security, Iran's, Guards, Carnegie Middle East Center, West Bank, UNIFIL, Thomson Locations: Lebanon, Naqoura, Lebanese, Israel, JERUSALEM, BEIRUT, Iran, Syria, Ghajar, Western, Tel Aviv, Palestinian, Gaza, Jerusalem, Al, Aqsa, Beirut

Vietnam targets LNG-sourced gas generating up to 22.4 gigawatts (GW) of power by 2030, enough to power 20 million households and account for nearly 15% of national power supply. Complicating LNG efforts, much of Vietnam's planned gas power investment is directed to the south of the country despite the under-served north's greater vulnerability to blackouts. Reuters GraphicsThe first plant due to come online, the Nhon Trach 3 facility being built by state-run PetroVietnam Power (PV Power) (POW.HM) near Ho Chi Minh City, is scheduled to begin operation in late 2024. Takafumi Akino of Tokyo Gas, which is building an LNG terminal and a gas plant in northern Quang Ninh province, predicted "hard negotiations". PV Gas said this month it was in talks with U.S. energy giant ExxonMobil and Russia's Novatek on LNG cooperation.

Persons: Thi, Kaushal Ramesh, EVN, Japan's Marubeni, Takafumi, Rystad's Ramesh, Francesco Guarascio, Khanh, Emily Chow, Florence Tan, Phuong Nguyen, Tony Munroe, William Mallard Organizations: European Chamber of Commerce, Reuters, Energy, Tokyo Gas, Industry, Plant, Foreign, Delta Offshore Energy, Gulf International Holdings, Delta Offshore, Gulf Energy Development, Buyers, PV Gas, ExxonMobil, Russia's, Gas, Thomson Locations: Vietnam, Hanoi, HANOI, China, Thailand, Singapore, Philippines, Ho Chi Minh City, Oslo, U.S, Tokyo, Quang Ninh, South, Southeast Asia, Asia, Khanh Vu

[1/5] Indonesian Foreign Minister Retno Marsudi delivers her opening remarks during a retreat session of the 56th Association of Southeast Asian Nations (ASEAN) Foreign Minister's Meeting in Jakarta, Indonesia, July 12, 2023. REUTERS/Ajeng Dinar Ulfiana/PoolJAKARTA, July 12 (Reuters) - ASEAN foreign ministers on Wednesday called for regional unity in addressing an intensifying conflict in Myanmar, amid doubts over the bloc's capability to implement a two-year-old peace process that has yet to get off the ground. Retno's remarks come after a Thai-led meeting last month attended by Myanmar's military leaders who have been barred from high-level ASEAN meetings. Most ASEAN members shunned that meeting, which Thai Foreign Minister Don Pramudwinai defended, saying Thailand was suffering in terms of its border, trade and refugee problems. Indonesian Foreign Minister Retno Marsudi on Wednesday said the agreed peace plan should remain ASEAN's focus.

Persons: Retno Marsudi, Don Pramudwinai, Don, Aung San, Aung San Suu Kyi, Suu Kyi, Rizal Sukma, Sukma, Kanupriya Kapoor, Martin Petty, Michael Perry Organizations: Indonesian, 56th Association of Southeast Asian Nations, REUTERS, ASEAN, Association of Southeast Asian Nations, Indonesia's, United Nations, Thai Foreign, Centre, Strategic, International Studies, Friday's East Asia Summit, ASEAN Regional, Thomson Locations: Jakarta, Indonesia, JAKARTA, Myanmar, ASEAN, Thai, Thailand, Aung San Suu, China, Philippines, Vietnam, South China, Friday's, United States, Russia

☆ Investor who helps manage the largest sovereign wealth fund discusses strategy and biggest fears
▼ + stars: | 2023-04-21 | by ( Jason Gewirtz | ) www.cnbc.com time to read: +2 min

The "Government Pension Fund" as it is widely known helps back up Norway's government spending. The fund was started in 1996 after massive offshore energy reserves were discovered off Norway's coast. A big part of the fund's concentration in recent years has been on renewable energy. Right now the Government Pension Fund has a mandate to invest at least two percent of assets in renewable energy. But Tronde, who's fund has stakes in more than 9,000 companies, is not overly concerned about all these threats.

☆ Britain to announce energy security measures by month-end
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 15 (Reuters) - British government measures to support energy security will be announced later in March, a budget document said on Wednesday without mention of any fresh incentives for oil and gas or renewable energy producers. "In addition to the measures in the spring budget, the government will set out further action later this month to ensure energy security in the UK and meet our net zero commitments," the government said in a budget document. "The Government has repeatedly ignored warnings from the renewable sector as it bulldozes through its tax raid on green electricity generators," said Rod Wood, managing director at wind energy developer Community Wind Power. "We are disappointed that it has not removed obstacles for offshore energy firms and the homegrown oil and gas producers." Reporting by Shadia Nasralla and Susanna Twidale Editing by David Goodman, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ This fund is trouncing the S&P 500 by focusing on international stocks
▼ + stars: | 2023-03-05 | by ( Alex Harring | ) www.cnbc.com time to read: +8 min

A fund once led by an investing great known for finding opportunities in distressed assets is beating the market — but with a somewhat different focus. The Third Avenue Value Fund (TVFVX) outperformed the S & P 500 in 2022, rising 11.2% while the broad-market index shed 19.4%. 'Go where the opportunities are' Fine said that can happen by looking at both country and industry trends. The fund had just over 40% and 30% of its holdings in small- and mid-cap companies, respectively, at the end of 2022. portfolio manager Matt Fine Fine was able to work under Whitman and eventually take over the value fund, which is one of the first the company created, in 2017, a year before Whitman died.

☆ Philippines says Chinese navy ship spotted near disputed island
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +2 min

MANILA, March 4 (Reuters) - The Philippines said on Saturday it had spotted a Chinese navy ship and dozens of militia vessels around a contested Philippine-occupied island in the South China Sea, as territorial tensions mount in the area. The Philippine Coast Guard said 42 vessels believed to be crewed by Chinese maritime militia personnel were seen in the vicinity of Thitu island, while a Chinese navy vessel and coast guard ship were observed "slowly loitering" in the surrounding waters. "Their continuing unauthorised presence is clearly inconsistent with the right of innocent passage and a blatant violation of the Philippines' territorial integrity," the coast guard said in a statement. Marcos last month summoned the Chinese ambassador to complain about the intensity and frequency of China's actions in the South China Sea. The Philippines has filed 77 complaints against China's activities in the sea, including a claim that a Chinese coast guard ship on Feb. 6 directed a "military-grade laser" at one a Philippine coast guard ship on a supply mission.

Power giant Orsted aims to build a huge offshore windfarm to help the country meet renewable goals. Last year the North Sea Transition Authority (NSTA), which regulates offshore energy activity, concluded that large crossovers between such ventures were unfeasible with current technology. This largely unreported clash risks undermining Britain's drive to meet its climate goals, according to the companies involved and a North Sea green transition expert. The BP-Orsted showdown could also presage similar disputes elsewhere in an increasingly crowded North Sea, the experts told Reuters. There is hope on the horizon for wind and CCS projects that share ground, say regulators and industry experts.

☆ New threats will corrode infrastructure M&A
▼ + stars: | 2022-12-30 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

Private equity infrastructure funds attracted $121 billion globally in 2021, nearly 60% more than in 2017, according to data from PitchBook. The rising cost of insuring against cyberattacks will also dull the appeal of telecoms networks and power grids. The urge to make the world a cleaner place means building and upgrading power infrastructure in both developed and developing countries. Pressure to establish energy security at home also means governments will want to own key infrastructure assets, regardless of the financial incentives. If private investors conclude some infrastructure assets have lost their appeal, states will step in.

☆ U.S. holds sale of drilling rights off Alaska coast
▼ + stars: | 2022-12-30 | by ( Nichola Groom | ) www.reuters.com time to read: +2 min

Dec 30 (Reuters) - The Biden administration on Friday will hold a sale of oil and gas drilling rights off the coast of Alaska, the first federal auction in the region in more than five years. The agency had scrapped the Cook Inlet sale earlier this year before the IRA passed, citing a lack of industry interest. Cook Inlet stretches 180 miles (290 km) from Anchorage to the Gulf of Alaska. There are 14 active federal leases in Cook Inlet, all of which were purchased by Houston-based Hilcorp at the last federal auction in the region in 2017. Operating oil and gas platforms in the area are all in state waters, but oil production has declined substantially since peaking in the 1970s.

☆ U.S. watchdog seeks cybersecurity strategy for offshore energy infrastructure
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Companies U.S. Government Accountability Office FollowNov 17 (Reuters) - A U.S. watchdog in a report made public on Thursday asked the federal regulator of offshore oil and gas infrastructure to come up with a cybersecurity strategy for the more than 1,600 facilities under its oversight. The Government Accountability Office (GAO) report highlighted that offshore facilities increasingly use technology to remotely monitor and control equipment, making them vulnerable to cyberattacks and risking environmental harm and supply disruptions. A successful cyberattack could wreak damage resembling the effects of 2010 Deepwater Horizon disaster, the report said. That disaster was not a cyberattack but it killed 11 workers and cost billions of dollars for Gulf Coast restoration. Reporting by Seher Dareen and Deep Vakil in Bengaluru Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Blackstone Credit is working with an investment bank to explore options for PRI Operating at a time when commodity prices continue to trade at elevated levels after touching multi-year highs earlier in 2022. The sources cautioned a sale of PRI Operating was not guaranteed and the value Blackstone Credit might secure was difficult to estimate given how volatility in commodity prices influences asset valuations. PRI Operating did not respond to comment requests. Founded in 2017, PRI Operating is backed by Blackstone Credit and management. In July, Reuters reported Blackstone Credit and Apollo Global Management were marketing for sale Canadian oil and gas producer Ridgeback Resources.

☆ Lebanon signs maritime border deal, Israel expected to follow suit
▼ + stars: | 2022-10-27 | by ( Maya Gebeily | ) www.reuters.com time to read: +1 min

BAABDA/JERUSALEM, Oct 27 (Reuters) - Lebanese President Michel Aoun on Thursday signed a letter approving a landmark U.S-brokered agreement laying out the country’s maritime boundary with Israel, Lebanon's top negotiator told reporters. Israel was set to follow suit in approving the deal, which marks a diplomatic departure from decades of hostility, later in the day. Hailed by all three parties as a historic achievement, the deal will be signed separately in Jerusalem by Israeli Prime Minister Yair Lapid following his cabinet's approval. "If one side violates the deal, both sides lose," Hochstein told reporters. An offshore energy discovery - while not enough on its own to resolve Lebanon's deep economic problems - would be a major boon, providing badly needed hard currency and possibly one day easing crippling blackouts.

☆ Israel, Lebanon finalise maritime demarcation deal without mutual recognition
▼ + stars: | 2022-10-27 | by ( ) www.cnbc.com time to read: +1 min

Israeli and Lebanese leaders finalised a U.S-brokered maritime demarcation on Thursday, bringing a measure of accommodation between the enemy states as they eye offshore energy exploration. Leaders from Lebanon, Israel and the United States have all hailed the deal as "historic" but the possibility of a wider diplomatic breakthrough remains slim. Prime Minister Yair Lapid signed separately in Jerusalem, saying the deal was a "tremendous achievement" that had produced Lebanon's de facto recognition of Israel. But Aoun later said the deal was purely "technical" and would have "no political dimensions or impacts that contradict Lebanon's foreign policy". Lower-level delegations from each country headed to the United Nations' peacekeeping base at Naqoura along their contested land border, which has yet to be delineated.

☆ The US is home to only 7 offshore wind turbines. But one startup is betting on autonomous underwater vehicles to map the seafloor up to 10 times as fast as current methods.
▼ + stars: | 2022-10-24 | by ( Lily Katzman | ) www.businessinsider.com time to read: +7 min

Bedrock's seafloor-mapping technologies have the potential to spur offshore wind developments. In spring 2021, the Biden administration set a lofty goal of producing 30 gigawatts of offshore wind energy by 2030. Baldwin said Ørsted had a dedicated team of more than 100 people to interpret marine data for the company's offshore wind developments. Bedrock's goal is to make the seafloor process up to 10 times as fast as current methods, DiMare told Emerging Tech Brew. "I'm hoping that we get that seafloor map so that we can make wise decisions about where to put our resilience infrastructure, our wind farms," she said.

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