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Shell, which declined to confirm on Reuters’ report on Sunday that it was weighing the blockbuster sale of its Texas shale assets, also did not comment for this story. To showcase its 260,000 acres (105,200 hectares) in the Permian, Shell has opened a data room, according to two people familiar with the matter. ConocoPhillips, Devon Energy, Chevron Corp, EOG Resources and some private energy houses are all potential bidders for some or all of Shell’s Permian assets, according to analysts. Against this backdrop, estimates for Shell’s acreage run from $7 billion to over $10 billion, the latter implying a valuation of almost $40,000 an acre. Graphic: Shell's energy transition spending -
Persons: Toru Hanai, Andrew Dittmar, Artem Abramov, Sven Del Pozzo, , Paul Sankey, Rystad’s, Alex Beeker, Wood MacKenzie Organizations: HOUSTON, Royal, REUTERS, Shell, Equinor, Occidental Petroleum, Reuters, ConocoPhillips, Devon Energy, Chevron Corp, EOG, Benchmark, Natural Resources, DoublePoint Energy, Chevron, Rystad, IHS, Sankey Research, Occidental, Anadarko Petroleum Locations: Chiba, Japan, Texas, Shell, EOG Resources, Rystad Energy, Oklahoma, New York, Delaware, Midland, Mewbourne
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.) The benchmark S&P 500, the blue-chip Dow Jones and the tech-stocks focused Nasdaq have gained 13.3%, 12.3% and 10%, respectively so far this year, largely driven by optimism about an economic reopening. ET, Dow e-minis were up 17 points, or 0.05%, S&P 500 e-minis were up 4 points, or 0.09%, and Nasdaq 100 e-minis were up 10 points, or 0.07%. Drug developer Ocugen jumped nearly 20% as it prepares for potential commercial manufacturing of the Covaxin for the U.S. and Canadian markets. Halliburton Co, Occidental Petroleum Corp and Exxon Mobil added between 0.8% and 1.7% as oil prices hit multi-year highs on positive demand outlook.
Persons: Dow Jones, , Larry Adam, Raymond James, , Ocugen, Shashank, Maju Samuel Organizations: U.S, Dow, Nasdaq, Federal Reserve, Treasury, Dow e, Biogen Inc, Halliburton Co, Occidental Petroleum Corp, Exxon Mobil Locations: U.S, pare, Bengaluru
Oil rises as threat recedes of Iran supply resuming soon
  + stars: | 2021-06-15 | by ( Aaron Sheldrick | ) www.reuters.com sentiment -1.00   time to read: +2 min
An employee demonstrates a sample of crude oil in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia in this picture illustration taken March 11, 2019. Brent crude was up by 17 cents, or 0.2%, at $73.03 a barrel by 0347 GMT, having risen 0.2% on Monday. U.S. oil gained 15 cents, or 0.2%, to $71.03 a barrel, having slipped 3 cents in the previous session. It is "looking increasingly unlikely that we will see the U.S. rejoin the Iranian nuclear deal before the Iranian presidential elections later this week," ING Economics said in a note. "Daily technical indicators are currently pointing to crude oil in overbought territory and a pullback may be due," said Avtar Sandu, senior manager commodities at Phillip Futures.
Persons: Vasily Fedosenko, Brent, Avtar Sandu Organizations: Irkutsk Oil Company, REUTERS, European Union, ING, Organization of Petroleum Exporting, Phillip Futures, Investors, U.S . Federal Reserve, Thomson Locations: Irkutsk Region, Russia, Iran, United States, Tehran, . U.S, Vienna, U.S, OPEC
Oil gains as risk of Iran supply resumption recedes
  + stars: | 2021-06-15 | by ( Aaron Sheldrick | ) www.reuters.com sentiment -1.00   time to read: +2 min
An employee demonstrates a sample of crude oil in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia in this picture illustration taken March 11, 2019. Brent crude was up by 38 cents, or 0.5%, at $73.24 a barrel by 0651 GMT, having risen 0.2% on Monday. U.S. oil gained 33 cents, or 0.5%, to $71.21 a barrel, having slipped 3 cents in the previous session. It is "looking increasingly unlikely that we will see the U.S. rejoin the Iranian nuclear deal before the Iranian presidential elections later this week," ING Economics said in a note. "Daily technical indicators are currently pointing to crude oil in overbought territory and a pullback may be due," said Avtar Sandu, senior manager commodities at Phillip Futures.
Persons: Vasily Fedosenko, Brent, Avtar Sandu Organizations: Irkutsk Oil Company, REUTERS, European Union, ING, Organization of Petroleum Exporting, Phillip Futures, Investors, Federal Reserve, Thomson Locations: Irkutsk Region, Russia, Iran, United States, Tehran, . U.S, Vienna, U.S, OPEC
Oil rises on optimism about demand outlook
  + stars: | 2021-06-15 | by ( Ahmad Ghaddar | ) www.reuters.com sentiment -0.99   time to read: +2 min
An employee demonstrates a sample of crude oil in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia in this picture illustration taken March 11, 2019. REUTERS/Vasily Fedosenko/Illustration/File photoOil prices rose on Tuesday, holding near multi-year highs, amid optimism that demand will recover rapidly in the second half of this year. Brent crude was up by 52 cents, or 0.7%, at $73.38 a barrel by 1028 GMT, close to a late April 2019high. U.S. oil gained 49 cents, or 0.7%, to $71.37 a barrel, near a 32-month high"We regard the continuing good news on the demand front and upbeat sentiment on the financial markets as the key reasons for the latest upswing," Commerzbank said. The head of trading house Vitol sees oil prices moving between $70-$80 a barrel this year on the expectations that OPEC+ will keep its supply discipline.
Persons: Vasily Fedosenko, Brent, Commerzbank, Russell Hardy Organizations: Irkutsk Oil Company, REUTERS, FT Commodities Global, Organization of Petroleum Exporting, Investors, Federal Reserve, Thomson Locations: Irkutsk Region, Russia, 2019high . U.S, OPEC, U.S, Britain, COVID
Oil up nearly 2% to multi-year highs on demand expectations
  + stars: | 2021-06-15 | by ( Stephanie Kelly | ) www.reuters.com + 0.00   time to read: +2 min
An employee demonstrates a sample of crude oil in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia in this picture illustration taken March 11, 2019. ETTOKYO, June 15 (Reuters) - Oil prices rose nearly 2% to their highest in more than two years on Tuesday, buoyed by expectations demand will recover rapidly in the second half of 2021. "With supply growth lagging demand growth in the near term, faster falling oil inventories are supporting oil prices," UBS analyst Giovanni Staunovo said. He said comments on Tuesday from some of the world's top oil traders added to the bullish mood. Trafigura Chief Executive Jeremy Weir told the same event there was a good chance prices could reach $100 a barrel because of falling reserves before the world reaches peak oil demand.
Persons: Vasily Fedosenko, Giovanni Staunovo, Russell Hardy, Jeremy Weir, Louise Dickson, Aaron Sheldrick, Muralikumar Organizations: Irkutsk Oil Company, REUTERS, bbl, Brent, UBS, of, Petroleum, FT Commodities Global, Trafigura, OPEC, Rystad Energy, Analysts, Reuters, Investors, Federal Reserve, Thomson Locations: Irkutsk Region, Russia, TOKYO, U.S
Oil rises as threat of immediate Iran supply recedes
  + stars: | 2021-06-15 | by ( ) www.cnbc.com sentiment -0.98   time to read: +1 min
Cranes at an oil industry support facility in Port Fourchon, Louisiana, U.S., on Wednesday, April 21, 2021. Oil prices rose on Tuesday, with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with Tehran. U.S. oil gained 41 cents, or 0.6%, to $71.29 a barrel, having slipped 3 cents in the previous session. It is "looking increasingly unlikely that we will see the U.S. rejoin the Iranian nuclear deal before the Iranian Presidential Elections later this week," ING Economics said in a note. "Additional supply from OPEC+ will be needed over the second half of this year, with demand expected to continue its recovery," ING said.
Persons: Brent, Russia — Organizations: European Union, ING, Organization of Petroleum Exporting, U.S . drillers, U.S . Energy, Administration Locations: Port Fourchon , Louisiana, U.S, Iran, United States, Tehran, . U.S, Vienna, Russia, OPEC
Australia should turn into a carbon-offset powerhouse, says Santos CEO
  + stars: | 2021-06-15 | by ( Sonali Paul | ) www.reuters.com sentiment -0.94   time to read: +2 min
MELBOURNE, June 15 (Reuters) - Australia, the world's biggest exporter of coal and liquefied natural gas, should view decarbonisation not as a threat but as an opportunity to create a "new, large-scale industry" in carbon offsets, Santos (STO.AX) CEO Kevin Gallagher said on Tuesday. Gallagher urged the country's oil and gas industry to use Australia's competitive advantages to develop carbon offsets - either through soil carbon projects or burying carbon deep underground - for sale to big emitters. Carbon offsets could be sold to polluting industries, such as airlines and manufacturers, within Australia and offshore. Arrow Energy Chief Executive Cecile Wake said trading skills in oil, gas and LNG could be applied to environmental products and carbon credits, providing another opportunity for the industry to evolve. Santos last week won government support for a A$210 million carbon capture and storage (CCS) project, but said it will only go ahead with it after the government sets out a scheme for CCS to earn carbon credits.
Persons: Kevin Gallagher, Gallagher, Cecile Wake, Meg O'Neill, Santos, Sonali Paul, Muralikumar Organizations: MELBOURNE, Australian Petroleum Production, Exploration Association, Arrow Energy, CCS, Thomson Locations: Australia, Perth, Japan, Korea
REUTERS/Regis Duvignau/FilesLONDON, June 15 (Reuters) - The world's biggest oil traders said on Tuesday they see oil prices staying above $70 a barrel with demand expected to return to pre-pandemic levels in the second half of 2022. In a stark reversal, the traders do not discount a return to $100 per barrel oil further ahead. "We're forecasting oil demand to come back to pre-COVID levels by Q3 or Q4 in 2022," Alex Sanna, Glencore's head of oil, told the conference. Mercuria expects oil demand to be mostly back by the year end at just over 100 million barrels per day (bpd), just shy of pre-COVID levels. “Can oil return to over $100 a barrel?
Persons: Regis Duvignau, Russell Hardy, Hardy, Alex Sanna, Marco Dunand, We've, Jeremy Weir, Torbjorn Tornqvist, Julia Payne, Bozorgmehr, Marguerita Choy Organizations: Vermilion Energy, REUTERS, of, Petroleum, FT Commodities Global, Brent, Mercuria Energy, Investments, Thomson Locations: Parentis, France, United, Tehran, China, Iran
Futures rise as focus turns to Fed's inflation stance
  + stars: | 2021-06-14 | by ( Medha Singh | ) www.reuters.com sentiment -0.97   time to read: +1 min
REUTERS/Carlo Allegri/File Photo(Reuters) - S&P 500 futures hit a record high on Monday as focus shifted to the Federal Reserve’s meeting this week, where the central bank is expected to maintain its accommodative stance on monetary policy. Recent data has indicated that the U.S. economy is regaining momentum but not overheating, taming worries about inflation and sending the S&P 500 to an all-time high. The benchmark has climbed 13% this year while the Dow and the Nasdaq have risen 12.6% and 9.2%, respectively. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis were up 3 points, or 0.07%, and Nasdaq 100 e-minis were up 34 points, or 0.24%. [O/R]United Airlines Holdings and American Airlines Group rose 0.7% each after Citigroup raised its price target on the stocks.
Persons: Carlo Allegri Organizations: New York Stock Exchange, REUTERS, Fed, Dow, Nasdaq, Dow e, Chevron, Marathon Oil Corp, Schlumberger, Occidental Petroleum, Marathon Petroleum Corp, United Airlines Holdings, American Airlines Group, Citigroup Locations: Manhattan, New York City , New York, U.S, , Wyoming
(Reuters) -The S&P 500 was set to open near a record high on Monday as focus shifted to the Federal Reserve’s meeting this week, where the central bank is expected to maintain its accommodative stance on monetary policy. REUTERS/Carlo Allegri/File PhotoRecent data has indicated that the U.S. economy is regaining momentum but not overheating, taming worries about inflation and sending the S&P 500 to an all-time high. While the Fed has reassured that any spike in inflation would be transitory, policymakers could begin discussing the tapering of bond buying at the Tuesday-Wednesday meeting. The benchmark has climbed 13% this year while the Dow and the Nasdaq have risen 12.6% and 9.2%, respectively. [O/R]United Airlines Holdings and American Airlines Group gained 0.4% and 0.7% respectively after Citigroup raised its price target on the stocks.
Persons: Carlo Allegri, , Thomas Hayes, , Steve Burns, Julio Rodriguez Organizations: Reuters, New York Stock Exchange, REUTERS, Fed, Dow, Nasdaq, Great, Great Hill Capital, , Dow E, Lordstown Motors Corp, Chevron, Marathon Oil Corp, Schlumberger, Occidental Petroleum, Marathon Petroleum Corp, United Airlines Holdings, American Airlines Group, Citigroup, COVID Locations: Manhattan, New York City , New York, U.S, , Wyoming, Great Hill, New York
Oil Hits Pandemic High as Investors Bet on Green Energy
  + stars: | 2021-06-14 | by ( Amrith Ramkumar | Joe Wallace | ) www.wsj.com sentiment -0.98   time to read: +1 min
Some investors are wagering that Wall Street’s preference for green energy will depress spending on oil extraction, setting the stage for supply shortages and higher fuel prices. The bets come as money managers line up trillions of dollars for wind, solar and other renewable programs and expenditures on oil projects tumble. The drop in fossil-fuel spending is becoming so severe that energy companies could struggle to quench the world’s thirst for oil, some analysts say. Spending on oil extraction fell last year to about $330 billion, less than half the total from its 2014 record, according to research firm Wood Mackenzie. That figure is expected to rise just modestly this year and in the years ahead.
Persons: Wood Mackenzie Organizations: Organization of, Petroleum, International Energy Agency
Oil Price Hits Pandemic High as Investors Bet on Green Energy
  + stars: | 2021-06-14 | by ( Amrith Ramkumar | Joe Wallace | ) www.wsj.com sentiment -0.98   time to read: +1 min
Some investors are wagering that Wall Street’s preference for green energy will depress spending on oil extraction, setting the stage for supply shortages and higher fuel prices. The bets come as money managers line up trillions of dollars for wind, solar and other renewable programs and expenditures on oil projects tumble. The drop in fossil-fuel spending is becoming so severe that energy companies could struggle to quench the world’s thirst for oil, some analysts say. Spending on oil extraction fell last year to about $330 billion, less than half the total from its 2014 record, according to research firm Wood Mackenzie. That figure is expected to rise just modestly this year and in the years ahead.
Persons: Wood Mackenzie Organizations: Organization of, Petroleum, International Energy Agency
SEC Considers Changes to Trump-Era Rules
  + stars: | 2021-06-14 | by ( Dylan Tokar | ) www.wsj.com + 0.00   time to read: +4 min
In addition to reviewing a number of Trump-era rules, the agency said it would draft rules on environmental, social and governance-related investing, and on disclosures by companies on cybersecurity risks. The amendments to the SEC’s whistleblower award program were first proposed in 2018. Changes that the SEC said would help streamline the award claims process received broad support. The commission’s rule on extractive industries payments, passed in December, also faced opposition during the rule-making process. The rule passed in December allows companies to disclose payments on an aggregated, country-by-country basis, as opposed to a contract-by-contract basis.
Persons: Trump, Hester Peirce, Elad Roisman, Allison Herren Lee, Caroline Crenshaw, Jay Clayton, Peirce, Roisman, Gary Gensler, Mses . Lee, Crenshaw, Gensler didn’t, tipsters, Dodd, Frank, Gensler, Renee Jones, Dylan Tokar Organizations: U.S . Securities, Exchange Commission, SEC, Democrats, Trump, American Petroleum Institute, U.S . Senate
Oil prices rise as demand improves, supplies tighten
  + stars: | 2021-06-14 | by ( Bozorgmehr Sharafedin | ) www.reuters.com sentiment -0.82   time to read: +2 min
LONDON (Reuters) -Oil prices rose on Monday, hitting their highest levels in more than two years supported by economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate. REUTERS/Nick OxfordBrent was up 85 cents, or 1.2%, at $73.54 a barrel by 0908 GMT, their highest since April 2019. IEA urged the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, to increase output to meet the rising demand. The OPEC+ group has been restraining production to support prices after the pandemic wiped out demand in 2020, maintaining strong compliance with agreed targets in May. [RIG/U]It was the biggest weekly increase of oil rigs in a month, as drilling companies sought to benefit from rising demand.
Persons: Nick Oxford Brent, , , Stephen Brennock, Baker Hughes Organizations: REUTERS, . West Texas Intermediate, International Energy Agency, IEA, Organization of, Petroleum Locations: Midland , Texas, U.S, North America, Europe, OPEC, . U.S
NEW YORK (Reuters) - Oil prices rose on Monday, hitting their highest levels in more than two years, supported by economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate. FILE PHOTO: The moon rises behind the storage tanks of a local oil refinery in Omsk, Russia June 5, 2020. “The two leading crude markers are trading at (almost) two-and-a-half-year highs amid a potent bullish cocktail of demand optimism and OPEC+ supply cuts,” said Stephen Brennock of oil broker PVM. Graphic: Oil Demand/Supply balance -On the supply side, heavy maintenance seasons in Canada and the North Sea also helped prices stay high, said Rystad Energy analyst Louise Dickson. [RIG/U]It was the biggest weekly increase of oil rigs in a month, as drilling companies sought to benefit from rising demand.
Persons: Alexey Malgavko Brent, , , Stephen Brennock, Louise Dickson, ” Dickson, Baker Hughes Organizations: YORK, REUTERS, . West Texas Intermediate, International Energy Agency, IEA, Organization of, Petroleum, Rystad Energy Locations: Omsk, Russia, North America, Europe, OPEC, Canada, North, U.S
NEW YORK (Reuters) - Oil prices ended mostly unchanged on Monday, after hitting their highest levels in more than two years, as growing U.S. crude production and Britain’s delayed COVID-19 reopening dampened expectations for fuel demand growth and tighter supplies. FILE PHOTO: The moon rises behind the storage tanks of a local oil refinery in Omsk, Russia June 5, 2020. U.S. West Texas Intermediate fell 3 cents to settle at $70.88 a barrel, after earlier touching $71.78 a barrel, its highest since October 2018. Graphic: Oil Demand/Supply balance -Heavy maintenance seasons in Canada and the North Sea also have helped prices, said Rystad Energy analyst Louise Dickson. The firm estimates about 330,000 bpd of oil and condensate supply is offline at Canada oil sands projects, along with another 370,000 bpd offline in the North Sea.
Persons: Britain’s, Alexey Malgavko, , , Phil Flynn, ” Brent, Louise Dickson Organizations: YORK, REUTERS, U.S . Energy Information Administration, Price Futures Group, . West Texas Intermediate, International Energy Agency, IEA, Organization of, Petroleum, Rystad Energy Locations: Omsk, Russia, Chicago, OPEC, North America, Europe, Britain, Canada, North
Oil prices climb as demand outlook improves, supplies tighten
  + stars: | 2021-06-14 | by ( Aaron Sheldrick | ) www.reuters.com sentiment -0.96   time to read: +2 min
The moon rises behind the storage tanks of a local oil refinery in Omsk, Russia June 5, 2020. U.S. West Texas Intermediate gained 47 cents, or 0.7%, to $71.38 a barrel, the highest since October 2018. read moreThe OPEC+ group has been restraining production to support prices after the pandemic wiped out demand in 2020, maintaining strong compliance with agreed targets in May. read more"OPEC+ needs to open the taps to keep the world oil markets adequately supplied," the IEA said. It was the biggest weekly increase of oil rigs in a month, as drilling companies sought to benefit from rising demand.
Persons: Alexey Malgavko, Brent, Avtar Sandu, Goldman Sachs, Baker Hughes Organizations: REUTERS, . West Texas Intermediate, Phillip Futures, of, Petroleum, International Energy Agency, Thomson Locations: Omsk, Russia, North America, Europe, India, Singapore, OPEC
Oil holds near multi-year highs amid demand recovery
  + stars: | 2021-06-14 | by ( ) www.cnbc.com sentiment -0.99   time to read: +1 min
An oil pumping jack, also known as a "nodding donkey", in an oilfield near Dyurtyuli, in the Republic of Bashkortostan, Russia, on Thursday, Nov. 19, 2020. Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs. The OPEC+ group has been restraining production to support prices after the pandemic wiped out demand in 2020. U.S. oil rigs rose by six to 365, the highest since April 2020, energy services company Baker Hughes Co said in its weekly report. It was the biggest weekly increase of oil rigs in a month, as drilling companies sought to benefit from rising demand.
Persons: Brent, Goldman Sachs, Baker Hughes Organizations: . West Texas, of, Petroleum, International Energy Agency Locations: Dyurtyuli, Republic of Bashkortostan, Russia, North America, Europe, OPEC, U.S
REUTERS/Carlo Allegri/File PhotoThe S&P 500 was set to open near a record high on Monday as focus shifted to the Federal Reserve’s meeting this week, where the central bank is expected to maintain its accommodative stance on monetary policy. Recent data has indicated that the U.S. economy is regaining momentum but not overheating, taming worries about inflation and sending the S&P 500 (.SPX) to an all-time high. While the Fed has reassured that any spike in inflation would be transitory, policymakers could begin discussing the tapering of bond buying at the Tuesday-Wednesday meeting. The benchmark has climbed 13% this year while the Dow (.DJI) and the Nasdaq (.IXIC) have risen 12.6% and 9.2%, respectively. At 08:24 a.m. EDT, Dow E-minis were down 8 points, or 0.02%, S&P 500 E-minis were up 3 points, or 0.07% and Nasdaq 100 E-minis were up 42.75 points, or 0.31%.
Persons: Carlo Allegri, Thomas Hayes, Steve Burns, Julio Rodriguez Organizations: New York Stock Exchange, REUTERS, Fed, Dow, Nasdaq, Great, Great Hill Capital, Dow E, Lordstown Motors Corp, Chevron, Marathon Oil Corp, Schlumberger, Occidental Petroleum, Marathon Petroleum Corp, United Airlines Holdings, American Airlines Group, Citigroup, COVID, Thomson Locations: Manhattan, New York City , New York, U.S, , Wyoming, Great Hill, New York
A liquefied natural gas (LNG) tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan November 13, 2017. The bids show energy giants continue to have appetite for investing in competitive oil and gas projects despite growing government, investor and activist pressure on the sector to tackle greenhouse gas emissions. The outlook for global LNG supplies tightened sharply in recent months after Total suspended its $20 billion LNG project in Mozambique due to a surge in violence. read moreIt followed a string of delays of LNG projects in North America as COVID-19 hobbled demand last year. read moreQatar is also in talks to make Chinese firms partners in the project, sources told Reuters last month.
Persons: Issei Kato, Conoco, Exxon, LOWER, QP Organizations: REUTERS, Exxon Mobil, Royal, Shell, TotalEnergies, ConocoPhillips, Chevron, Eni, Reuters, Qatar Petroleum, ExxonMobil, International Energy Agency, U.N, European, Total, Global, Qatari, Exxon, Thomson Locations: Futtsu, Tokyo, Japan, Qatar, Shell, Chevron, TotalEnergies, State, Mozambique, North America, Asia
Shell’s energy transition plan, one of the sector’s most ambitious, aims to reduce oil and gas output gradually and boost spending on renewables, hydrogen and low-carbon technologies. A Dutch court last month ordered Shell to reduce its greenhouse gas emissions by 2030, much faster than planned. The energy major plans to reduce oil output by 1% to 2% per year by 2030 through lower investment and disposals. Permian production overall is roughly 4.5 million barrels per day, or about 40% of total U.S. output. A Permian sale would further shrink Shell’s U.S. footprint.
Persons: Toby Melville, Shell, Ben van Beurden, Anadarko Organizations: Royal, Shell, REUTERS, Chevron, Exxon Mobil, Natural Resources, ConocoPhillips, Occidental Petroleum, Colgate Energy, Chesapeake Energy, Chesapeake Locations: London, Britain, U.S, Texas, ., Gulf of Mexico, Hague
(Reuters) -Oil giant Royal Dutch Shell is reviewing its holdings in the largest oil field in the United States for a possible sale as the company looks to focus on its most profitable oil-and-gas assets and grow its low-carbon investments, according to sources familiar with the matter. Slideshow ( 2 images )The sale could be for part or all of Shell’s about 260,000 acres (105,200 hectares) in the Permian Basin, located mostly in Texas. Shell, BP Plc and TotalEnergies have pledged to lower emissions through increased investment in renewables while divesting some oil and gas holdings. The Permian produces roughly 4.5 million barrels of oil a day, or about 40% of overall U.S. production. Last week, Occidental Petroleum agreed to sell some of its Permian holdings to Colgate Energy for $508 million in a move to reduce its debt.
Persons: Shell, Andrew Dittmar Organizations: Reuters, Royal, Shell, BP Plc, TotalEnergies, International Energy Agency, U.N, Chevron, Exxon Mobil, Occidental Petroleum, Colgate Energy, DoublePoint Energy, Natural Resources, KKR, Independence Energy Locations: United States, Texas, U.S
FILE PHOTO: A flare burns excess natural gas in the Permian Basin in Loving County, Texas, U.S. November 23, 2019. A Dutch court last month ordered Shell to reduce its greenhouse gas emissions by 2030, much faster than planned. The energy major plans to reduce oil output by 1% to 2% per year by 2030 through lower investment and disposals. Permian production overall is roughly 4.5 million barrels per day, or about 40% of total U.S. output. A Permian sale would further shrink Shell’s U.S. footprint.
Persons: Angus Mordant, Shell, Ben van Beurden, Anadarko Organizations: Royal, Shell, REUTERS, Chevron, Exxon Mobil, Natural Resources, ConocoPhillips, Occidental Petroleum, Colgate Energy, Chesapeake Energy, Chesapeake Locations: Loving County , Texas, U.S, Texas, ., Gulf of Mexico, Hague
Oil giant Royal Dutch Shell is reviewing its holdings in the largest oil field in the United States for a possible sale as the company looks to focus on its most profitable oil-and-gas assets and grow its low-carbon investments, according to sources familiar with the matter. The holdings could be worth as much as $10 billion, the sources said, on condition of anonymity because the talks are private. Shell, BP Plc and TotalEnergies have pledged to lower emissions through increased investment in renewables while divesting some oil and gas holdings. Oil majors, including Shell, say the world will need substantial new investment in oil and gas for some years to come to meet demand for motor fuels and chemicals. Last week, Occidental Petroleum agreed to sell some of its Permian holdings to Colgate Energy for $508 million in a move to reduce its debt.
Persons: Shell, Andrew Dittmar, Brian Sullivan Organizations: Royal, Shell, CNBC, Occidental . Shell, BP Plc, TotalEnergies, International Energy Agency, U.N, Chevron, Exxon Mobil, Occidental Petroleum, Colgate Energy, DoublePoint Energy, Natural Resources, KKR, Independence Energy Locations: United States, Texas, U.S
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