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☆ RBC adds 2 global oil and gas stocks to its superbly outperforming energy list
▼ + stars: | 2024-07-09 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

RBC Capital Markets added two major global oil and gas companies to its Global Energy Best Ideas list. Those additions come as RBC adjusts its list of preferred energy stocks, simultaneously removing Santos , an Australian oil and gas producer. The stocks in the RBC Global Energy Best Ideas list were collectively resilient last month, declining by just 0.5%. However, it still outperformed the iShares Global Energy ETF , which fell by 2.5% during the same time. RBC has been equally bullish on Woodside Energy , Australia's largest independent oil and gas producer, and its inclusion in its energy basket.

Persons: Santos, Greg Pardy, Wael Sawan Organizations: RBC Capital Markets, Global Energy, Shell, Woodside Energy, RBC, RBC Global Energy, Global Energy ETF, Energy Locations: U.S, Europe, Australian, United States, Senegal

☆ Japan's Japex raises profit forecast on higher oil, weaker yen
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Nov 10 (Reuters) - Japan Petroleum Exploration Co (Japex) (1662.T) on Friday raised its full-year net profit and dividend forecast as higher-than-expected oil prices and weaker yen are set to support results. Japex increased net profit forecast for the year ending in March 2024 by 32% to 45 billion yen ($297.2 million) from its August prediction and raised annual dividend forecast to 250 yen per share from 200 yen. "We now expect stronger earnings as firmer-than-expected oil prices and the yen's depreciation will boost our sales prices of oil and natural gas," Michiro Yamashita, senior managing executive officer, told a press conference. Its half-year net profit was down 12% to 27.8 billion yen due to a fall in oil prices from a year earlier and smaller gains from its equity holdings in some overseas energy projects. An absence of profit contribution from Russia's Sakhalin 1 oil and gas project where Japex holds a stake via Sakhalin Oil and Gas Development Co (SODECO) reduced non-operating profit by about 3 billion yen for the first-half, Yamashita said.

Persons: Michiro Yamashita, Japex, Yamashita, SODECO, Vladimir Putin, Japan's, Russia's, ONGC, Yuka Obayashi, Katya Golubkova, Tomasz Janowski Organizations: Japan Petroleum Exploration Co, Sakhalin Oil, Gas Development, Exxon, U.S ., Thomson Locations: TOKYO, Russia's Sakhalin, Sakhalin, Russian, U.S, Ukraine

"It's pleasing that Woodside has made our members a strong offer without industrial action being taken," Gandy added in a statement. The project in Western Australia, along with the Gorgon and Wheatstone LNG facilities of Chevron Corp (CVX.N), account for about one-tenth of global supplies. Workers at Chevron's facilities are also considering industrial action, and the combined threats had supported LNG prices over the past few weeks. The Woodside workers unions had threatened to strike as early as Sept. 2 unless their demands for better pay and conditions were met. Asia spot LNG prices remained supported at above $14 per million British thermal units at Wednesday's close, with traders still cautious about LNG supplies from Australia.

Persons: Chris Helgren, Brad Gandy, Woodside, Gandy, Warren Patterson, Saul Kavonic, Renju Jose, Florence Tan, Sonali Paul, Stephen Coates, Miral Organizations: Woodside Energy, REUTERS, Rights, Woodside, North West Shelf, Workers, Chevron Corp, Chevron, North West, Australia . Energy, Thomson Locations: Vancouver , British Columbia, Canada, Rights SYDNEY, SINGAPORE, Western Australia, Woodside, Asia, Wednesday's, Australia, Sydney, Singapore

It also defies protests from a minority of activist investors who want oil companies to be more closely aligned with global efforts to mitigate climate change. An oil and gas price rally driven by energy producer Russia's invasion of Ukraine translated into record profits for the energy majors. That has increased confidence in the most costly, high-risk offshore exploration that can also deliver the highest rewards. Wood Mackenzie analysts predict a continued increase in activity, forecasting offshore exploration and drilling activity to grow by 20% by 2025. Wood Mackenzie meanwhile predicts the commitment of up to $185 billion to develop 27 billion barrels of oil reserves, with international oil companies focused on the higher-cost, higher-return deepwater developments.

Persons: Olivier Le Peuch, Baker Hughes, Wood Mackenzie, Leslie Cook, TotalEnergies, Yujnovich, QatarEnergy, Shell, Graff, La Rona, Ron Bousso, Barbara Lewis Organizations: Shell, BP, SLB, Reuters, International Energy Agency, Barclays, West Africa –, Nambia's Petroleum, Thomson Locations: Namibia, Ukraine, Gulf of Mexico, South America, West Africa, NAMIBIA, Canada

☆ Climate activist faces 10 years in jail for a fake letter ‘canceling’ an oil industry conference
▼ + stars: | 2023-06-16 | by ( Laura Paddison | ) edition.cnn.com time to read: +3 min

CNN —A climate activist in New Zealand faces 10 years in jail after a court found her guilty of forgery for sending a fake letter to the speakers at an oil industry conference, telling them it had been postponed due to the climate crisis. She had been protesting outside oil conferences for years, but the 2019 PEPANZ conference was taking place in quite a small town and she was concerned few activists would be able to attend, she told CNN. Five days before the conference, she sent the letter by email, purporting to be from oil industry organizers canceling the event until further notice. PEPANZ organizers told speakers that the letter was fake and the conference went ahead. Three years later, after a trial in the Dunedin District Court, Penwarden was found guilty on Wednesday of two charges of creating and using a forged document.

Persons: Rosemary Penwarden, “, ”, Penwarden, ” Penwarden, “ I’m, Niamh O’Flynn, Rosemary, ” O’Flynn Organizations: CNN, Petroleum Exploration, Production Association of New, Greenpeace, Energy Resources Aotearoa Locations: New Zealand, Dunedin, Production Association of New Zealand, Court

☆ The UK is fiscally unstable, says North Sea oil CEO
▼ + stars: | 2023-01-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A British Union flag flies near Big Ben at the Palace of Westminster, in London, UK, on Monday, Oct. 24, 2022. Jason Alden | Bloomberg | Getty ImagesThe U.K. is fiscally unstable and this has led the government to indulge in "short-termism" by slapping oil majors with windfall taxes, according to Amjad Bseisu, CEO of EnQuest . In November, the British government raised an existing windfall tax on oil company profits from 25% to 35% until 2028. This takes the overall levy rate for North Sea producers to 75%, once the 40% corporation tax charge is applied. U.K. Prime Minister Rishi Sunak initially introduced the windfall tax in May, when he was finance minister in Boris Johnson's government, prior to Johnson's resignation in July.

☆ Somalia signs oil exploration agreement for seven blocks
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

MOGADISHU, Oct 21 (Reuters) - Somalia has signed a petroleum exploration agreement for seven offshore blocks with United States-based Coastline Exploration, the company said in a statement on Friday. Register now for FREE unlimited access to Reuters.com RegisterNo government officials were immediately reachable for comment. Coastline, an upstream oil and gas company focused on East Africa, said in a statement on Friday it had paid a $7 million signature bonus to the government and would now proceed with exploration. In 2019, Somalia passed a petroleum sector law paving the way for exploration, especially off its coast. Register now for FREE unlimited access to Reuters.com RegisterReporting by Abdi Sheikh; Writing by George Obulutsa;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

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