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LONDON, Feb 2 (Reuters) - Shell (SHEL.L) is still receiving cargoes of liquefied natural gas (LNG) from Russia under its long-term contract with Novatek (NVTK.MM), a Shell spokesperson said on Thursday. The world's largest LNG trader agreed a more than 20-year deal in 2015 for Novatek to supply around 900,000 tonnes per annum from the Yamal LNG plant in Siberia. Shell said in 2022 it would exit all its Russian operations, including a major LNG plant in the Sakhalin peninsula in the eastern flank of the country after Russia invaded Ukraine. However, Russia supplied Europe with some 17 million tonnes of LNG in 2022, up about 20% from 2021, Refinitiv Eikon data show. Novatek, Russia's largest LNG producer, provided most of the supplies, having shipped 20.8 million tonnes from the Yamal LNG project - including to other customers - and 700,000 tonnes from Kriogaz-Vysotsk on the Baltic Sea, according to Refinitiv Eikon.
REUTERS/Thilo SchmuelgenSummarySummary Companies Fourth-quarter profit of $10 bln beats estimatesShell to repurchase $4 bln in sharesLONDON, Feb 2 (Reuters) - Shell (SHEL.L) delivered a record $40 billion profit in 2022, the energy giant said on Thursday, capping a tumultuous year in which a surge in energy prices after Russia's invasion of Ukraine allowed it to hand shareholders unprecedented returns. Shell also posted record fourth-quarter profit of $9.8 billion on the back of a strong recovery in earnings from liquefied natural gas (LNG) trading, beating analyst forecasts for an $8 billion profit. Annual profit reached $39.9 billion, more than doubling from a year earlier and far exceeding the previous record of $31 billion in 2008. Shell said its capital expenditure in 2023 will reach $23 billion to $27 billion, in line with previous guidance. The surge in revenue helped Shell sharply reduce its debt to $44.8 billion at the end of 2022 from $52.6 billion a year earlier.
Ukraine war to accelerate shift to clean energy, BP says
  + stars: | 2023-01-30 | by ( Ron Bousso | )   time to read: +2 min
Companies Bp Plc FollowLONDON, Jan 30 (Reuters) - Russia's war in Ukraine is expected to weigh on long-term energy demand and accelerate the world's shift to renewables and low-carbon power as countries boost domestic energy supplies, BP (BP.L) said in a report on Monday. In its benchmark 2023 Energy Outlook, BP Plc said the Ukraine war will slow global economic activity by 2035 by around 3% compared with last year's forecast due to higher food and energy prices as well as reduced trade activity. Energy security - BP's 2023 Energy OutlookRussia is a major exporter of energy and other commodities. At the same time, a surge in global energy prices last year led governments to accelerate domestic energy production including nuclear, renewables, hydropower and coal. Oil demand - BP 2023 Energy OutlookFinal energy consumption - BP 2023 Energy OutlookReporting by Ron Bousso; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
SummarySummary Companies New CEO took office Jan. 1Upstream boss to oversee expanded unitExecutive committee to shrink to seven from nine membersLONDON, Jan 30 (Reuters) - Shell (SHEL.L) will combine its oil and gas production and liquefied natural gas (LNG) divisions as part of CEO Wael Sawan's first changes since taking charge of the energy giant earlier this month. The new division, which combines Shell's most profitable operations, will be headed by current upstream director Zoe Yujnovich, Shell said in a statement on Monday. Sawan took office on Jan. 1 after heading Shell's integrated gas division, which included Shell's LNG and renewables businesses, with a vow to simplify and improve the company's operations. Under the internal restructure, renewables operations will be combined with Shell's oil refining and marketing operations led by current downstream director Huibert Vigeveno, the company said. Reporting by Aby Jose Koilparambil in Bengaluru; editing by Rashmi Aich and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.
Companies Shell PLC FollowLONDON, Jan 26 (Reuters) - Shell (SHEL.L) has launched a strategic review of its home energy retail businesses in Britain, the Netherlands and Germany in the wake of "tough market conditions", it said on Thursday. European energy suppliers have struggled over the past year with soaring wholesale prices and efforts by governments to shield consumers from rising bills. No decision has been taken yet on the future of the businesses, Shell said. Shell injected nearly $1.5 billion in cash and credit into its British energy retail business in 2022 to help it weather huge volatility in power prices that caused the collapse of several rival UK utilities. Shell said its wholesale and business-to-business (B2B) energy supply businesses are not part of the strategic review, and neither are its home energy supply businesses in the United States and Australia.
The company has hired investment bank Standard Chartered to run the sale process, which could raise up to $1 billion, the sources said. Several Western oil giants including Exxon Mobil (XOM.N), Shell (SHEL.L) and TotalEnergies (TTEF.PA), are seeking to exit or scale back their presence in Nigeria, particularly in onshore operations which have been plagued by theft and devastating spills for years. Equinor's exit is part of the company's efforts to focus on newer and more profitable assets, the sources said. Nigeria's offshore oil and gas operations remain lucrative due to their larger scale, better security and attractive financial terms offered by the government. Operations outside Norway account for around a third of the company's total oil and gas production.
DUBAI/LONDON, Jan 25 (Reuters) - Qatar is in talks to acquire a stake from French company TotalEnergies' (TTEF.PA) $27 billion cluster of energy projects in Iraq, three sources told Reuters, as Baghdad hopes to stem efforts by Western energy companies to exit the country. The TotalEnergies deal with Iraq, which will require an initial investment of $10 billion, followed a visit from French President Emmanuel Macron in September 2021. Sources told Reuters last year that disputes over terms had risked scrapping the project. A senior Iraqi oil ministry official said he was not aware of QatarEnergy plans to acquire a stake in the TotalEnergies' project. One of the sources told Reuters Sudani would also meet TotalEnergies Chief Executive Officer Patrick Pouyanne in a bid to end the deadlock.
The jobs would be cut in Harbour Energy's headquarters in the North Sea hub of Aberdeen, Scotland, but the extent of the cuts is yet to be determined and will be subject to consultations. Harbour Energy Plc has 1,700 employees worldwide, according to its website. Executives in North Sea companies have urged the British government to introduce a price floor to mitigate the impact of the windfall tax as firms struggle to access new funding. Industry group OEUK said in response to Harbour's announcement that the windfall tax will further undercut spending. Companies including Shell Plc (SHEL.L) and Equinor ASA (EQNR.OL) have already said they will review their North Sea investments.
[1/2] Logo of British Petrol BP is seen e at petrol station in Pienkow, Poland, June 8, 2022. Reuters GraphicsWINDFALL WOESBut the bumper profits could revive calls on governments around the world to further hike windfall taxes on the sector as economies struggle with high energy prices. They benefited the most from high energy prices, rewarded by a fossil-focused cash generation strategy that contrasted with European majors' bet on renewables. Banks including HSBC and J.P. Morgan predict more upside potential for European stocks this year after U.S. oil majors led in share performance and profits in 2022. "The European majors appear much more attractively valued than the U.S. majors on our estimates," HSBC said in a note.
Buyers are rushing to fill European oil storage tanks with Russian diesel, with flows this month on track to hit a one-year high. FEB. 5 EU BANThe European Union banned seaborne Russian crude imports from Dec. 5 and will ban Russian oil products from Feb. 5, in a move aimed at depriving Moscow of revenue. The Group of Seven nations (G7), Australia and the 27 European Union countries also implemented on Dec. 5 a price cap on Russian crude. This allowed non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than $60. DIESEL PRICESSince Europe is heavily reliant on Russian diesel imports, the Feb. 5 ban is expected to support profit margins for the fuel, analysts say.
The ban is likely to create a diesel supply shortfall that Europe hopes to fill with Chinese fuel, some of which will be produced from Russian crude. China has raised its first batch of 2023 export quotas for refined oil products by nearly half from a year ago. "But without Chinese exports pushing swing barrels westward, Europe is unlikely to replace the 0.5 million bpd loss in Russian diesel exports come the embargo," Energy Aspects analysts said. Russia has long been the main diesel supplier for Europe, where refineries do not produce enough to meet domestic demand from its large diesel car fleet. Reuters GraphicsAn EU ban on Russian crude imports that took effect in December will be broadened to include refined fuels from Feb. 5.
SummarySummary Companies Shell, Harbour Energy held talks late last yearTalks included Norway, Italy and some UK assetsShell shifting focus to low-carbon, renewablesLONDON, Jan 10 (Reuters) - Shell (SHEL.L) held talks with Harbour Energy (HBR.L) to sell its Norwegian oil and gas fields last year but could not reach a deal due to gas price volatility and uncertainty over the long-term outlook, three company sources told Reuters. Shell and Harbour Energy declined to comment. Shell and ConocoPhillips (COP.N) are the last two oil majors to operate offshore fields in Norway, while TotalEnergies (TTEF.PA) only retains stakes in non-operated fields. Negotiations with Harbour Energy included Shell's assets in Norway and its small-scale operations in Italy and several ageing assets in the British North Sea, the sources said. Beyond oil and gas, Shell is involved in several major renewables and low-carbon projects in Norway including in offshore wind blocks, a biofuels plant and the Northern Lights carbon storage and use project.
Companies Shell PLC FollowLONDON, Jan 6 (Reuters) - Earnings from Shell's (SHEL.L) liquefied natural gas (LNG) trading operations are likely to have been significantly higher in the fourth quarter of last year despite a sharp output drop owing to plant outages, it said on Friday. But Shell, the world's top LNG trader, said its LNG trading results are set to be "significantly higher" than in the previous quarter. Shell's third quarter results were dented by weaker refining performance and a slump in LNG trading. Several governments across Europe and Britain have imposed windfall taxes on energy companies this year to rein in excess profits as energy prices have soared since Russia's invasion of Ukraine. (This story has been corrected to change date of Shell results to Feb. 2 from Feb. 3)Reporting by Ron Bousso Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.
[1/3] A general view of hydrogen electrolysis plant called 'REFHYNE', one of the world's first green hydrogen plants, during a launch event at Shell's Rhineland refinery in Wesseling near Cologne, Germany, July 2, 2021. REUTERS/Thilo SchmuelgenLONDON, Dec 22 (Reuters) - The green hydrogen express is gathering pace, but it may have a worrying problem with leaks. At least four studies published this year say hydrogen loses its environmental edge when it seeps into the atmosphere. The United States included billions of dollars of green hydrogen tax credits in its Inflation Reduction Act and the European Union approved 5.2 billion euros ($5.5 billion) in subsidies for green hydrogen projects in September. While potential leakages of hydrogen are not expected to be on a scale that could derail all green hydrogen plans, any seepage would erode its climate benefits, they say.
Exxon has yet to set any 2030 Scope 3 target. Shell said it believed its targets are aligned with the U.N. climate targets. We remain committed to constructive engagement with our investors," a Shell spokesperson said in a statement. The group of investors co-filing the resolutions includes Edmond de Rothschild Asset Management, Degroof Petercam Asset Management and Achmea Asset Management. Exxon and Chevron have in the past successfully blocked attempts to file climate resolutions with the Securities and Exchange Commission.
The volatility led to several bankruptcies in the sector, including Bulb, which the British government is set to rescue at a cost of up to 6.5 billion pounds ($8 billion). Shell Energy's operating loss rose to 102.4 million pounds in 2021 from 83.6 million pounds a year earlier, according to the company's financial results, released on Thursday. To help its subsidiary, Shell injected a total of 1.2 billion pounds to Shell Energy this year, Shell Energy said. Shell also extended to Shell Energy a working capital facility of 680 million pounds "to meet its short-term working capital needs" until the end of next year. Shell Energy was formed after Shell acquired First Utility in 2018 as part of its long-term strategy to turn Britain into a hub for supplying renewable energy.
The European Union banned Russian crude imports from Dec. 5 and will ban Russian oil products from Feb. 5, as it attempts to deprive Russia of oil revenues. Blending Russian diesel elsewhere with a non-Russian equivalent would not change its origin, while refining Russian Urals crude into diesel elsewhere would. Russian diesel is likely to be delivered to and re-exported from countries such as India and Turkey, market sources said. Europe has already started to replace Russian diesel imports with refined product from the Middle East, but analysts also expect India to refine more Urals and increase diesel exports to Europe. Many of the larger oil companies, including BP (BP.L) and Shell have self-imposed sanctions on Russian oil and oil products.
LONDON, Dec 7 (Reuters) - British finance minister Jeremy Hunt will meet leaders of North Sea oil and gas producers on Friday to discuss the government's windfall tax, three industry sources told Reuters on Wednesday. The government said the levy would raise funds to help people struggling with increased living costs, largely driven by energy prices that surged after energy exporter Russia invaded Ukraine in February. A Treasury source confirmed Hunt would meet oil and gas executives this week. Benchmark Brent oil prices traded below $80 a barrel, the lowest since January and far below a spike well above $100 shortly after the Ukraine war began. Natural gas prices remain above their historical average .
PRICE FLOORNeither climate campaigners nor the industry are happy with the new windfall tax. Benchmark Brent oil prices are trading above $80 a barrel, far below a spike well above $100 shortly after the Ukraine war began. Jacques Tohme, director and founder of Tailwind, a North Sea producer, said he did not object to a higher tax but a lack of stable rules created the risk of "flight of investment" from the North Sea. "We're happy to pay higher tax, but we need a floor of $75 to $100 a barrel above which a true windfall tax can be applied," Tohme said. Companies including Shell (SHEL.L) and Equinor have already said they will review their North Sea investments.
BP doubles down on hydrogen as fuel of the future
  + stars: | 2022-12-05 | by ( Ron Bousso | )   time to read: +6 min
[1/2] The BP logo is seen at a BP gas station in Manhattan, New York City, U.S., November 24, 2021. But grey hydrogen becomes "blue hydrogen" if the polluting emissions are captured. The IRA offers a $3 per kilogramme tax credit for clean hydrogen, which brings green hydrogen to par or even below the cost of grey and blue hydrogen, according to analysts. "With the hydrogen production tax credits that are now in place, it has ... allowed green hydrogen to be a lot more competitive," McLeod said. Subsidies will initially allow green and blue hydrogen to compete with grey hydrogen, allowing consumers to switch to cleaner fuel, McLeod said.
LONDON, Nov 30 (Reuters) - Eni (ENI.MI) is in preliminary talks to buy private-equity backed gas and oil producer Neptune Energy for around $5 billion -$6 billion, a source with knowledge of the matter said on Wednesday, adding that no official bid had been submitted. Neptune produces around 130,000 barrels of oil equivalent per day (boed), three-quarters of which is gas. It has operations in Norway - home to Eni's Var unit - Britain, Indonesia - where Neptune shares licences with Eni - Algeria, the Netherlands and elsewhere. A banking source confirmed talks had taken place in recent weeks, but that the outcome was "far from guaranteed" as valuations differed. Eni and Neptune declined to comment.
The Statistical Review has been a go-to resource for the wider energy sector since it was first published in April 1952, providing detailed data on global oil, gas and coal production and consumption. "We're looking at options for publishing the annual Statistical Review of World Energy, but as yet we've taken no decision," the company said. "The world of energy is changing fast and becoming ever more complex, and our energy and economics team are focused on understanding different elements of the energy transition and their implications for BP." "Put simply, it (Statistical Review) is bad PR," one company source said. BP Statistical ReviewReporting by Ron Bousso; Editing by Veronica Brown and David EvansOur Standards: The Thomson Reuters Trust Principles.
CNOOC has hired JPMorgan to advise it on a potential exit from its interests in U.S. shale gas assets, which could raise around $2 billion, the sources familiar with the matter said. The sources cautioned that a sale was not guaranteed, and CNOOC could still retain these interests if it did not receive suitable offers or political situations changed swiftly. In the Eagle Ford basin of south Texas, CNOOC's stake is in oil and gas assets owned by U.S. shale driller Chesapeake Energy Corp (CHK.O). While Chesapeake has itself put those assets up for sale, any decision there is not expected to impact CNOOC's plans, one of the sources said. Norway's Equinor (EQNR.OL) is said to be considering buying the stakes in a deal valued between 20 billion and 30 billion Norwegian crowns ($2-3 billion).
LONDON, Nov 22 (Reuters) - Norwegian oil company Equinor (EQNR.OL) said on Tuesday it is evaluating the impact of Britain's windfall tax on its oil and gas projects, including the giant Rosebank development. The British government's decision last week to raise the windfall tax on North Sea producers to 35% from 25% "does not help investor confidence," Equinor said in a statement. "Uncertainty makes it harder to take investment decisions, especially the uncertainty around the longevity of the EPL (Energy Profits Levy)," Equinor said, referring to the tax. The Rosebank project is estimated to bring 26.8 billion pounds to the British economy through tax payments and investments, Equinor said. Equinor and Suncor Energy (SU.TO) each have a 40% interest in the Rosebank project, while newly-listed Ithaca Energy (ITH.L) has the remaining 20%.
LONDON, Nov 21 (Reuters) - European traders are rushing to fill tanks in the region with Russian diesel before an EU ban begins in February, as alternative sources remain limited. The European Union will ban Russian oil product imports, on which it relies heavily for its diesel, by Feb. 5. Part of the influx comes as ICE Futures Europe bans low-sulphur gasoil of Russian origin ahead of EU sanctions. Russian gasoil can still arrive in ARA storage tanks in December, but it must be moved to other tanks from which no delivery can be made, according to ICE. In January 2022, 70,000 tonnes of gasoil were delivered through the Ice gasoil futures exchange's website shows.
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