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☆ Eni to become latest energy giant to exit Nigerian onshore operations
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

Sept 4 (Reuters) - Italy's Eni (ENI.MI) signed on Monday an agreement to sell its unit Nigerian Agip Oil Company (NAOC) to Nigerian counterpart Oando (OANDO.LG), the group said in a statement, in the latest move by an energy giant out of the country. Eni's NAOC, which focuses on oil and gas exploration and production, has interests in four onshore blocks and two onshore exploration leases in Nigeria, the group said. Similar approvals have been held back by legal and political issues in Exxon's and Shell's assets sales. After the disposal of NAOC, in line with the firm's 2023-2026 plan, Eni will retain the unit's 5% stake in the Shell Production Development Company (SPDC) joint venture operated by Shell, the group added. Reporting by Alessandro Parodi; additional reporting by MacDonald Dzirutwe and Libby George; editing by Gianluca Semeraro and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Italy's Eni, Eni's, Jefferies, Alessandro Parodi, MacDonald Dzirutwe, Libby George, Gianluca Semeraro, Louise Heavens Organizations: Italy's, Agip Oil Company, Shell, Exxon Mobil Corp, Eni, Shell Production Development, Thomson Locations: Nigeria, Exxon's

☆ Top Wall Street analysts pick these dividend stocks for solid returns
▼ + stars: | 2023-08-13 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

Here are five attractive dividend stocks, according to Wall Street's top experts on TipRanks, a platform that ranks analysts based on their past performance. Nonetheless, Goldman Sachs analyst Neil Mehta recently upgraded Chevron to buy from hold, citing leading capital returns and inflection in free cash flow next year. Regarding capital returns, Mehta noted that Chevron has grown its dividends for more than 25 years. (See Chevron Stock Chart on TipRanks)ConocoPhillipsMehta is also bullish on another dividend-paying energy stock – ConocoPhillips (COP). The analyst projects a capital return yield of 7% in 2024, with room for further upside.

Persons: Michael Wirth, Adam Jeffery, Wall, Goldman Sachs, Neil Mehta, Mehta, TipRanks, ConocoPhillips Mehta, Nitin Kumar, Kumar, Baird, Tristan Gerra, Gerra Organizations: Chevron, CNBC, Chevron Energy, Exxon, ConocoPhillips, Mizuho, Seagate Technology Seagate, Seagate, STX Locations: Russia, Ukraine, Tengiz, China

☆ Seven oil service stocks are buys through year-end thanks to rising margins and fatter multiples, Goldman says
▼ + stars: | 2023-08-09 | by ( Scott Schnipper | ) www.cnbc.com time to read: +2 min

A pool of energy service stocks are likely to rally through year-end thanks to fatter profit margins leading to quarter-over-quarter earnings growth and higher price-to-earnings multiples, Goldman Sachs analysts said in a Tuesday note to clients. Service stocks as a whole have far outperformed the Energy Select Sector SPDR ETF this year, Goldman noted. OIH XLE 3M mountain Energy service ETF vs Energy ETF over past three months. SLB : SLB is benefiting from increased spending on oil and gas exploration and production in the Middle East. Other energy service stocks Goldman also rates a buy are Halliburton , MasTec and Expro Group Holdings .

Persons: Goldman Sachs, Goldman, Ati Modak, Brent, Baker Hughes, BKR, — CNBC's Michael Bloom Organizations: Energy, VanEck Oil Services, Companies, bbl, Weatherford, Halliburton, MasTec, Expro Group Holdings

[1/3] A general view shows the water conditions of the Piraiba river before a summit of Amazon rainforest nations, in Belem, Para state, Brazil August 6, 2023. REUTERS/Ueslei MarcelinoSAO PAULO, Aug 7 (Reuters) - Eight Amazon rainforest nations are expected to face divisions over proposals to block new oil drilling and end deforestation when they meet on Tuesday for their first summit in 14 years. But at a pre-summit meeting last month, Colombian President Gustavo Petro pushed his Brazilian counterpart Luiz Inacio Lula da Silva to block all new oil development in the Amazon. Brazil is weighing whether to develop a potentially huge offshore oil find near the mouth of the Amazon River. "Are we going to let hydrocarbons be explored in the Amazon rainforest?

Persons: Ueslei Marcelino, Gustavo Petro, Luiz Inacio Lula da Silva, Petro, Lula, Jake Spring, Oliver Griffin, Lucinda Elliott, Brad Haynes, Cynthia Osterman Organizations: REUTERS, Ueslei, Ueslei Marcelino SAO PAULO, Amazon Cooperation Treaty Organization, Brazilian, Miami Herald, Global Forest Watch, Thomson Locations: Belem , Para, Brazil, Bolivia, Colombia, Ecuador, Guyana, Peru, Suriname, Venezuela, Belem, Amazon, Lula's, Leticia, Bolivian, Bogota, Montevideo

☆ Colombia hopes Amazon summit will be deforestation 'turning point'
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

BOGOTA, Aug 3 (Reuters) - Colombia's government is hopeful that an upcoming regional summit in Brazil will represent a turning point in the deterioration of the Amazon, Colombian Environment Minister Susana Muhamad said on Thursday. The eight countries of the Amazon Cooperation Treaty Organization (ACTO), which include Brazil, Colombia, Venezuela and Peru, will meet Aug. 7-8 in the Brazilian city of Belem at the mouth of the Amazon River. The summit - which follows a meeting in Colombia's Amazon city of Leticia a month ago - is aimed at finding ways to prevent further degradation of the Amazon rainforest, the preservation of which scientists say is vital for curbing the effects of climate change. Talks will also include the complicated issue of hydrocarbon exploration, Muhamad said. While Colombia's President Gustavo Petro has voiced concern over oil and gas exploration in the Amazon, Muhamad said the situation was "much more complex" than other topics.

Persons: Susana Muhamad, Muhamad, Luiz Inacio Lula da Silva, Gustavo Petro, Oliver Griffin, Rosalba O'Brien Organizations: Amazon, Colombian, Amazon Cooperation Treaty Organization, Thomson Locations: BOGOTA, Brazil, Colombia, Venezuela, Peru, Brazilian, Belem, Amazon, Leticia, Bogota

☆ Greenpeace Protesters Scale U.K. Prime Minister’s Roof With Ease
▼ + stars: | 2023-08-03 | by ( Isabella Kwai | More About Isabella Kwai | ) www.nytimes.com time to read: +1 min

Greenpeace activists, angered by Britain’s decision to issue new licenses for oil and gas exploration in the North Sea, took their opposition to Prime Minister Rishi Sunak on Thursday — or at least to the rooftop of one of his homes. With apparent ease and unhindered by security guards, the four protesters walked onto the grounds of the manor house Mr. Sunak owns in the village of Kirby Sigston in North Yorkshire, climbed onto the roof and draped the facade with panels of black fabric. “It really was about this image of pouring oil all over the prime minister's house,” said Ami McCarthy, a political campaigner for Greenpeace, who said Mr. Sunak was choosing profits over addressing climate change. “We need our prime minister to stop being so hellbent on fossil fuels.”Mr. Sunak and his family, who live in London, were not at the residence at the time, the North Yorkshire police said, and the four protesters were eventually arrested after spending several hours on the roof. They were taken into custody on suspicion of causing criminal damage and public nuisance.

Persons: Rishi Sunak, Sunak, Kirby Sigston, ”, Ami McCarthy, Mr Organizations: Greenpeace, North Yorkshire police Locations: North, Kirby, North Yorkshire, London

☆ Britain to grant over 100 new North Sea oil and gas licences
▼ + stars: | 2023-07-31 | by ( Sachin Ravikumar | Thomson Reuters | Sachin Ravikumar Is A Correspondent For Reuters In London Covering General News Across The Uk. Over Nine Years At Reuters | ) www.reuters.com time to read: +2 min

LONDON, July 31 (Reuters) - Britain will grant more than 100 new oil and gas licences in the North Sea as part of efforts to tap domestic supplies and become more energy independent, the government said on Monday. Sunak said the new licences would support domestic supply, reduce reliance on hostile states, boost jobs in the sector and reduce the carbon footprint when compared with an alternative option of importing liquified natural gas. The oil and gas industry regulator expects the first of the new licences, which will continue to face climate compatibility tests, to be awarded in the autumn, the government said. It also said the new licences could be offered close to already licensed areas to unlock oil and gas reserves faster thanks to existing infrastructure and previous assessments. It has pledged to stop new oil and gas exploration licences in the North Sea.

Persons: Rishi Sunak, Sunak, Sachin Ravikumar, Sarah Young, Kate Holton Organizations: Sunak's Conservatives, Labour Party, Thomson Locations: Britain, Scotland, England, North

☆ The UK will drill for more oil and gas in the North Sea
▼ + stars: | 2023-07-31 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —The UK government has announced plans to allow a big expansion of drilling for oil and gas in the North Sea in a move that environmental activists have described as a taking a “wrecking ball” to the country’s climate commitments. “Even when we’ve reached net zero in 2050, a quarter of our energy needs will come from oil and gas. He also announced plans to build two new carbon capture and storage sites in the North Sea, to be completed by 2030, which would take the country’s total to four. The licensing process, overseen by the North Sea Transition Authority, will be more flexible to allow companies to drill near currently licensed areas, “unlocking vital reserves which can be brought online faster,” Sunak’s office said in a statement. “[The project] is a central part of plans to decarbonize North Sea operations, and to store emissions from other parts of Scottish industry,” he said.

Persons: Rishi Sunak, we’ve, ” Sunak, Simon Roddy, ”, ” Lyndsay Walsh, Philip Evans, “, ” Evans Organizations: London CNN, International Energy Agency, Transition, Shell, ”, Greenpeace UK, Conservative, Labour Party Locations: North, Scotland, loggerheads

☆ Oil prices of around $80 per barrel are 'fantastic' for us, says Karoon CEO
▼ + stars: | 2023-07-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil prices of around $80 per barrel are 'fantastic' for us, says Karoon CEOJulian Fowles, CEO of the oil and gas exploration and production company, says he expects demand will be "pretty strong" over the next few years.

Persons: Julian Fowles

☆ Peak oil demand could be hit this decade, IEA says
▼ + stars: | 2023-06-14 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Global oil demand is projected to peak in the next few years even as some major energy companies announce plans to reinvigorate their fossil fuel businesses. “The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade,” said IEA Executive Director Fatih Birol. The agency expects global oil demand to reach nearly 106 million barrels per day in 2028. The IEA’s latest forecasts update its prediction in October that demand for oil would plateau by the mid-2030s. BP now plans to slash oil output by 25% by 2030 from 2019 levels, whereas it previously aimed to cut output by 40% against this benchmark.

Persons: ”, Fatih Birol, Birol, “ Organizations: London CNN — Global, International Energy Agency, Investment, IEA, Shell, CNN, BP, “ Oil Locations: Paris, Ukraine

☆ Trinidad and Tobago nears awards for onshore oil and gas exploration
▼ + stars: | 2023-05-29 | by ( Curtis Williams | ) www.reuters.com time to read: +2 min

May 29 (Reuters) - The Trinidad and Tobago government accepted bid recommendations for six of eight onshore oil and gas exploration blocks, people close to the matter said on Sunday, setting the stage for awards to be disclosed as soon as this week. The Caribbean nation has pushed to expand exploration to counter declines in its oil and gas production. A decision to award licenses was taken by the country's cabinet on Thursday on the recommendation of Trinidad and Tobago Energy Minister Stuart Young, the people said. Trinidad and Tobago's A&V Oil and Gas Ltd was recommended for the St. Mary’s block. The Aripero Block will go to Nabi Construction (Trinidad and Tobago) Ltd, while the Buenos Aires block is to be awarded to Trinity Exploration & Production Plc, the people said.

☆ Exclusive: Trinidad and Tobago nears awards for onshore oil and gas exploration
▼ + stars: | 2023-05-29 | by ( Curtis Williams | ) www.reuters.com time to read: +2 min

May 29 (Reuters) - The Trinidad and Tobago government accepted bid recommendations for six of eight onshore oil and gas exploration blocks, people close to the matter said on Sunday, setting the stage for awards to be disclosed as soon as this week. The Caribbean nation has pushed to expand exploration to counter declines in its oil and gas production. Trinidad and Tobago's A&V Oil and Gas Ltd was recommended for the St. Mary’s block, which had received four bids, the most of any offer. A&V bested Canadian energy firm, Touchstone Exploration Inc (TXP.TO), which bid as Primera Oil and Gas Limited, the people said. The Aripero Block will go to Nabi Construction (Trinidad and Tobago) Ltd, while the Buenos Aires block is to be awarded to Trinity Exploration & Production Plc.

☆ Factbox: Global firms in Uganda face LGBTQ conundrum
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

May 29 (Reuters) - Uganda's tough new anti-LGBTQ law, which stipulates the death penalty for "serial offenders", presents a conundrum for multi-nationals wanting to grow in Africa while promoting diversity and inclusion. Here are some global firms that have substantial operations in Uganda and their strategies for LGBTQ inclusion. GOOGLEGoogle, owned by Alphabet (GOOGL.O), launched its first wi-fi network in Uganda in 2015 in the capital, Kampala. On its website, the company says "supporting LGBTQ+ communities has been a priority from the earliest days of Google." EYEY offers services in Uganda including tax and advisory.

☆ Norway faces backlash from campaigners for 'reckless' pursuit of Arctic oil and gas
▼ + stars: | 2023-05-22 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

Norway oil and gas giant Equinor and Vår Energi, one of the country's largest exploration and production companies, confirmed to CNBC that the minister recently issued this call. Frode Pleym Head of Greenpeace NorwayIt is estimated that roughly two-thirds of the country's undiscovered oil resources lies off the country's northern coast in the Arctic's Barents Sea. The alternative to oil and gas is not more oil and gas, it is more energy efficiency and renewable energy." A spokesperson for Equinor told CNBC that the company hoped to see "new attractive acreage in the Barents Sea." Separately, a mid-April study from gas infrastructure operator Gassco said building a pipeline to transport gas produced in the Arctic Barents Sea could be worth re-examining due to the country stepping up its gas exports to Europe.

WASHINGTON, May 4 (Reuters) - Philippines President Ferdinand Marcos Jr said on Thursday that granting U.S. access to Philippine military bases was a defensive step that would be "useful" if China attacked Taiwan. Marcos told Reuters the Enhanced Defense Cooperation Agreement (EDCA) reached with the United States in 2014 was originally conceived to improve disaster responses. Marcos said Washington "has not proposed any kind of action for the Philippines in terms of taking part in the defense of Taiwan." Biden said on Monday that the U.S. commitment to the defense of its ally was "ironclad," including in the South China Sea, and that the guidelines issued on Wednesday laid out treaty commitments if either side were attacked in the South China Sea. He said the patrols would help preserve freedom of navigation in the South China Sea, where China has a growing military presence.

☆ Brazil agency recommends barring Petrobras from drilling in Amazon's mouth
▼ + stars: | 2023-04-29 | by ( Marta Nogueira | ) www.reuters.com time to read: +2 min

Signed last week by several environmental analysts from Ibama, the report also recommended the agency stop processing environmental licenses for the block. The oil block, FZA-M-59, was auctioned off by oil regulator ANP to Petrobras in 2013. According to Ibama's report, Petrobras' environmental studies still have "inconsistencies" even after a series of reviews. Petrobras and Ibama did not immediately respond to requests for comment. Another document seen by Reuters showed Werneck Sanchez Basseres, Ibama's environmental licensing coordinator for offshore oil and gas exploration, said he agreed with the report's assessment.

HOUSTON, March 6 (Reuters) - Guyana's coming auction of offshore oil exploration blocks has lured at least 10 companies including Shell, Petrobras and Chevron, to consider the decade's hottest oil region, people close to the matter said. Guyana also has begun direct negotiations on the 14 blocks and other areas with governments that have state-controlled oil companies. The proposed rules will nearly double the government's take from oil production to 27.5% of royalties and profit oil, plus a new 10% corporate tax, compared to Exxon's main contract. "We believe it is asymmetric now, and a bit in favor of the companies," Jagdeo said. The Exxon group can use 75% of the oil production to offset a variety of costs, including construction of its new Guyana headquarters.

☆ One of the biggest autonomous transportation tests is operating deep underwater
▼ + stars: | 2023-03-05 | by ( Barbara Collins | ) www.cnbc.com time to read: +3 min

Boeing's lineup of unmanned, undersea vehicles (UUV) can operate autonomously for months at a time on a hybrid rechargeable propulsion power system. More than 80% of the ocean remains unexplored by humans but could soon be mapped by autonomous underwater robots. Autonomous robot submarines — also referred to as autonomous underwater vehicles, or AUVs — are able to explore high-pressure areas of the ocean floor that are unreachable by humans through preprogrammed missions, allowing them to function without humans aboard, or controlling them. Navies worldwide are investing in unmanned underwater vehicles to elevate their fleet of below-water defense tools. The U.K.'s Ministry of Defence also announced in August the donation of six autonomous underwater drones to Ukraine to aid in their fight against Russia by locating and identifying Russian mines.

☆ Here's why it makes sense that stocks are rallying as rates rise and a recession approaches, and what to own because they could keep going, according to research firm Leuthold Group.
▼ + stars: | 2023-02-24 | by ( Marley Jay | ) www.businessinsider.com time to read: +3 min

Leuthold Group CIO Doug Ramsey says the "irrational" stock market rally could continue. Ramsey says that when economic indicators hit a low point, it's generally very good for stocks. It might not make a lot of sense that stocks have jumped in 2023 even as recession concerns have risen and interest rates have climbed to 15-year highs, notes Doug Ramsey, investment chief at Leuthold Group. Ramsey concedes that the moves are "irrational," but that doesn't mean there is no reason to be optimistic about stocks. He notes that a closely watched measurement of economic activity, the Conference Board's Leading Economic Index, is in a downturn.

LONDON, Feb 10 (Reuters) - European banks risk jeopardising the path to net-zero carbon emissions and the growth of renewable energy unless they stop directly financing new oil and gas fields this year, investors managing assets worth more than $1.5 trillion said on Friday. ShareAction said the five banks and Britain's HSBC (HSBA.L) rank as the largest European financiers of the top oil and gas companies expanding production between 2016 and 2021. However, HSBC said in December that it would stop directly financing new oil and gas fields, joining other banks restricting asset financing, the NGO noted. The spokesperson pointed to the French bank's targets to reduce exposure to oil and gas production by 2025. The International Energy Agency said in 2021 that to reach net-zero emissions by mid-century, no investment into new oil, gas and coal supply projects was needed.

☆ Tenaris says Benteler N.America halts sale of steel pipe business
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: 1 min

Feb 5 (Reuters) - Tenaris SA (TENR.MI) said on Sunday that Benteler North America Corp has called off a previously announced agreement to sell 100% of its shares in its steel pipe business to the Luxembourg-based company. Tenaris, which produces pipes for oil and gas exploration, announced last year that it would acquire U.S.- based Steel & Tube Manufacturing Corp for $460 million as it seeks to expand its manufacturing capabilities in the United States. The company said it would acquire 100% of Benteler Steel on a cash-free, debt-free basis, which includes $52 million in working capital. The deal had been expected to close in the fourth quarter of 2022. Reporting by Lavanya Ahire in Bengaluru; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Davos 2023-Starmer says no new UK oil and gas investment under a Labour government
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

DAVOS, Switzerland, Jan 19 (Reuters) - Britain's opposition leader Keir Starmer said on Thursday there would be no new oil and gas investment in Britain under a Labour government if his party is elected to govern. Starmer said during a panel discussion at the World Economic Forum annual meeting in Davos that his party wants to get to a new role for oil and gas in the energy transition. The opposition leader did not give further details, but when asked if this applied to the North Sea he said "yes". Britain under the Conservative government of Prime Minister Rishi Sunak has just held a new licensing round for oil and gas exploration licenses in the North Sea and has refrained from joining international clubs of countries that ban new oil and gas field developments. Reporting by Brenda Goh; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Davos 2023-'Open for business' Labour slams PM Sunak no-show
▼ + stars: | 2023-01-19 | by ( Brenda Goh | ) www.reuters.com time to read: +3 min

DAVOS, Switzerland, Jan 19 (Reuters) - British Labour Party leader Keir Starmer set out his green growth plan in Davos on Thursday and criticised British Prime Minister Rishi Sunak for not showing up at the annual meeting of the World Economic Forum. "Somebody has got to be an ambassador for Britain and the prime minister and the chancellor are not here," she told a separate audience referring to finance minister Jeremy Hunt. "We are here to send a message that at the next election ... the British economy will be open for business again." Although Sunak did not attend the event, the British government did send Trade Minister Kemi Badenoch and Business Minister Grant Shapps to Davos. And former Prime Minister Boris Johnson also made an appearance, which he used to urge Britain's allies to double down on sending military equipment to Ukraine.

Oklahoma City-based Chesapeake has been trying to divest its entire South Texas operations to focus on natural gas-producing acreage in other parts of the United States. The deal it has clinched falls short of meeting the demands of activist investor Kimmeridge Energy Management, that is among the 15 largest Chesapeake shareholders, to exit South Texas entirely. Chesapeake is continuing with efforts to divest them, though it's unclear if it will do so until market conditions change, according to the sources. Chesapeake and WildFire did not respond to comment requests. Since then, it has built a position in the Eagle Ford producing upwards of 16,000 net barrels of oil equivalent per day, according to its website.

☆ Wintershall Dea to leave Russia, causing net loss at BASF
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

"Wintershall Dea will end its Russian activities. Continuing to operate in Russia is not tenable," said Mario Mehren, CEO of Wintershall Dea, which is a 72.7%-27.3% joint venture between BASF and Russian billionaire Mikhail Fridman's investment firm LetterOne. BASF said the impairment would cause a 1.4 billion euros net loss in 2022 according to preliminary results. Wintershall Dea intends to fully exit Russia, BASF said, citing "extensive loss of actual influence and economic expropriation" in the country. Earnings before interest and tax were 6.5 billion euros, slightly below analysts' estimates of 6.8 billion euros.

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