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☆ Bank of America says Europe's oil majors ‘are close to bottoming out' — and names its top pick ahead of earnings
▼ + stars: | 2023-07-24 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Bank of America believes Europe's oil majors are about to hit an inflection point. This trend reflects investor anticipation for a long-awaited turn in earnings momentum, according to analysts at Bank of America. It named Shell as its "Big Oil top pick." The below table shows European Big Oil companies, the earnings release dates, and Bank of America's 12-month price target and upside potential. Shell As its top pick, Bank of America expects Shell to report strong second-quarter earnings and cash flows.

Persons: Christopher Kuplent, Shell, BofA, TotalEnergies Organizations: of America, Big, Bank of America, Shell, Oil, Big Oil, Bank of America's, BP, outflows, TotalEnergies Bank of America Locations: London , New York, Amsterdam, London, New York, Paris, Norwegian, Oslo

FRANKFURT/LONDON July 13 (Reuters) - Energy majors BP (BP.L) and TotalEnergies (TTEF.PA) have won a 7 gigawatt (GW) offshore wind site auction in Germany worth a record 12.6 billion euros ($14.1 billion), allowing them entry to the central European market without a partnership. The awards for capacity due to come online in 2030 also excluded leading offshore wind developers, such as RWE (RWEG.DE) and Orsted (ORSTED.CO). AUCTION DESIGNThe 7 GW electronic auction officially opened in January and bidders had until June 1 to submit offers. In previous German lease auctions, companies have made low or negative bids with the expectation of subsidies from the state. Industry groups have said the high costs of the leases could drive up the cost of offshore wind projects.

Persons: Bundesnetzagentur, Bernstein, WindEurope, Orsted, Norway's, TotalEnergies, Vera Eckert, Susanna Twidale, Christoph Steitz, Ron Bousso, Nora Buli, Nina Chestney, Barbara Lewis Organizations: Energy, BP, Industry, Thomson Locations: FRANKFURT, Germany, Macquarie, England, Danish

Companies Equinor ASA FollowMorningstar Inc FollowNEW YORK, July 7 (Reuters) - Oil prices climbed about 2% to a six-week high on Friday as supply concerns outweighed fears that further interest rate hikes could slow economic growth and reduce demand for oil. "OPEC+ production cuts are expected to tighten the market, driving supply deficits in the second half of 2023, supporting higher oil prices," analysts at U.S. financial services company Morningstar said in a note. OPEC will likely maintain an upbeat view on oil demand growth for next year, sources close to OPEC said. Russia's latest pledge to reduce oil exports will not require a similar cut in production, a government source told Reuters. Higher borrowing costs could slow economic growth and reduce oil demand.

Persons: Brent, WTI, Morningstar, Russia's, Vortexa, James Knightley, Janet Yellen, Shadia Nasralla, Sudarshan, Jason Neely, David Evans, David Gregorio Our Organizations: ASA, Morningstar, . West Texas, Organization of, Petroleum, Reuters, Oil, Equinor ASA, U.S . Federal Reserve, ING, U.S . Energy Information Administration, U.S, Treasury, Thomson Locations: Brent, Saudi Arabia, Russia, OPEC, Saudi, Ain, Norway, Mexico, China, Europe, Ukraine, Germany, London, Singapore

☆ JPMorgan names 'cheap' global sectors set to outperform — here are some of its stock picks
▼ + stars: | 2023-07-07 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

JPMorgan listed a number of global sectors it says have cheap valuations and "overweight" ratings — referring to the industries it expects to outperform over the next six to 12 months. In a July 3 research note to investors, it picked European telecoms as a "cheap" sector that it is overweight on. In its European "value" basket, telecoms companies included Vodafone and Nokia , while its European "growth" basket included Dutch firm KPN . Energy stocks in JPMorgan's European value basket included Repsol and Siemens Energy , and it included Finnish oil refiner Neste and Norway-based Equinor in its European growth basket. Staples in its European value basket included British grocer Tesco and Swiss chocolate company Lindt & Spruengli .

Persons: Mislav Matejka, Nephew, — CNBC's Michael Bloom Organizations: JPMorgan, Vodafone, Nokia, Energy, Siemens Energy, Staples, Tesco, Banks, WPP, Diageo, GSK, Smith, Prudential, Standard Chartered Locations: Norway, Swiss

☆ Exclusive: Brazil aims to pass offshore wind, green hydrogen laws by year-end, energy minister says
▼ + stars: | 2023-06-27 | by ( Catarina Demony | Thomson Reuters | Portugal-Based Multimedia Correspondent Reporting On Politics | ) www.reuters.com time to read: +3 min

LISBON, June 27 (Reuters) - Brazil aims to pass a regulatory framework for offshore wind and green hydrogen by the end of this year, the country's energy minister told Reuters on Tuesday, as Latin America's largest nation seeks to unlock new sectors to power its energy transition. With a floor of 16 billion reais, the auction could unlock 200 billion reais ($41.79 billion) in investments, he said. Currently, Brazil has no legislation in place to regulate offshore wind and green hydrogen. In early January, Brazil's government issued a decree that opened space for the development of offshore wind power generation in the country. "Green hydrogen is a real possibility for us to greatly expand our position in clean and renewable energy," he said.

Persons: Luiz Inacio Lula da Silva, Jair Bolsonaro, Lula, Alexandre Silveira, Brazil's, Silveira, Lula's, Catarina Demony, Miguel Pereira, Gabriel Stargardter, David Evans Organizations: Leftist, Energy, Shell, Petrobras, Reuters, Thomson Locations: LISBON, Brazil, Foz de Amazonas, Angra, Lisbon

☆ Lithium producers warn global supplies may not meet electric vehicle demand
▼ + stars: | 2023-06-22 | by ( Ernest Scheyder | Thomson Reuters | Ernest Scheyder Is An Award-Winning Senior Correspondent Covering The Green Energy Transition | ) www.reuters.com time to read: +4 min

"You could end up in a crisis situation where the battery companies don't have the security of (lithium) feedstock," Stu Crow, chairman of Lake Resources (LKE.AX), said on the sidelines of this week's Fastmarkets Lithium and Battery Raw Materials conference in Las Vegas. This week, Lake Resources became the latest lithium company to announce a project delay, pushing back first production from its Kachi lithium project in Argentina by three years. Albemarle (ALB.N), the world's largest lithium producer, is growing rapidly across the Americas, Asia and Australia. Still, it expects global lithium demand to exceed supply by 500,000 metric tons in 2030. ATTENDANCEOnce a niche event attended by industry die-hards, the Fastmarkets conference has grown rapidly alongside breakneck lithium demand.

Persons: Stu Crow, Eric Norris, Sarah Maryssael, Allkem, Goldman Sachs, Rahim Bapoo, Tara Berrie, Ernest Scheyder, David Gregorio Our Organizations: LAS VEGAS, Ford, Lake Resources, Raw Materials, Exxon Mobil, Banking, JPMorgan, BMO Capital Markets, Mitsui, hasn't, Rivian, Thomson Locations: Stellantis, Las Vegas, Argentina, Americas, Asia, Australia

Companies Equinor ASA FollowBp Plc FollowWINNIPEG, Manitoba, May 31 (Reuters) - Norway's Equinor ASA (EQNR.OL) said on Wednesday that it will postpone its Bay du Nord Canadian offshore oil project for up to three years, due to rising costs. Ottawa backed Bay du Nord saying that it would produce relatively low emissions. "Bay du Nord is an important project for Equinor. "The (Bay du Nord) economics are positive but if you play around with costs and risk more, it's not going to be the best opportunity in their portfolio," he said. Bay du Nord would be so far from shore - 500 kilometers (311 miles) - that it falls in international waters.

Persons: Justin Trudeau's, ”, Trond Bokn, Equinor's, Equinor, Newfoundland & Labrador Premier Andrew Furey, it's, Mark Oberstoetter, Wood Mackenzie, Rod Nickel, Nia Williams, Marguerita Choy Organizations: ASA, Bp, Equinor ASA, Ottawa, Newfoundland & Labrador Premier, BP, Wood, Sierra Club Canada, Columbia, Thomson Locations: WINNIPEG , Manitoba, du Nord Canadian, Bay, Nord, Newfoundland, Norway, Brazil, Winnipeg , Manitoba

☆ 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.

☆ Equinor, Shell and Exxon agree LNG project with Tanzania
▼ + stars: | 2023-05-19 | by ( Terje Solsvik | ) www.reuters.com time to read: +2 min

OSLO, May 19 (Reuters) - Equinor (EQNR.OL), Shell (SHEL.L) and Exxon Mobil (XOM.N) have agreed a deal with the government of Tanzania for the development of a liquefied natural gas (LNG) export terminal in the East African country, the two sides said on Friday. "It paves the way for the series of milestones that need to follow to realise this fantastic LNG opportunity for the country and the world," Equinor's Tanzania country manager Unni Fjaer said in a statement. Equinor and Shell are joint operators of the development while Exxon, Pavilion Energy, Medco Energi and Tanzania's national oil company TPDC are partners. Tanzania said in 2014 that the project could cost $30 billion to develop, but analysts have said cost inflation in recent years could add billions more to the investment. Shell operates Tanzania's Block 1 and Block 4, which hold 16 trillion cubic feet in estimated recoverable gas.

☆ Equinor, partners to invest $9 bln in new gas field off Brazil
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

OSLO, May 8 (Reuters) - Equinor (EQNR.OL) and its partners have decided to invest about $9 billion to develop the BM-C-33 gas and condensate discovery off Brazil Norwegian company said on Monday. The field which is estimated to hold more than one billion barrels of recoverable oil equivalent is expected to start production in 2028. "Gas exported from the project could represent 15% of the total Brazilian gas demand at start-up," Equinor said in a statement. Gas from the offshore field will be directly injected into the national gas grid via a 200 kilometres pipeline landing at the city of Macae in the state of Rio de Janeiro. Equinor has a 35% stake in the project, while Repsol Sinopec (REP.MC)(600028.SS) holds 35% and Petrobras (PETR4.SA) the remaining 30%.

Shell shares were up 0.8% by 1242 GMT. "In Q1, Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility," Chief Executive Officer Wael Sawan said in a statement. Sawan, who took the helm in January, told reporters he was focused on narrowing a wide gap in the share performance of Shell and its European peers against their U.S. rivals. Lower natural gas prices in the quarter weighed on Shell's giant integrated gas business, with profits slumping 18% to $4.9 billion. Shell showed "strong operational performance in the quarter across all divisions with oil and gas trading playing a key role," Jefferies analyst Giacomo Romeo said in a note.

REUTERS/Dado Ruvic/IllustrationSummarySummary Companies Shell maintains dividend unchangedAnnounces $4 bln in share buybacksLONDON, May 4 (Reuters) - Shell (SHEL.L) on Thursday posted first-quarter net profit of $9.65 billion, topping analysts' forecasts, as strong earnings from fuel trading and higher liquefied natural gas (LNG) sales offset cooling energy prices. Lower natural gas prices in the quarter weighed on Shell's giant integrated gas business, with profits slumping 18% to $4.9 billion. Shell shares were up 2% by 0830 GMT. Reuters GraphicsPROFITS BEATShell reported adjusted earnings of $9.65 billion in the first quarter, exceeding a company-provided analyst forecast of $8 billion. That compared with earnings of $9.1 billion a year earlier and $9.8 billion in the fourth quarter of 2022, when Shell reported a record annual profit of $40 billion.

SummarySummary Companies Shell, Equinor shares outperform sector indexRivals BP, Chevron, Exxon also beat expectationsOil and gas prices slumped in first quarterShell shares up 2.1%, Equinor up 2.7%LONDON/OSLO, May 4 (Reuters) - Energy giants Shell (SHEL.L) and Equinor (EQNR.OL) reported higher-than-expected first-quarter profits on Thursday, using the heft of their trading desks to offset lower oil and gas prices. The stronger-than-expected profits from the two companies follow forecast beating results from rivals Exxon Mobil (XOM.N), Chevron and BP over the past week. Shell's shares were up around 2.1% in early trading and Equinor shares rose around 2.7%, outperforming a European index of oil and gas companies (.SXEP) which was up around 1%. Benchmark Brent crude oil prices averaged $81 per barrel in the first three months of the year, down 16% from a year earlier and 7% from the fourth-quarter. Lower natural gas prices also weighed on Shell's giant integrated gas business, with profits slumping 18% on the quarter.

☆ Equinor CEO: Europe needs more gas
▼ + stars: | 2023-05-04 | 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 EmailEquinor CEO: Europe needs more gasAnders Opedal, CEO of Equinor, discusses first-quarter earnings and the company's efforts in energy security.

Norway has become Europe's largest supplier of gas, following a drop in Russian gas flows, which it supplies via a network of pipelines stretching some 9,000 kms (5,590 miles). "The state wants complete state ownership of the central parts of the Norwegian gas transport system," it said, without giving reasons. The gas pipeline network is owned by Gassled, a partnership set up in 2003 by the oil companies that were producing gas offshore Norway at the time. Gassled owns the Kaarstoe and Kollsnes processing plants as well as the majority of the pipelines delivering Norwegian gas to the European Union and Britain. Over time, the oil companies have reduced, or sold entirely their stakes, often selling to investment companies.

☆ Carbon capture project in Norway temporarily halted by high costs
▼ + stars: | 2023-04-26 | by ( Nora Buli | ) www.reuters.com time to read: +2 min

"New cost calculations show that we cannot implement the original plans for the carbon capture project within the existing budget," Knut Inderhaug, head of project operator Hafslund Oslo Celsio, said in a statement. Investment costs for the Klemetsrud waste plant, which are being subsidised by both the Oslo city council and the Norwegian government, were initially set at 5.5 billion Norwegian crowns ($518.88 million). Celsio was also in contact with municipal and state stakeholders over how best to realise the project. The CO2 captured at Klemetsrud is part of Norway's prestigious Longship carbon capture and storage (CCS) project, which also includes carbon capture at a cement plant and the Northern Lights transport and storage project. Klemetsrud was expected to capture round 400,000 tonnes of carbon dioxide annually, corresponding to 14% of Oslo's overall emissions of greenhouse gases.

[1/2] Hywind Tampen floating wind farm structures are being assembled at the Wergeland Base in Gulen, Norway, June 7, 2022. But by 2035, the LCOE for floating wind is expected to fall to about 60 euros/MWh. It plans to set a specific target for floating wind this year. Britain aims to have 5 GW of floating wind installed by 2030 but a report by the UK Floating Wind Offshore Wind Taskforce, said 34 GW could be installed by 2040 if ports were upgraded. "South Korea will be commercial the quickest," said Cole at Corio Generation, which has 1.5 GW of floating wind under development there.

"From our point of view, Rostock with its overseas port and an existing ammonia terminal can become a hub for international hydrogen imports into eastern Germany," said Hans-Joachim Polk, board member for infrastructure and technology. In another cooperation, VNG is sounding out Algeria's state oil and gas producer Sonatrach with a view to possibly arranging green hydrogen imports into Rostock via Tunisian and Italian natural gas pipelines, Polk told a press briefing. As customers across Europe baulked at sky-high prices, VNG's gas sales fell 23% last year to 588 billion kilowatt hours (kWh). As well as gas sales to local utilities and industry, the group has a wide range of activities in high pressure and distribution gas pipelines, storage facilities and biogas. Reporting by Vera Eckert; Editing by Rachel More, Friederike Heine and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Equinor sees "a lot of interest" in long-term gas deals, CEO says
▼ + stars: | 2023-03-17 | by ( Nora Buli | ) www.reuters.com time to read: +1 min

Companies Equinor ASA FollowBERGEN, Norway, March 17 (Reuters) - Equinor (EQNR.OL) has seen significant interest among gas buyers in Europe for entering into long-term supply contracts lasting between three and 10 years, the Norwegian company's CEO told Reuters on Friday. "Long-term contracts for us means three to 10 years and we see that there is a lot of interest for long-term contracts at the moment," Equinor CEO Anders Opedal told Reuters. The visit underlines the importance of the relationship between the European Union and non-EU Norway when it comes to energy, Opedal said. "It shows how important it is that we focus both on security of supply and the security on the installations," he said. Troll alone supplies 11% of all gas consumed in the EU, according to Equinor.

☆ In show of unity, NATO and EU heads visit North Sea gas platform
▼ + stars: | 2023-03-17 | by ( Nora Buli | ) www.reuters.com time to read: +3 min

[1/3] Norway Prime Minister Jonas Gahr Stoere, European Commission President Ursula von der Leyen, NATO Secretary-General Jens Stoltenberg and Equinor CEO Anders Opedal visit the Troll A gas platform in the North Sea, Norway March 17, 2023. Ole Berg-Rusten /NTB/via REUTERSTROLL A PLATFORM, North Sea, March 17 (Reuters) - The heads of NATO and the European Commission flew on Friday to a North Sea platform to discuss the security of supplies and infrastructure, a visit underlining Norway's importance for gas shipments since Russia's invasion of Ukraine. The Troll A platform extracts gas from Norway's biggest gas field. After a drop in Russian flows, the Nordic country last year became the largest gas supplier to the EU. The field accounts for one third of daily Norwegian gas exports to Europe.

Carlsberg shares have risen more than 60% during Hart's tenure, outperforming AB Inbev and Heineken, whose shares have dropped around 47% and risen around 45% respectively. Carlsberg's shares fell 3.5% at market open in Copenhagen, but later pared losses and were 0.7% lower at 1118 GMT. "Cees 't Hart has delivered remarkable results during his time at Carlsberg," Supervisory Board Chair Henrik Poulsen said. It is also seeking an option to buy back the Russian business in the future. With only around 16% of revenue coming from Eastern Europe, Carlsberg's biggest markets are Western Europe and Asia.

The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory. On Feb.5, the G7 and allies also implemented a price cap on Russian fuel sales. On Tuesday, the Kremlin said it did not recognize the price cap. A STABLE OIL MARKET? China's oil demand will grow 500,000 to 600,000 barrels per day in 2023, OPEC's Al Ghais said, while global oil demand growth is expected to grow 2.3 million barrels per day in 2023.

Equinor became Europe's top natural gas supplier last year after exports from Russia were mostly choked off following Moscow's invasion of Ukraine. Europe cut demand, increased domestic output and imported liquefied natural gas (LNG) at huge cost in response to the drop in Russian gas supplies, which accounted for around half of the region's supply in 2021. "Trying to replace 150 billion cubic metres of (Russian) gas is a massive task. "The weather in Asia can set the gas price in Europe," Opedal said. Equinor produced over 2 million barrels of oil equivalent of oil and gas in 2022, when it reported a record adjusted operating profit of $75 billion on the back of soaring oil and gas prices.

Last month he applied the brakes, slowing BP's planned cuts in oil and gas and scaling back planned renewables spending in the wake of the war in Ukraine. The oil major isn't backing away from renewables though, its green chief Anja-Isabel Dotzenrath stresses, it's simply changing the terms of the relationship. "I'm (now) just reviewing the onshore renewables part - so the onshore wind and solar part." BP's head of renewables and gas didn't elaborate on the nature of the latest review. The green stakes are high, though, given solar alone comprises more than half of BP's 43-gigawatt renewables project pipeline.

☆ Equinor aims to restart Norway methanol plant in about four weeks
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

Companies Equinor ASA FollowConocophillips FollowOSLO, March 7 (Reuters) - Equinor (EQNR.OL) aims to restart Europe's largest methanol plant at Tjeldbergodden in about four weeks, a spokesperson for the Norwegian company said on Tuesday. Equinor shut the plant on Norway's west coast in February to install a mercury removal unit. "We are planning for a safe (production) start-up... We expect this to take around four weeks from now," said a spokesperson. Tjeldbergodden has an annual methanol production capacity of around 900,000 tonnes, accounting for about a quarter of Europe's total, according to Equinor. Equinor has 82.01% stake in the plant and ConocoPhillips (COP.N) owns the remaining 17.99%.

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