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LONDON, Nov 22 (Reuters) - PetroIneos said on Wednesday it is preparing to shut down its Grangemouth oil refinery in Scotland to convert it into a fuels import terminal as it faces growing international competition. The 150,000 barrel per day refinery, Scotland's only oil refinery and one of six in Britain, is expected to continue operating until spring 2025, PetroIneos said in a statement. PetroIneos will soon start preparatory work to enable the future transformation of its Grangemouth refinery into a fuels import terminal, it said in a statement. The timescale for the shutdown is yet to be determined exactly but the preparatory work is expected to take around 18 months, with the refinery expected to continue operating until spring 2025. The plan includes converting the site of the refinery into a fuels import hub.

Persons: PetroIneos, Franck Demay, Ron Bousso, Louise Heavens, Jane Merriman Organizations: PetroIneos Refining, Grangemouth, Thomson Locations: Grangemouth, Scotland, Britain, Asia, Finnart, PetroChina, France

Earlier this month, she said the U.S. offshore wind industry was "fundamentally broken" after BP wrote down $540 million on its wind power projects offshore New York, blaming inflation and red tape that meant projects ran over budget and over time. Globally, the renewables sector has been undermined by slow permitting, technological challenges, rising raw material costs and higher costs of capital. As BP seeks to guarantee it can meet its internal returns target of 6% to 8% on renewables projects, Dotzenrath said BP was working out how to reduce costs globally. You need one of the local energy suppliers to help you push ahead with the permitting processes and establish the onshore grid connection," she said. BP does not produce electrolysers, which split water to produce hydrogen, but Dotzenrath said did not rule out greater involvement.

Persons: Chris Helgren, Anja, Isabel Dotzenrath, Norway's Equinor, Denmark's, Dotzenrath, we'll, Chancellor Olaf Scholz, Thyssenkrupp, Christoph Steitz, Ron Bousso, Barbara Lewis Organizations: BP, REUTERS, Reuters, Siemens Energy, BASF, Thomson Locations: Vancouver , British Columbia, Canada, LONDON, Japan, U.S, New York, U.S.A, Germany

☆ China emissions could go into 'structural decline' next year - research
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 14 (Reuters) - China's greenhouse emissions could start going into "structural decline" as early as next year as power generation from fossil fuels starts to fall, analysis from the Helsinki-based Centre for Research on Energy and Clean Air (CREA) showed. However, CREA's lead analyst, Lauri Myllyvirta, said emissions could start to go into "structural decline" as early as 2024, despite an estimated rebound of 4.7% year on year in the third quarter of 2023. Factors such as record levels of new renewable installations, a rebound in hydropower generation and a moderate economic recovery that has not relied on infrastructural investment "all but guarantee" a decline in China's CO2 emissions next year, he said. "This would push fossil fuel use - and emissions - into an extended period of structural decline." Editing by Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Xie Zhenhua, Lauri Myllyvirta, David Stanway, Gerry Doyle Organizations: Research, Energy, Clean, Carbon, Thomson Locations: SINGAPORE, Helsinki, Dubai

A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. "We need to build a funding model for green tech companies," Chuka Umunna, JP Morgan's (JPM.N) head of EMEA ESG and green economy investment banking, told the Reuters Energy Transition Europe 2023 event in London. This was partly because of the capital requirements for some green tech firms in early stages of development, he said. Investment into green tech was also being stymied by bureaucracy, including delays to permitting for the infrastructure needed for renewable energy and other projects. Umunna also said a shift to a greener, lower-carbon economy offered up a huge opportunity for banks such as JP Morgan.

Persons: Morgan Chase, Mike Segar, Morgan, Umunna, JP Morgan's, JP Morgan, Simon Jessop, Tommy Reggiori Wilkes, David Goodman, Alexander Smith Organizations: Co, New York City, REUTERS, EMEA, Reuters, Capital, British, Investment, Thomson Locations: New York, London, Europe

☆ Yellen calls on APEC finance ministers to boost growth potential sustainably
▼ + stars: | 2023-11-13 | by ( ) www.cnbc.com time to read: +3 min

U.S. Treasury Secretary Janet Yellen called on Pacific Rim finance ministers on Monday to boost the productive capacity of their economies while working to finance the transition to low-carbon energy and provide more opportunities for the poor. Opening a meeting of finance ministers of Asia Pacific Economic Cooperation countries, Yellen said the group's economic dynamism meant that the actions they take matter for addressing global challenges. A day after the APEC Secretariat issued new forecasts for slowing growth next year amid a continued inflation fight and U.S.-China tensions, Yellen said the group needed to increase potential output. And we need to leverage emerging technologies to drive innovation while maintaining safe financial markets," Yellen added. The APEC finance ministers meeting comes just ahead of the APEC leaders' summit later this week and a high-stakes meeting between U.S.-President Joe Biden and Chinese President Xi Jinping aimed at easing tensions between the world's two largest economies.

Persons: Janet Yellen, Yellen, Joe Biden, Xi Jinping Organizations: Treasury, APEC, Economic Cooperation, Pacific Rim, Asia Pacific Economic Cooperation Locations: U.S, Asia, San Francisco , California, Pacific, China, Ukraine, Vietnam, Indonesia

☆ The planet is heating up faster than predicted, says scientist who sounded climate alarm in the 1980s
▼ + stars: | 2023-11-02 | by ( Laura Paddison | ) edition.cnn.com time to read: +5 min

Some other scientists, however, have cast doubt on the paper’s conclusions that climate change is accelerating faster than models predict. Hansen, a director at the Earth Institute at Columbia University, is a renowned climate scientist whose 1988 testimony to the US Senate first brought global attention to climate change. US scientist James Hansen, pictured in 2013, is credited as the first to publicly raise the alarm about climate change in the 1980s. But while science is clear that the rate of global warming is increasing, the idea that it is accelerating beyond what models predict is controversial. The findings “are very much out of the mainstream,” said Michael Mann, a leading climate scientist at the University of Pennsylvania.

Persons: James Hansen —, Hansen, James Hansen, CARL DE SOUZA, geoengineering, ”, Michael Mann, ” Mann Organizations: CNN, Earth Institute, Columbia University, Senate, Getty, University of Pennsylvania Locations: China

REUTERS/Chris Helgren/File Photo Acquire Licensing RightsCompanies Shell PLC FollowLONDON, Nov 2 (Reuters) - Shell (SHEL.L) on Thursday reported third-quarter earnings of $6.2 billion, in line with expectations, on higher refining margins and strong liquefied natural gas (LNG) trading. The company announced share buybacks of $3.5 billion over the next three months, up from $2.7 billion in the previous three months. Shell reported adjusted earnings of $6.22 billion, broadly in line with a company-provided analysts' forecast of $6.25 billion. "Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets. Production in the Upstream division was up 3% from the previous quarter to 1.75 million barrels of oil equivalent per day (boed).

Persons: Chris Helgren, Shell, Wael Sawan, Ron Bousso, Jason Neely Organizations: Shell, REUTERS, Companies Shell, Integrated Gas, Thomson Locations: Vancouver , British Columbia, Canada, Australia, Trinidad and Tobago, Qatar

"BP reported weak numbers this morning...However, notably, BP has reported exceptional gas trading results on several occasions in the last couple of years, including last quarter," said RBC analyst Biraj Borkhataria. In the downstream, customers & products reported $2.1 bln vs consensus $2.4 bln, despite being supported by very strong oil trading results, suggesting weaker refining margin capture in the third quarter." That was up from the $2.6 billion profit the company reported in the prior three months due to higher oil and gas production, strong refining margins, lower refinery maintenance and "a very strong oil trading result", but natural gas marketing and trading were weak. BP expects capital expenditure of $16 billion this year, the lower end of its indicated range of $16-$18 billion. Rivals Chevron (CVX.N) and Exxon Mobil (XOM.N) last week posted sharp year-on-year drops in third quarter profit as energy prices cooled.

Persons: Norway's, Biraj Borkhataria, Murray Auchincloss, Bernard Looney, Ron Bousso, Louise Heavens, Jason Neely Organizations: windfarm, BP, Reuters Graphics Reuters, Rivals Chevron, Exxon Mobil, Thomson, & $ Locations: U.S, British, New York

The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. London-based BP has held talks in recent weeks with several companies about tying up operations in the Haynesville shale gas basin, the three sources said. BP is also considering creating joint ventures in the Eagle Ford basin, but the talks do not include its positions in the oil-rich Permian basin for now, two of the sources added. The rapid growth in U.S. shale oil and gas operations over the past 15 years has upended global markets, turning the U.S. into a major exporter of energy. By pursuing joint ventures, BP can achieve growth ambitions while avoiding spending billions on acquisitions.

Persons: Chris Helgren, Hess, Murray Auchincloss, Bernard Looney, Ron Bousso, David French, David Gregorio Our Organizations: BP, REUTERS, Reuters, Exxon Mobil, Chevron, Natural Resources, Eagle Ford, Lewis Energy, BHP, Interim, Thomson Locations: Vancouver , British Columbia, Canada, London, Eagle, U.S, Texas, Denver, New York

☆ Why Exxon and Chevron are doubling down on fossil fuel energy with big acquisitions
▼ + stars: | 2023-10-25 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +6 min

The largest oil and gas producers in the United States see a long pathway for oil demand," Cahill told CNBC. "There's a major difference between what the big oil companies believe the future of oil is and the governments around the world." "The large companies — nongovernment companies — do not see an end to oil demand any time in the near future. Oil and gas are relatively cheap and easy to move around, particularly in comparison with building new clean energy infrastructure. "By the way, that means the large financial oil companies will be able to weather that environment better than the smaller companies."

Persons: Cahill, Ben Cahill, Goldstein, Larry J, Birol, Fatih Birol, Shon Hiatt, Hiatt, Marianne Kah, Kah, Amy Myers Jaffe, Jaffe Organizations: CNBC, Center for Strategic, International Studies, Petroleum Industry Research Foundation, Energy, Research Foundation, Chevron, Exxon, International Energy Agency, IEA, USC Marshall School of Business ., Columbia University's Center, Global Energy, ConocoPhillips, New York University, Climate Justice, Sustainability, NYU's School, Professional Studies, Exxon Mobil Locations: United States, Africa, Asia, America, U.S, Russia, Venezuela, Iran

☆ Shell will cut 200 jobs in clean energy division
▼ + stars: | 2023-10-25 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Shell will cut 200 positions within its low-carbon solutions unit in 2024, a spokesperson confirmed to CNBC on Wednesday. The company's low-carbon division helps spearhead Shell's transition to clean energy including hydrogen, given its pledge to become a "net-zero emissions energy business" by 2050. In the meantime, according to the spokesperson, Shell is planning $10-15 billion of low-carbon energy investment over the next two years, which will include biofuels, hydrogen, carbon capture and electric vehicle charging. Last July, the company announced its investment in the creation of one of Europe's largest hydrogen energy plants. The question of how Big Oil companies like Shell can fit into a clean energy future is existential for its business.

Persons: Wael Sawan, downsize, Shell, Sawan Organizations: Shell, CNBC, Department of Energy, Big Oil, Exxon Mobil, Chevron Locations: Shell's, bullish, Louisiana, Paris, California

SummaryCompanies Shell to cut 200 jobs, or 15%, of low-carbon solutions unitA further 130 jobs under reviewShell scraps hydrogen light mobility unitLONDON, Oct 25 (Reuters) - Shell (SHEL.L) will cut around 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan's drive to boost profits, it said on Wednesday. Shell plans to sharply scale back its hydrogen light mobility operations, which develop technologies for light passenger vehicles, the company said. It will also merge two of four general manager roles in the hydrogen business, Shell said. The retreat from the light mobility sector follows the departure of the business's manager Oliver Bishop several months ago. Bishop today leads rival BP's (BP.L) global hydrogen mobility business.

Persons: Wael Sawan's, Sawan, Shell, Oliver Bishop, BP's, London . Sawan, Ron Bousso, Jason Neely, Jan Harvey Organizations: Shell, Reuters, Solutions, Sawan, Energy Intelligence, BP, Exxon Mobil, Chevron, Thomson Locations: Shell, Britain, Netherlands, Europe's, Louisiana, London ., U.S

Speculation that Chevron and Exxon might try to buy rivals BP (BP.L) and Shell (SHEL.L) intensified over the last two years as the European majors underperformed their U.S. rivals. Investors punished the European companies for their pivot towards renewables and low carbon energy while rewarding the U.S. companies' focus on oil and gas production that drove record profits last year. The oil industry last went through an era of major consolidation in the late 1990s when Exxon, Shell, BP and France's TotalEnergies merged with rivals to create huge integrated companies. A senior industry source close to the issue, as well as analysts and investors dismissed any imminent U.S. purchase of European rivals. Some European investors have also campaigned for energy companies to shift their business models to help tackle climate change.

Persons: Hess, Dado Ruvic, Tyler Tebbs, Bernard Looney, Lucas Herrmann, Shell's, Exxon's, Ron Bousso, Simon Webb, Barbara Lewis Organizations: REUTERS, Chevron, Hess, LONDON, Exxon Mobil, Exxon, BP, Shell, Investors, France's, Natural Resources, MKP Advisors, BNP, Reuters, European, Thomson Locations: Ukraine, Chevron, U.S

☆ Israel’s fossil fuel boon becomes less clear-cut
▼ + stars: | 2023-10-19 | by ( Yawen Chen | ) www.reuters.com time to read: +5 min

LONDON, Oct 19 (Reuters Breakingviews) - Israel’s growing gas sector has a significance that extends east and west. Analysts at Israel’s Bank Leumi had estimated that exports would jump to at least 11 bcm this year. Israel’s 1,087 bcm of gas reserves in 2022 yielded 21 bcm of production, of which 9 bcm was exported, with a doubling of exports to Israel’s main market, Egypt. Still, Israel’s gas sector has gone from a helping hand to a potential headache. Follow @ywchen1 on XCONTEXT NEWSDutch TTF Natural Gas Futures, Europe’s benchmark gas index, were trading at 48 euros per megawatt hour as of 0823 GMT on Oct. 19.

Persons: –, Yair Lapid, Israel’s Bank Leumi, It’s, NewMed, Abraham, Gaza’s, Isabel Dotzenrath, George Hay, Streisand Neto Organizations: Reuters, United, United Arab Emirates, Israel’s Bank, LNG, Abu, Abu Dhabi National Oil Company, NewMed Energy, Abraham Accords, BP, Natural Gas Futures, Intercontinental Exchange, Chevron, Mediterranean Gas, Oil, Energy, Thomson Locations: United Arab, Israel, Europe, Russia, Egypt, Brussels, Abu Dhabi, Ahli, ’, Jihad, Gaza, Jordan, Denver

☆ Southeast Asia looks to renewable power for energy security
▼ + stars: | 2023-10-17 | by ( Audrey Wan | ) www.cnbc.com time to read: +4 min

As energy demand grows, the region is turning to renewable energy to safeguard its energy security. Most, if not all, Southeast Asian markets have taken strides to announce renewable energy targets and formulate their low-carbon energy transition plans, said Thoo. Other planned developments include an integrated renewable energy zone, five centralized large-scale solar parks and three green hydrogen production plants. These projects will leverage Malaysia's estimated 290 gigawatts of technical renewable energy potential to create a more resilient, low-carbon power system, said the ministry. Renewable energy sources such as wind and solar are projected to account for at least 31% of national energy needs by 2030, the government said, according to Reuters.

Persons: EDPR, Bryan van der Beek, Zulfikar Yurnaidi, David Thoo, Zulfikar Organizations: EDPR Sunseap, Energias de Portugal SA, Bloomberg, Getty, Energy, International Energy Agency, ASEAN Center for Energy, BMI Fitch Solutions, Zulfikar Yurnaidi ASEAN Center for Energy, Indonesia Malaysia Malaysia, Ministry, Reuters Locations: Energias, Woodlands, Singapore, Asia, Southeast Asia, Ukraine, Israel, Europe, Malaysia, Indonesia, Vietnam

☆ Why the hydrogen tax credit has become a lightning rod for controversy
▼ + stars: | 2023-10-13 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +16 min

The proposed tax credit, 45V, is meant to turbocharge the production of low-emissions hydrogen. "The IRA's section 45V production tax credit is the most generous clean hydrogen subsidy in the world," Jesse Jenkins, professor of macro-scale energy systems at Princeton University, told CNBC. John Macdougall | Afp | Getty ImagesThe adjudication of the hydrogen tax credit has become about more than just the hydrogen tax credit, too. The amount of the hydrogen tax credit, which is available for 10 years, depends on the emissions generated in making hydrogen. If hydrogen is produced without releasing any carbon emissions, the tax credit is maxed out at $3 per kilogram of hydrogen.

Persons: that's, It's, Jesse Jenkins, John Macdougall, Wilson Ricks, Jenkins, Ricks, Rachel Fakhry, electrolyzers, Andriy Onufriyenko, Eric Guter, Josef Kallo, H2FLY, Guter, Phil Musser, Shannon Angielski, Angielski, Shi, Fakhry Organizations: Istock, Treasury, Princeton University, CNBC, Daimler Truck Holding, Afp, Getty, Energy, Research, Princeton, Natural Resources Defense Council, Power, Singularity, Air Products, Bloomberg, Air, Products, Hydrogen Company, European, EU, NextEra Energy, Hydrogen Future Coalition, BP, Duke Energy, Exxon Mobile, General Electric, Siemens Energy, American, Shell, Hydrogen, Coalition Locations: Biden's, United States, U.S, Berlin, additionality, Maribor, Slovenia, Oxagon, Saudi Arabia, Wilbarger County , Texas

A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken Feb. 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsJERUSALEM, Oct 10 (Reuters) - Chevron (CVX.N) has halted natural gas exports through a major subsea pipeline between Israel and Egypt and is supplying gas via an alternative pipeline through Jordan, the company said on Tuesday. The decision to halt exports via the East Mediterranean Gas (EMG) pipeline came as fighting has intensified between Israel and militants in the Gaza Strip. The 90-kilometer pipeline is the main link between the Chevron-operated Leviathan offshore gas field and Egypt. Israel's energy ministry confirmed in a statement to Reuters that Chevron had requested to export gas through an alternative pipeline that links Leviathan to Jordan as well as Egypt, known as the Arab Gas Pipeline.

Persons: Dado Ruvic, Jordan, Ron Bousso, Ari Rabinovitch, Jan Harvey, David Gregorio Our Organizations: Chevron, REUTERS, Rights, Mediterranean Gas, Ministry of Energy, Tamar, FAJR, Israel's, Energy, Arab Gas Pipeline, Reuters, Thomson Locations: Israel, Egypt, Jordan, Gaza, Ashkelon, El, Arish

Logo of British Petrol BP is seen at a petrol station in Pienkow, Poland, June 8, 2022. REUTERS/Kacper Pempel/File Photo Acquire Licensing RightsCompanies Bp Plc FollowLONDON, Oct 10 (Reuters) - BP (BP.L) said on Tuesday it remained committed to its financial and carbon reduction ambitions, as interim Chief Executive Officer Murray Auchincloss hosted an investor day in Denver. "BP's strategy, financial frame and net zero ambition are unchanged," the energy group said in a statement. "BP remains focused on delivering its strategy safely, with disciplined delivery, quarter-on-quarter, to meet 2025 targets and 2030 aims." The company aims to achieve zero net carbon emissions by 2050 and to invest billions in renewable and low-carbon power.

Persons: Kacper, Murray Auchincloss, Bernard Looney, Ron Bousso, Tomasz Janowski, Susan Fenton, Emelia Organizations: British, REUTERS, Rights, BP, Reuters, Thomson Locations: Pienkow, Poland, Denver

☆ Coal industry faces 1 million job losses from global energy transition - research
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

Dorothy Mei, project manager for GEM's Global Coal Mine Tracker, said governments needed to make plans to ensure workers do not suffer from the energy transition. GEM looked at 4,300 active and proposed coal mine projects around the world covering a total workforce of nearly 2.7 million. China's coal industry, the world's biggest, currently employs more than 1.5 million people, GEM estimated. Of the 1 million job global job losses expected by 2050, more than 240,000 will be in the province of Shanxi alone. "The coal industry, on the whole, has a notoriously bad reputation for its treatment of workers," said Ryan Driskell Tate, GEM's program director for coal.

Persons: Dorothy Mei, Ryan Driskell Tate, GEM's, David Stanway, Sonali Paul Organizations: REUTERS, Rights, Global Energy Monitor, GEM's, GEM, Thomson Locations: Hebei province, China, Rights SINGAPORE, India, U.S, Shanxi

JERUSALEM, Oct 9 (Reuters) - Israel has suspended production at the Tamar gas field off its southern coast and will seek alternative fuel sources to meet its needs, the energy ministry said on Monday following three days of violence in the region. Chevron (CVX.N), which operates the field, confirmed it had been instructed by the ministry to shut down the field, which is a major source of gas to Israel's power generators and industry. "In the wake of the situation, Israel's defence establishment ordered the temporary suspension of natural gas supplies from the Tamar field," the energy ministry said in a statement. Israel's largest offshore gas field, Leviathan, continues to operate normally, Chevron said. Israel became a major regional gas supplier with the start of production at the Tamar field a decade ago, which was followed by several other gas developments.

Persons: Tamar, Benjamin Netanyahu's, Yisrael Katz, Israel, Dan Williams, Ari Rabinovitch, Ron Bousso, Jason Neely, Susan Fenton Organizations: Chevron, Energy, United Arab, Union Energy, Tamar Petroleum, Everest, Petroleum, Thomson Locations: Israel, Jordan, Egypt, Gaza, Yom, Ashdod, Israel's, Tamar, United Arab Emirates, Dor

Negotiations between Exxon and Pioneer are advanced but have not yet led to an agreement over the acquisition of the largest oil producer in Permian basin. So far, shareholders profited as the share price more than doubled since early 2021 when activist investors publicly pushed for changes. Big Oil is responsible for the bulk of human-induced greenhouse gas emissions and pressure for action is building. "Investor pressure has decreased; they're backtracking... the big investors are enabling this," said climate investment group Follow This founder Mark van Baal. Privately, investors worried if Exxon bowed out of production, someone else would pick up the slack and nothing would be gained for shareholders or energy transfer.

Persons: Olaf Scholz, Exxon Mobil's, Jim Rossman, that's, Andrew Logan, tussles, Mark van Baal, Charlie Penner, Ceres, Logan, Marguerita Choy Organizations: Environmental, Exxon, Republique, New Global Financial, Big Oil, Energy, Natural Resources, Pioneer, Barclays, Oil, Public, International Energy Agency, Investors, Ancora, Holdings, Algonquin Power & Utilities, Elliott Investment Management, NRG Energy, Smart, Thomson Locations: Paris, France, BOSTON, Ukraine

☆ Rising interest rates are hurting very broad swaths of the stock and bond markets
▼ + stars: | 2023-10-03 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Dozens of stocks and ETFs are hitting 52-week lows on the relentless rise in interest rates. Treasury bond ETFs: New lows iShares 1-3 Year Treasury Bond ETF (SHY) iShares 7-10 Year Treasury Bond ETF (IEF) iShares 10-20 Year Treasury Bond ETF (TLH) iShares 20+ Year Treasury Bond ETF (TLT) It's not just Treasury bonds. Broad bond ETFs: New lows Vanguard Total Bond Market ETF (BND) iShares Core US Aggregate Bond Fund (AGG) Higher rates are affecting other areas of the U.S. economy: look at clean energy and biotech It's simple. Clean energy ETFs: New lows iShares Global Clean Energy (ICLN) VanEck Low Carbon Energy ETF (SMOG) Invesco WilderHill Clean Energy ETF (PBW) Invesco Solar ETF (TAN) It's the same story with biotech. The SPDR S & P Biotech ETF (XBI) , which tracks an equal-weighted index of US biotechnology stocks, is at a 52-week low.

Persons: Schwab, It's Organizations: Vanguard Utilities, Treasury Bond ETF, Bond Market, Bond Fund, NextEra Energy Partners, Clean Energy, Carbon Energy, P Biotech, Biotechnology, Biotech, Verizon, SPDR Telecom, AT, Property, Comerica, Huntington Bancshares Locations: U.S, Orsted, Denmark, REITs

NewMed shares were down 1.4% by 1050GMT. The panel, however, did not receive any other offers, according to several sources close to the matter. Once the panel concludes the negotiations, it will submit its recommendation to the NewMed board. BP, Adnoc and NewMed declined to comment. NewMed's shares have risen by over 50% since the March 28 announcement to around 11.50 NIS, but they still remain below the offer price of 12.05 shekels ($3.15).

Persons: Hamad, Mohammed, Abu, NewMed, Ron Bousso, Sharon Singleton Organizations: United, United Arab Emirates, REUTERS, BP, Abu, Abu Dhabi National Oil Co, 1050GMT, NewMed, Adnoc, ADNOC, Delek, Thomson Locations: Abu Dhabi, United Arab, Israel

[1/2] The BP logo is seen on gasoline pumps at a BP gas station in Manhattan, New York City, U.S., November 24, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsLONDON, Sept 29 (Reuters) - BP's (BP.L) top executive in the United States, Dave Lawler, is leaving the company, the energy company said on Friday in a memo to employees, less than three weeks after the company's chief executive, Bernard Looney, resigned. He is the younger brother of Doug Lawler, chief executive of Continental Resources, another large U.S. shale oil and gas producer. BPX operations in Texas and Louisiana last year produced an average of 325,000 barrels of oil and gas per day. Alvarez, who joined the company in 1996, will continue in his role as senior vice president gas and power trading, Americas.

Persons: Andrew Kelly, Dave Lawler, Bernard Looney, Helge Lund, Lawler, Doug Lawler, Orlando Alvarez, Alvarez, Kyle Koontz, Ron Bousso, Juby Babu, Shilpi Majumdar, Daniel Wallis, Leslie Adler Organizations: REUTERS, BP, Energy, Continental Resources, Reuters, BP America, BPX Energy, Thomson Locations: Manhattan , New York City, U.S, United States, Gulf of Mexico, Texas, Louisiana, BP America, Americas, London, Bengaluru

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