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☆ European energy firms dominate landmark California offshore wind auction
▼ + stars: | 2022-12-07 | by ( Nichola Groom | ) www.reuters.com time to read: +3 min

The auction began on Tuesday and ended Wednesday, the offshore wind industry's first chance to snag leases in waters off the U.S. West Coast. "Today’s lease sale is further proof that industry momentum -- including for floating offshore wind development -- is undeniable," U.S. Winners of the five leases were mainly divisions of European energy companies already developing projects in the U.S. offshore wind market. "The macroeconomic environment has hardened significantly over the last six to 12 months," said Alon Carmel, a partner at consultancy PA Consulting who advises offshore wind companies. About 100 megawatts of floating wind capacity is currently installed in the world compared with 50 gigawatts (GW) for conventional offshore wind.

☆ European energy firms capture most leases in California offshore wind auction
▼ + stars: | 2022-12-07 | by ( Nichola Groom | ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - The Biden administration's sale of offshore wind development rights off the coast of California drew $757.1 million in high bids, mainly from European developers seeking a foothold in the domestic industry's expansion to the Pacific Ocean. Winners of the five leases were primarily divisions of European energy companies that are already developing projects in the U.S. offshore wind market. The winners included Norway's Equinor ASA (EQNR.OL), Denmark's Copenhagen Infrastructure Partners, Germany's RWE AG (RWEG.DE), Ocean Winds, which is a joint venture between France's Engie (ENGIE.PA) and Portugal's EDP Renewables (EDPR.LS), and U.S. developer Invenergy LLC. The auction, which began on Tuesday and stretched into Wednesday, is part of the administration's plan to put wind turbines along every U.S. coastline to tackle climate change and create jobs. Reporting by Nichola Groom; Editing by Alexander Smith, Aurora Ellis and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

NEW YORK, Nov 28 (Reuters) - The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months. On Dec. 5, a European Union ban on Russian crude imports is set to start, along with a plan by the G7 nations to force shippers to comply with a price cap on Russian oil sales. In the last week, crude futures contracts have flipped in and out of contango, where the prompt price of a commodity is lower than the future price, which suggests short-term weakness. Offers of Angolan and other West African crude oil to China, a main customer, are a barometer of physical crude demand from the country. In addition, European refiners have found themselves oversupplied with crude as an expected shortage owing to the looming EU ban on Russian oil has yet to materialise.

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).

☆ Equinor and partners to invest $1.44 bln in Arctic gas field
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

OSLO, Nov 22 (Reuters) - Norway's Equinor (EQNR.OL) and its partners on Tuesday said they would invest 14.8 billion Norwegian crowns ($1.44 billion) in developing the Irpa gas discovery in the Norwegian Sea. "The Irpa development will use available processing capacity on the Hansteen platform when production gradually declines and at the same time contribute to extending the life of the Hansteen field," Norway's energy ministry said in a statement. Production is expected to start in the final quarter of 2026 and last until 2039, the development plan showed. Equinor, the field's operator, has a 51% stake in the Irpa license, with state-owned Petoro holding 20%, Wintershall Dea 19% and Shell (SHEL.L) 10%. ($1 = 10.2451 Norwegian crowns)Reporting by Nerijus Adomaitis, editing by Terje Solsvik and Anna RingstromOur Standards: The Thomson Reuters Trust Principles.

☆ Equinor, partners delay development of northernmost Arctic oilfield
▼ + stars: | 2022-11-10 | by ( Nerijus Adomaitis | ) www.reuters.com time to read: +2 min

OSLO, Nov 10 (Reuters) - Norway's Equinor (EQNR.OL) and partners are delaying the development of what could have been the world's northernmost Arctic oilfield in production, citing rising costs and supply industry capacity constraints, the oil major said on Thursday. Equinor was now aiming for an investment decision on the Wisting oilfield in the offshore Arctic by the end of 2026 instead of December this year, it said. Wisting would have been the fourth hydrocarbon field in production in the Norwegian Arctic. The Norwegian Environment Agency said this year Equinor had failed to show it was safe to produce oil from Wisting, all year-around in harsh Arctic conditions. Equinor and partners say they could have developed Wisting in an environmentally safe way.

☆ European gas prices to remain high for years, says Equinor CEO
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

OSLO, Oct 28 (Reuters) - The price of gas in Europe will remain high for years to come following the cuts in deliveries from Russia, the chief executive of Norway's Equinor (EQNR.OL) said on Friday. The company, which has this year overtaken Russia's Gazprom (GAZP.MM) as the biggest supplier of gas to Europe, early on Friday posted record third-quarter profits thanks to the spike in energy costs. "The fundamental problem in Europe is a shortage of gas and there will be a shortage over time, and if Europe is to attract that gas it should expect to pay a high price in the coming years," Chief Executive Anders Opedal told a news conference. "Our contribution will be to produce as much as possible and our gas will remain valuable in the years ahead," he said. Reporting by Nerijus Adomaitis, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Global oil giants rake in massive profits in third quarter
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +3 min

Oil companies booked billions of dollars in profits as prices for crude, natural gas and fuels like gasoline hovered near record levels during the quarter. The soaring profits are feeding criticism from consumer groups in the United States and Europe as inflation climbs. Exxon Mobil, the largest U.S. major, reported nearly $20 billion in revenue, exceeding expectations and surpassing its previous record set in the second quarter. Chevron earned $11.2 billion, nearly doubling the $6.1 billion from the same period last year. The strong results out of Europe followed Shell's $9.5 billion profit reported Thursday, putting it on track to surpass its record set in 2008.

☆ Gas business helps Italy's Eni to beat expectations
▼ + stars: | 2022-10-28 | by ( Francesca Landini | ) www.reuters.com time to read: +3 min

Adjusted net profit in the period came in at 3.73 billion euros ($3.72 billion), soaring from 1.43 billion euros a year ago, and beating a 3.21 billion euro consensus. The state-controlled group raised its full-year expectations for the gas & LNG division and for the downstream business. "Eni has reported strong numbers this morning, with adjusted EBIT and net income coming in ahead of consensus," analysts from RBC Europe said. REPLACING RUSSIAEni will replace at least 50% of its Russian gas supply this winter, leveraging its broad and diversified reserve base, its long-standing relationships with producing countries and a growing presence in liquefied natural gas (LNG), it said. Looking at the different businesses of the group, the gas and LNG division stands out.

[1/5] An oil pump jack is seen in an oil field near Lake Maracaibo, in Cabimas, Venezuela October 14, 2022. "Among those remaining in the partnerships, few hope to ever recoup pending dividends or commercial debts from PDVSA." Since TotalEnergies and Equinor in 2021 exited one of Venezuela's flagship oil upgrading projects, Petrocedeno, smaller firms have followed. With companies and workers leaving almost en masse, the abandonment of oilfields is visible near Maracaibo Lake, among Venezuela's oldest producing region. Between 2019 and 2021, PDVSA delivered oil cargoes to partners to reduce outstanding debt.

LNG prices have soared this year as Moscow progressively cut piped natural gas supplies to Europe, which heavily depended on Russian imports. Western sanctions on Russia, which is among the world's leading oil and gas producers, in response to its invasion of Ukraine in February, helped to drive European gas prices to an all-time high in August. The world's biggest LNG trader Shell missed some of the benefit of the price rise after a fall in production following strikes at Australia's Prelude site. Gearing at Shell, which is on track for a record year of profits, increased slightly to 20.3%. Spain's Repsol (REP.MC) on Thursday reported a doubling of its profit to 1.48 billion euros ($1.49 billion).

☆ Factbox: Europe's alternatives if Russia shuts off gas supply
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +7 min

Germany halted certification of the new Nord Stream 2 gas pipeline from Russia because of the Ukraine war so it never went into operation. Germany, Europe's biggest consumer of Russian gas, can import gas from Britain, Denmark, Norway and the Netherlands via pipelines. Southern Europe can receive Azeri gas via the Trans Adriatic Pipeline to Italy and the Trans-Anatolian Natural Gas Pipeline (TANAP) through Turkey. Liquefied natural gas (LNG) imports to Europe have increased from producers such as the United States, Qatar and other countries. OTHER OPTIONS TO COPE WITH A GAS SUPPLY CRUNCH?

☆ EXCLUSIVE Exxon exits Russia empty-handed with oil project 'unilaterally terminated'
▼ + stars: | 2022-10-17 | by ( Sabrina Valle | ) www.reuters.com time to read: +5 min

BP, TotalEnergies, Equinor, and Shell have all transferred properties to Russian partners or left operations behind. The company said it "safely exited" Russia after the government earlier this month "unilaterally terminated" its interests in the Sakhalin-1 oil and gas project, its largest in the country. On Oct. 7 Putin seized Exxon shares in the oil production joint venture and transferred them to a government-controlled company. By July, output at the Sakhalin-1 project fell 10,000 barrels per day (bpd), from 220,000 bpd before Russia invaded Ukraine. About 700 Russia-based employees that kept operations running will be transferred to the new Russia company taking over the asset, Exxon said.

☆ Factbox: Companies sell their businesses in Russia
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +9 min

The logo of French tyre maker Michelin is seen at a company building in Boulogne-Billancourt, near Paris, France, August 6, 2022. REUTERS/Sarah Meyssonnier/File PhotoOct 10 (Reuters) - Some Western companies have agreed to sell their Russian assets or hand them over to local managers as they seek to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin that foreign-owned assets may be seized. Below is a list of firms by sector that have sold their businesses in Russia:AUTOS** British car distributor Inchcape (INCH.L) sold its Russian business to local managementRegister now for FREE unlimited access to Reuters.com Register** Italian truck and bus maker Iveco (IVG.MI) transferred its 33% stake in its AMT truck assembly joint venture in Russia to a local partner** French tyre maker Michelin (MICP.PA) intends to transfer its activities in Russia to a new entity under local management by end-2022** French carmaker Renault (RENA.PA) sold its majority stake in Avtovaz (AVAZI_p.MM) to a Russian science institute, and transferred all shares in Renault Russia to the city of Moscow** MAN Truck & Bus and Scania, units of German truck maker Traton (8TRA.DE), expect to sell their sales companies in Russia to local partners along with Scania's Russian financing business by Q1 2023BANKS** Britain's HSBC (HSBA.L) agreed to sell its Russian business to Expobank, subject to regulatory approvals in Russia** Czech investment group PPF sold its Russian banking assets, including consumer lender HCFB and its subsidiaries, to investors led by Ivan Tyryshkin** France's Societe Generale (SOGN.PA) sold its Russian business Rosbank (ROSB.MM) to Interros Capital, a firm linked to Russian oligarch Vladimir PotaninCONSUMER ELECTRONICS** Swedish home appliance maker Electrolux (ELUXb.ST) transferred its business in Russia to local management** Its Electrolux Professional (EPROb.ST) branch also sold its Russian business to local management** Whirlpool (WHR.N) sold its Russian operations to Turkey's Arcelik (ARCLK.IS)ELECTRICAL COMPONENTS & EQUIPMENT** Finland's Boreo (BOREO.HE) sold its 90% stake in YE Russia to companies controlled by its current director Yrjö Pönni** U.S. industrial firm Emerson Electric (EMR.N) agreed to sell its Russia business to the local management** Finnish elevator maker Kone (KNEBV.HE) expects to close the sale of its Russian business to local management in Q4 2022** France's Schneider Electric (SCHN.PA) expects to close the sale its Russian unit to local management by end-2022** U.S. elevator maker Otis (OTIS.N) sold its Russia business to local investment firm Ice DevelopmentENERGY** French industrial gases producer Air Liquide (AIRP.PA) agreed to shift its Russian assets to local management, subject to regulatory approvals in Russia** Baker Hughes (BKR.O) agreed to sell its oilfield services business in Russia to local management, with closing expected in H2 2022** Italian utility Enel (ENEI.MI) sold its 56.43% stake in Enel Russia to Lukoil (LKOH.MM) and private fund Gazprombank-Frezia** Norway's Equinor (EQNR.OL) transferred assets of its Russian oil and gas joint ventures to state-owned partner Rosneft (ROSN.MM), and its 30% stake in the Arctic Kharyaga oilfield to state-controlled Russian operator Zarubezhneft** U.S. oilfield services firm Halliburton (HAL.N) sold its Russia operations to a management team made up of former employees** Oil major Shell (SHEL.L) sold its Russian retail and lubricants business to Lukoil** Singapore-based commodities trader Trafigura sold its 10% stake in Vostok Oil project in Siberia to Hong Kong-registered trading firm Nord Axis** Total Energies (TTEF.PA) sold its remaining 20% interest in the Kharyaga oil project to Zarubezhneft, and its 49% stake in Terneftegaz to joint venture partner NovatekFOOD & BEVERAGES** Finland's Atria (ATRAV.HE) sold its fast food business in Russia, Sibylla Rus, to Russian meat producer Cherkizovo (GCHE.MM)** Finland's Fazer sold its Russian unit to Moscow's Kolomenskij Bakery and Confectionery Holding** Irish ingredients giant Kerry Group (KYGa.I) sold its Russian subsidiary to local management and agreed to offload its Belarusian unit to a local operator** Fast food chain McDonald's (MCD.N) sold its Russian business to its licensee Alexander Govor** Finnish food and drinks company Paulig sold its operations in Russia to private Indian investor Vikas Soi** Yum Brands (YUM.N) sold its Pizza Hut business in Russia to a local operator** Finnish food processing firm Raisio (RAIVV.HE) sold its consumer business in Russia to Copacker Agro** Finnish dairy producer Valio sold its Russian business to GK VelkomINDUSTRIAL MACHINERY** Polish measuring devices maker Apator's (APTP.WA) Powogaz unit divested its entire stake in Russia-based AO Teplovodomer** Danish industrial firm Danfoss agreed to sell its Russian and Belarusian business to local management, subject to approval by shareholders and regulatory approvals in Russi

☆ Nord Stream 1 pipeline may use repair equipment pool
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Sept 29 (Reuters) - Russia's Nord Stream 1 gas pipeline may make use of the Pipeline Repair and Subsea Intervention (PRSI) Pool that provides repair equipment to member companies, it said in a statement to Reuters. read moreThe PRSI Pool provides pipeline repair equipment to its members as part of a cooperative of operating companies and includes Norway's Equinor (EQNR.OL) and Nord Stream 1 operator Nord Stream AG, among others. The Gazprom-led Nord Stream 1, which has an annual capacity of 55 billion cubic metres, was halted on Aug 31 for what Gazprom said would be three days of repair work. The operator of Nord Stream 2, which was built alongside Nord Stream 1 but has not been commissioned, did not immediately reply to a Reuters request for comment. Sweden's coast guard discovered a fourth gas leak on the damaged Nord Stream pipelines this week, a spokesperson told the Svenska Dagbladet newspaper.

REUTERS/David GraySummarySummary Companies Net zero push stokes hopes for offshore wind projectsVictoria state aims for 9 GW offshore wind by 2040Sector needs new regulations, to lure technology suppliersIndustry also set to face environmental, landowner concernsMELBOURNE, Sept 27 (Reuters) - Under a new government, Australia is shaping up to be the next big market for offshore wind developers, attracting interest from the likes of Shell, Denmark's Orsted and Norway's Equinor. To many in the industry, Australia could well become the next boom market for offshore wind. Community concerns about the impact of wind turbines on bird life, such as orange-bellied parrots, and sealife, such as fish and whales, are also expected. "There's only a limited number of vessels in the world that can be used for erecting turbines offshore. Victoria state's Gippsland coast first in lineThe state, which has spearheaded the country's offshore wind push, plans to procure 2 gigawatts (GW) of offshore capacity with supply due by 2032, enough to power 1.5 million homes.

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