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☆ Norway expects jump in oil output and gas near record highs
▼ + stars: | 2023-01-09 | by ( Nerijus Adomaitis | ) www.reuters.com time to read: +2 min

OSLO, Jan 9 (Reuters) - Norway's oil output is expected to rise by 6.9% this year as the huge Johan Sverdrup field ramps up production while gas volumes are predicted to remain unchanged near record highs, the Norwegian Petroleum Directorate (NPD) said on Monday. Production of crude oil and other petroleum liquids such as condensate is likely to increase to 2.02 million barrels per day (bpd) in 2023 from 1.89 million last year, NPD's forecasts show. The combined volume of oil and gas is expected to rise to 4.12 million barrels of oil equivalent per day (boed) in 2023, up from a preliminary 3.99 million boed last year, the NPD's forecasts show. The country's gas output is expected to stay virtually unchanged in 2023 at 122 billion cubic metres (bcm), or 2.1 million barrels of oil equivalent per day, the NPD said, in line with a recent government projection. ($1 = 9.9232 Norwegian crowns)Reporting by Nerijus Adomaitis Editing by Terje Solsvik and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Germany backs Norwegian plan to capture carbon from cement
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

Habeck's visit to the Norcem cement plant in Brevik, Norway, represents a shift in German policy back towards efforts to deal with planet-warming emissions by capturing them and making use (CCSU) of them in industrial processes. Projects have repeatedly stalled on issues of cost and environmental opposition as campaigners have been concerned carbon capture and storage can serve to prolong the use of fossil fuels. As cement-making inevitably emits carbon, its capture is necessary to mitigate pollution, and the Norwegian plant is meant to serve as a global blueprint, eventually capturing 400,000 tonnes of CO2 - half its emissions - per year. Germany aims to cut 65% of carbon dioxide emissions by 2030 compared with 1990 and to become carbon-neutral by 2045. During Habeck's visit, Norwegian state-controlled oil firm Equinor (EQNR.OL) and German utility RWE said separately they planned to develop a supply chain for low-carbon hydrogen.

☆ Germany and Norway plan hydrogen pipeline
▼ + stars: | 2023-01-05 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Germany just took a step closer to finding a long-term, greener replacement for Russian natural gas and coal. The power plants, jointly owned by RWE and Equinor, will initially run on natural gas produced in Norway before transitioning to “blue” hydrogen, also produced in Norway using natural gas and pumped through the underwater pipeline, the companies said. The ultimate aim is to generate so-called “green” hydrogen using renewable energy produced by offshore wind farms, they said, without providing target dates. The European Union has a target to build a 40 gigawatt renewable hydrogen production capacity by 2030. Norway is now Europe’s biggest supplier of natural gas, according to EU official statistics.

☆ New threats will corrode infrastructure M&A
▼ + stars: | 2022-12-30 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

Private equity infrastructure funds attracted $121 billion globally in 2021, nearly 60% more than in 2017, according to data from PitchBook. The rising cost of insuring against cyberattacks will also dull the appeal of telecoms networks and power grids. The urge to make the world a cleaner place means building and upgrading power infrastructure in both developed and developing countries. Pressure to establish energy security at home also means governments will want to own key infrastructure assets, regardless of the financial incentives. If private investors conclude some infrastructure assets have lost their appeal, states will step in.

Carbon capture and storage (CCS) technology removes CO2 emissions from the atmosphere and stores them underground. * Smeaheia, a project by Equinor to develop a storage site in the North Sea with a potential to inject up to 20 mtpa from 2027/2028. The project plans to transport CO2 via pipelines to a storage site some 145 km offshore in the southern North Sea. ICELAND* The Coda Terminal will be a cross-border carbon transport and storage hub in Straumsvík, operated by Icelandic carbon storage firm Carbfix. The full capture, transport and storage chain will handle up to 100,000 mtpa of CO2.

☆ Equinor injects $3.7 bln into its energy trading business
▼ + stars: | 2022-12-21 | by ( Stine Jacobsen | ) www.reuters.com time to read: +2 min

Soaring energy prices and extreme market volatility have forced multiple European utilities and traders to secure extra funds to cover margin call requirements. "When prices go up, so does the size of margin calls on the energy exchanges," Danske Commodities' finance chief Jakob Sorensen said in a statement. Danske Commodities, which posted a six-fold rise in 2021 operating profits to record levels, told Reuters it expected another record year for 2022 and aimed to continue to grow its business. "As such, the capital injection underlines our growth ambitions, the synergies we gain from being part of Equinor and our commitment to contributing to functioning energy markets," it said in a written comment. Equinor's gas and power chief Helge Haugane, who also chairs Danske Commodities, said he was pleased with Danske's performance.

☆ Equinor boosts Johan Sverdrup oil output
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: 1 min

OSLO, Dec 15 (Reuters) - Norway's Equinor (EQNR.OL) said on Thursday it had begun pumping oil from the second phase of its giant Johan Sverdrup development, sharply boosting output from Europe's biggest producing field. "At plateau, the (full) Johan Sverdrup field will produce 720,000 barrels of oil daily, aiming to rise to 755,000 barrels per day," Equinor said in a statement. "Johan Sverdrup alone can thus meet 6-7% of the daily oil demand in Europe," it added. Until now, the Sverdrup field has produced around 535,000 barrels of oil per day, according to Equinor. Reporting by Nerijus Adomaitis, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Europe's gas market faces risks from EU price cap, Equinor says
▼ + stars: | 2022-12-12 | by ( Nora Buli | ) www.reuters.com time to read: +3 min

SummarySummary Companies Gas market liquidity at risk from price cap plansPrice cap will not hamper Equinor deliveries to EuropeBilateral delivery contracts volume has doubledOSLO, Dec 12 (Reuters) - A European Commission plan for a gas price cap risks reducing liquidity in Europe's gas market, posing a threat to how it functions, head of trading at Norwegian oil company Equinor told Reuters, but its own gas deliveries will not be affected. For Equinor, the biggest concern is what happens to the liquidity in the gas market, Helge Haugane, Equinor's head of gas and power trading, said in an interview. "I think the price cap is the one that we need to pay attention to," Haugane said. These contracts are typically indexed to various gas price indices and cover delivery terms of up to 10 years, he added. Equinor is also open to discuss longer term fixed price contracts, but so far there has been limited interest from buyers, he added.

☆ Keadby 3 becomes first UK carbon capture power station to win planning permission
▼ + stars: | 2022-12-08 | by ( Expert Analysis | Reuters Professional | Calls Grow For Companies To Disclose Impacts On Nature In Bid To Plug Finance Gap | ) www.reuters.com time to read: +1 min

Companies Sse Plc FollowEquinor ASA FollowLONDON, Dec 8 (Reuters) - Keadby 3 Carbon Capture Power Station in northern England has become the UK's first carbon capture and storage (CCS) project to receive planning permission. The project is backed by Britain's SSE Thermal, part of SSE (SSE.L), and Norwegian energy company Equinor (EQNR.OL). The power station could be operational as early as 2027. SSE Thermal and Equinor are also collaborating on building Peterhead Carbon Capture Power Station in the northeast of Scotland. They are also developing Keadby Hydrogen Power Station and Aldbrough Hydrogen Storage.

☆ 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.

☆ California first offshore wind auction surpasses $500 million
▼ + stars: | 2022-12-07 | by ( Nichola Groom | ) www.reuters.com time to read: +2 min

Dec 7 (Reuters) - The first ever auction of offshore wind development rights off the coast of California was in its second day on Wednesday, with high bids topping half a billion dollars. There is currently about 100 megawatts of floating wind capacity installed in the world, compared with 50 gigawatts (GW) for conventional offshore wind, Zaidi noted. Previous federal offshore wind auctions have all been for leases in shallower waters of the Atlantic Ocean. High bids on individual leases ranged between $95.3 million and $148.8 million, according to live auction results on the BOEM web site. They include established offshore wind players like Avangrid Inc (AGR.N), Orsted (ORSTED.CO) and Equinor (EQNR.OL), which are all developing projects on the U.S. East Coast, as well as potential new entrants, including Swedish floating wind developer Hexicon (HEXI.ST) and Macquarie (MQG.AX) unit Corio.

☆ California offshore wind auction bids top $460 mln on day two
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - The first ever auction of offshore wind development rights off the coast of California entered its second day on Wednesday, with high bids topping $460 million. Previous federal offshore wind auctions have all been for leases in shallower waters of the Atlantic Ocean. After 22 rounds of bidding, high bids totaled a combined $462.1 million. Two leases off the central coast had commanded high bids of more than $100 million, with the remaining leases attracting high bids in a range of $62.7 million to $98.8 million, according to live auction results on the BOEM web site. The identities of the bidders are not disclosed during the auction, but 43 companies had been approved to participate.

☆ 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.

PRICE FLOORNeither climate campaigners nor the industry are happy with the new windfall tax. Benchmark Brent oil prices are trading above $80 a barrel, far below a spike well above $100 shortly after the Ukraine war began. Jacques Tohme, director and founder of Tailwind, a North Sea producer, said he did not object to a higher tax but a lack of stable rules created the risk of "flight of investment" from the North Sea. "We're happy to pay higher tax, but we need a floor of $75 to $100 a barrel above which a true windfall tax can be applied," Tohme said. Companies including Shell (SHEL.L) and Equinor have already said they will review their North Sea investments.

☆ U.S. kicks off first California coast offshore wind auction
▼ + stars: | 2022-12-06 | by ( Nichola Groom | ) www.reuters.com time to read: +2 min

Dec 6 (Reuters) - The United States on Tuesday is set to kick off the first sale of offshore wind development rights for waters off the coast of California, expanding the nascent domestic industry to the Pacific Ocean. "It puts California on a path to be a global hub for offshore wind technology," JC Sandberg, interim chief executive of the American Clean Power Association, said on a call with reporters. Previous federal offshore wind auctions have all been for leases in shallower waters of the Atlantic Ocean. The California sale is viewed as a test of industry appetite for investing in floating offshore wind technology, which to date has been limited to small pilot projects in places including Norway and Portugal. Companies approved to bid at the auction include established offshore wind players like Avangrid Inc (AGR.N), Orsted (ORSTED.CO) and Equinor (EQNR.OL), which are all developing projects on the U.S. East Coast.

[1/2] Offshore oil and gas platform supply vessels (PSVs) are docked at a pier in Stavanger, Norway, August 10, 2021. The decision to postpone the so-called 26th licensing round was part of the minority government's budget deal with the opposition Socialist Left Party (SV), Terje Aasland said in an interview. The deal extends an agreement the minority cabinet and SV made last year, when the government won elections, which delayed the 26th licensing round by a year. Aasland said there was "no drama" in the decision as authorities still issue licences to oil companies in a parallel licensing around called the APA round, in so-called mature areas that are already open to oil companies. The 26th licensing round grants the right to oil companies to explore and produce oil and gas in areas not explored previously.

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.

☆ Outperforming asset manager picks the stocks set to win as margins get squeezed
▼ + stars: | 2022-11-25 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

"Consumers are going to have their purse strings pulled by utility bills, higher mortgage costs, higher petrol prices, and there's going to be margin squeeze." He said wage pressure and higher commodity prices were particularly challenging and could eat into companies' margins. Luxury Luxury stocks are another favorite for Armstrong. Moreover, the "massive" profit margins of luxury companies are also insulated from increases in input prices, he added. Within the space, Armstrong's fund owns French luxury goods companies LVMH and Hermes , given their "defendable margins" and the ability to be price setters.

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 sees no substantial impact from EU gas price cap
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

OSLO, Nov 22 (Reuters) - Norwegian oil company Equinor (EQNR.OL) said on Tuesday it believed the European Commission's proposed gas price cap would have no substantial impact on the company's exports to Europe. The EU executive on Tuesday proposed a cap of 275 euros ($282) per megawatt hour from next year for month-ahead derivatives on the Dutch exchange that serve as Europe's benchmark. "Our immediate assessment is that this will not give substantial consequences on our exports," Equinor said in a statement to Reuters. Norway has overtaken Russia as Europe's biggest gas supplier. State-controlled Equinor's is the Nordic country's largest producer of oil and gas.

☆ 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 evaluating impact of British windfall tax on projects
▼ + stars: | 2022-11-22 | by ( Ron Bousso | ) www.reuters.com time to read: +1 min

LONDON, Nov 22 (Reuters) - Norwegian oil company Equinor (EQNR.OL) said on Tuesday it is evaluating the impact of Britain's windfall tax on its oil and gas projects, including the giant Rosebank development. The British government's decision last week to raise the windfall tax on North Sea producers to 35% from 25% "does not help investor confidence," Equinor said in a statement. "Uncertainty makes it harder to take investment decisions, especially the uncertainty around the longevity of the EPL (Energy Profits Levy)," Equinor said, referring to the tax. The Rosebank project is estimated to bring 26.8 billion pounds to the British economy through tax payments and investments, Equinor said. Equinor and Suncor Energy (SU.TO) each have a 40% interest in the Rosebank project, while newly-listed Ithaca Energy (ITH.L) has the remaining 20%.

☆ The 'world's largest floating wind farm' produces its first power
▼ + stars: | 2022-11-14 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +4 min

A facility described as the world's largest floating wind farm produced its first power over the weekend, with more turbines set to come online before the year is out. The use of a floating wind farm to help power the production of fossil fuels is likely to spark some controversy, however. Earlier this year, meanwhile, the White House said it was targeting 15 gigawatts of floating offshore wind capacity by the year 2035. As well as the 15 GW ambition, a "Floating Offshore Wind Shot" aims to reduce the costs of floating technologies by over 70% by the year 2035. "Bringing floating offshore wind technology to scale will unlock new opportunities for offshore wind power off the coasts of California and Oregon, in the Gulf of Maine, and beyond," the statement added.

But there was also a wider question for the officials: could the energy companies' use of such complex instruments threaten financial stability? So the ECB has widened its scrutiny to examine potential domino effects, including on the banks which it supervises. read moreWhile ECB President Christine Lagarde said the ECB stood ready to provide liquidity to banks, she said it would not do the same for energy firms. "Energy companies pose specific risks not only to financial stability. Reuters GraphicsRating agency Moody's, meanwhile, said that energy companies did not provide enough information about their derivatives.

☆ 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.

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