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☆ 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%.

LONDON, Nov 21 (Reuters) - European traders are rushing to fill tanks in the region with Russian diesel before an EU ban begins in February, as alternative sources remain limited. The European Union will ban Russian oil product imports, on which it relies heavily for its diesel, by Feb. 5. Part of the influx comes as ICE Futures Europe bans low-sulphur gasoil of Russian origin ahead of EU sanctions. Russian gasoil can still arrive in ARA storage tanks in December, but it must be moved to other tanks from which no delivery can be made, according to ICE. In January 2022, 70,000 tonnes of gasoil were delivered through the Ice gasoil futures exchange's website shows.

☆ Shell to 'evaluate' 25 bln pound British investments after windfall tax
▼ + stars: | 2022-11-21 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

Companies Shell PLC FollowLONDON, Nov 21 (Reuters) - Shell (SHEL.L) said on Monday it will evaluate plans to spend up to 25 billion pounds in Britain over the next decade following the government's decision to increase a windfall tax on oil and gas producers. "We're going to have to evaluate each project on a case by case basis," said Shell's UK country chair David Bunch told the Confederation of British Industry's annual conference in Birmingham. "When you tax more you're going to have less disposable income in your pocket, less to invest." The government forecasts that the tax, which was also extended from the end of 2025 to 2028, will raise 40 billion pounds. It nevertheless allows to deduct most investments in new oil and gas projects from the tax.

The windfall tax will be expanded to electricity generators with a levy of 45% being applied from Jan. 1 to revenues the government deems "extraordinary", from low carbon power generators such as wind and nuclear. The two measures are expected to raise around 14 billion pounds for 2023/24 fiscal year, a treasury document showed. Treasury documents show the 45% tax on low-carbon power generators would apply to revenue made on power generation at an average price over 75 pounds per megawatt hour (MWh). OIL AND GAS WINDFALLThe higher windfall tax on oil and gas producers will take effect on Jan. 1. Rival BP (BP.L) plans to spend 18 billion pounds by 2030 in Britain.

☆ UK considering big increase in energy windfall tax, sources say
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 12 (Reuters) - British finance minister Jeremy Hunt is considering a big increase in a windfall tax on oil and gas firms and extending it to power generation firms as he tries to find ways to repair the country's public finances, sources said on Saturday. The newspaper said the tax would raise a total of 45 billion pounds ($53.3 billion) over the next five years. The chairman of Ithaca Energy , a newly listed North Sea oil and gas producer, said on Wednesday that removing incentives to invest in oil and gas would make the British offshore industry uneconomical. Other countries have also introduced windfall taxes on energy companies which have seen their profits surge after Russia's invasion of Ukraine caused gas prices to skyrocket. Shell (SHEL.L) has said it does not expect to pay the British tax in the current quarter because its investments offset it, raising questions about how much extra revenue the government will actually raise with it.

☆ TotalEnergies leads Shell, BP in renewables race, but shares sag
▼ + stars: | 2022-11-07 | by ( Ron Bousso | ) www.reuters.com time to read: +3 min

REUTERS/Stephane MaheSummarySummary Companies TotalEnergies has largest renewables operationsBut European energy giants' shares trail U.S. rivalsLONDON, Nov 7 (Reuters) - French energy giant TotalEnergies (TTEF.PA) has pulled ahead of rivals Shell (SHEL.L) and BP in the race to build up a renewables business, data collected by Reuters shows. BP, Shell and TotalEnergies have all set out ambitious plans to shift towards low-carbon and renewable energies in the coming decades in an effort to slash greenhouse emissions to net zero. BP, by comparison, has so far built 2GW of operating renewables capacity, partly through its 50% stake in Lightsource BP, one of the world's top solar producers. Shell's net capacity is slightly higher at 2.2GW, with acquisitions including U.S. producer Savion and Indian renewables platform Sprng Energy earlier this year. TotalEnergies aims to have 100GW of gross renewables capacity by 2030 while BP targets 50GW of net renewables.

The pre-tax loss of around $900 million in its LNG trading offers rare insight into its trading operations that can also sharply boost the group's earnings. Shell's LNG trading performance contrasts with rivals BP and TotalEnergies (TTEF.PA) which both reported strong earnings from their trading divisions in the quarter, without providing details. The rally in European prices far outpaced Asian prices , leading to a collapse in the spread between the two benchmarks. Gorman added that for the first three quarters of 2022, LNG trading results were higher than the same period a year earlier. Asian prices have been weakened by muted Chinese demand since the start of the year due to covid and slow economic growth.

☆ Brazil's Petrobras to pay out $8.5 billion dividend amid squabble
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +3 min

SAO PAULO, Nov 3 (Reuters) - Brazilian state-run oil company Petrobras (PETR4.SA) will distribute dividends of around 43.68 billion reais ($8.5 billion) on its third quarter results, the firm said on Thursday, amid controversy over its massive payouts. Exxon has said it will pay dividends of $3.7 billion, while the other four firms will pay out a figure between $1.14 billion and $2.7 billion, according to data compiled by Reuters. Nearly all global oil majors have reported blockbuster profits this quarter, helped by surging oil prices. Workers' Party head Gleisi Hoffmann wrote on Twitter before the latest dividend was revealed that the payout policy "deprives the company of its investment capacity and only enriches shareholders." They say that while the company paid roughly 130 billion reais in dividends in the first six months of the year, investments made during the same period total only 17 billion reais.

BP said it expects to pay around $2.5 billion in taxes for its British North Sea business this year, including $800 million in a windfall tax. BP, which increased its dividend by 10% in the quarter, will buy back $2.5 billion of shares after repurchasing $7.6 billion so far this year. Reuters Graphics Reuters GraphicsGAS TRADINGBP's third-quarter underlying replacement cost profit of $8.15 billion, the company's definition of net income, compared with forecasts of a $6 billion profit in a company-provided survey of analysts. BP made a profit of $3.3 billion a year earlier and a 14-year high profit of $8.45 billion in the second quarter of 2022. Refining margins are also expected to remain high due to sanctions on Russian crude oil and refined products, BP said.

BP said it expects to pay around $2.5 billion in taxes for its British North Sea business this year, including $800 million in a windfall tax. BP, which increased its dividend by 10% in the quarter, will buy back $2.5 billion of shares after repurchasing $7.6 billion so far this year. GAS TRADINGBP's third-quarter underlying replacement cost profit of $8.15 billion, the company's definition of net income, compared with forecasts of a $6 billion profit in a company-provided survey of analysts. Earning from the gas and low energy division more than doubled from the second quarter. BP made a profit of $3.3 billion a year earlier and a 14-year high profit of $8.45 billion in the second quarter of 2022.

☆ 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.

SummarySummary Companies Shell to boost dividend by 15%Announces plans to buy further $4 bln in sharesProfit hit by weak LNG trading and refiningLONDON, Oct 27 (Reuters) - Shell (SHEL.L) on Thursday posted a third-quarter profit of $9.45 billion, easing from the previous quarter's record high due to weaker refining and gas trading, as it announced plans to sharply boost its dividend by year end when its CEO departs. Shell also extended its share repurchasing programme, announcing plans to buy $4 billion of stock over the next three months after completing $6 billion in the previous quarter. With a profit of $30.5 billion so far this year, Shell is well on track to exceed its record annual profit in 2008 of $31 billion. Its gas trading business was hit this quarter by "supply constraints, coupled with substantial differences between paper and physical realisations in a volatile and dislocated market." Shell said it would stick to its plans to spend $23-$27 billion this year.

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).

☆ Saudia to buy up to 100 Lilium electric aircraft for domestic network
▼ + stars: | 2022-10-26 | by ( Hadeel Al Sayegh | Ron Bousso | ) www.reuters.com time to read: +2 min

RIYADH, Oct 26 (Reuters) - Saudi Arabian Airlines (Saudia) has signed an agreement with German air taxi developer Lilium to buy up to 100 of its aircraft for use on Saudia's domestic network, the state carrier's chief executive said on Wednesday. In an interview after the announcement, Koshy said "in the course of this year," Saudia will be looking at an operational commercial network. "We'll also be looking at the infrastructure that's required," adding because the aircraft are eVTOLs, they do not require airports. "It's more like a port with charging stations, passengers embarking, disembarking, and that's going to require a whole infrastructure." Public and private investors would have an opportunity to build such infrastructure, Koshy said, speaking at Saudi Arabia's flagship investment conference FII.

☆ Twitter plans to close Musk deal on previously agreed terms-JPMorgan exec
▼ + stars: | 2022-10-26 | by ( Ron Bousso | ) www.reuters.com time to read: 1 min

NEW YORK, Oct 26 (Reuters) - Twitter (TWTR.N) plans to close its deal with billionaire Elon Musk on previously agreed price and terms, Anu Aiyengar, global co-head of mergers and acquisitions at JPMorgan Chase & Co, told a conference in New York. Earlier this month, Musk proposed to proceed with his original $44 billion bid, calling for an end to a lawsuit by the social media company that could have forced him to pay up. read moreJPMorgan and Goldman Sachs (GS.N) are Twitter's financial advisors. Reporting by Lananh Nguyen and Abigail SummervilleOur Standards: The Thomson Reuters Trust Principles.

☆ Britain's Lightsource BP races to hook solar farms to batteries
▼ + stars: | 2022-10-25 | by ( Ron Bousso | ) www.reuters.com time to read: +3 min

Connecting industrial-scale batteries to solar plants, as well as wind farms, removes a critical hurdle facing renewable energy - the intermittency of supply. Solar power developer Lightsource BP, half-owned by oil major BP (BP.L), has rapidly expanded around the world in recent years, benefiting from a push by countries around the world to build low-carbon energy capacity. To partly offset the costs, Lightsource BP last year signed a multi-year deal with U.S.-based solar modules manufacturer First Solar to supply it with 5.4 gigawatt of solar panels. In 2021, Lightsource BP recorded a loss of 173 million pounds ($195.6 million), far bigger than the previous year's 22 million pound loss, according to a financial filing. Solar power generation grew by 22% in 2021 from a year earlier, faster than 17% growth in wind power generation, according to BP's Statistical Review of World Energy.

"East of Suez is sending everything they can ship... it's just a question of how much China exports in November," a Europe-based trader said. Exports from India and the Middle East for October to northwest Europe were at around 480,000 tonnes and 834,000 tonnes respectively, compared with 361,000 tonnes and 511,310 tonnes a month ago, the data showed. The trader estimated that Europe may import about 3 million tonnes (750,000-850,000 barrels per day) from east of Suez in November, of which the Middle East could account for two-third of the volume. Traders expect the bulk of supplies to Europe to come from India and the Middle East, on shorter shipping times. Already soaring diesel prices in the United States have led traders to divert several cargoes heading from the Middle East to Europe to the New York harbour area, further constraining supplies in Europe.

Register now for FREE unlimited access to Reuters.com RegisterRNG, or biogas, is gas captured from organic waste in landfills or farms. BP has offered $26 in cash for each Archaea share, or $3.3 billion, and will take on about $800 million of net debt. The deal will double the expected earnings before interest, taxes, depreciation, and amortization (EBITDA) from biogas to around $2 billion by 2030, BP said. BP plans to invest $1.7 billion in the business by 2027 to accelerate its growth which will not change BP's overall capital expenditure plans, Looney said. BP plans to spend $14 to $16 billion in 2022, the majority of which going towards oil and gas.

☆ Russian oil exports dip 4% in Sept. ahead of EU sanctions- IEA
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

Russian oil exports fell by 230,000 barrels per day (bpd) in September to 7.5 million bpd, the energy watchdog said in its monthly report. Crude exports were down 260,000 bpd to 4.8 million bpd from a recent peak of 5.5 million bpd in April. Register now for FREE unlimited access to Reuters.com RegisterShipments to the European Union by 390,000 bpd to 2.6 million bpd. EU crude oil imports fell to 1.6 million bpd. Loadings to China, the largest importer of Russian crude oil since June, were down by 115,000 bpd.

☆ Exclusive: Carlyle prepares sale of Gabon oil firm Assala Energy - sources
▼ + stars: | 2022-10-12 | by ( Ron Bousso | Patrick Werr | ) www.reuters.com time to read: +2 min

SummarySummary Companies Carlyle hopes to raise over $1 billion from sale -sourcesAssala acquired in 2017 with Shell deal in GabonLONDON, Oct 11 (Reuters) - Private equity fund Carlyle Group (CG.O) is preparing to launch the sale of its Gabon-focused oil and gas producer Assala Energy, hoping to raise over $1 billion amid high global energy prices, industry sources said. Carlyle International Energy Partners, the fund's energy arm, first invested in Assala in 2017 when it acquired Shell's (SHEL.L) operations in Gabon for $628 million. Soaring oil and gas prices over the past year offer a favourable backdrop for energy companies to sell assets, although the long-term outlook for fossil fuel prices remains uncertain as economies shift to low-carbon energy. Carlyle's other investments include North Sea-focused Neptune Energy and European refiner Varo Energy. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ron Bousso Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

LONDON, Sept 29 (Reuters) - Capricorn Energy (CNE.L) plans to merge with Israel's NewMed (NWMDp.TA) in an all-share deal after paying a $620 million special dividend to its shareholders, ditching a previous scheme to merge with Tullow Oil (TLW.L). The deal would value Capricorn shares at 271 pence, a 13 % premium to its last closing price. The deal with West Africa-focused Tullow, which declined to comment on Thursday's news, had valued Capricorn at around 210 pence per share. The merger would see Capricorn issue new shares to NewMed investors based on an exchange ratio of around 2.34 per NewMed share, which will see Capricorn shareholders hold just over 10% of the new company. Capricorn's Chief Financial Officer James Smith will stay on with NewMed Energy, which is set to pay out at least 30% of its cah flow in dividends.

An oil slick is seen on Santa Barbara creek, following an oil spill in Nembe, Bayelsa, Nigeria, November 25, 2021. "Hundreds of thousands of people (in Benin) organize their survival around this traffic," Boris Houenou, a Beninois economist said of the smuggling of Nigerian gasoline. NNPC recorded gasoline deliveries of 90 million litres a day in March and 83 million in April, Reuters calculations showed. 'CURIOUS CASE'Although the Nigerian government announced plans to remove the gasoline subsidy last year, it then backtracked in July, citing concerns over potential social unrest. And although gasoline is subsidised, the amount ordinary Nigerians pay at the pump remains higher than the set price.

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