Areva shares plunge after forecast rethink
Areva fell the most in 22 years after reducing its 2014 forecasts and announcing a new cost-cut target as the French maker of nuclear reactors and fuel posted a first-half loss on weakening demand.
Norway oil fund buys $570million Paris complex from Blackrock
Norges Bank Investment Management bought an office and retail complex opposite Paris’s Le Madeleine church for $570million from a fund managed by Blackrock.
Statkraft sells 49% stake in UK wind farms
Statkraft, Europe’s largest generator of renewable energy, sold part of its stake in three wind farms in the UK to Gingko Tree Investment of China to fund investment in new projects.
Finnish atomic reactor set for EDF boost
EDF, the world’s biggest nuclear operator, is considering helping to complete an atomic reactor in Finland plagued by delays, cost overruns and a dispute between the supplier and its customer.
Shell beats estimates amid $1.9billion US writedown
Royal Dutch Shell, Europe’s biggest oil company, beat analyst second-quarter earnings estimates while pushing ahead with a restructuring program that saw it write off about $1.9billion in US gas assets.
Rosneft moves to thwart EU sanctions with Norwegian rigs
A Norwegian drill rig owner is supplying Russian oil giant Rosneft and Exxon Mobil with the kind of high technology that will be barred under US and European Union sanctions taking effect as soon as Friday.
Eni profit rockets on gas and power business
Eni, Italy’s biggest oil company, said second-quarter profit rose 51%, boosted by the improved performance of its gas and power division and its services subsidiary Saipem.
Woodside buyback deal falls short of shareholder votes
Woodside Petroleum's plan to buy back shares from Shell for $2.7billion is at risk of being rejected by shareholders as it falls short of the votes needed to proceed.
Brazil output drives BG profits jump
UK's third largest gas producer BG Group said second-quarter earnings rose 23% after production from Brazil increased.
Centrica profits slump 31% on gas business
Centrica, grappling with an antitrust probe and the resignations of three senior managers, reported a 31% drop in first-half profit because of losses at its gas-fired power-generation business.
Ireland’s black gold dream gives way to sinking finder’s shares
Ireland finally found treasure at the end of the rainbow, or so it seemed in 2012. After drilling in the North Celtic Sea Basin, about 40 miles off the Cork coast, Providence Resources Plc said its Barryroe oil field may hold as many as 1.6 billion barrels. The company’s shares surged, and the government hailed the first “significant” test of oil flows off Ireland for 12 years just as the nation’s debt-ravaged finances cried out for a boost.
SMA Solar to cut 600 more jobs as it lowers full-year forecast
SMA Solar Technology, Germany’s biggest solar company, said it may lose as much as $60million this year because of “stagnating” demand in the solar industry. Shares fell the most in seven months.
Oil market losing faith in Libya’s ability to ramp crude
Escalating conflicts in Libya are thwarting a revival of oil output from Africa’s largest crude reserves after a yearlong blockade of eastern ports, just as Societe Generale SA and Barclays Plc predict rising demand. While the government said in early July that traders could buy cargoes again from Es Sider and Ras Lanuf, the biggest blocked ports, neither has shipped anything. In Tripoli, the capital, firefighters are still battling a blaze at a fuel- storage depot caused by clashes between militias that have been struggling for political power in the three years since the ouster and killing of long-time leader Muammar Qaddafi.
Total reveals Russian share-buy freeze after airliner crash
French oil giant Total stopped buying shares in Russian partner Novatek after the Malaysian Airline plane was downed in Ukraine, the company's chief financial officer has revealed.
Record-low output forces Total to cut costs
Total is preparing a three-year, company-wide plan to cut costs after second-quarter profit fell 12% amid record low production and a slump in refining margins.
Billionaire John Fredriksen’s closest adviser leaves Seatankers for Seadrill
Tor Olav Troeim, billionaire John Fredriksen’s closest adviser, is leaving Seatankers Group after almost 20 years to focus on Seadrill Ltd. and Golar LNG Ltd., in which he acquired shares valued at $260million. Troeim, 51, has bought 3 million shares in Golar LNG, which owns a fleet of liquefied natural gas carriers, and 2 million shares in Seadrill, the world’s largest rig owner by market value, from Fredriksen’s World Shipholding Ltd. and Hemen Holding Ltd., the companies said yesterday.
Climate change costs will increase 40% for every decade of inaction
As the Obama administration defends its efforts to curb carbon emissions this week, it’s taking a new tack: arguing that it is smart economic planning. A White House report released today says the cost of fighting climate change will increase 40% for every decade of inaction.
Candy Crush-like app helps engineers target tech workers
When Joel Tarver noticed workers at Baker Hughes relaxing during breaks playing the hugely popular smartphone game Candy Crush, he figured he could put their play to work.
US to deny Russia access to oil production equipment in fresh sanctions
The US and the European Union may move as soon as today to impose tougher sanctions on Russia as Vladimir Putin’s government formulates its response to the growing international pressure. The US will probably deny Russia access to oil-production equipment for use in the Arctic and deep waters, and add more banks and energy companies to a list of those banned from US financing, New York-based Eurasia Group said in a report.
Exxaro buys Total’s South African coal unit for $472million
Exxaro Resources Ltd. agreed to buy Total SA’s South African coal unit, the fifth-largest producer in the country, to gain expanded reserves and rights at the main export harbor for the fuel. Exxaro will acquire 100% of Total Coal South Africa Pty Ltd., known as TCSA, and settle all outstanding loan claims, the Pretoria-based company said in a statement today. The $472million cost of the deal includes the purchase of shares and an $85.5 million loan consideration.
Intervale Capital said to be working with Goldman on possible Proserv sale
Private-equity firm Intervale Capital LLC is working with Goldman Sachs Group Inc. to seek buyers for Proserv Group AS, a supplier of equipment for undersea oil drilling, according to people familiar with the matter.
China vows to maintain Iraq investments as violence continues
Chinese companies remain undeterred by recent violence and will keep investing in Iraq’s energy sector, China’s Middle East envoy said today.
WTI trades near week low; Brent falls
West Texas Intermediate crude traded near the lowest price in a week amid speculation that economic data may signal slowing growth in the US, the world’s biggest oil consumer. Brent declined in London. Futures were little changed in New York after losing 1% last week. A preliminary index of US service industries is forecast at 59.8 for July, the lowest level in three months, a Bloomberg News survey showed before a report from Markit Economics Ltd. today. The Federal Reserve is scheduled to review monetary policy at a two-day meeting starting tomorrow.
Sold-out crowds await US EPA at carbon-cutting rules hearings
The nation gets its chance this week to blast or praise the Environmental Protection Agency’s sweeping plan to cut climate-warming emissions by 2030. Companies, environmental advocates and citizens will sound off at EPA hearings starting tomorrow in Atlanta, Denver and Washington about the 645-page proposal, unveiled two months ago, to limit carbon-dioxide emissions from power plants. A two-day hearing in Pittsburgh starts July 31. The agency says more than 1,600 people are scheduled to speak and by last week all slots were filled in Atlanta, Denver and Washington.
Netherlands despairs justice for dead as Russia trade rules
In the Netherlands, first came the shock, then the rage and now this question: Can this nation go back to business as usual with Russia if investigators conclude that Vladimir Putin’s government supported pro-Russian separatists in Ukraine who killed Dutch citizens? Royal Dutch Shell Plc, which lost four employees in the crash, has declined to comment on whether its business in Russia would be disrupted by the incident. The company has about $6.7billion of oil and gas producing assets in Russia, is exploring for shale gas and plans to expand its Sakhalin-2 project there, according to research by Deutsche Bank AG.