Total and Det Norske set to sell off Gina Krog stakes
French oil giant Total plans to sell a stake in Norway’s Gina Krog field development as it scales back spending, according to analysts.
Majors object as South Africa prepares new laws to claim 20% take in new energy projects
Leading companies have warned that a bid by the South African government to claim a stake in all new oil and gas developments in the country will destroy the industry.
New Norway government looks to tax cuts in bid to kickstart growth
Norway will focus on infrastructure spending, tax cuts and education to promote growth in Scandinavia’s richest nation, the coalition government said as it prepares its first budget.
LNG market set for increased demand over Ukraine action, say analysts
A disruption of natural gas supplies to Europe by an escalation of Russia’s military action in Ukraine may boost LNG demand and prices in Asia and South America, according to Societe Generale SA and Morgan Stanley.
Oil pair behind £2bn bid to buy JP Morgan’s energy unit
In less than a decade, Marco Dunand and Daniel Jaeggi have turned a 10-person company supplying oil to a pair of Polish refineries into the world’s fourth-largest commodity trader with revenue topping $100 billion last year.
Norway oil spend still set for record levels, new survey finds
Norwegian oil and gas companies have maintained estimates for record spending this year even as they become more selective about projects amid rising costs and lower profitability.
Genel ready for Kurdistan production boost if Iraq deal secured
Kurdistan-focused oil and gas operator Genel Energy expects output this year will be higher than currently estimated if the region's government can agree a deal with Iraq over oil exports to Turkey.
Soco hit by profits drop
African-focused oil explorer Soco International saw its shares slump seven percent today after earnings missed estimates.
CNPC to open doors to foreign investment
China National Petroleum Corp, the country’s biggest oil and gas producer, will seek outside investors for its oil and gas exploration and refining businesses as the nation opens up state companies.
Current drilling cutbacks will need reversed as oil supplies fall, warns Seadrill boss
Oil firms scaling back their drilling investment over the next few years will be forced to up spend again as supplies dwindle, a leading industry figure has warned.
Energy giant RWE posts first full-year loss in 65 years
RWE posted its first full-year loss since the foundation of the Federal Republic of Germany in 1949 as slumping power prices led to billions of pounds in writedowns.
BP loses battle over restricting Macondo compensation payouts
BP has been told by a US appeals court it must resume paying compensation to businesses over the Deepwater Horizon disaster -even if they were not directly impacted.
Gazprom Neft eyes profits despite $16billion investment planned
Gazprom Neft expects its free cash flow to stay positive even as it is planning a $16billion (£9.6billion) expansion over two years.
Petrobras cuts investment in refining in $220.6billion plan
Petrobras, the world’s most indebted oil company at $114.3billion (£68billion), slashed its five-year investment plan by $16billion (£9.6billion) as it cut spending in its unprofitable refining division.
AlgaEnergy targets Mexico for biomass plant location
AlgaEnergy, part-owned by Spain’s Iberdrola and Repsol , is in talks with potential partners to set up a plant in Mexico to supply the American markets with biomass made from algae.
South Sudan’s main crude output “not affected by clashes”
Clashes that erupted in South Sudan’s oil-rich Upper Nile state last week pose “no imminent threat” to crude production and output is progressing normally, the Petroleum Ministry said.
Repsol agrees YPF sale to Argentina in $5billion deal
Spanish oil and gas multinational Repsol has agreed to accept $5billion (£3billion) for Argentina’s seizure of its Treasury Petroleum Fields (YPF), ending a two-year dispute.
Norway’s oil fund becoming too big for Central Bank, report says
Norway may need to separate its sovereign wealth fund from the central bank as its ballooning size makes proper oversight more difficult, the annual Norges Bank Watch report recommended.
New Arctic oil production unlikely for at least 15 years, claims Lundin chief
New oil production from the Arctic is unlikely to happen for at least 15 years due to technical and logistical challenges, according to the chairman of Swedish exploration firm Lundin Petroleum.
Rosneft looking to scoop $2billion from TNK-BP plant sell-off
Russia’s largest oil producer Rosneft may get as much as $2billion (£1.2billion) for its 49% share in a natural-gas processing venture inherited with its TNK-BP purchase, according to analysts.
South Sudan starts oil staff evacuation amid fighting
South Sudan is trying to evacuate foreign oil workers from its Upper Nile region after fighting erupted between government forces and rebel fighters in the state capital three days ago, a government official said.
World’s largest fuel cell park starts in South Korea
The world’s largest fuel cell park began operations in South Korea consisting of power plants developed by FuelCell Energy.
Norwegian tax rates threaten £8bn drilling projects, warns oil and gas group
Norwegian efforts to increase oil and gas recovery from offshore fields are being jeopardized by higher taxes threatening almost £8billion of drilling programs, according to an industry group.
Sinopec retail arm sell-off ‘could net £12billion’, say analysts
Shares in Chinese oil giant Sinopec have surged as the firm launched a bid for private investors in a sale of its retail unit which could net more than £12billion.
New Fukushima leak fears as tests reveal water contains 2M times safe radiation level
The operator of the crisis-ridden Fukushima nuclear power plant said it found a new leak near the tanks holding contaminated water at the disaster site.