In this latest in our series on ESG investing, Mike Scott assesses the global energy outlook ahead for 2022. Although oil and gas prices are healthy, energy firms will need to stay focused on net zero and emissions targets, and keep an eye on growth areas like hydrogen and other renewable energy sources.
The world’s oil supermajors are pumping out cash as if crude was already trading at $100 a barrel.
PTT, Thailand’s state-controlled energy company, is bidding to take control of Myanmar’s Yadana gas field after TotalEnergies (LSE:TTE) and Chevron (NYSE:CVX) announced they will exit the country to protest against the junta’s continued violence against civilians since the military coup.
Chevron’s (NYSE:CVX) flagship carbon capture and storage (CCS) scheme, designed to catch emissions at the Gorgon liquefied natural gas (LNG) project offshore Australia, has operated at just over half its expected capacity in the previous financial year, according to the latest project update.
$100 oil prices are possible in the next few months as geopolitical risks and “struggling” supply hit global crude markets, said the chief executive of Chevron.
Chevron posted disappointing profits after slumping values for some long-held fields hurt the oil giant’s ability to take full advantage of surging energy prices.
Thailand’s PTT Exploration & Production (PTTEP) (BKK:PTTEP) looks set to takeover operatorship at the Yadana gas project offshore Myanmar after TotalEnergies announced its decision to withdraw from the troubled country last week.
Shell’s (LSE:RDSA) sale of its 45% share of the Malampaya gas project in the Philippines to Udenna Corporation for $460 million has stalled after the country’s national oil company PNOC blocked the deal amid crumbling political support.
TotalEnergies (LSE: TTE) and Chevron (NYSE:CVX) said today that they will exit Myanmar due to the worsening situation in the Southeast Asian country, particularly concerning human rights abuses by the junta, since the military-led coup on 1 February 2021.
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) reported that it has won a contract worth 656.1 billion KRW ($553.4 million) from Chevron to build an offshore facility for the Jansz-Io gas field development offshore Australia.
Genel Energy has halted work on the QD-2 well in Kurdistan because of “insurmountable technical problems”, the company has acknowledged.
Indonesian national oil company Pertamina is aiming to significantly boost production at the country’s second largest oil producing block, named Rokan, which it acquired from Chevron in August.
PTT Exploration & Production (PTTEP) (BKK:PTTEP) will be able to access the Chevron-operated Erawan gas field offshore Thailand ahead of a transition in 2022 after the pair signed three agreements designed to smooth the handover process following a bitter dispute.
Shelf Drilling has secured contract extensions for two jack-up rigs in the Gulf of Thailand with Chevron Thailand Exploration and Production.
One worker was killed in an accident last Thursday at the Rokan Block in Indonesia, operated by national oil company Pertamina. A subsidiary of the NOC, Pertamina Hulu Rokan (PHR), is aggressively trying to boost output at Indonesia’s second-largest oil producing block after taking over from previous operator Chevron in August.
Chevron has signed up to explore a block offshore Equatorial Guinea, previously held by South Africa’s PetroSA.
Chevron’s local Angola unit has extended the Block 0 concession until 2050 and it will keep its full 39.2% stake.
Chevron Corp. boosted its planned share buyback to as much as $5 billion per year, as the oil giant uses higher commodities prices to step up returns to investors rather than investing in production growth.
Oil companies spent $191.7 million buying drilling rights in the Gulf of Mexico on Wednesday, during a robust government auction that underscored the industry’s appetite for new crude as the White House seeks to shifts the US away from fossil fuels.
Chevron (NYSE:CVX) has suspended production from Train 1 at its giant Gorgon liquefied natural gas (LNG) export plant in Australia since 16 November following the detection of a minor gas leak.
Singapore’s Pavilion Energy, QatarEnergy, and Chevron (NYSE:CVX), have jointly published a quantification and reporting methodology to produce a statement of greenhouse gas emissions for delivered liquefied natural gas (LNG) cargoes.
Italian energy services company Saipem (IT: SPM) has landed two lucrative offshore contracts.
Chevron will buy more than 5 million greenhouse gas offsets after its giant Gorgon project in Australia missed targets to inject captured carbon dioxide underground.
The first ever US congressional dressing down of oil bosses for alleged climate-change subterfuge devolved into a fractious spat over environmental racism, electric-car subsidies and fat pay packages.
The Western world’s biggest oil companies likely just generated more cash than at any time since the Great Recession, and investors are about to find out what they’ll do with it.