(UK Office of the Prime Minister, 20.Oct.2022) â Prime Minister Liz Truss gave a statement in Downing Street on 20 October 2022. I came into office at a time of great economic and international instability. Families and businesses were worried about how to pay their bills. Putinâs illegal war in […]
Category: UK
UK
Liz Truss Believed in Markets, but the Markets Did Not Believe in Her
(The New York Times, 19.Oct.2022) â The world has just witnessed one of the most extraordinary political immolations of recent times. Animated by faith in a fantasy version of the free market, Prime Minister Liz Truss of Britain set off a sequence of events that has forced her to fire […]
Enhancing the US-UK Sanctions Partnership
(US Treasury, 17.Oct.2022) â As Directors of two of the worldâs leading financial sanctions implementation authorities, we are committed to our close working relationship. As a testament to this ongoing commitment, on Thursday, 13 October 2022, OFAC and OFSI concluded a multi-day technical exchange in London between our two offices. […]
Trinidad PM Rowleyâs Statement on Chats with Proman, BP & Shell
(Office of the PM of Trinidad and Tobago, 12.Sep.2022) â Ministerial interaction with oil, gas and petrochemical majors (Proman, BP & Shell) based in Europe. Proman â Zurich and DĂŒsseldorf Proman is heavily invested in the oil and gas sector of Trinidad and Tobago in both the upstream and downstream. […]
Seadrill Limited (SDRL) – Second Quarter 2022
(Seadrill, 1.Sep.2022) â Seadrill Limited (XOAS: SDRL), a leader in offshore drilling, provides financial results for the three months ended June 30, 2022. 2Q 2022 Highlights Strong operational performance in 2Q 2022, resulting in 98% technical utilization. Total operating revenues of $284mn, operating profit of $25mn and adjusted EBITDA[1] of $75mn, representing 26.4% EBITDA margin. Cash […]
Aquadrill Announces Charter Hire Agreement for the Vela
(Aquadrill, 31.Aug.2022) â Aquadrill LLC has extended a charter hire agreement with a subsidiary of Diamond Offshore Drilling, Inc. to provide the company’s Vela rig, an MPD outfitted 7th generation drillship, for operations in the US Gulf of Mexico for a drilling contract with a minimum duration of 225 days, plus […]
CCUS Planned Capacity Nearing 1 Billion Tonnes Per Annum
(WoodMac, 26.Aug.2022) â The planned global carbon capture, utilisation and storage (CCUS) capacity pipeline has reached 905 million tonnes per annum (mtpa), with more than 50 new projects announced this quarter, says Wood Mackenzie, a Verisk business (Nasdaq:VRSK). These findings come from Wood Mackenzieâs âCCUS Market Update for Q2 2022â […]
TotalEnergies Reveals Initial Power at Scotland Offshore Wind Farm
(TotalEnergies, 23.Aug.2022) â TotalEnergies and its partner SSE Renewables, announced first power generation from the Seagreen offshore wind farm, 27km off the coast of Angus in Scotland. The first turbine, of a total of 114, was commissioned in the early hours of Monday morning. The aim is for the 1075 […]
Höegh LNG Partners LP to Host 2Q:22 Results Call
(Energy Analytics Institute, 17.Aug.2022) â Höegh LNG Partners LP (NYSE: HMLP) will release its second quarter 2022 results on Wednesday 24 August 2022 before the market opens and later host a call to present the results at 8:30 a.m. (EST). The results and presentation material are available for download at http://www.hoeghlngpartners.com, […]
Bristow Completes Acquisition of British International Helicopter Services Limited
(Bristow, 3.Aug.2022) â Bristow Group Inc. (NYSE:Â VTOL) has completed its acquisition of British International Helicopter Services Limited (“BIH”) effective 2 August 2022, further enhancing its leading global Government Services offering. Bristow will integrate BIH into its U.K. operations, where BIH will adopt the Bristow name and brand throughout its operations. […]
APA Corp. Keeps 2022 Capex Unchanged at $1.725bn
(APA Corporation, 3.Aug.2022) â APA Corporation (Nasdaq: APA) announced its financial and operational results for the second-quarter 2022. APA reported net income attributable to common stock of $926mn, or $2.71 per diluted share. When adjusted for items that impact the comparability of results, most notably a $129mn release of tax […]
bp on Redemption of $2.85bn of Outstanding Notes
(bp, 25.Jul.2022) â BP p.l.c. (NYSE: BP) (LON: BP) announced that its wholly-owned subsidiary BP Capital Markets America Inc. (âBPCMAâ) is exercising the option to redeem the total outstanding aggregate principal amounts of the following notes on 24 August 2022 (the âRedemption Dateâ): BPCMA will redeem the BPCMA 2.750% Notes […]
Bristow Awarded Contract by the Maritime and Coastguard Agency
(Bristow, 21.Jul.2022) â Bristow Helicopters Ltd (NYSE: VTOL) has been awarded a ÂŁ1.6bn 10-year contract for the Second-Generation Search and Rescue Aviation (“UKSAR2G”) program by the Maritime and Coastguard Agency (MCA), an executive agency of the Department for Transport. Highlights: — New 10-year contract combines existing rotary and fixed wing […]
NRGBriefs: Bristow Inks 1.6bn 10-year Deal
(Energy Analytics Institute, 21.Jul.2022) â Energy briefs including Bristow Helicopters Ltd (NYSE: VTOL) signing a ÂŁ1.6bn 10-year contract for the Second-Generation Search and Rescue Aviation program; Golden Arrow Resources Corporation (TSXV: GRG) (FSE: G6A) (OTCQB: GARWF) terminating its option for the Libanesa Silver-Gold Project in Argentina; Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL) […]
NRGBriefs: PDVSA Vassa Closure; IGUâs 2022 World LNG Report
(Energy Analytics Institute, 6.Jul.2022) â Energy briefs including the closure of PDVSA Vassa, formerly Venoco, leaving nearly a thousand workers in uncertainty; and the release of the International Gas Union (IGU) 2022 World LNG Report. NORTH AMERICA US
NEOMâs ENOWA to Boost Extreme E with Green Hydrogen Power
(NEOM, 30.Jun.2022) â Extreme E announced a multi-year relationship with ENOWA, NEOM‘s energy, water and hydrogen subsidiary, to introduce green hydrogen power to their global sustainable racing series. The announcement comes just days after NEOM, a sustainable region in northwest Saudi Arabia being built from the ground up, was revealed as the […]
Pathways to Sustainable SmeltingÂ
(WoodMac, 21.Jun.2022) â Traditional metal production is inherently polluting. According to data from Wood Mackenzieâs Emissions Benchmarking Tool, it is currently responsible for 9% of global greenhouse gas emissions.  Many of the metals produced in smelting operations around the world will play a vital role in the energy transition. For […]
Shell plc 1Q:22 Euro and GBP Equivalent Dividend Payments
(Shell, 13.Jun.2022) â The Board of Shell plc announced the pounds sterling and euro equivalent dividend payments in respect of the first quarter 2022 interim dividend, which was announced on May 5, 2022 at US$0.25 per ordinary share. Shareholders have been able to elect to receive their dividends in US […]
Low-carbon Hydrogen Demand in Refining Could Reach 50 Mtpa by 2050
(WoodMac, 9.Jun.2022) â Potential low-carbon (green or blue) hydrogen demand from the global refining sector could reach 50 million tonnes per annum (Mtpa) by 2050, says Wood Mackenzie, a Verisk business (Nasdaq:VRSK). Oil refining is one of the largest markets for hydrogen, accounting for about 32 Mtpa or 30-35% of global […]
Energy Security Concerns Reinforce Government Focus on Renewable Energy Programs
(EY, 24.May.2022) â Energy security has risen to the top of government priority lists in the wake of geopolitical instability and spiralling gas prices. As a result, governments around the world are looking to accelerate and broaden the scope of their renewables programs to help reduce reliance on imported energy […]
Underwater Wireless Acoustic Standard to Improve Offshore Drone Communication
(Subsea Wireless Group, 23.May.2022) â An international oil and gas industry network, Subsea Wireless Group (SWiG), has launched a new wireless acoustic standard to improve communication between offshore vessels and the vehicles used in underwater inspection, maintenance and repair. SWiG addresses problems related to the increasing diversity of communication systems used by Autonomous Underwater […]
NRGBriefs: Marathon’s Equatorial Guinea Output; Murphy on Brazil and Mexico
(Energy Analytics Institute, 4.May.2022) â Energy and political briefs including Marathon Oil reporting 1Q:22 production from Equatorial Guinea of 64 net Mboe/d; the US providing over $6mn in additional humanitarian assistance to support Venezuelan refugees and migrants, and their host communities in Chile; and US Department of State Assistant Secretary […]
NRGBriefs: BHP Barbados farm-out; YPF on Form 20-F; Chevron Venezuela
HOUSTON, TEXAS (Energy Analytics Institute, 21.Apr.2022, Words: 959) â Energy briefs including Vista Oil & Gas, S.A.B. de C.V. planning to have an extraordinary shareholders’ meeting on 26 April 2022; Argentinaâs Energy Secretariat Dario MartĂnez participating in an official ceremony in Loma Campana to inaugurate the NĂ©stor Kirchner Gas Pipeline […]
How the Energy Transition can Reduce the Risk of Future Shocks
(WoodMac, 21.Apr.2022) â The crisis caused by Russiaâs invasion of Ukraine has highlighted the challenges for energy supplies as the world moves to tackle the threat of climate change. The uptake of low-carbon technologies can help address problems of energy security and affordability, and strengthen resilience to shocks in the […]
Noble Corp. and Maersk Drilling Update on the Merger Control Process
(Noble Corp. 12.Apr.2022) â Noble Corporation (NYSE: NE) and The Drilling Company of 1972 A/S (CSE: DRLCO) (âMaersk Drillingâ, and together with Noble, the âPartiesâ) provided an update on the ongoing merger control process for the business combination announced on 10 November 2021 (the âTransactionâ). At this point in time, […]
How NOCs are Tackling the Energy Transition
(WoodMac, 30.Mar.2022) â Despite their scale, national oil companies (NOCs) have until now largely escaped the heavy scrutiny experienced by international oil companies (IOCs) around emissions. Partly as a consequence, the energy transition strategies of most NOCs significantly lag those of their leading IOC peers, says Wood Mackenzie, a Verisk […]
Maersk Drilling Secures Five-month UK Contract for Maersk Resolve
(Maersk Drilling, 16.Mar.2022) â Maersk Drilling has been awarded a contract which could employ the harsh environment jack-up rig Maersk Resolve with a customer in the UK sector of the North Sea for the majority of 2022. The contract is expected to commence in April 2022, with an estimated duration […]
bp Staff Message Regarding Relationship with Rosneft
(bp, 27.Feb.2022) â bpâs Bernard Looney provides a message to all bp staff on the companyâs relationship with Rosneft. To the bp team, Like so many of you, I have been deeply shocked and saddened by the situation unfolding in Ukraine. We are witnessing an act of aggression which is having tragic […]
Zeelo to Make Buses as Green as Riding a Bicycle
(Zeelo, 17.Feb.2022) â Zeelo – a smart bus platform for organisations that serves over 1.8 million passengers per year on their daily commute to work and school in the UK, North America and South Africa – has pledged to provide Net Zero bus travel across its services in just eight years. The company is Europe’s only bus […]
Borr Drilling Reveals Prelim 4Q:21 Results
(Borr Drilling, 16.Feb.2022) â Borr Drilling Limited announces preliminary unaudited results for the three and twelve months ended 31 December 2021. Highlights Fourth Quarter of 2021  Total operating revenues of $69.1mn, a decrease of $3.9mn (5%) compared to the third quarter of 2021 Net loss of $46.1mn, an increase of $13.5mn compared to the loss in the […]
Upstream Sector Rebounding â But âPeak Uncertaintyâ Fears Weigh In 2022
(WoodMac, 13.Dec.2021) â The oil and gas sector will continue to rebound in 2022, says Wood Mackenzie, a Verisk business (Nasdaq:VRSK) But the positive outlook will be tempered by concerns about its future. In its Global Upstream Outlook 2022, Wood Mackenzie points out the upstream industry must respond to the implications […]
Oil And Gas Companies Must Be Bold As Energy Transition Sets Tone For 2022
(WoodMac, 8.Dec.2021) â Itâs set to be an action-packed year for Majors, Independents and national oil companies alike. Big choices will set strategic trajectories for the energy transition ahead. New research from Wood Mackenzie, a Verisk business (Nasdaq:VRSK), indicates that oil and gas companies are likely to be bold in […]
Höegh LNG Holdings Initiates Buyout Offer for Höegh LNG Partners LP
(Höegh LNG, 6.Dec.2021) â Höegh LNG Holdings Ltd. submitted a non-binding proposal to the Board of Directors of Höegh LNG Partners LP (HMLP) pursuant to which Höegh LNG would acquire through a wholly owned subsidiary all publicly held common units of the Partnership in exchange for $4.25 in cash per common unit. If approved, the […]
Maersk Re-enters One-well Deal With Petrogas
(Maersk, 1.Dec.2021) â Maersk Drilling and Petrogas North Sea Ltd have agreed to exercise the previously agreed exclusive option to employ the harsh-environment jack-up rig Maersk Resilient to drill an appraisal well at the Birgitta field in the UK sector of the North Sea. The contract is expected to commence in end-2021, […]
NRGBriefs: Argentine Pipeline Tender, Lebanon Summit
(Energy Analytics Institute, 30.Nov.2021) â Energy briefs including Argentina revealing plans for a tender for the start of the process for the construction of the first stage of the NĂ©stor Kirchner Gas Pipeline and the Transport.Ar National Production Gas Pipeline System; the EU welcoming the âlargely calm and peaceful atmosphereâ […]
PM Keith Rowley Holds Energy Talks With BP In London
(The Office of the Prime Minister of Trinidad and Tobago, 4.Nov.2021) â Prime Minister Dr the Honourable Keith Rowley met with BPâs Chief Executive Officer, Bernard Looney at the companyâs headquarters in London on Thursday 4 November, 2021. Minister of Energy and Energy Industries and Minister in the Office of […]
Project Extension To Unlock Further 500MW Of Capacity
(NGET, 14.Oct.2021) â National Grid Electricity Transmission (NGET) is expanding the use of transformational power flow control technology â building on the successful installations of the world’s first large scale use of the Smart Wires technology on its UK network earlier this year. NGET owns the cables and substations that […]
Young: Trinidad Can Benefit From High Oil, Gas Prices
(Trinidad and Tobago Newsday, 27.Sep.2021) â Energy Minister Stuart Young expressed optimism on Monday that Trinidad and Tobago could benefit from the high energy prices of recent times. Young made this comment in response to rising natural gas prices in the United Kingdom. A September 18 report in the UK […]
Vertical And Bristow Team Up To Electrify Helicopter Market
(Bristow, 21.Sep.2021) â Bristow Group Inc. (NYSE: VTOL) and Vertical Aerospace Group Ltd announced a Memorandum of Understanding (MOU) under which the two firms will cooperate on the certification, operational planning and potential purchase of up to 50 eVTOL aircraft. Bristow’s pre-order of 25 aircraft, along with the option for […]
British Gov’t Prepares To Help With Gas Crisis
(NPR, 18.Sep.2021) â The British government is putting up to 150 army drivers on standby to operate gas tanker trucks, as the country’s fuel delivery crisis continues and motorists roam greater London in search of open gas stations. The government insists the U.K. is not facing a fuel shortage, just […]
Borr Drilling Reports Preliminary 2Q:21 Results
(Borr Drilling, 31.Aug.2021) â Borr Drilling Limited announces preliminary unaudited results for the three and six months ended 30 June 2021. Highlights second quarter of 2021 Total operating revenues of $54.8mn, an increase of 13% compared to the first quarter of 2021Â Â Â Â Â Â Â Â Â Â Â Net loss of $59.9mn, an increase of $5.5mn compared […]
Oil Price Windfall A ‘Golden Opportunity’
(WoodMac, 19.Aug.2021) â Oil and gas companies must use the current cash flow windfall opportunity to speed up decarbonisation of their businesses, global natural resources consultancy Wood Mackenzie, a Verisk business (Nasdaq: VRSK) said in a report released today. Stakeholders are demanding greater accountability for carbon emissions along the value […]
Nabors Reports 2Q:21 Results
(Nabors, 27.Jul.2021) â Nabors Industries Ltd. (NYSE: NBR) reported second quarter 2021 operating revenues of $489mn, compared to operating revenues of $461mn in the first quarter of 2021. The net loss from continuing operations attributable to Nabors common shareholders for the quarter was $196mn, or $26.59 per share. The second […]
bp Acquires AI-driven Open Energi
(bp, 22.Jul.2021 ) â bp acquired UK-based digital energy business Open Energi. The companyâs digital platform uses real-time data to optimise the performance of energy assets. It can generate savings and maximise revenues for customers by connecting to power markets and providing flexibility at times of low renewable generation and […]
Seadrill On Restructuring Discussions
(Seadrill, 2.Jul.2021) â Seadrill Limited (OSE: SDRL, OTCPK:SDRLF) and the Issuer announce that, further to the announcement made by Seadrill and the Issuer on 18 June 2021, the Issuer and certain of its subsidiaries have today agreed key commercial terms for a comprehensive restructuring of the Issuer and entered into […]
Carbon Removal Key To Reaching Paris Target
(WoodMac, 24.Jun.2021) â Achieving the 2°C goal of the Paris Agreement will require more than simply avoiding carbon. To cap global warming at 1.5°C or even 2°C, carbon removal will be essential. Research from global natural resources consultancy Wood Mackenzie, a Verisk business (Nasdaq:VRSK), shows the key to effective large-scale […]
Energy Transition Represents $14tn Uncertainty For Upstream Sector
(WoodMac, 20.May.2021) â The energy transition represents US$14 trillion worth of uncertainty for upstream oil and gas, according to a new report by Wood Mackenzie. Oil and gas is a risky business. Over the years, those risks have been tempered by a single tenet â that demand would continue to […]
bp And Cemex Join Up On Net-Zero Emissions
(bp, 13.May.2021) â bp and Cemex, S.A.B. de C.V. (NYSE: CX) will work together on accelerating the progress of Cemex’s 2050 ambition to deliver net-zero CO2 concrete globally. Highlights: — bp and Cemex aim to develop solutions to decarbonize the cement production process and transportation. — Cemex and bp have aligned ambitions […]
LatAm Briefs: IPD On Sanctions On Venezuela, bpâs Looney On Transformation
(Energy Analytics Institute, 4.May.2021) â Energy briefs from the Latin America and Caribbean region including: IPD Latin Americaâs Managing Director David Voght on USâ sanctions on Venezuela and bpâs CEO Bernard Looney on the companyâs evolution from an IOC to an IEC. IPDâs David Voght On USâ Sanctions On Venezuela […]
The Role Of NOCs On The Road To Net Zero
(WoodMac, 28.Apr.2021) â Will national oil companies be next to set ambitious emission reduction targets? NOCs dominate the global oil and gas space â producing 50% of liquids and 48% of gas in 2021. And as some IOCs diversify away from oil and gas as part of their energy transition […]