Latest News
-
ConocoPhillips CEO: US shale will plateau if current oil prices remain in range.
ConocoPhillips CEO Ryan Lance stated on Tuesday that U.S. shale production will plateau if oil prices stay where they are and will begin to decline when oil prices reach $50 per barrel. "The breakeven has probably not moved much." "I think that long-term if oil prices are in a range where they're comfortable - perhaps in the 70s or 65-75 - we will still see modest growth from the U.S.," Lance said, speaking at Qatar Economic Forum. We see a plateauing of production in the U.S. by the end of this year, unless we have a technological breakthrough. Don't bet on our industry. Qatar's Energy Minister Saad Al-Kaabi, who spoke alongside Lance at the event, said that if oil dropped below $60 per barrel, investment would decline and global energy requirements would not be met. He said that Qatar, which is one of the world's largest LNG exporters, "was not worried at all" by a glut in the supply of liquefied gas (LNG). Reporting by Andrew Mills, Federico Maccioni and Nayera Saba. Writing by Louise Heavens and Kirby Donovan.
-
Israeli strikes kill dozens of Palestinians in Gaza as criticism grows
Local health authorities reported that Israeli air strikes in Gaza killed at least fifty Palestinians on Tuesday. Israel is continuing its bombardment, despite increasing international pressure for it to cease military operations and allow unhindered aid into Gaza. Gaza medics report that the attacks targeted two homes where 18 people were killed, including women and children, as well as a school which housed displaced families. Israel's army, which warned residents of the southern Gazan town of Khan Younis on Monday to evacuate the city to the coast in preparation for an "unprecedented" attack, had no comment immediately. The medics reported that the strikes on Tuesday were conducted in Khan Younis, as well as areas to the north including Deir al-Balah and Jabalia. They claim that Israeli attacks have killed over 500 people in eight days, as the military offensive has intensified. Israel's army said Monday that it had allowed five aid trucks to enter Gaza following a blockade for more than two months of food and supplies. Gaza, a city of 2.3 million people, has been in need of at least 500 trucks delivering aid and commercial products every day. Trucks with aid have been waiting at Gaza's borders for weeks or months to enter. Israel's relationship with the United States and other countries has been strained by the war. On Monday, the leaders of Britain and France warned that they would take "concrete action" against Israel should it not cease its military operations in Gaza or lift its aid restrictions. In a statement issued alongside the European Union, 20 other countries and the United Nations, the three nations warned that Gaza was in danger of starvation. They also urged that aid groups and the U.N. be allowed to continue their work without interference. Benjamin Netanyahu, Israeli prime minister, responded to the criticism by saying that his country is engaged in a war of civilization against barbarism and promised to "continue to protect itself with just means until victory". A newly-created Gaza Humanitarian Foundation, which is backed by both the U.S.A. and Israel in a plan to provide aid to Gaza, hopes to begin work there before May's end. Israel's air and ground war on Gaza has destroyed the area, forcing nearly all of its residents to flee and killing over 53,000 people. Many were civilians. Gaza health officials confirm this. According to Israeli statistics, the war began after Hamas militants attacked Israeli towns near Gaza's borders on October 7, 2023. They killed about 1,200 people - mostly civilians - and took 251 hostages. Israel's leaders have insisted it can release the hostages and demolish Hamas by force. Netanyahu said Israel wants to control all of Gaza. Hamas said that it would free the hostages if the war ended and Palestinians held in Israeli prisons were released. There has been no breakthrough in indirect ceasefire negotiations between Israel and Hamas that took place in Qatar. Reporting by Nidal al-Mughrabi from Cairo and Alexander Cornwell from Tel Aviv, with editing by Aiden Lewis.
-
UAE's Mubadala Energy, Pupuk Indonesia sign initial gas supply deal
A spokesperson for Mubadala Energy in the United Arab Emirates said that Mubadala Energy had signed an initial contract to supply gas to Indonesia's state fertiliser manufacturer Pupuk Indonesia. Paul Slinger, speaking at an industry conference organized by the Indonesia Petroleum Association, said that Mubadala Energy would supply 115 millions standard cubic feet of methanol per day to Pupuk and 85 mmscfd for its ammonia facility. Slinger stated that the gas will be delivered as soon as production starts at Mubadala Energy South Andaman Block. The Tangkulo-1 well is expected to begin producing by late 2028. Mubadala Energy reported last year that the Tangkulo-1 well, located in the South Andaman Block (located around 100 km 62 miles off northern Sumatra), had discovered gas. The potential gas reserves are more than 2 trillion cubic feet (tcf). The Layaran-1 discovery, also within the same block of land, was followed by another find at the Layaran-1, which could have more than 6 tcf in place. Analysts said this discovery would be the second largest deep-water discovery worldwide for 2023. (Reporting and writing by Bernadette Cristina Munthe, Fransiska Naangoy; editing by John Mair, Rachna uppal and Fransiska Uppal).
-
OMV Chief Stern will not run for a second term
The company announced on Tuesday that Alfred Stern, Chief Executive Officer of Austrian oil-and-gas group OMV, has decided to not run for reelection when his current term expires on August 31, 2026. Stern is CEO of the Vienna-based firm since September 2021. He previously ran the Borealis division, and tried to steer it away from fossil fuels toward sustainable fuels and chemical. In March, he oversaw the merging of Abu Dhabi National Oil Company with OMV's Polyolefin business, creating Borouge International, a chemical powerhouse with a $60 Billion enterprise value. The merger should be completed in the first quarter 2026. The 2022 Russian invasion of Ukraine posed serious challenges for OMV. It had relied on Russia Gazprom to deliver gas, while Western countries were trying to reduce their dependence on Russian energy. OMV terminated a long-standing contract for gas supply with Gazprom in December after the Russian gas giant stopped deliveries following a lengthy legal battle. OMV was one of the last large-scale, long-term purchasers of Russian pipeline gas after Russia's invasion. (Reporting and writing by Alexandra Schwarz Goerlich, Editing by Thomas Seythal).
-
VCI, Germany's chemical sector sales company, says that the first quarter of 2013 saw a 1.8% increase in sales.
VCI, the industry lobby, said that the quarterly sales of the German chemical industry increased by 1.8% compared to last year. This was due to higher demand, and the pull-forward effect from U.S. clients stocking up. The industry has been strained by high production costs, increasing bureaucracy, and a stagnant economy in Germany. Tariffs from the United States have made the situation worse. VCI reported that sector-wide sales increased to 54.8 billion euro ($61.73billion) in the first three months, up 4.4% from the previous quarter. The German chemicals association has confirmed its annual forecasts for Germany’s third-largest industry despite the uncertainty on the market. The sector has benefited from the high demand during the first quarter of the year as customers stockpiled before U.S. president Donald Trump implemented his tariffs. VCI stated in a press release that the volatile tariff policy of the Trump administration has reduced export opportunities for both the chemical industry as well as its customers. It also said that there were fears about Chinese goods being diverted to Europe because of tariffs. This would increase the pressure on imports. Trump's tariffs, uncertainty about his trade policies, and China's retaliation sent global markets into a tailspin. This has significantly dampened the optimism of investors. VCI, however, said that the outlook for the industry could improve as soon as this year if the German federal government implements its growth package. In a statement, Markus Steilemann, CEO of Covestro and VCI president, said that the industry needs lower energy prices, an immediate reduction in bureaucracy, and a tax overhaul. Steilemann stated, "We have a stable and powerful government that has all the cards at its disposal." Reporting by Isabel Demetz in Gdansk and Ozan Ergenay, edited by Milla Nissi Prussak.
-
Iron ore gains are limited by a soft China data and resilient demand.
The price of iron ore futures rose on Tuesday, despite the fact that demand for steelmaking ingredients is expected to remain strong in the near term. However, gains were limited due to subdued data from China's largest consumer. The September contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 0.28% higher, at 725 Yuan ($100.39). As of 0704 GMT, the benchmark June iron ore traded on the Singapore Exchange had risen by 0.15% to $99.6 per ton. Mysteel, a consultancy, said that production among Chinese iron-ore mining companies continued to rise last week. This was due to the resumption of operations at more mines. According to Mysteel, the total volume of iron-ore concentrate produced has increased by 2% each week, averaging 498,800 tonnes per day. Everbright Futures, the broker, reported that hot metal production, which is typically used to gauge demand for iron ore, fell 0.35% on a month-to-month basis to 2,45 million tonnes. Galaxy Futures, a broker, stated that while hot metal production has decreased slightly, it is still high and demand for steel continues to increase. In a report, Hexun Futures said that iron ore shipments from Australia and Brazil, two major producers, increased by 9.53% on a month-to-month basis to 33.48 millions tons. Retail sales and factory output in China were below expectations, while new home prices continued to stagnate. Data released on Monday showed that China's crude-steel output fell 7% in April from March, but production was still high. China and Hong Kong shares rose on Tuesday as the market sentiment improved following China's first major rate cut since October. Coking coal and coke, which are used to make steel, also fell, by 1.47% each and 1.71% respectively. The benchmarks for steel on the Shanghai Futures Exchange have fallen. The Shanghai Futures Exchange saw a decline in steel benchmarks.
-
London Copper Prices Fall on Tariff Uncertainty
The copper price in London was slightly lower on Monday as initial excitement over the 90 day tariff truce, between the U.S.A. and China (the top consumer of metal) began to fade. As of 0707 GMT, the benchmark copper price on London Metal Exchange was down by 0.7% to $9,461 per metric tonne. The U.S. has agreed to lower tit-fortat tariffs with China and to implement a 90 day pause in actions. Washington also announced that it would reduce the "de minimis tariff" for low-value shipments coming from China to 30 percent. BigMint, a consultancy, said that analysts project near-term support for prices at $9150/ton. However, spikes could reach $10,000/ton should inventory levels exceed the threshold of 100,000 tons. However, risks remain from U.S. China tariff implementations, smelter profit crises, and negative treatment charges. ANZ Research reported that Chinese buyers are rushing to import scrap copper from the U.S. after the pause in reciprocal tariffs. They said that traders are also concerned about trade disruptions due to the U.S. - China trade war. Separately the Shanghai Futures Exchange is looking at opening its domestic nickel contract to foreign investors in this year instead of launching a contract on their International Energy Exchange. Other London metals include aluminium, which fell by 0.7% to $2432 per ton. Zinc was down 0.3%, at $2667.5; lead rose 0.3%, to $1967.5; and nickel, which dropped 1.01%, to $15 405. Tin fell 0.01% to $22,895. The Shanghai Futures Exchange's (SHFE) most traded copper contract eased by 0.3%, to 77540 yuan per ton ($10,736.94). SHFE aluminium fell by 0.5%, to 20,075 Yuan per ton. Zinc dropped 0.1%, to 22,435 Yuan. Lead fell by 0.3%, to 16,845 Yuan. Nickel declined 0.8%, to 122 870 Yuan. Tin gained 0.3%, to 264 760 yuan.
-
Ithaca Energy to purchase a $155 million stake in the Cygnus Gas Field from Centrica JV
Centrica, a British company, announced on Tuesday that Spirit Energy - its joint venture with German utility Stadtwerke Munchen GmbH - will sell to Ithaca Energy a 46.25 percent stake in the Cygnus field for approximately 116 million pounds (155.05 millions dollars). Cygnus is located in the Southern North Sea and is the UK's largest continental shelf gas field. It also contributes to the UK energy security. Ithaca Energy will increase its operating interest in Cygnus from 65% to 85%. This will position the company as a majority owner, and reinforces the strategic goal of becoming one the largest independent energy companies on the North Sea. Ithaca shares rose marginally, but Centrica shares gained 1.4%. Spirit Energy is expected to receive around 215 million pound from the deal. This includes 116 million pound in headline consideration, and 99 million pound in decommissioning obligations. Centrica's share of 69% amounts to 80 million lbs. Chris O'Shea said, "Through this sale we are taking another important step to reduce our exposure to the gas production industry while accelerating the delivery to enhanced shareholder value." The British utility is shifting its focus away from traditional oil and gas production to decarbonisation and renewable energy.
Technip Energies reveals 2025 and 2028 outlook
French facilities and innovation company Technip Energies announced its shortterm and midterm financial targets at its Capital Market Day on Thursday, revealing its strategy for the next four years.
The business, which specialises in engineering and technology for the energy sector, anticipates 2025 Job Shipment income of in between 5.0 billion euros and 5.4 billion euros ($ 5.27 billion and $5.69 billion), with a core revenue (EBITDA) margin of around 8%.
For its Technology, Product & & Provider sector, the group announced 2025 targets for an EBITDA margin of 13.5% on earnings of 2.0 billion to 2.2 billion euros. The 2025 PD and TPS sections growth is underpinned by backlog strength and commercial opportunity set, the management stated during a press call.
Technip Energies' industrial pipeline of more than 75 billion euros through to the end of 2026 is well stabilized by market and geography, the company included a statement. North America and Europe each consist of 20%, the Middle East 30%, India 5%, the Asia-Pacific region 10%, and the rest of the world 15%.
The group, which raised its full year assistance in October, likewise revealed its 2028 financial outlook. In the PD sector, it guides for an EBITDA margin of 8.5% profits above 6.0 billion euros. Furthermore, in the TPS sector it anticipates an EBITDA margin of 14.5% on revenue of 2.6 billion euros.
Asked about the United States and the posture of President-elect Donald Trump towards the green energy shift, CEO Arnaud Pieton specified the U.S. as pro-business. nation.
I do not believe the United States will allow itself to fall. behind in the race for energy transition, nor will it let China. gain a benefit or a lead that can not be conquered. Therefore,. I prepare for that the future administration will want to stay. competitive in this arena, Pieton added.
Throughout his campaign, Trump vowed to reverse lots of. ecological policies considered onerous by oil and gas drillers. The group anticipated a cumulative complimentary cash flow of in between. 2.2 billion and 2.6 billion euros for 2024-2028 and outlined its. dividend method, planning to pay out between 25% and 35% of. totally free capital, omitting working capital.
(source: Reuters)