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Oil & Gas

Oil & Gas

NATO launches "Eastern Sentry" to strengthen eastern flank following Russian drone incursion

NATO Secretary General Mark Rutte announced that NATO launched on Friday an operation called Eastern Sentry in response to Russian drones entering Polish airspace this week. Rutte said at a NATO press conference in Brussels that "we must make it clear to the world our determination and our capability to defend our territories." He said this while standing next to NATO's top commander U.S. Air Force general Alexus Grynkewich. Rutte stated that NATO was still assessing possible intentions behind the incursion. This led to Polish and NATO allies shooting down drones, the first such action NATO has taken since Russia's...

Oil & Gas

Greens in Norway are key players in the election and want to phase out oil gradually

The Green Party of Norway played a key role in Monday's re-election. It secured 4.7% of votes and ensured that Labour and its allies had 87 seats in Parliament - two extra than required to have a majority. The Greens have a number of energy-related policy proposals. Here's a breakdown of their main ideas, the potential impact they could have, and whether or not it is likely that these will be implemented: What do they want to do? The Greens are calling for an immediate halt to new petroleum exploration and a phase-out of existing activities by 2040. They also...

Power Markets

What you need to Know about the Norwegian Election

The general elections in Norway on September 8 and 9 are expected to be close between the centre-left block led by the Labour Party and the centre-right group dominated by the Progress Party. Inequality and taxation are two of the key issues that will determine the outcome. The result could also have an impact on the energy and power supply to Europe, and the management and control of Norway's massive sovereign fund. What's at stake? Labour, led by Prime Minister Jonas Gahr Stoere, is seeking to extend its reign after returning to government in 2021. This follows eight years of...

Power Markets

Norway's Northern Lights CCS Project starts with the first CO2 injection

Shell, Equinor, and TotalEnergies announced on Monday that the first volumes of CO2 have been injected into and stored in Norway's Northern Lights Carbon Capture and Storage (CCS) Project, marking the beginning of operations. Companies said that the CO2 was being stored in a 2,600 meter reservoir (8,530 feet) below seabed. This marks a significant milestone for CCS. In a press release, Anders Opedal said that the industry of carbon capture transport and storage is scalable. The facility is a part of the heavily-subventioned Longship carbon storage and capture project in Norway, which aims to commercialise CCS to reduce CO2...

Fuel Oil

Lobby group says that oil shipments to the US from Brazil will resume following tariff exemption

The head of the Brazilian oil lobby IBP said on Wednesday that energy companies in Brazil will resume oil exports to the United States following the exemption from U.S. duties for several oil products. The top Brazilian export to the U.S. is oil. It was exempted from the 10% tariff on Brazilian exports in April, but the uncertainty about whether it would be exempted under the new tariffs announced on the 9th of July led to a stoppage in shipments throughout the month. Despite the fact that President Donald Trump's Wednesday decree increased tariffs on Brazil by 50%, several Brazilian...

Refined Products

According to a lobby group, uncertainty over tariffs has halted oil shipments from Brazil into the US.

Roberto Ardenghy of the oil lobby group IBP told reporters on Wednesday that energy companies in Brazil have suspended oil exports to the United States following President Donald Trump's announcement of 50% tariffs against Brazil. The U.S. is Brazil's largest export market. Oil was exempted from the 10% tariff on Brazilian exports in April, but it remains unclear if the commodity will be exempted under the new tariff of 50% that is set to take effect on Friday. Ardenghy said, "This time there is no way to know." IBP represents Brazilian oil companies such as Petrobras, Shell, TotalEnergies ExxonMobil, Equinor,...

Oil & Gas

Neste's SAF sales soar, and Neste's earnings exceed forecasts

Neste, the Finnish oil refiner and biofuel producer, reported stronger-than-expected core earnings for its second quarter. The company cited a surge in sales of sustainable aircraft fuel (SAF), aided by an increase in production capacity. Neste's comparable quarter earnings before interest taxes, depreciation, and amortization (EBITDA), rose by 42% compared to a year ago, reaching 341 million euro ($401 million). According to a consensus provided by the company, analysts had forecasted 302,5 million euros in average. Heikki malinen, CEO of the company's renewables refinery Rotterdam, said that "our sustainable aviation fuel (SAF) sales increased by close to 80% from quarter...

Oil & Gas

Austrian OMV gains $141 million in profits from Borouge and Borealis merger during Q2

The Austrian energy company OMV said that the Borouge-Borealis merge will have a positive impact of 120 million euro ($140.8) on its operating result for the second quarter before special effects. This was part of an update to trading on Tuesday. After almost two years of negotiation, Abu Dhabi National Oil Company and OMV decided in March to combine their polyolefin business to create Borouge Group, a chemicals powerhouse with a $60 Billion enterprise value. OMV said that it also expected to take a 400-million-euro hit on its operating cash flow adjusted from Romania and Norway, compared with the first...

Oil & Gas

Engie buys DNO's Norwegian gas production for four years

The Norwegian company DNO announced on Wednesday that it had sold all of its gas production from the Norwegian continental shelf over a period of four years to French utility Engie at an undisclosed price. The deal was facilitated by an American bank loan, as U.S. banks are increasing funding for the fossil fuel sector. It also said it is in talks over a similar agreement and financing facility related to its North Sea oil production. The agreement will take effect on October 1, and it covers DNO’s increased gas production following its March acquisition of assets from Sval Energi....

Oil & Gas Refining

Petrobras wins major lots at Brazil's oil auction, beating revenue forecast

Petrobras, the state-run oil company in Brazil, was the biggest winner of the auction on Thursday. The sale is expected to generate revenues in excess of $5.08 billion. The amount exceeds initial Government forecasts The 25 billion reais should boost the public coffers, as the Luiz Inacio Lula Da Silva administration tries to reach its fiscal targets. The state-run company PPSA held the auction, and is responsible for selling that portion of oil which companies producing under share contracts in pre-salt fields must give to the Brazilian government according to Brazilian law. Petrobras purchased three of the seven lots that...

Oil & Gas

Moscow promises to closely supervise foreign businesses returning to Russia

Igor Krasnov is the Russian Prosecutor-General, who led the government's effort to seize property valued at 2.4 trillion rubles ($31 billion). He said that foreign companies returning to Russia would be closely monitored to ensure Russia benefits. In the three years since Russia began its war in Ukraine, Moscow has taken over a dozen assets owned by foreigners under its management. This year, prosecutors have increased the seizure and confiscation of assets in Ukraine. As the economy slows down after two years of high growth, fueled by military spending, Russian officials try to strike a balance between protecting the economy...

Oil & Gas

After Russia-Ukraine meeting, defence stocks rise in the STOXX 600 index of Europe

European shares recovered from an early drop to close higher Thursday. Industrial stocks got the biggest boost while corporate earnings were in the spotlight. The STOXX 600 index for the continent was up by 0.6%. The majority of major regional indexes rose, with Germany up 0.7%. Russian President Vladimir Putin snubbed challenge To meet face-toface with Ukrainian president Volodymyr Zelenskiy in Turkey is to deal a serious blow to the prospects of a breakthrough for peace. Hensoldt, Rheinmetall and Leonardo all saw gains of 4% or more. The European aerospace and defence index rose 2.3%. Chris Beauchamp is the chief...

Fossil Fuels

Oil & Gas Refining

Nigerian regulator withdraws approval of TotalEnergies’ $860 million asset sales to Chappal Energies

TotalEnergies hoped to sell the oil assets onshore that were prone to spills last year The deal between Chappal Total and Chappal has not been closed despite multiple deadline extensions Total relied on the cash generated from sales to reduce debt Isaac Anyaogu & America Hernandez LAGOS/PARIS - TotalEnergies has failed to sell a minority stake to a Nigerian oil producer, Nigerian regulators announced on September 23. This is a blow to the French oil giant's strategy of selling mature, polluting oil assets to pay off debt. Total agreed to sell 10% of its Shell Petroleum Development Company of Nigeria...

Fossil Fuels

Exxon suspends European plastic recycling plans due to draft EU regulations

ExxonMobil has halted 100 million euros (118.4 millions) in investment in European Plastic Recycling due to draft EU rules that define the recycled content of a final product. Two projects are being developed by the U.S. energy company to recycle chemicals at its existing plants in Rotterdam, and Antwerp. The project will process 80,000 tons of plastic waste annually. In an interview, Jack Williams, Senior Vice-President of ExxonMobil, said that the two projects were now halted due to the EU draft rules which he claimed discriminated against existing petrochemicals facilities versus standalone installations. "Everything is going according to plan." He...

Fossil Fuels

Norway's ruling Labour party wins re-election

Norway's Labour Party minority government will narrowly win its re-election Monday, according to projections from local broadcasters. The vote was dominated by concern over the rising cost of living and wars in Ukraine, Gaza and Gaza. If the official results confirm early readings, then 65-year-old Prime Minister Jonas Gahr Stoere would remain at power as part of a minority coalition that would heavily depend on smaller parties for major legislation, such as fiscal budgets. In order to gain their support, he will likely have to face difficult discussions about issues like tax hikes on the wealthy, oil exploration in the...

Crude Oil

Mineral Resources

Mining

Document reveals Trump's 'America First" foreign aid funding plan

According to a document sent by the Trump administration to Congress, $1.8 billion of foreign aid funds will be shifted to "America First" projects, such as investing in Greenland or countering "Marxist anti-American regimes in Latin America." The Congressional Notification, reviewed on Wednesday, stated that "the national security interests" of the United States demand that these funds be used to address new challenges that will make America stronger, safer or more prosperous. The Washington Post was the first to report on the administration's plan. The Washington Post reported that the State Department was looking forward to working with Congress on...

Environment

Denmark's Prime Minister apologizes personally to Greenland woman over forced contraception

The Danish Prime Minister apologized in person to women on Wednesday who had been victims of decades-long, involuntary contraception campaigns. These campaigns have left the islanders with deep wounds and damaged their relationship with their former colonial powers. Between 1966 and 1991 - the year Greenland gained control over its healthcare system - thousands of women and girls, some as young as 12, were fitted with intrauterine device without their consent or knowledge. Mette Frederiksen said, "I do not believe that we can achieve the equal and proper relationship many of us want unless we open even the darkest pages,"...

Mining

Europe stocks fall; commodity and defence rallies offset luxury losses

Investors analyzed the latest signals from Federal Reserve chair Jerome Powell as European stocks fell on Wednesday. The pan-European STOXX 600 ended 0.2% lower while regional bourses mixed. The French benchmark was the worst performer, falling 0.6%. Basic resource sector rose 1.8%, as copper prices reached a 15-month-high, and crude prices reached a three week-high, driving the energy sector to rise 1.5%. Anglo American surged by 4.7% following Endiama Bid for a Minority De Beers, the diamond mining unit of De Beers. Defense stocks rose between 3% to 8%, including Rheinmetall Hensoldt, and SAAB after U.S. president Donald Trump stated...

Mining

Copper prices rise on concerns about supply, but inventories are weighing

The price of copper rose on Tuesday, as disruptions in supply and lower interest rates offset concerns about high inventories and the slowdown in global economic growth. By 0920 GMT, the benchmark three-month price of copper at the London Metal Exchange had risen by 0.2% to $9,990 per metric tonne. "We must deal with disruptions in mine supply but we also have healthy increases in inventory levels, particularly in the U.S.," Ole Hansen said, head of commodity strategies at Saxo Bank, Copenhagen. The U.S. rate reductions last week have added to the positive mood, but it is important to remember...

Mining

Outokumpu reports that one-third of companies have paused or deferred orders for stainless steel due to tariffs.

Outokumpu, a Finnish steelmaker, said that at least a third have delayed or paused stainless steel orders due to U.S. tariffs up to 50%. More than half of the companies surveyed are also reevaluating their sourcing strategies. Outokumpu CEO Kati Ter Horst said that the current European Union import quotas were too high due to the slowing demand in the world. She expects the European Commission will announce measures to reduce imports of rival steel to protect domestic producers by October. She added that the measures would replace existing safeguards, which are due to expire next summer. They could even...

Mineral Resources

Norway sovereign wealth fund excludes Eramet on ethical grounds

A spokesperson from Norges Bank Investment Management, the fund's operator said that Eramet, a French mining company, was excluded from its portfolio due to ethical reasons. According to data from the fund, as of 30 June, it held a stake in Eramet valued at $6.8 millions. Eramet didn't immediately respond to a comment request. The Council on Ethics of the fund, which is its ethics watchdog, recommended the divestment due to Eramet’s participation in Indonesia’s PT Weda Bay Nickel, where Eramet is the operator of mine. The Council on Ethics recommended that Eramet SA should be excluded. "There is an...

Environment

Europe's electric vehicle industry urges EU to not delay CO2 emissions targets

More than 150 executives from Europe's electric vehicle industry signed a Monday letter urging the European Union not to abandon its zero-emission target for cars, vans and trucks by 2035. Signatories from the electric car industry, including Volvo Cars, Polestar and others, have warned against any delay in meeting the targets. They said that this would lead to a stalling of Europe's EV Market, giving an advantage to competitors around the world and eroding the confidence of investors. This follows a separate, end-of-August letter from the heads of European automotive manufacturers' and suppliers' associations to European Commission president Ursula von...

Oil & Gas Exploration

UK stocks end higher on the back of banks and healthcare stocks

Investors worried about the health of the British economic system prompted a rebound in UK shares on Wednesday, after the session before had seen the worst day for nearly five months. Both the blue-chip FTSE 100 index and the domestically focused midcap index closed at 0.7%. Investors' anxiety over the UK's ability get its finances in order led to a lower closing of the stock market on Tuesday. In Tuesday's session, the yield on 30-year gilts rose to its highest level since 1998. Andrew Bailey, Governor of the Bank of England, told a hearing of a committee that it is...

Mineral Resources

SMG Swiss Market Place, an online property portal, announces its intention to flotation

SMG Swiss Marketplace Group, an online platform for real estate and auto sales, announced on Tuesday its intention to float. This is a sign that the European IPO market has been reviving after a long period of stagnation. TX Group owns 30.7% of SMG. TX Group stated that the timing of its planned IPO is dependent on market conditions. Further information will be provided in due time. The company did not specify how many shares will be offered in the floatation, but stated that it has no intention of selling any of its stock. TX Group said that it was...

Mining

Sibanye Stillwater reduces losses on restructuring and US production credits

Sibanye Stillwater announced a smaller first-half loss Thursday as credits from its U.S. Palladium business, and restructuring of its South African Mines partially offset large writedowns in its U.S. The Johannesburg-based mining company posted a loss for the six-month period ending June 30 of $211 millions, down from $372 million the previous year, when it booked an impairment of $407 million on its U.S. operation after cutting its palladium price forecast. The U.S. will offer credits to encourage the production of palladium and other critical minerals in the United States under the Inflation Reduction Act, which is set to be...

Mining

Europe's STOXX 600 closes at a higher level, with the focus now on Nvidia results

Investors waited for earnings from Nvidia, the leader in artificial intelligence chips and political risks in France to see if Europe's STOXX 600 would recover on Wednesday. The pan-European STOXX 600 closed 0.1% higher, just a day after it registered its biggest drop in almost a month. The majority of regional bourses closed in red, however. The CAC 40 in France bounced back by 0.4% after a sell-off that sparked fears of a possible collapse of the government headed by Prime Minister Francois Bayrou next month. Three major opposition parties announced on Monday that they would not support Bayrou's plans...

Mining

US and EU sign trade agreement; US official expects tariff relief for autos in weeks

The United States, the European Union and Canada have signed a framework agreement on trade that was reached last month. It includes a 15% U.S. duty on many EU imports including automobiles, pharmaceuticals semiconductors and wood. In a three-and-a half page joint statement, both sides listed their commitments, including the EU’s pledge to remove tariffs on U.S. industrial products and to offer preferential access to a variety of U.S. agricultural and seafood goods. Washington will reduce the current 27,5% U.S. Tariffs on Cars and Car Parts, which is a huge burden on European carmakers once Brussels introduces legislation to enact...