Finance News


Offshore Wind Supply Chain Struggles Threaten Global Targets

Aug 17, 2023

The global offshore wind supply chain will require US$ 27 billion of secured investment by 2026 if it is to meet a fivefold growth in annual installations (excluding China) by 2030, according to energy intelligence group Wood Mackenzie.This figure is based on Wood Mackenzie’s base case outlook which forecasts annual capacity additions to hit 30 gigawatts (GW) by 2030, but is dwarfed by policymakers’ offshore wind targets…

Oil and Gas Driller ADES Holding Starts Marketing IPO to Institutional Investors

Sep 11, 2023

Oil and gas driller ADES Holding, backed by Saudi Arabia's sovereign wealth fund, began marketing its initial public offering on Sunday, seeking 12.50 riyals to 13.50 riyals a share.ADES plans to raise as much as 4.57 billion riyals ($1.22 billion)…

EnQuest Swings to First-half Loss on UK Windfall Tax on Oil & Gas Sector

Sep 05, 2023

British North Sea-focused oil producer EnQuest reported a loss after tax for the first half of this year on Tuesday, hit by the UK's windfall tax on the sector.The company, which has operations in the UK and Malaysia, reported loss after tax of $21…

Petronas Posts Lower Profit as Energy Prices Drop

Aug 30, 2023

Malaysia's Petroliam Nasional Berhad (Petronas) will focus on bolstering its capital position to deal with increasing volatility in the energy market and 'restrictive' access to financing, the state oil firm's chief executive said on Wednesday…

Eksfin Reaches Loan Milestone for Offshore Wind Projects

Aug 28, 2023

State-backed export credit agency Export Finance Norway (Eksfin) has provided loan guarantee financing to Spanish energy company Iberdrola, a transaction that supports Norwegian exporters’ participation in the East Anglia Three wind park project in the UK…

Morgan Stanley Gets Behind Crowley's Offshore Wind Push

Aug 24, 2023

Morgan Stanley's infrastructure investment arm is teaming up with U.S. maritime, energy and logistics solutions company Crowley to advance offshore wind energy solutions for the United States.Investment funds managed by Morgan Stanley Infrastructure Partners (MSIP)…

US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time

Aug 22, 2023

Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday.The outlook for stronger energy prices has not changed the focus on investor returns from the U…

Norway Oil Firms to Boost Investments, Survey Shows

Aug 17, 2023

Norwegian oil and gas companies plan to invest more in 2023 and 2024 than previously thought, driven mainly by rising activity as well as cost inflation from a weaker crown currency, a national statistics office (SSB) survey showed on Thursday…

Goldman Sachs' Jeff Currie, Who Predicted Commodities Supercycle, to Retire

Aug 07, 2023

Goldman Sachs' global head of commodities research Jeff Currie, a prominent analyst who accurately predicted a surge in commodity prices in the 2000s, is retiring, according to a memo seen by Reuters. Currie is leaving after 27 years. His departure…

BP Boosts Dividend Even as Profit Slumps 70% to $2.6B

Aug 01, 2023

BP's second-quarter profit slumped 70% from a year earlier to $2.6 billion, missing forecasts, as refining margins and oil trading income fell, but still allowing the energy giant to boost its dividend by 10%.Rivals Chevron, Exxon Mobil, Shell…

Keppel Profit Soars on One-off Gain from O&M Unit Sale

Jul 27, 2023

Singapore's Keppel Corp KPLM.SI on Thursday reported a more than seven-fold jump in its first-half profit boosted by a one-off gain from the sale of its offshore and marine (O&M) unit and strong performance from the infrastructure business.Keppel…

Shell, TotalEnergies Profits Slump as Oil, Gas Prices Cool after Bumper 2022

Jul 27, 2023

Shell and TotalEnergies reported sharp falls in second-quarter profit from bumper 2022 earnings as oil and gas prices, refining margins and trading results all weakenedOil and gas prices soared last year in the wake of Russia's invasion of Ukraine…

Equinor Q2 Profit Down 57% as Oil and Gas Prices Fall

Jul 26, 2023

Equinor posted on Wednesday a 57% year-on-year decline in second-quarter core profit, in line with expectations as oil and gas prices fell, while maintaining its dividend and share buyback levels.The Norwegian energy group's adjusted earnings before interest and tax for April-June fell to $7…

Chevron's $6B Q2 Profit Tops Analysts' Outlook

Jul 24, 2023

Chevron Corp's second-quarter earnings topped Wall Street estimates, the company said on Sunday, and Chief Executive Michael Wirth also signaled the number two U.S. oil company remains open to more acquisitions and to increasing shareholder distributions this year…

Exxon Signals Profit Drop

Jul 05, 2023

Exxon Mobil Corp on Wednesday signaled second-quarter operating profits fell sharply on lower natural gas prices and weaker oil refining margins, according to a regulatory filing.Operating earnings dropped to about $7.8 billion from $17.85 billion a year earlier…

Current News

COSL to Buy Four New Jack-Up Drilling Rigs for $445M

COSL to Buy Four New Jack-Up Drilling Rigs for $445M

TotalEnergies to Talk about Namibia Oil Exploration, Share Buybacks

TotalEnergies to Talk about Namibia Oil Exploration, Share Buybacks

Why the Volatile South Caucasus is Important for Oil and Gas supplies

Why the Volatile South Caucasus is Important for Oil and Gas supplies

Japan's Mitsui, Canada's Northland to Build 1 GW Offshore Wind Farm in Taiwan

Japan's Mitsui, Canada's Northland to Build 1 GW Offshore Wind Farm in Taiwan

Subscribe for OE Digital E‑News

Offshore Engineer Magazine