Middle EastIraq s Mansuriya gas field to cost $2.1 bln, says minister
Reuters
2 minute read
Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China June 11, 2019. REUTERS/Stringer
Development of Iraq s Mansuriya gas field on the coast near the Iranian border is expected to cost $2.1 billion, Oil Minister Ihsan Abdul Jabbar said on Monday.
China s Sinopec (000554.SZ) last month won a deal to develop the field in partnership with Iraq s state-run Midland Oil Company. read more
Abdul Jabbar also said he does not expect oil prices to drop below $65 a barrel and that lower oil prices should not be a concern after OPEC+ eases production cuts from May. read more
EnergyNextEra backs Biden s clean energy push as renewables power profit
ReutersShariq Khan
4 minute read
A wind farm shares space with corn fields the day before the Iowa caucuses, where agriculture and clean energy are key issues, in Latimer, Iowa, U.S. February 2, 2020. REUTERS/Jonathan Ernst/File Photo
NextEra Energy Inc (NEE.N) will back the U.S. government s push for utilities to tap carbon-free sources, the country s most valuable electricity provider said as capacity growth in renewable energy pushed its quarterly profit above expectations.
A clean energy standard would put the country on course to deliver on President Joe Biden s campaign promise to decarbonize the power sector by 2035, an aggressive goal that U.S. utilities have supported thanks to the low cost of renewables like wind and solar. read more
AmericasVenezuela releases former Citgo executives to house arrest -source
ReutersLuc Cohen
4 minute read
Venezuela has released from jail six former executives of U.S.-based refining company Citgo and put them on house arrest, a source familiar with the situation said on Friday, more than three years after they were arrested on corruption charges.
The officials were detained in November 2017 after being called into a meeting at the Caracas office of state oil company PDVSA, which owns Citgo.
The detention of the former executives, who include five naturalized U.S. citizens and one permanent resident, has been a major sticking point in tense relations between Caracas and Washington, which has repeatedly called for the men s release and called their detention unlawful.
IndiaIndian shares end lower as financials, consumer goods drag; focus on Reliance results
Soumyajit Saha
3 minute read
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, February 1, 2020. REUTERS/Francis Mascarenhas
Indian shares snapped a four-day winning streak on Friday, driven lower by financial and consumer goods stocks, while heavyweight Reliance Industries slipped ahead of earnings due later in the day.
The NSE Nifty 50 index (.NSEI) fell 1.77% to 14,631.1, while the benchmark S&P BSE Sensex (.BSESN) shed 1.98% to close at 48,782.36. The indexes, however, gained 2.0% and 1.9% over the week as upbeat corporate earnings reports buoyed sentiment.
EnergyItaly s Eni to shed retail-renewable energy stake
ReutersStephen Jewkes
4 minute read
Eni s logo is seen in front of its headquarters in San Donato Milanese, near Milan, Italy, April 27, 2016. REUTERS/Stefano Rellandini
Italian energy group Eni (ENI.MI) is planning to spin off a minority stake in its new retail and renewable business next year, it said on Friday, after announcing first quarter profits that missed expectations.
Several European energy companies, including Spain s Repsol (REP.MC), aim to divest parts of their renewables business to raise money to reduce debt and pay for the shift away from oil and gas.
Eni said it planned to list or sell a minority stake in the business that includes renewable energy and retail energy sales next year, confirming a Reuters report from March.