AfricaTotal declares force majeure on Mozambique LNG after attacks
ReutersSudip Kar-gupta
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The logo of French oil and gas company Total is seen in Rueil-Malmaison, near Paris, France, March 2, 2021. REUTERS/Benoit Tessier
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French energy group Total (TOTF.PA) has declared force majeure on its $20 billion Liquefied Natural Gas (LNG) project in Mozambique and confirmed it had withdrawn all staff from the construction site after Islamic State-linked insurgent attacks last month.
Dozens of civilians were killed in March in the coastal Mozambique town of Palma, near gas projects that are worth $60 billion and are aimed at transforming the East African nation s economy. read more
EnergyExxon explores sale of elastic polymer business -sources
Joshua FranklinGreg Roumeliotis
2 minutes read
A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes/
Exxon Mobil Corp (XOM.N) is exploring a sale of its Advanced Elastomer Systems (AES) division, potentially valuing the elastic polymer maker at around $800 million including debt, according to people familiar with the matter.
The deal would allow the oil major to nibble at its debt pile, which totaled $45.5 billion at the end of December. Its shares are up around 37% year-to-date on investor expectations that the company will benefit from a recovery in energy prices.
EnergyColumn: Rangebound oil prices leave funds on sidelines: Kemp
John Kemp
3 minutes read
Portfolio managers increased their exposure to petroleum slightly last week, focusing mainly on Brent, but positions remained rangebound as OPEC+ production discipline was offset by a new wave of coronavirus infections.
Hedge funds and other money managers bought the equivalent of 14 million barrels in the six most important petroleum futures and options contracts in the week ending April 20. (https://tmsnrt.rs/2QzX1Tl)
The combined positions across all six contracts rose to a three-week high of 832 million barrels, according to records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission.
Sustainable Business(OFFICIAL) Lundin sells its first carbon neutral oil as climate activism grows
Reuters
4 minutes read
A general view of Equinor s Johan Sverdrup oilfield platforms in the North Sea, Norway, December 3, 2019. REUTERS/Ints Kalnins
Sweden s Lundin Energy (LUNE.ST) has sold to Italian refiner Saras (SRS.MI) what it said is the world s first oil cargo certified as carbon neutral at the point of production, the two companies said on Monday.
Oil companies are increasingly trying to market their products as cleaner in an effort to secure a future for the fossil fuel industry in a world where investors, activists and regulators are demanding action to halt climate change. read more
AfricaS.Africa s Engen refinery to be converted into a storage terminal
Reuters
2 minutes read
A security officer patrols the entrance to the Engen refinery in Durban, file. REUTERS/Rogan Ward
South Africa s oldest crude oil refinery, the 120,000 barrel per day plant operated by Engen (Enref), will be converted into a new storage facility because the refinery is no longer sustainable in the long term, the company said on Friday.
The refinery, situated on the eastern coast in the city of Durban, has been shut down since a fire in December damaged the plant that supplies around 17% of the country s fuel production and is South Africa s second largest crude refinery.