Industry Trends ///

DTEK’s CEO updates rebuilding progress of Ukraine’s energy/electricity sector

Timchenko said that Ukraine is the number one topic at Davos, focusing on the country’s role in the future, particularly regarding energy security. A critical part of energy security is renewables.

Industry at a glance

Craig Fleming

Despite restricted Russian supply, due to the war in Ukraine, crude prices slipped in April. WTI dropped 6.2% to $101.78/bbl, with Brent trading at $101.78/bbl, down 13.2% compared to March. Despite lower prices, U.S. operators finally started ramping up drilling activity, which is typically the case in a high-price environment.

Putin’s state oil champion suffers biggest production drop

The state-run oil champion led by a close ally of President Vladimir Putin has seen the largest drop in production since the invasion of Ukraine.

The Last Barrel: What a difference a war makes

Craig Fleming

The dire predictions by executives and consulting firms about the short-term/long-term effects of Covid-19 on the industry were overwhelming. The unrelenting onslaught of “we will never recover” or “nothing will ever be the same” seemed short-sighted

First Oil: End of an era for a Russian oil and gas icon

Kurt Abraham

Amidst the crush of energy, financial and wartime news, you might have missed a significant milestone within Russia’s oil and gas industry. On April 21, now-former Lukoil CEO Vagit Alekperov resigned from that company.

Oil steadies as EU stalemate deepens on Russian oil embargo

Oil eased off earlier gains with the European Union’s ban of Russian oil looking increasingly unlikely to pass.

Russia’s seaborne crude oil exports keep coming

Russia’s seaborne crude exports are flowing unabated, despite European Union regulations that prohibit dealings with the country’s state energy companies.

Eni plans €2.5 billion in UK investment over four years

The pledge will see 80% of the planned spending go to carbon capture and renewable energy projects, and the remaining 20% to oil and gas production, according to the report.

Energy crunch causing ESG to fall out of favor, warns ex-BP CEO

The former chief of BP Plc warned that investors are pushing environmental, social and governance concerns aside as fears about energy security and mounting costs take precedence.

‘Hell no’: Finance firms tell Texas they don’t boycott energy

As Texas officials hunt for financial firms hostile to the energy industry, Wall Street is rolling out its fossil fuel bona fides to convince officials not to bar them from doing business with the state.

Woodside wins backing to buy BHP oil, gas amid climate backlash

Woodside Petroleum Ltd. almost certainly won investor approval to boost global oil and gas production by adding BHP Group assets while also facing a rebuke on its climate accounting.

CGG’s Sercel acquires infrastructure monitoring provider Geocomp

CGG announced that Sercel, its Sensing & Monitoring division, has acquired Geocomp Corporation, specialized in high-value services and products for geotechnical risk management and infrastructure monitoring.

Inflation and Russia-Ukraine conflict stifles oil and gas contracts in Q1 2022 -GlobalData

At the start of Q1 2022, global oil and gas industry contract activity was stifled due to the Russia-Ukraine conflict. However, in the second half of the quarter a minor increase in the number of contracts was reported.

Aramco topping Apple shows oil is king in energy-short 2022

Saudi Aramco taking the crown of the world’s most valuable company from Apple Inc. underscores investors’ appetite for oil and gas as the countries around the globe battle rampant inflation and fear of energy shortages.

Russia oil revenue up 50% this year despite boycott, IEA says

Russia’s oil revenues are up 50% this year even as trade restrictions following the invasion of Ukraine spurred many refiners to shun its supplies, the International Energy Agency said.

Carolina Long Bay shows growing demand for offshore wind

A wind energy auction lease sale drew competitive winning bids from two companies - TotalEnergies Renewables USA and Duke Energy Renewables Wind - totaling approximately $315 million.

Noble, Maersk’s deal set for CMA nod after offer to sell rigs

Noble Corp. and Maersk Drilling offered to divest some of its offshore operation platforms to avoid an in-depth investigation from the U.K.’s antitrust regulator over the $2.6 billion deal, potentially smoothing the way for approval.

Oil companies spend on investors, not output, prolonging crude crunch

Oil booms typically spark a chase for higher production -- but not this time. All five supermajors have kept their capital expenditure budgets firmly in check and pledged that this discipline will hold in future years.

Japan’s Kishida says phasing out Russian oil to take time

Japanese Prime Minister Fumio Kishida said it would take time to phase out imports of Russian oil, hours after he joined other Group of Seven leaders to impose a ban on crude over the Kremlin’s invasion of Ukraine.

Shell will sell Russian fuel stations as part of exit plan

Shell Plc is in talks to sell its fuel stations in Russia as it withdraws from the country in response to the invasion of Ukraine.

Steel market losing momentum as U.S. faces severe OCTG supply shortage

Following the dramatic recovery in U.S. steel production last year - a more than 18% year-on-year increase - the market is increasingly losing momentum.