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[the grumpy old men] 14/9/2020 12:47

OPEC cuts 2020 oil demand forecast, trims 2021 outlook on pandemic fallout
Published Mon, Sep 14 20207:40 AM EDT
Sam Meredith
@smeredith19

Key Points

OPEC has downwardly revised its outlook for global oil demand to an average of 90.2 million barrels per day in 2020.

The report comes as energy market participants become increasingly concerned about a faltering economic recovery and stumbling fuel demand in the wake of the coronavirus pandemic.

Looking ahead, OPEC said the negative impact on oil demand in Asia was expected to persist through the first six months of 2021.

[waldron] 14/9/2020 08:09

Germany won’t abandon its massive gas pipeline with Russia yet, analysts say

Published Mon, Sep 14 20202:22 AM EDT

Holly Ellyatt
@HollyEllyatt

Key Points

Germany has come under increasing pressure to pull the plug on its controversial giant gas pipeline project with Russia.

Experts say Berlin is unlikely to do so for now, however, given the fact the project is almost complete.

German and other major European companies are involved in constructing the pipeline.

[waldron] 11/9/2020 16:44

Brent Crude Oil NYMEX 40.09 +0.80%
Gasoline NYMEX 1.11 +1.81%
Natural Gas NYMEX 2.74 -1.97%
WTI 37.51 USD +0.70%

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Engie
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Orange
9.496 -0.13%


Bp
262.05 -0.08%

Vodafone
110.22 +0.73%

Royal Dutch Shell A
1,083.4 -0.73%



Royal Dutch Shell B
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16.09 -0.60 (-3.59%)

[waldron] 10/9/2020 17:51

Why Europe still can't take risks with its supply of Russian gas

By Hanna Ziady, CNN Business

Updated 12:25 PM ET, Thu September 10, 2020

London (CNN Business)The future of a nearly complete gas pipeline that promises to strengthen Russia's grip on Europe's energy supply has been thrown into doubt following the poisoning of opposition leader Alexey Navalny.
The German government has not ruled out consequences for the Nord Stream 2 pipeline as it moves to press the Kremlin for information about the poisoning, but analysts say that such a move would face multiple legal challenges and threaten Europe's cheapest supply of gas. Navalny is being treated in a Berlin hospital after being flown there from the Siberian city of Omsk.
Russia was the European Union's largest supplier of natural gas last year, accounting for 38% of imports, according to the European Commission. Restricting supply would raise prices for consumers across the European Union, experts say.
The European Union has been here before. The bloc pledged to cut its dependence on Russian gas after Moscow annexed part of Ukraine in 2014, but imports increased between 2016 and 2018 before falling slightly last year. Germany still imports more than half its natural gas from Russia, which is also the leading supplier of crude oil and coal to the European Union.

Who's standing up to Russia on Navalny poisoning? Not America
Who's standing up to Russia on Navalny poisoning? Not America
Russia has the largest natural gas reserves in the world and is the world's biggest gas exporter. The primary purpose of Nord Stream 2, which connects Russia to Germany via the Baltic Sea, is to reduce the reliance on transit routes through Ukraine, which have been increasingly difficult to negotiate due to the armed conflict in that country.
The new Baltic pipeline will have the capacity to meet about one third of the European Union's future gas import requirements, according to the Nord Stream 2 website. Russian state-controlled gas giant Gazprom is the project's sole shareholder.
While Europe has several other sources of gas supply, including liquified natural gas (LNG) from the United States, "Russia is a very big one and a very competitive one, which is why people buy it," said James Henderson, director of the natural gas research program at the Oxford Institute for Energy Studies.
Europe could decide to stop buying gas from Russia altogether, as Poland and Lithuania are trying to do, but prices would increase, Henderson added. Nord Stream 2 coming online next year as planned could reduce the cost of gas in Europe by about 25%, compared to a scenario where the project is abandoned, according to a Wood Mackenzie estimate.
"That would be good news for European gas consumers, obviously, but less welcome for companies seeking to export LNG from the US," said Wood Mackenzie's Americas vice chair, Ed Crooks.
Stacked pipes for Nord Stream 2 on the German island of Rügen, where ships are prepared for further construction of the pipeline.
Stacked pipes for Nord Stream 2 on the German island of Rügen, where ships are prepared for further construction of the pipeline.
Commercial interests at stake
The United States has already imposed sanctions on entities involved with Nord Stream 2, which it says is detrimental to the European Union's energy security.
It is concerned that the pipeline will bolster Russia's dominance in the European gas market, giving it undue influence in the region and squeezing out American LNG exporters.
Ukraine is also a key US ally and collects gas transit fees from Russia, leading to worries that the pipeline could destabilize the country and undermine the development of the gas market in Central and Eastern Europe.
A bipartisan bill introduced in the US Congress in June aims to expand sanctions on companies involved in the project, which is about 90% complete.
Germany, which has historically argued against the US position, could threaten sanctions on companies involved in Nord Stream 2 as a bargaining chip in the Navalny investigation, Henderson said, but doing so would have negative consequences for many European businesses.
America's liquefied natural gas boom may be on a collision course with climate change
America's liquefied natural gas boom may be on a collision course with climate change
Among them are two major German firms, the utility company Uniper and energy group Wintershall DEA, which have financed the pipeline. Other lenders include French utilities company Engie, Austrian industrial firm OMV (OMVJF) and Royal Dutch Shell (RDSA).
According to the German Eastern Business Association, European companies have already invested €5 billion ($5.9 billion) in the project and substantial damages claims could arise if there were any attempts to prevent it from being completed.
"Commercial interests may prove to be stronger than political interests on this particular front," said Carole Nakhle, CEO of London energy consultancy Crystol Energy.
It would also be politically difficult to sanction the pipeline, given that its backers have invested alongside Gazprom in an earlier pipeline project, Nord Stream, which is chaired by Germany's former chancellor Gerhard Schröder.
Russia would be hurt if Europe targets its energy trade. The European Union is its most important market and Gazprom has acted to retain market share by offering price discounts and more flexible contracts to many of its customers, Nakhle added.
"Gazprom's pipeline expansion plans, particularly Nord Stream 2, hinge upon such assumption of competitiveness as well as a strategic desire for more direct access to European core markets," she said. "However, other new pipelines into Europe, as well as the flexibility and competitive variable costs of LNG are likely to restrict the medium-term role of Russian gas."

Given the European Union's diversity of gas supply, energy security concerns are "overblown." But "it would be a dramatic move" to cancel the project," she said.
— John Defterios contributed reporting.

[waldron] 09/9/2020 14:11

OFF SHORE ENERGY


Offshore wind ENGIE Fabricom studying monopiles at mystery UK offshore wind farm
ENGIE Fabricom studying monopiles at mystery UK offshore wind farm

Project & Tenders

September 9, 2020, by Nadja Skopljak

ENGIE Fabricom has secured a contract to analyze the current performance and suitability of monopile foundations at an undisclosed offshore wind farm in the UK.

ENGIE Fabricom said it is carrying out cathodic protection and pH monitoring of the internal water within over 50 monopiles at a wind farm located on the east coast of England for “one of the UK’s largest offshore wind companies”.

Monitoring equipment is being lowered into each monopile’s foundation internal water, after which the measurements are analyzed.

The company will later issue a report outlining a series of recommendations to the client which will be underpinned by the DNV specification for cathodic protection.

In addition, ENGIE Fabricom will complete external foundation inspections, including boat landings, ladders, and platforms to investigate any potential structural or coating issues.

This will be conducted in tandem with the cathodic protection and pH monitoring works.

[misca2] 09/9/2020 05:34

Trump's Drilling Ban Bombshell Rocks Oil Industry
By Julianne Geiger - Sep 08, 2020, 5:00 PM CDT
Join Our Community

U.S. President Donald Trump shocked the oil industry today with a surprise announcement that he would extend the existing moratorium on oil drilling on parts of Florida’s, South Carolina’s, and Georgia’s coast, according to Politico.

The announcement was a complete surprise, according to Politico, even to congressional aides, lobbyists, and industry officials who have been working on this very issue.

The announcement is a complete shift from the White House’s previous stance, which sought to open up those areas to oil drilling, although most had expected the President to wait until after the election.

President Trump had declared his intention to open up those areas to drilling years ago, but Florida’s Governor Rick Scott at the time—a Republican—was a staunch opponent of the plan, citing his state’s strong tourism industry.

Rick Scott now serves as a Senator. Florida Senator Marco Rubio, also a Republican, is a fierce opponent to opening up these areas to oil drilling as well.

Back in 2018, Florida voters weren’t so sure how they felt about a ban on offshore oil drilling; 54% of voters were in favor of a ban, while 42% were against.

Florida’s 29 electoral votes will be hard fought for on the campaign trail this year as a critical swing state, and it appears that the White House views the battleground state as anti-coastal drilling.


According to a PricewaterhouseCoopers (PwC) analysis of API polling data, however, the oil industry has strong support in key battleground states, with 93 percent of voters in critical states seeing it as important for the U.S. to produce enough energy to keep it from relying on foreign oil, while 92% believe that keeping oil and gasoline prices affordable is important. 82% of voters recognize the value that oil and gas have on their lives, and 73% believe that nat gas and oil will still be a significant part of America’s energy needs in 2040. What’s more, 63% believe that the nat gas and oil industries will be critical for helping the economy recover from the current pandemic.

For Florida specifically, nearly two-thirds of Florida voters—including a majority of Democrats, say they would be “more likely to vote for a candidate who supports access to oil and gas produced in the U.S.”

82% of Florida voters support continued investments in the oil industry, while 84% want to minimize harm to the environment.

The move may be just the ticket for the President, lying somewhere between protecting the treasured coast while still being seen as supportive of the overall industry.

By Julianne Geiger for Oilprice.com

[maywillow] 06/9/2020 13:11

Suez’s Main Owners Must Remain French, Finance Minister Says

Francois de Beaupuy, Bloomberg News







Bertrand Camus, chief executive officer of Suez, pauses during the Euronext NV conference in Paris, France, on Tuesday, Jan. 14, 2020. Euronext would be a “willing buyer” of Borsa Italiana if the London Stock Exchange put it up for sale, Euronext Chief Executive Officer Stephane Boujnah said.

Bertrand Camus, chief executive officer of Suez, pauses during the Euronext NV conference in Paris, France, on Tuesday, Jan. 14, 2020. Euronext would be a “willing buyer” of Borsa Italiana if the London Stock Exchange put it up for sale, Euronext Chief Executive Officer Stephane Boujnah said. , Bloomberg

(Bloomberg) --

Water and waste-treatment company Suez SA, which is seeking to escape a takeover approach by French rival Veolia Environnement SA, must remain mostly owned by French interests if alternative bids arise, Finance Minister Bruno Le Maire said.

Veolia offered last week to buy a 29.9% stake in Suez from Engie SA, the first step to a full takeover to create a utility giant that would have revenue of more than 40 billion euros ($47 billion) as global warming and pollution boost the need to recycle resources and treat hazardous products. Suez Chief Executive Officer Bertrand Camus has called the offer “particularly hostile.”

All potential offers “will be considered with the same fairness,” Le Maire said Sunday on Europe 1 radio and Cnews television. “Whatever the offer,” the government wants “a shareholdership that’s French in majority,” which is the case with Veolia, he said.

The French government, which owns 24% of Engie, will make the preservation of jobs at Suez and its French industrial footprint the top priority, Le Maire reiterated.

Asked about Veolia’s 15.5 euro-per-share offer for the Suez stake owned by Engie and its pledge to preserve French jobs, Le Maire said “any offer can always be improved.”

Engie Chairman Jean-Pierre Clamadieu has said Veolia’s 2.9 billion-euro offer for most of its stake in Suez is too low, and urged both parties to hold talks.

[sarkasm] 06/9/2020 07:53

Engie inks wind PPA with Air Liquide - report
Wind farm. Author: A W.

September 4 (Renewables Now) - France’s Engie SA (EPA:ENGI) has signed a 10-year power purchase agreement (PPA) to supply wind power from its Spanish portfolio to industrial gases supplier Air Liquide SA (EPA:AI).

News agency Europa Press reports that the energy company will supply enough power to meet 15% of the buyer's demand in Spain.

The power supplied through this PPA, which will run starting in January of 2021, is equivalent to the annual consumption of 15,000 local homes. Engie will also help Air Liquide to avoid the annual emission of approximately 250,000 tonnes of carbon dioxide (CO2).

According to Alexandre Cosquer, a member of the executive committee of Engie's Global Energy Management business unit, this agreement follows a strategy to establishing long-term alliances with large industrial groups.

[waldron] 04/9/2020 16:44

Brent Crude Oil NYMEX 42.74 -2.93%
Gasoline NYMEX 1.17 -3.20%
Natural Gas NYMEX 2.93 +0.14%
WTI 39.98USD -2.42%



FTSE 100
5,799.08 -0.88%
Dow Jones
27,850.02 -1.56%
CAC 40
4,965.07 -0.89%
SBF 120
3,926.6 -0.86%
Euro STOXX 50
3,260.59 -1.05%
DAX
12,842.66 -1.65%
Ftse Mib
19,324.71 -1.16%


Eni
7.645 -0.66%


Total
32.965 -0.74%


Engie
11.64 -1.90%

Orange
9.218 -1.12%



Bp
257.5 -0.87%

Vodafone
105.26 -2.27%

Royal Dutch Shell A
1,078.2 -0.26%


Royal Dutch Shell B
1,035.6 -0.40%


Tullow Oil (TLW)

[waldron] 03/9/2020 14:31

Merkel pressured to nix Nord Stream 2 support after Navalny poisoning
Sep. 3, 2020 9:12 AM ET|About: Public Joint Stock Company ... (OGZPY)|By: Carl Surran, SA News Editor

German Chancellor Merkel faces growing domestic pressure to end support of the Nord Stream 2 gas pipeline after Russian government critic Alexei Navalny was poisoned with a Soviet-style nerve agent.

Norbert Röttgen, chairman of the Bundestag's committee on foreign affairs, says "we must respond with the only language Putin understands - that is gas sales... If the Nord Stream 2 pipeline is completed now, it would be the maximum confirmation and encouragement for Putin to continue this kind of politics."

Merkel has been unwavering in her commitment to the project, and many lawmakers in her party, which is close to business, still want to see it through.

[adrian j boris] 03/9/2020 07:04

Engie: UBS goes from neutral to buy with a target of 15 EUR.

[adrian j boris] 31/8/2020 07:47

Veolia Environnement SA said Sunday it made an offer to acquire a 29.9% stake in its peer Suez SA from Engie SA at a price of 15.50 euros ($18.46) a share.

The French water and waste management company said the offer, which would be paid in cash, is valid until Sept. 30 and represents a 50% premium over Suez's closing share price as of July 30.

If the offer is accepted, the company said it would file a voluntary tender offer for Suez's remaining shares.

Veolia said the transaction would be accretive from the first year, with operating and purchasing synergies estimated at EUR500 million, and its debt would remain under control.

The offer follows Engie's decision to launch a strategic review that includes its stake in Suez.

Veolia added it has considered the potential antitrust issues the acquisition would entail and identified French infrastructure management company Meridiam as an acquirer for Suez's French water activities.

Suez said Sunday in a statement that Veolia's approach "has not been solicited" and hasn't been discussed with the company. It added it would convene its board of directors shortly to evaluate the operation.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

August 31, 2020 02:33 ET (06:33 GMT)

[waldron] 21/8/2020 16:32

Brent Crude Oil NYMEX 43.68 -2.72%
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Natural Gas NYMEX 2.51 +0.48%
WTI 41.541 USD -3.16%


FTSE 100
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CAC 40
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DAX
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Ftse Mib
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Eni
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Total
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Engie
11.185 -0.45%

Orange
9.83 -0.36%



Tullow Oil (TLW)
22.47 -0.96 (-4.10%)





Bp
273.35 -1.23%

Vodafone
114.26 -0.95%

Royal Dutch Shell A
1,115.8 -0.64%



Royal Dutch Shell B
1,075.2 -0.70%