Energy

Bloomberg Energean Oil & Gas Plc, the Greek energy producer that sold shares in London last year, is bidding for the oil and gas business of Electricite de France SA’s Italian unit, people familiar with the matter said. Energean has submitted a final offer for Edison SpA’s exploration and production assets, the people said, asking not to be identified as ...

Bloomberg The Organization of Petroleum Exporting Countries (Opec) said that international trade tensions are hurting demand for oil, slashing its estimates for consumption earlier in the year and predicting further challenges ahead. The organization, due to meet in the coming weeks to set production levels for the second half, said demand increased by less than 1 million barrels a day ...

Bloomberg From 2008 to 2018 the amount of oil produced by the US, Canada and Brazil almost doubled. These three countries now produce roughly one quarter of the world’s oil, according to BP’s annual Statistical Review of World Energy 2019. The US alone in this time has more than doubled its oil output and effectively grabbed an additional 8 percentage ...

Bloomberg Eskom Holdings SOC Ltd should quit coal-fired generation over the next 20 years, Greenpeace Africa said, even as the beleaguered South African power utility presses ahead with new plants. Such a shift would require a massive overhaul at Eskom since coal-fed power is the backbone of its fleet, with two new stations currently under construction. But the debt-strapped utility, ...

Bloomberg Trafigura Group Ltd. racked up a 92 percent gain in profit in the first half of its financial year, taking advantage of price swings in the petroleum market and a dominant position exporting crude from the US. Joining peers in a strong performance, the third-biggest independent oil trader’s net income jumped to $426 million in the six months to ...

Bloomberg Connecticut is set to massively increase investment in offshore wind after the state Senate passed a bill to require utilities to buy as much as 2 gigawatts of the renewable energy source, equivalent to almost a third of the state’s electricity needs. Regulators will have 14 days to produce a plan to solicit bids from developers. Previously, the state ...

Bloomberg As the world strives to wean itself off fossil fuels, oil companies have been turning to plastic as the key to their future. Now even that’s looking overly optimistic. The global crackdown on plastic trash threatens to take a big chunk out of demand growth just as oil companies sink billions into plastic and chemicals assets. Royal Dutch Shell ...

Bloomberg South Africa’s government is being sued for failing to crack down on some of the world’s worst air pollution emitted by power plants operated by Eskom Holdings SOC Ltd. and refineries owned by Sasol Ltd. The case was filed in the Pretoria High Court by groundWork, an environmental-rights organisation, and the Vukani Environmental Justice Movement in Action, according to ...

Bloomberg Russia’s strong natural gas shipments to Europe may be an attempt to test the resilience of US exporters, according to Citigroup Inc. Shipments this year from Russia have helped boost European gas storage to near full capacity and exace- rbated the regio- n’s oversupply, the bank’s analysts including Ed Morse wrote in a June 9 report. One motivation for ...

Bloomberg US crude explorers reduced drilling to a 15-month low as oil dipped into bear-market territory. Working American oil rigs fell by 11 this week to 789, according to data released by oilfield-services provider Baker Hughes. More than half the decline happened in the Permian Basin, the biggest source of American crude. Crude futures traded in New York fell into ...