Energy

Bloomberg Neptune Energy Group Ltd, the private equity-backed explorer, is considering options including a merger with Harbour Energy Plc that could create one of Europe’s largest independent oil and gas companies, people familiar with the matter said. Neptune, part-owned by Carlyle Group Inc and CVC Capital Partners, is working with an adviser as it studies a potential combination with London-listed …

Bloomberg China Petroleum & Chemical Corp, commonly known as Sinopec, returned to profit in the first half as the nation’s recovery from the pandemic boosted demand for the refiner’s transport fuels and plastics. Asia’s biggest oil refiner posted a net profit of $6.2 billion, compared with a loss of 21.8 billion yuan a year ago, the company said in a …

Bloomberg BP Plc and PetroChina Co formed a joint venture to manage the giant Rumaila field in Iraq, an operating structure the British oil major has adopted in other parts of the world as it focuses on the energy transition. BP is at the beginning of transformation to slash emissions and hydrocarbon output, while ramping clean-energy production. That strategy sits …

Bloomberg The Netherlands’ advertising watchdog ruled that a Royal Dutch Shell Plc advertising campaign that said customers can offset the carbon emissions from their fuel purchases is misleading. Shell offers customers the option of paying extra for fuel, such as gasoline, saying it will use the proceeds to plant trees and re-absorb carbon dioxide from the atmosphere. The Advertising Code …

Bloomberg Norwegians own more electric cars per capita than anyone else on the planet. But their obsession with Teslas has done little to persuade the nation that there’s a future without oil. According to a weekend poll, 55% of voters in western Europe’s biggest oil producer want exploration to continue. The results come as Norway prepares for general elections next …

Bloomberg BHP Group is in talks over a potential merger of its oil and gas unit with Woodside Petroleum Ltd to accelerate a retreat from fossil fuels amid increasing pressure to curb emissions. Options being discussed include a distribution of Woodside shares to BHP holders to allow the Australian energy firm to add operations spanning Australia to the Gulf of …

Bloomberg Skyrocketing carbon prices and a “code red” warning about the threat posed by climate change are giving fresh momentum to a technology that captures and removes greenhouse gas emissions so they can be buried. The market for these tools could reach $2 trillion if used to cut pollution from heavy industry, according to Credit Suisse Group AG. With carbon …

Bloomberg Petroleos Mexicanos fought tooth and nail to wrest control of the country’s biggest private oil find from the companies that discovered it. Now it has found itself without the cash to actually develop the field. After taking operational control of the Zama megafield last month, the Mexican state-owned oil producer doesn’t have the nearly $2 billion needed to develop …

Bloomberg China continues to announce new steel mills and coal-fired power plants even as the country maps out a path to zeroing out heat-trapping emissions. State-owned firms proposed 43 new coal-fired generators and 18 new blast furnaces in the first half of 2021, the Centre for Research on Energy and Clean Air said in a report. If all approved and …

Bloomberg The global gas rally left a bitter aftertaste for one US shale driller that posted negative revenue after it had to write down the value of its output hedges. Vine Energy Inc reported negative revenue of $64.5 million in the second quarter, leading to a $360 million loss for the period, according to a filing with the US Securities …