Energy

Bloomberg Royal Dutch Shell Plc, Eni SpA and their partners in the Karachaganak oil and gas venture paid $1.3 billion to settle a long-running dispute with Kazakhstan over revenue sharing. The deal unlocks plans to boost output from the Karachaganak field and funnels additional revenue to the Kazakh economy, which is heading for its first annual contraction in more than …

Bloomberg Total SE is discussing a plan for 500 voluntary job cuts in France, where the oil company has 35,000 employees, CEO Patrick Pouyanne said. Pouyanne said talks are ongoing. “We’ll see, there’s a negotiation. It could be 300, it could be 700,” he said. He denied that Total has decided on reducing 700 positions, a number given by the …

Bloomberg UK energy grids will have 30 billion pounds ($40 billion) to spend on ensuring the nation’s pipes and wires are able to cope with meeting the nation’s net zero emissions target by 2050. The budget is for service, maintenance, upgrades and repairs on gas and power grids for the next five years, and is 20% higher than the spending …

Bloomberg Tianqi Lithium plans to sell a minority stake in the world’s biggest lithium mine, giving the producer access to the cash it needs to repay the major loan behind its ballooning financial troubles. Australian miner IGO Ltd will pay $1.4 billion in cash for a 49% stake in Tianqi Lithium Energy Australia Pty, the majority shareholder in the Greenbushes …

Bloomberg Green bond sales in Asia have lagged the rest of the world in 2020 but that may change next year as some of the biggest economies accelerate their drive to cut carbon emissions, according to Fitch Ratings. Issuance of notes in Asia whose proceeds are aimed at environmentally friendly projects has dropped about 30% this year, even as green …

Bloomberg Fresh from overtaking Exxon Mobil Corp as North America’s biggest oil company, Chevron Corp has a “simple promise” to investors: higher returns and lower carbon. Delivering on that promise is critical: an activist investor announced a campaign targeting Exxon for failing on both counts. “We’ve been able to remain very steady as others have had to change strategy, change …

Bloomberg The Finance Ministry of the world’s biggest energy exporter has started preparing for the possibility of lower budget revenues in case global oil demand declines sooner than expected. “The peak of consumption may have already passed,” Deputy Finance Minister Vladimir Kolychev said in an interview in Moscow. “The risk is rising in the longer term” that hydrocarbon revenues could …

Bloomberg HitecVision is emerging as the frontrunner to acquire Exxon Mobil Corp’s oil assets in the UK North Sea, according to people familiar with the matter. The private equity firm is in advanced talks with Exxon about a potential deal, the people said, asking not to be identified discussing confidential information. A sale could fetch around $1 billion for Exxon, …

Bloomberg UK power prices rose to a four-year high after the UK grid operator warned that its safety buffer of supplies was almost eroded for Sunday. National Grid Plc said it’s “monitoring the situation closely” in a warning published on Twitter. The network operator stopped short of issuing an official alert called an Electricity Margin Notice, which is published when …

Bloomberg Centrica Plc, the biggest supplier of energy to UK homes, has resumed talks over a potential sale of its North Sea oil and gas venture after putting the plans on hold earlier this year. The London-listed company is in discussions with “a number of parties” regarding a sale of its controlling stake in Spirit Energy Ltd “but hasn’t restarted …