Energy

Bloomberg Some of the world’s biggest energy traders are looking to get ahead in Japan’s nascent power market. From Royal Dutch Shell to German utility RWE, companies are hiring, reassigning staff and building relationships with Japanese firms to profit in the $136 billion market. After building markets in Europe and the US, they have their sights on the third-biggest economy, …

Bloomberg Nigeria’s state oil company signed a preliminary agreement to end a dispute with two energy companies over oil exports, signalling a move towards resolving similar disagreements with other oil majors on revenue from several offshore oil fields. The Nigerian National Petroleum Corp said in a statement on Twitter it signed a deal with China’s Cnooc and Lagos-based South Atlantic …

Bloomberg Indian Energy Exchange (IEX) is in talks with strategic investors to sell a minority stake in its fledgling gas unit. The largest electricity trading platform in India may sell as much as 49% in the venture in a series of deals, Rajiv Srivastava, chief executive officer of IEX said in an interview. The first accord may be signed in …

Bloomberg BP Plc slashed its dividend for the first time in a decade and set out new targets to accelerate its shift to greener energy after the coronavirus pandemic upended the oil business. The u-turn in its dividend policy was expected after European peer Royal Dutch Shell Plc slashed its own payout in April. Big Oil’s generous dividends have long …

Bloomberg Europe may lock-in raised targets for renewables and energy efficiency as part of its Green Deal strategy to zero-out greenhouse gases by the middle of the century. The European Union’s executive on Tuesday outlined options on how existing laws could be revised to accelerate the ambitious environmental clean-up. The findings will complement a wider look at toughening the EU’s …

Bloomberg A Singapore startup is seeking to connect potential buyers and sellers of solar power directly. Electrify Pte’s platform lets owners of homes and businesses bid and offer rates for specific amounts of electricity. By selling directly to users rather than the grid, solar owners can get more money for their power, while consumers avoid paying a premium for renewable …

Bloomberg Chinese officials are considering a proposal to sell bonds to pay renewable energy subsidies owed to developers, according to people familiar with the matter. Officials have reached out to renewable industry representatives for input on the plan, said the people, who asked not to be identified because the information isn’t public. State Grid Corp of China could be the …

Bloomberg US oil giant Chevron Corp posted its worst quarterly loss in at least three decades and warned that the global pandemic wreaking havoc upon energy markets may continue to drag on earnings. Chevron fully erased the value of its Venezuela operations from its books, amounting to $2.6 billion, after they were effectively frozen by US sanctions, and wrote down …

Bloomberg The liquefied natural gas market contracted a third month in July as countries continue to struggle with the economic fallout from the coronavirus pandemic. Global exports of the fuel last month dropped 9.4% from the previous year, the steepest year-over-year decline since at least December 2017, according to ship-tracking data compiled by Bloomberg. The biggest cuts came from the …

Bloomberg Exxon Mobil Corp is ripping up its debt-fuelled, $30 billion-a-year plan to rebuild an aging worldwide portfolio after cash flow evaporated and threatened the company’s vaunted dividend. The shift by the Western world’s premier oil explorer represents an about-face after more than two years of doing pretty much the opposite of the its biggest rivals, who have been shrinking …