Energy Shares News

Siemens Energy saw $6.3 billion wiped off its market capitalization on Friday after warning that the impact of quality problems at its Siemens Gamesa wind turbine business would be felt for years.The group scrapped its 2023 profit outlook late on Thursday after a review of its wind turbine division exposed deeper-than-expected problems that could cost more than 1 billion euros."This is a disappointing and severe setback," Siemens Gamesa CEO Jochen Eickholt told journalists on…

Oil and gas equipment supplier Baker Technology on Thursday made a mandatory unconditional cash offer for all the shares in CH Offshore, a vessel chartering firm."BT Investment (BTI), a direct wholly-owned subsidiary Baker Technology, has announced that it has entered into (a) a sale and purchase agreement with Energian, a wholly-owned subsidiary of Falcon Energy Group, a company listed on the Singapore Exchange Securities Trading to acquire 217,800,000 issued and paid-up ordinary shares in the capital of CH Offshore, representing approximately 30.90% of the total Shares for a purchase consideration of S$0.115 per share," said a stock exchange announcement from the company.It has also entered into a sale and purchase agreement with SZ Offshore Investment to acquire 153…

DONG Energy's Chief Executive Henrik Poulsen said renewable energy like wind will be produced at a lower cost in the future. "I have no doubt that costs of offshore wind and solar energy over time will come down and be at same level as fossil fuels," Poulsen  said. "Our vision is that green energy will be cheaper than conventional energy. "Five years ago the price for producing one megawatt was about 160 euros. "It is our clear impression the green transition has a pretty strong momentum among.

Canadian oil storage and transport company Gibson Energy Inc said on Monday it is building 900,000 barrels of crude oil storage at its terminal in Hardisty, Alberta, after receiving sufficient support from shippers. The company will build a 500,000 barrel tank backed by a long-term contract with Teck Resources Ltd, a partner in the Fort Hills oil sands project and a new customer for Gibson Energy, and another 400,000 tank. The new storage is expected to be in service by mid-2017. RBC Capital Markets strategist Robert Kwan said against the backdrop of weak benchmark crude prices, Gibson Energy's ability to sign long-term contracts with customers to underpin of new storage should be viewed as a positive.

European shares fell on Tuesday, the last full trading day of the year, led lower by energy companies as Brent oil fell to a 5-1/2-year low on persistent concerns about a global supply glut. The STOXX Europe 600 oil & gas index was down 1.9 percent at 1219 GMT, taking its loss for the year to 15 percent. The price of Brent oil is down by about half since June due to a big oversupply and tepid demand, hitting energy companies hard. Explorers Seadrill and Tullow Oil were down around 3 percent. The UK FTSE 100 index fell 0.9 percent, underperforming its European peers, with London-listed energy majors BP and Shell down some 2 percent. UK retailer Next bucked the trend…

The Republic of Paraguay is a landlocked country in South America bordered by Argentina to the south and southwest, Brazil to the east and northeast, and Bolivia to the northwest. The Paraguay River runs through the center of the country from north to south. Due to its central location in South America, it is sometimes referred to as the Heart of South America. Paraguay’s geography consists of grassy plains and wooded hills in the east and mostly low, marshy plains to the west. Paraguay has a population of around 6.5 million, who consume 28,000 barrels per day (bpd) of refined petroleum products. Paraguay currently imports all of its oil, as it does not yet have any domestic production.

Rig to cost $195 mln to upgrade vs earlier $125 mln; upgrade to be completed in June vs earlier view April. Firm's down 5.6 percent. Norwegian rig firm Fred. Olsen Energy said on Tuesday that an upgrade on one of its most important rigs would be more expensive and would take longer than earlier thought, sending its shares sharply lower. The Blackford Dolphin rig would cost $195 million to undergo "additional structural upgrades", which would be completed in June. In February the firm said the upgrade, part of a class renewal survey, would cost $125 million and would be completed in April. The rig is one of the firm's two rigs that can drill in deep waters of up to 7,000 feet (2,130 metres), currently in high demand from oil and gas firms. Fred.

According to a September 26 report from www.Nola.com, financial analysts are predicting that New Orleans-based Superior Energy Services stands to benefit the most after the Interior Department ordered oil and gas companies operating in the Gulf of Mexico to permanently plug nearly 3,500 temporarily abandoned wells and dismantle about 650 production platforms that are no longer used. Since the announcement, plug and abandonment service provider, Superior Energy shares have risen 10%, closing at $26.69 on September 23. (Source: www.Nola.com)

According to Bloomberg.com, Asian stocks rose for the first time in four days, led by financial shares, after China Merchants Bank Co. doubled its profit and Citic Securities Co. said net income jumped more than fivefold. China Construction Bank Corp. climbed the most in two weeks in Hong Kong. Fubon Financial Holding Co. led Taiwanese financial companies higher after the Economic Daily News reported they may be allowed to buy stakes in China's banks. Reliance Industries Ltd. paced gains among energy shares after saying it may join rivals to seek oil in India. The MSCI Asia Pacific Index added 0.1 percent to 153.10 as of 7:17 p.m. in Tokyo, following a three-day, 3.4 percent drop. About six stocks climbed for every five that retreated.

Energy shares drew little comfort Feb. 4 from rising oil prices lifted first by red hot heating oil, then gasoline soaring to nine-year highs. U.S. light crude for March delivery settled 79 cents higher at $28.82 a barrel on the New York Mercantile Exchange, about $1 away from post Gulf War highs reached in late January. Prompt heat oil barges delivered to the New York Harbor soared to a $1.00 premium to the futures, which closed up 0.88 cent at 78.78 cents gallon. This put the cash wholesale price for a gallon of the fuel over $1.73, their highest ever level. Gasoline futures shot up to a fresh nine-year high of 80.15 cents a gallon amid fears that current tight supplies may even get tighter as the summer driving season looms.