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Total goes on renewables shopping spree

Maersk Oil's future owner is now focusing on renewables with the acquisition of an energy efficiency company and a major investment in solar and wind projects.

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BP and Statoil buy another 32 years in Azerbaijan

With a one-off payment of USD 3.6 billion and a transfer of large ownership stakes to the government, BP, Statoil, and other international oil companies have secured another 32 years in lucrative oil fields.

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ING declines to raise compensation claim in OW Bunker case

Bank ING, one of the three biggest creditors in the OW Bunker case, and two US-based OW subsidiaries have declined to raise the claim in the compensation case to DKK 2.2 billion. "I'm very puzzled," liquidator Pernille Bigaard tells ShippingWatch.

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Iran opens talks with Maersk competitors

National Iranian Oil Company has initiated a dialog with other multinationals to further develop the oil field South Pars after negotiations with Maersk Oil hit a standstill.

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Exxon must disclose accounting details in NY climate probe

New York's top court ruled Tuesday that ExxonMobil must hand over audit documents in a climate-change probe that revealed evidence in June that Exxon may have used two different sets of numbers to calculate the impact of global warming on its reserves.

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EU Parliament passes new gas cooperation rules

New rules mean that going forward it will be possible for EU nations to call for assistance from their neighboring countries if they suddenly face a gas shortage. Meanwhile, gas supply contracts must be made more transparent.

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Seadrill settles rescue plan in the nick of time

John Fredriksen's struggling rig company Seadrill will get more than USD 1 billion in fresh capital and will postpone debt payments for several years. The plan will be implemented under US Chapter 11.

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OW investors sue Morgan Stanley and Carnegie

24 Danish institutional investors have also decided to file a lawsuit against IPO banks Morgan Stanley and Carnegie in the case of prospectus liability relating to the collapse of OW Bunker.

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Statoil buys into South African oil fields

Norwegian oil major Statoil is busy growing beyond its homeland. Last week, the company announced new licenses in South America and now the company is making its foray into South Africa.

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France plans to end oil output by 2040 with exploration ban

Oil and gas production will end in France from 2040. A plan presented by Ecology Minister Nicolas Hulot in July will also progressively increase taxes on fossil fuels, close coal-fired power plants by 2022, and invest more in renewable energies.

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Bourbon Offshore hit by huge, new loss

Bourbon Offshore's operating deficit grew in step with the oil industry's lacking investments in the first half year. Despite a small improvement in offshore, the prices will remain strained, expects the carrier.

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British offshore sector still losing jobs

Jobs are still disappearing in the British offshore sector. In the first half of 2017, another 13,000 jobs vanished. "I don't see any light at the end of the tunnel," says one union rep.

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Texas refiners work on Harvey recovery as more storms loom

Refineries in Texas are slowly returning to fuel production levels from before they were hit by destructive storm Harvey. The roller-coaster may continue, with another major hurricane moving across the Atlantic Ocean toward the Caribbean.