6/14/2019

FORNEBU — Ole Martin Grimsrud has been appointed chief financial officer of Aker Solutions, effective Aug. 1, 2019. He replaces Svein Oskar Stoknes, who is taking over as CFO of Aker ASA on the same day.

Grimsrud joined Aker Solutions in 2012 as V.P., finance for the subsea business. He has held several senior management positions in the company since, most recently as senior V.P., Group Treasury, Controlling and Mergers & Acquisitions. He previously held various positions within finance, strategy and operations in the Norwegian industrial groups Elkem and Norske Skog. Grimsrud will report to CEO Luis Araujo.

Read more… “Aker Solutions appoints new CFO” →

By Doug Alexander and Michael Bellusci on 6/14/2019

TORONTO (Bloomberg) –Canadian investor Seymour Schulich said he bought about 5% of MEG Energy for the first time “in the last couple of weeks,” underscoring his bullish view on energy despite his concerns that Canada is squandering its resource legacy.

“We’ve got a window here and it’s somewhere between 10 and 25 years,” Schulich, 79, said Thursday in an interview in Toronto. “If we don’t exploit the legacy this country has been given as the third-largest reserves of oil-and-gas in the world and build schools, hospitals, infrastructure — if we don’t do that, we’re going to lose out.”

Read more… “Schulich buys 5% of MEG Energy despite Canadian energy concerns” →

By Margaret Talev, Stephen Stapczynski and Golnar Motevalli on 6/14/2019

WASHINGTON D.C., SINGAPORE and TEHRAN (Bloomberg) –The U.S. political and military standoff with Iran hardened as conflicting narratives about a pair of attacks on tankers near the Persian Gulf stoked regional tensions and raised the risk of a miscalculation.

With U.S.-Iranian relations already at a low point, American officials released images they said showed that Iran was involved in a mine blast that forced the evacuation of a tanker near the entrance to the Gulf on Thursday. Tehran denied involvement, and the owner of the ship refuted the U.S. assertion that the blast came from a mine, adding to the confusion over what happened and who was responsible.

Read more… “Persian Gulf on edge as conflicting accounts of tanker attacks swirl” →

By Grant Smith on 6/14/2019

LONDON (Bloomberg) — Global oil supplies will increase far more than demand next year with the start of a host of new projects, putting further pressure on the OPEC cartel, the International Energy Agency said.

Even though growth in world oil demand will accelerate to 1.4 MMbpd in 2020, it will be eclipsed by a 2.3 MMbpd surge in output, as the ongoing boom in U.S. shale is augmented by new fields in Brazil, Norway and Canada.

Read more… “Oil supply to swamp demand, squeeze OPEC in 2020, IEA says” →

6/13/2019

CALGARY — Canada’s oil sector is missing a significant opportunity to benefit from the global commodity price and finally receive fair market value for Canadian resources, according to the Canadian Association of Petroleum Producers’ (CAPP) 2019 Crude Oil Forecast, Markets and Transportation report.

The report shows a constrained outlook for Canadian oil production over the forecast period from 2019 to 2035 and, although the country’s overall crude oil production is expected to grow over the coming years, that growth forecast is significantly reduced from previous expectations. Pipeline constraints, a lack of market diversity, and inefficient regulations are largely responsible for holding back Canada’s oil sector.

Read more… “CAPP: Constrained growth outlook means missed opportunity for Canada’s oil sector” →

6/13/2019

WASHINGTON — API released the following statement as a bipartisan group of House lawmakers introduced legislation to guarantee $900 million in annual funding to the Land and Water Conservation Fund (LWCF) which helps protect and conserve public lands and improve outdoor recreation opportunities:

“As lawmakers consider the legislative options for the Land and Water Conservation Fund—arguably the most significant conservation program in the U.S.—it’s important to remember that offshore oil and natural gas production is the primary source of revenue for it,” said API V.P. of Upstream and Industry Operations Erik Milito. “However, offshore oil and natural gas revenues flow directly from production, and future production depends upon expanded opportunities for offshore leasing and revenue sharing. Proposals that seek to ban offshore oil and natural gas exploration and development directly attack the primary funding source of future LWCF funding and would serve to increase our reliance on foreign energy sources.

Read more… “API: Bipartisan conservation fund protects public lands, relies on oil and gas revenues” →

By Borges Nhamire and Brian K. Sullivan on 6/13/2019

MAPUTO and BOSTON (Bloomberg) — Tropical Cyclone Kenneth dumped heavy rains on Mozambique, a day after becoming the second storm to hit the nation in two months.

The Category 4 hurricane made landfall between 4 and 5 p.m. local time on Thursday, when the eye passed between the districts of Macomia and Mocimboa da Praia, the National Institute of Meteorology said. The storm is heading west toward Malawi, where the authorities, along with neighboring Zimbabwe and Tanzania, have warned of possible flooding.

Read more… “Cyclone highlights the vulnerability of operations in Mozambique” →