Asset Management
The London-based supermajor is stepping back from startup investing as it seeks to focus capital on its oil and gas business.
After a record year for LNG project approvals in 2025, multiyear repairs to war-damaged liquefaction facilities in Qatar and the UAE threaten to slow the growth of global LNG capacity.
The declaration builds on a memorandum of understanding the partners signed with Egypt in May to process Block 10 gas at the country’s LNG export and domestic gas facilities.
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Barbara Burger says the key interest areas for the supermajor’s portfolio of startup investments remains unchanged despite a new industry downturn. However, the environment is tighter and the way in which deals are made has already seen notable change. -
The Búzios-5 production system is planned to include the interconnection of 15 wells to a floating production, storage, and offloading vessel in two phases.
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Exploration is widely perceived as discretionary, even unwarranted. A report from Wood Mackenzie, however, presented a different scene. Only about half the supply needed to reach 2040 is guaranteed from fields already on stream, it said. The rest requires new capital investment and is up for grabs.
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The deal follows BP’s divestment of its global petrochemicals business in late June.
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While oil- and gas-related companies slash budgets and staff and operators pull back from production and exploration, the tax coffers of US local and state governments are shrinking fast and with hard repercussions.
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Nearly everything’s on the table as companies aim to shore up portfolios by curtailing investments and dumping low-priority assets.
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Hit by the pandemic, the oil market crash, and the transition to a low-carbon energy future, exploration companies are spending bare budgets on near-term production and high-impact exploration.
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The Oil & Natural Gas Corporation (ONGC) has invited bids for partnership to raise production from 64 marginal fields that were given to the company by the government without bidding. As they are small in size, these fields are uneconomical for a larger company.
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In its May 2020 Short-Term Energy Outlook, the US Energy Information Administration (EIA) forecast US-marketed natural gas production to decrease by 5% in 2020. Production is expected to average 94.3 Bcf/D in 2020, down from 99.2 Bcf/D in 2019.
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McDermott’s restructuring comes 5 months after it filed for Chapter 11 protection. The company was struggling with debt since its 2018 acquisition of CB&I.
