Energy in the News 14/2/19

Marathon Oil reported a net profit of $601 mln for 2018 and said its 2019 budget will be lower than a year earlier, at $2.6 bln. The company is organic cash flow positive at $45 per barrels of crude.

Nigeria’s oil production inched down to 1.999 million bpd in January from 2.081 million bpd in December.

Chevron has inked a long-term LNG supply contract with South Korean GS Caltex, a joint venture of the supermajor and local GS Caltex.

Aramco has reportedly selected the banks that will help it arrange its first international bond sale, to fund the purchase of a majority stake in Sabic. These include HSBC, JP Morgan, Citi, and Morgan Stanley.

Venezuela’s opposition-dominated parliament has named an alternative board of directors for PDVSA, adding to two parallel presidents and two parallel National Assemblies.

Shell plans to build a 120 MW solar power installation in Queensland, to power its QGC natural gas project in the state.

North Korea is studying tidal power and coal-based synthetic fuels as alternatives to sanction targets oil and gas.

Gas storage caverns could solve the emissions problem of the oil and gas extraction industry.

Shell has proposed a new natural gas project to the Australian authorities. The company and its JV partners, Seven Group and Osaka Gas, will operate the new field, Crux, remotely from the Prelude LNG project.

Energy storage could grow into a $50-billion market in India, according to utility AES, which just lauched the first grid-scale battery storage facility in the country.

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