Shell Buys Operating Stake in Equinor’s North Platte in US Gulf of Mexico
Shell Plc agreed on June 29 to acquire a 51% interest and operatorship in Equinor ASA’s North Platte...
Shell Plc agreed on June 29 to acquire a 51% interest and operatorship in Equinor ASA’s North Platte deepwater development project in the U.S. Gulf of Mexico.
North Platte, discovered in 2012 by Cobalt International Energy, is located in the Garden Banks area in the subsalt Paleogene reservoir at depths of roughly 30,000 ft (9,100 m). France’s TotalEnergies SE, previously the operator of North Platte with a 60% stake, withdrew from the project in February, releasing all its equity to Norwegian oil major, Equinor.
Following the sale to U.K.-based Shell for undisclosed terms, Equinor will retain 49% interest in the project and transfer operatorship. To reflect the change, Equinor said the companies have agreed to rename the North Platte development to Sparta.
More detailed testimony to come in OGE rate hike case
The fourth day of testimony will be heard Thursday by a judge in the Oklahoma Gas and Electric rate increase...
The fourth day of testimony will be heard Thursday by a judge in the Oklahoma Gas and Electric rate increase case after Wednesday’s hearing resulted in a failed attempt to produce a negotiated settlement.
OGE originally filed a request last year for a $163.5 million rate increase but earlier in June agreed with some involved business entities and civic groups to lower the request to $45 million. Much of Wednesday afternoon was spent with all sides in negotiations and at least four continued recesses, each lasting 30 minutes as announced by Administrative Law Judge Linda Foreman.
Housing demand is softening in these 8 cities, according to Zillow
US house prices are finally starting to drop and significant price cuts are occurring in some of the...
US house prices are finally starting to drop and significant price cuts are occurring in some of the markets that surged the most during the pandemic, according to Zillow data obtained by Bloomberg.
The real-estate online marketplace and data portal found that the proportion of houses being listed below their initial asking price in the US's 50 largest markets increased from 8.2% to 11.5% over the past year.
The S&P 500 will fall another 10% before the sell-off bottoms out. The investment...
The S&P 500 will fall another 10% before the sell-off bottoms out. The investment chief at Morgan Stanley Wealth Management said the odds of two consecutive quarters of negative growth doubled after the Fed's super-sized rate hike this month, and there's another 5%-10% lower to go for stocks.
That would be on top of the already 20% slide in the S&P 500, which has put the market on track for the worst first half of the year since 1970. Morgan Stanley's Lisa Shalett said that stocks have further to fall because investors still aren't pricing in the Fed's new hawkishness.
Oil futures end lower after three consecutive session gains
Oil futures ended lower on Wednesday, pulling back after posting three consecutive...
Oil futures ended lower on Wednesday, pulling back after posting three consecutive gains, ahead of a meeting of key oil producers Thursday. The Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, are expected to confirm an existing agreement to boost production in August. The loss in oil prices came despite data from the Energy Information Administration which revealed declines in U.S. crude inventories in each of the past two weeks. West Texas Intermediate crude for August delivery CLQ22, -2.11% fell $1.98, or 1.8%, to settle at $109.78 a barrel on the New York Mercantile Exchange.
