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...close to the fund and Mitsui Fudosan....
...Shinichiro Funabiki, chief executive of Mitsui Sumitomo Insurance, told the Financial Times the company had decided to focus its investment plans on the UK because of London’s primacy in analysing complex...
...However, acquiring exploration blocks is a slow and speculative process compared with buying companies that have already completed significant exploration and feasibility studies, sectoral analysts said....
...Bringing this oil to market will cost billions of dollars. It may well sell down its stake to an international oil company....
...Ithaca Energy has agreed a deal to acquire almost all of Eni’s UK oil and gasfields in a transaction worth about £750mn that will turn the London-listed company into one of the North Sea’s largest producers...
...What is striking is that shares in US-listed gas-focused exploration and production companies have performed surprisingly well year to date....
...Big share price moves in Europe today include Portuguese oil exploration company Galp, Dutch lender ABN Amro and Swiss pharma group Sandoz: Galp Energia: Shares soared 19 per cent a day after it reported...
...Inevitably, the successes of Total, Shell and Galp will encourage large oil companies to direct more investment into exploration....
...Any company in our position would do the same thing.”...
...BP will form a joint venture in Egypt with the Abu Dhabi National Oil Company as the UK oil major looks to expand its international gas portfolio....
...Mitsui Sumitomo Insurance also recently announced expansion plans for its Lloyd’s insurer. But there is a fragility to this recent success....
...The fund “has decided to exclude the companies Jardine Matheson Holdings Ltd, Jardine Cycle & Carriage Ltd and PT Astra International Tbk due to unacceptable risk of the company contributing to or being...
...Companies also remain steadfast in terms of exploration. GEM tracked 50 new project discoveries between 2022-2023, totalling about 20bn boe....
...Petrobras intends to be one of the last remaining oil producers on the planet, the Brazilian energy company’s chief executive said as he outlined a $100bn-plus investment plan concentrated on offshore oil...
...Until recently, that DNA has stayed with the company....
...On Monday, the company announced it was buying Lloyd’s insurer Probitas for £242mn....
...An influential International Energy Agency report, released after the time limit for evidence to be submitted for the original case, has said there would be no room for new oil and gas exploration projects...
...Only the wealthiest nations and companies can afford such risk. And even then, western oil companies, such as Shell and BP, have withdrawn from the region after investing billions of dollars....
...“The company has a very diversified shareholding base of 1,200 . . . compared to the previous generation,” he said....
...Looking at it another way, here are some stats (courtesy of Wood Mackenzie): Ten companies will now control more than 6.4mn barrels of oil equivalent a day of the Permian’s 12.1mn boe/d of overall output...
...Oil trading represents about 30 per cent of total revenues. Alongside gas and power trading, the group is investing in green technologies such as battery storage and biogas....
...Some industry bosses thought they were starting to win over the party, which pledged last year to stop issuing new oil and gas exploration licences....
...It comes amid a broader surge in merger and acquisition activity in the US oil and gas industry, as companies place bets on the future of the energy mix and appetite dwindles to build new pipelines amid...
...“One issue that will have to be faced is the issue of limits, a ceiling for oil exploration....
...DeepMind’s AI approach, called Graph Networks for Materials Exploration, or Gnome, is a computational shortcut for one subset of compounds, namely inorganic crystals....
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