Israeli oil firm underlines faith in North Sea after $2bn expansion move

12/11/2019 10:22 Oil Market


Israeli oil firm Delek has underlined its readiness to increase investment in the North Sea after completing a $2 billion (£1.6bn) acquisition in the area.

Delek bought the North Sea portfolio amassed by America’s Chevron, which has decided to focus on the shale fields of its home country.


The deal, which was agreed in May, forms part of a shakeup in the North Sea that is set to continue as Centrica looks to pull out of the area.


The Scottish Gas owner is trying to drum up interest in the North Sea-focused Spirit Energy business it decided in July to offload.


Reuters reported that Centrica has sent details of the Spirit portfolio to prospective buyers.


The portfolio includes stakes in acreage West of Shetland on which Spirit enjoyed a drilling success with Hurricane Energy in September. It also includes assets acquired by Centrica with the Aberdeen-based Venture Production business it bought for £1.3bn in 2009.


Daily (06.07.2020) NBP spot plunged by almost 5% on Friday influenced by an upward revision of the French nuclear output.

06/07/2020 10:40:00

Crude oil prices lost momentum on Friday, on renewed fears over global fuel demand as U.S reported a surge in coronavirus cases. Nevertheless, signs of improving global economy and OPEC+ record high supply cuts limited the loss. As a result, Brent crude decreased by 0.8% to $42.80 a barrel. Similarly, WTI futures traded 1% lower at $40.24 a barrel.


Swinoujscie terminal receives 100th LNG shipment

06/07/2020 10:05:00

The Swinoujscie gas terminal in north-western Poland received its 100th liquefied natural gas cargo on Friday. The 90,000 tonnes LNG shipment came from Qatar Liquefied Gas Company Limited (Qatargas) aboard the Al-Safliya LNG tanker.


Russia's Novak sees global oil output cuts easing from August

06/07/2020 09:56:00

Russian Energy Minister Alexander Novak said on Thursday that the OPEC+ group of oil producers is expected to start easing oil output cuts from August as previously agreed.