Feb 11, 2021 2:45:pm
Summary
by: Joe Murphy & William Powell
(Adds comment from UK upstream industry group)
Shell plans to rebalance its investments to focus more on achieving net-zero emissions by 2050, and has also announced intermediary targets for reaching the goal.
Under its Powering Progress strategy, published on February 11, the Anglo-Dutch major will organise its investments into three pillars of Growth, Transition and Upstream. It will invest $5.
Posted in:
Inpex Reports 1st Annual Loss in Over a Decade
Feb 11, 2021 8:05:am
Summary
by: Shardul Sharma
Posted in:
Inpex Reports 1st Annual Loss in Over a Decade
Japanese oil and gas explorer Inpex on February 10 reported a loss of yen 111.6bn ($1.1bn) for the 12 months ending December 31, as a result of lower realised oil and gas prices.
The loss marks the company’s first annual one in over a decade. It had reported a profit of yen 123.5bn in the previous year.
Inpex’s average realised crude oil price last year was $43.21/barrel, down from $64.16/b in 2019. It realised an average gas price of $3.61/ 000 ft
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Woodside s Revenue Dives 35% in Q4
Australian oil and gas explorer Woodside has recorded a 34.7% year/year drop in revenue during the three months to December 31 (Q4) on the back of weaker oil and gas prices, it said on January 21.
The company generated US$920mn in sales revenues during the period, versus $1.41bn a year earlier. For the quarter, the average realised price for its products was $32/barrel of oil equivalent (boe), down from $48/boe in the year-earlier period.
Woodside produced 24.9mn boe in Q4, down from 25.7mn boe from a year earlier, while sales volumes totalled 29.1mn boe, slightly down from 29.3mn boe.