Tag: U.S.
U.S. Job Openings Declined by Less Than Forecast in November – Bloomberg
- U.S. Job Openings Declined by Less Than Forecast in November Bloomberg
- Job openings down in most industries, while layoffs spike WJTV
- Hospitality industry sees drop in job openings and surge in separations as shutdowns take hold CNBC
- U.S. job openings fall in November; layoffs rise Reuters
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Energy Deals Shift to Renewables and U.S. Shale Bargains
The post Energy Deals Shift to Renewables and U.S. Shale Bargains appeared first on POWER Magazine.
At a time when deal activity in the energy and natural resources sector has slowed dramatically—down 26.2% globally year-on-year—one development in particular may define the industry’s near-term future.
In mid-May 2020, French oil major Total opted not to pursue a deal, announced in 2019, to purchase the African assets of Anadarko Petroleum, a U.S. producer that was being acquired by Occidental Petroleum. Two weeks after it withdrew its $ 8.8 billion proposal for offshore oil and gas properties in Ghana, Total announced it would spend about $ 3.8 billion for a majority stake in a renewable energy project in the British North Sea. Total’s decision to move away from traditional oil and gas investments could be an indicator of what lies ahead for the industry.
The oil and gas sector was already on the brink of radical change before the COVID-19 pandemic crushed global demand for energy.…
BP Buying $1.1 Billion Stake in U.S. Offshore Wind
The post BP Buying $ 1.1 Billion Stake in U.S. Offshore Wind appeared first on POWER Magazine.
The move by major oil and gas exploration companies into renewable energy has taken another significant step, as BP announced a $ 1.1 billion deal to buy the U.S. offshore wind power assets of Norway’s Equinor.
BP in announcing the deal on Sept. 10 said it is taking a 50% stake in Equinor’s Empire Wind project off New York, and a similar position in Equinor’s Beacon Wind development off Massachusetts (Figure 1). Equinor will continue to hold a half-interest in both projects and will remain the operator. The deal is expected to close in early 2021.
Bernard Looney, CEO of the British energy giant, in August said BP would cut its oil and gas output by 40% over the next 10 years, while spending as much as $ 5 billion annually to build its renewable energy business, as the company pivots from fossil fuel development.…