Saipem Plans Renewables Push as Oil Clients Keep Lid on Spending

By Chiara Albanese (Bloomberg) -- Saipem SpA is looking beyond black gold, to green. The Italian oil-services provider, which builds projects for the fossil-fuel industry, says it may get more than half its work from clean-energy clients in a decade. That reflects a persistent lack of oil-company investment in the wake of crude’s crash, and a boom in renewables. “In 10 … [Read more...]

Leslie to Hit Portugal as Strongest Iberian Storm Since 1842

By Brian K. Sullivan (Bloomberg) -- After a three-week journey around the Atlantic Ocean, Leslie was on track to hit Portugal with winds of near-hurricane force -- only the third time in 176 years that a storm this powerful has made it to the Iberian Peninsula. Storm warnings cover Portugal, according to the Portuguese Institute for Sea and Atmosphere. Leslie’s sustained … [Read more...]

Oil Majors Offload Gulf of Mexico Fields to Hunt Bigger Finds

By Kevin Crowley and David Wethe (Bloomberg) -- Big Oil is giving up looking for singles and doubles in the Gulf of Mexico: Now it’s home runs or bust. Exxon Mobil Corp. and Royal Dutch Shell Plc, the world’s two biggest oil companies, have put a slew of assets in the Gulf up for sale in recent weeks, while Brazil’s state-run Petrobras this week sold the bulk of its … [Read more...]

Chevron Quits Norway as Wider Retreat Looms From Aging North Sea

By Mikael Holter (Bloomberg) -- Chevron Corp. is selling its last remaining oil exploration license in Norway, putting it one step closer to a full retreat from the aging North Sea basin as the U.S. major seeks higher returns elsewhere. Chevron’s activity off Norway has been limited for years, but the company’s decision to relinquish its last asset in the country again shows … [Read more...]

Opinion: Globalization Is Alive and Well, in Regional Deals

By Daniel Moss (Bloomberg Opinion) -- Give South Korean President Moon Jae-in marks for boldness. The Korean Peninsula seems an unlikely place to plant the seeds of a northeast Asian version of the European Union. Yet that is what Moon is proposing to do with a connected rail system. So much for that talk of “globalization in retreat.” One can’t judge only by the … [Read more...]