TGS (TGS.OL) secured a new 1.5-month data acquisition contract for an offshore wind site in Europe.
The energy data and intelligence company said Tuesday that its Ramform Vanguard seismic vessel will start acquisition in the second half of July.
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Chevron Enters Asset Swap Agreement With Petroleos de Venezuela
Chevron (CVX) said late Monday it has agreed to an asset swap with Petroleos de Venezuela via its subsidiaries in the country to consolidate its heavy oil position.Under the agreement, Chevron will receive an additional 13.21% working interest in the Petroindependencia joint venture, according to a statement.The Petropiar JV was offered the rights to develop the Ayacucho 8 area located in the Orinoco Oil Belt of Venezuela, the company said.Venezuela will receive from Chevron its 60% and 100% operated interests in the offshore Plataforma Deltana Block 2 and Block 3 gas licenses, respectively, and its 25.2% non-operated interest in the Petroindependiente JV, according to the company.
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Oil Prices Rise Above $100 as Deadline For US Blockade of Iranian Ports Passes
Oil prices rose above $100 per barrel on Monday as the deadline passed for the start of a US blockade of maritime traffic around Iran's ports.West Texas Intermediate crude oil was up 5.9% at $102.27 per barrel, having traded as high as $105.62 earlier in the session. Brent crude jumped 6% to $100.95 per barrel, after rising to $103.87 earlier in the day.The blockade of maritime traffic entering and exiting Iranian ports was set to start at 10 am ET on Monday, according to a statement issued by the US Central Command, or CENTCOM, on Sunday."The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman," the statement said. "CENTCOM forces will not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports."Iran's Islamic Revolutionary Guard Corps has vowed to retaliate, CNN reported Monday.In a social media post on Sunday, President Donald Trump said that the US navy will block "any and all ships trying to enter, or leave, the Strait of Hormuz," the world's most important chokepoint for crude flows."Once again, high stakes negotiations between the US and Iran deadlocked over Washington's zero uranium enrichment demand, setting the stage for further escalation in the (six)-week war and prolonged supply disruptions in advance of summer driving season," Helima Croft, head of global commodity strategy and Middle East and North Africa research at RBC Capital Markets, said in a report e-mailed toon Monday.Trump is mulling over limited strikes against Iran following the failed peace negotiations, The Wall Street Journal reported, citing people familiar with the situation.Besides uranium enrichment, Iran's control of the Strait of Hormuz was among the sticky issues between the two sides, Tudor Pickering Holt said in a note, citing media reports."The US appears to have rejected Iran's sovereignty claim to Hormuz (including toll collection) while Iran views the Strait's reopening as contingent on a final deal," Tudor Pickering Holt analyst Matt Portillo said in the note sent to.
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Norwegian Energy Giant Equinor Plans to Halve Scatec Stake
Equinor (EQNR.OL) is considering selling an 8.1% stake in Scatec (SCATC.OL) through an accelerated bookbuild process, according to a Monday release.The Norwegian energy giant will sell the 12.9 million placing shares to eligible institutional and other professional investors, with pricing scheduled for Tuesday and settlement to follow a normal delivery-versus-payment basis.Norwegian solar power producer Scatec will not receive any net proceeds from the transaction. Equinor, meanwhile, will retain a shareholding of 12.9 million shares after the placing completes.
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