All articles tagged with #energy business
Tesla's energy division, a key profit source, faces potential harm if the Senate approves a bill that repeals crucial tax credits for solar and clean energy projects, which could slow deployment of renewable capacity and impact Tesla's growth and US energy independence.
Tellurian Inc. has received an extension from the U.S. Federal Energy Regulatory Commission (FERC) for the construction of its Driftwood LNG facility near Lake Charles, Louisiana, with a new completion deadline of April 18, 2029. The facility, when completed, will have a capacity of approximately 27.6 million tonnes per annum (mtpa). Tellurian expressed gratitude to FERC for its oversight and diligence, emphasizing its commitment to providing liquefied natural gas exports to the global market.
Orsted, the world's largest offshore wind developer, plans to cut jobs, pause dividend payouts, and exit several offshore wind markets after a challenging year marked by rising costs. The company will reduce as many as 800 jobs worldwide, pause dividends for the financial years 2023 to 2025, and retreat from markets in Norway, Spain, and Portugal. Orsted's stock price has fallen over 40% in the last 12 months, and it has revised its power generation capacity target to 35-38 GW by the end of the decade, down from the previous 50 GW target. Despite the challenges, Orsted remains optimistic about the future of the renewable energy industry.
After nearly a century of operations in Nigeria's troubled onshore oil and gas sector, Shell has agreed to sell its subsidiary to a consortium of mostly local companies for up to $2.4 billion. The move comes as Shell seeks to exit onshore oil production in the Niger Delta due to ongoing challenges such as theft, sabotage, and operational issues leading to costly repairs and lawsuits. The sale marks a broader retreat by western energy companies from Nigeria, with Shell intending to focus on its more lucrative offshore sector in the country.
Saudi Arabia has reduced the February price of its Arab Light crude to Asian customers to the lowest level in 27 months, in response to competition from rival suppliers and concerns about supply overhang. The price cut, the largest in 13 months, reflects market expectations and aims to make Saudi crude more competitive compared to other regional options. Despite OPEC+ output cuts, market participants remain skeptical that the reduction will be sufficient to prevent a build-up in global oil inventories and fuel an oil price rally until at least the second quarter of 2024.