The Board of Directors of Saipem SpA, chaired by Silvia Merlo, yesterday approved “Verso una nuova Saipem” strategic plan for the four-year period 2022 - 2025.

On Tuesday, 28 September, the price for gas in the European market broke the $1,000 per 1,000 cubic meters barrier for the first time ever. The price for October future at the TTF Hub reached $1,031 per 1,000 cubic metres.

INEOS E&P A/S, which is a part of INEOS Energy, has announced that it has completed the previously announced agreement to acquire the subsidiary HESS Denmark ApS. for a total consideration of $150 million, effective January 1^st, 2021.

JP Morgan emerged as the top financial adviser for mergers and acquisitions (M&A) by both value and volume in the oil & gas sector for H1 2021, having advised on 18 deals worth US$66.7bn. A total of 802 M&A deals were announced in the sector during H1 2021, according to GlobalData, a leading data and analytics company.

Saildrone, an emerging market leader in ocean data, ocean mapping, and maritime intelligence solutions, has announced the close of its $100M Series C round, bringing its total funding to $190M.

In a move to enhance domestic capacity, streamline processes, and position the state-owned companies to better deal with the challenges faced in the oil and gas industry a new hydrocarbon law will be passed in Equatorial Guinea.

Angola’s National Oil Company (NOC) Sonangol has responded to the changing global financial landscape by accelerating its restructuring program and exploring new financial solutions that meet the requirements of today’s international debt market.

Kraken Robotics Inc. has signed a definitive share purchase agreement (the “PanGeo Agreement”) whereby Kraken Robotics Systems Inc., a wholly-owned subsidiary of Kraken, will acquire all of the issued share capital of PGH Capital Inc. (“PGH Capital”) on substantially similar terms to those set out in the non-binding letter of intent dated April 8, 2021, and disclosed in the Company’s press release dated April 9, 2021 (the “PanGeo Transaction”).

INEOS has announced that it is to invest more than €2 billion into electrolysis projects to make zero carbon, green hydrogen across Europe. Its first plants will be built in Norway, Germany, Belgium with investment also planned in the UK and France.

The Norwegian export credit agency, Export Finance Norway (Eksfin), is opening up new territory for state-backed financing with a cutting-edge solution that enables international customers to purchase ongoing services from a Norwegian exporter – a step beyond just capital goods and solutions that have been traditional recipients of its portfolio of loans and Triple A-rated risk guarantees.

In light of the prevailing uncertainty in global energy demand, there is a heightened focus on cost reduction across all functions in the oil and gas industry.

Equinor is the operator of 20 projects under development in Norway. This is a solid and profitable portfolio, creating ripple effects and value all over the country, in spite of challenges related to Covid-19 for the entire industry.

The Tax Foundation has found that President Biden’s plan to repeal so-called fossil fuel “tax breaks” could marginally benefit the environment but at the cost of denying the fossil fuel industry normal cost recovery.

Exxon Mobil Corporation has announced estimated second-quarter 2021 earnings of $4.7 billion, or $1.10 per share assuming dilution, compared with a loss of $1.1 billion in the second quarter of 2020. Second-quarter capital and exploration expenditures were $3.8 billion, bringing the first half of 2021 to $6.9 billion, which is consistent with planned lower activity in the first half of the year.

Over the past three decades, Angola has proven to be a tier one destination for major oil and gas producers.