Total SA will cut 150 jobs at its Joslyn oil-sands project in Canada and delay a final investment decision as costs escalate and the company and partner Suncor Energy Inc. look for ways to make the project more profitable.
Russia’s OAO Gazprom agreed to cut natural gas costs for Italy’s Eni SpA in an agreement that brings prices in line with the market, signaling challenges for the decades-old structure of indexing the fuel to oil.
Clifford Chance LLP advised Royal Dutch Shell Plc, the world’s largest supplier of liquefied natural gas, on its agreement to buy LNG assets from Repsol SA for $4.4 billion in cash to expand in Latin America and Spain. Linklaters LLP, with a team led by Madrid corporate partners Alejandro Ortiz and Lara Hemzaoui and London projects partner Matthew Hagopian, advised energy company Repsol.
Statoil ASA, Norway’s biggest energy company, climbed in Oslo after first-quarter profit beat estimates, helped by higher natural gas prices in the U.S., where record-low temperatures raised demand in markets such as New York, and lower taxes.
Claudio Descalzi’s nomination as chief executive officer of Eni SpA puts a life-long oil man in charge of Italy’s largest crude producer, demonstrating Prime Minister Matteo Renzi’s preference for technocrats over political appointees to run the country’s biggest companies.
Hugo Chavez leaves his successor the task of reviving Venezuela’s oil fields after the late president’s policies of limiting investment and expelling U.S. drillers reduced production by 13 percent over the past decade.