2024-10-24 07:54

OSLO, Oct 24 (Reuters) - Norway's largest oilfield Johan Sverdrup is expected to come off its production plateau early next year, operator Equinor (EQNR.OL) , opens new tab said on Thursday. The field hit record daily output of more than 756,000 barrels of oil per day in September, equivalent to some 6%-7% of Europe's daily oil consumption, according to Equinor. "We expect Johan Sverdrup to come off plateau production in early 2025," CEO Anders Opedal told a press conference. The field has already pumped one billion barrels since coming on stream in October 2019. At the time of the startup, the field was estimated to hold 2.7 million barrels of oil equivalent in reserves, including some associated gas. Equinor operates Sverdrup and has 42.6% stake, while Aker BP (AKRBP.OL) , opens new tab has 31.6%, state-owned Petoro 17.4% and TotalEnergies (TTEF.PA) , opens new tab 8.4%. Sign up here. https://www.reuters.com/business/energy/output-norways-largest-oilfield-begin-decline-2025-equinor-says-2024-10-24/

2024-10-24 07:42

COPENHAGEN, Oct 24 (Reuters) - Norwegian metals maker Hydro (NHY.OL) , opens new tab will reduce its stake in graphite materials company Vianode and stop providing funding for the group, it said on Thursday, joining other Nordic companies in scaling back their battery making ambitions. Vianode, originally owned by metals groups Hydro and Elkem (ELK.OL) , opens new tab along with private equity group Altor, in 2022 announced plans to build a plant providing anode graphite for two million electric vehicles a year. Elkem exited the joint venture in March this year and Hydro on Thursday said it had agreed to cut its stake to 19.9% from 30% and would leave the board of directors. "Hydro has decided to allocate its capital towards projects supporting its strategic priorities towards 2030 and will therefore no longer provide further capital to Vianode," the aluminium maker's statement said. Vianode and Altor did not immediately respond to a request for comment. Altor last month exercised a put option requiring Hydro to buy an additional 20% stake, which would leave each group with 50% ownership in Vianode, but the two have since agreed to cancel the transaction, Hydro said. Instead, Hydro has sold a 10.1% stake to Altor for an undisclosed sum. Hydro on Thursday booked a 956 million Norwegian crown ($87.2 million) impairment on its Vianor investment. Swedish battery maker Northvolt has also been scaling back its rapid expansion and last month said it would focus on large-scale cell manufacturing while reducing costs and exploring future strategic partnerships. ($1 = 10.9647 Norwegian crowns) Sign up here. https://www.reuters.com/markets/commodities/hydro-reduce-ownership-vianode-199-2024-10-24/

2024-10-24 07:30

NEW DELHI, Oct 24 (Reuters) - A powerful cyclone is expected to barrel into India's eastern coast early on Friday. Here are some key details about its landfall and intensity, and the measures being taken by authorities to protect people and property. LANDFALL The 'severe cyclonic storm', named Dana, is expected to cross the coasts of the eastern states of Odisha and West Bengal between midnight (1830 GMT) Thursday and Friday morning with wind speeds of 100-110 kph (62-68 mph), gusting up to 120 kph (75 mph). CURRENT LOCATION The cyclone is travelling over the Bay of Bengal at a speed of 12 kph (7 mph), about 260 km (160 miles) southeast of Odisha's largest port of Paradip. EVACUATION The states expect to evacuate around 300,000 people each, and Odisha has already moved 50,000 people to relief shelters. IMPACT ON TRAVEL More than 200 trains have been cancelled and flights to and from the capital cities of both states - Kolkata and Bhubaneswar - will also remain suspended from Thursday evening to Friday morning. OTHER MITIGATION MEASURES * Schools in several areas that are expected to bear the brunt of the cyclone have been closed * Fishermen have been asked to not venture to sea * Odisha's Paradip port has suspended operations * The Indian Coast Guard has positioned its vessels and aircraft to respond swiftly to any emergency at sea * The Indian Navy has put two ships with supplies and rescue and diving teams on standby to help with rescue and relief Sign up here. https://www.reuters.com/business/environment/cyclone-dana-approaches-indias-east-coast-what-you-need-know-2024-10-24/

2024-10-24 07:12

BHUBANESWAR, Oct 24 (Reuters) - Flights to and from the capital cities of India's eastern states of Odisha and West Bengal, including Kolkata, will be suspended from Thursday evening to Friday morning as the region braces for a cyclone set to hit during that time, officials said. Cyclone 'Dana', currently over the Bay of Bengal, is expected to cross the coasts of the states between midnight and Friday morning with wind speeds of 100-110 kmph (62-68 mph), gusting up to 120 kph (75 mph), the weather department said. Both states have closed schools in the areas that are expected to be bear the brunt of the storm and asked fishermen not to venture out to sea. Television footage showed fishermen rushing to secure their straw homes and boats with ropes, and officials escorting residents in coastal areas to shelters as heavy winds and rains pounded parts of Odisha on Thursday. The Adani (ADEL.NS) , opens new tab group's Dhamra port in the state's Bhadrak region has also suspended operations. "We have evacuated approximately 50,000 people so far, and a total of around 300,000 people are likely to be evacuated," Special Relief Commissioner Deoranjan Kumar Singh told Reuters. Neighbouring West Bengal state has also issued a red alert for three districts located close to the area where the cyclone is expected to make landfall, officials said. The state's capital city of Kolkata remained overcast on Thursday with short spells of rain. Severe storms lash coastal cities in India and neighbouring Bangladesh during the cyclone season from April to December each year, causing extensive damage. Odisha's worst cyclone in recent years was in 1999, which raged for 30 hours and killed 10,000 people. At least 16 people were killed when a cyclone lashed India and Bangladesh in May, packing speeds of up to 135 kmph. Sign up here. https://www.reuters.com/world/india/flights-suspended-indias-kolkata-odisha-state-cyclone-approaches-2024-10-24/

2024-10-24 06:54

MELBOURNE, Oct 24 (Reuters) - Private equity house EMR Capital has hired bankers to sell the Kestrel coking coal mine in Australia, a process that could kick off before the year's end, CEO Jason Chang said on Wednesday. Chang declined to comment on whether the sale process was for EMR's stake only or for the whole operation. The mine is worth around $3 billion, according to consultancy AME Group. EMR and Indonesia's Adaro Energy (ADRO.JK) , opens new tab bought 80% of the underground metallurgical coal mine in Queensland's Bowen Basin from Rio Tinto (RIO.AX) , opens new tab for $2.25 billion in 2018. EMR owns 52% of its venture with Adaro which is called Kestrel Coal Resources, while Adaro holds the rest. Japanese trading house Mitsui (8031.T) , opens new tab owns the other 20% of the mine. EMR recently hired Macquarie and Bank of America to run the sale process, Chang said. Adaro and Mitsui did not immediately respond to Reuters requests for comment. Supply of coking coal, a key steel-making ingredient, is expected to be constrained by government regulations as well as climate change policies adopted by many banks that restrict them from financing fossil fuel projects. "We are big believers in steel and a big believer that met coal will still be required for making steel for a few decades to come," Chang told Reuters. "If you look at the number of large-scale met coal assets that have a history of sustainable production, there really aren't that many so I think it's fair to say that Kestrel is one of the last ones that will be transacted for a period of time," he said. Around $500 million has been spent on the mine which is ramping up to produce 8 million tonnes of coking coal a year, Chang said, adding that Kestrel Coal Resources' net debt stands at $270 million. "The region is very rich in high quality, prime low vol coal around Kestrel so there is a lot of upside for Kestrel to potentially collaborate with its neighbours to increase production further," he added. Anglo American (AAL.L) , opens new tab is also selling steelmaking coal assets in the same region and has said it expects to receive binding offers by mid-November. Companies with coal businesses in Australia that are looking to grow by acquisitions include M Resources, Yancoal Australia (YAL.AX) , opens new tab and Indonesia's Delta Dunia Group (DOID.JK) , opens new tab which runs the BUMA coal mining services business. Sign up here. https://www.reuters.com/markets/commodities/emr-hires-bankers-sell-australias-kestrel-coking-coal-mine-2024-10-24/

2024-10-24 06:51

MILAN, Oct 24 (Reuters) - Italian energy group Eni (ENI.MI) , opens new tab said on Thursday that U.S. fund KKR (KKR.N) , opens new tab would take a 25% stake in Enilive, in a deal that values the entire biofuel business at 11.75 billion euros ($12.7 billion) including debt. KKR's 2.938 billion euro purchase of the stake improves Eni's financial position while ensuring that it retains control of Enilive, the Italian company said. The agreement is part of Eni's strategy to spin off growth businesses through co-investors. The transaction will be through a 500 million euro capital increase for Enilive, which will be reserved for KKR, plus the sale of Enilive shares owned by Eni for 2.438 billion euros. Eni will also inject 500 million euros into Enilive before the KKR deal closes, ensuring the business is debt-free. "This agreement marks a significant further step in our business strategy related to the energy transition," Eni Chief Executive Claudio Descalzi said in a statement. JP Morgan and Mediobanca acted as financial advisers for Eni. Deutsche Bank and Unicredit were financial advisers for KKR, with Kirkland & Ellis and Gianni & Origoni serving as legal counsel. In a similar deal last March the Italian energy group opened up the capital of its retail and renewables subsidiary Plenitude, handing over a minority stake to Swiss asset manager Energy Infrastructure Partners. ($1 = 0.9270 euros) Sign up here. https://www.reuters.com/markets/deals/kkr-take-25-stake-enis-biofuel-unit-29-billion-euros-2024-10-24/