伯恩斯坦能源日报- 6月3日

www.bernsteinresearch.com EMEA•OMV exits UAE asset in $600 million deal (Upstream).OMV has signed and closed an agreement to divest its 5% stake in theGhasha concession in the United Arab Emirates, to Russia’s Lukoil. The overall cash consideration amounts to $594 million less a$100 million transaction fee. Located in the Arabian Gulf west of Abu Dhabi, the Ghasha concession is set to produce more than 1.5billion cubic feet per day of gas before the end of the decade after the partners in October 2023 took the final investment decision.The multibillion-dollar Ghasha project will capture 1.5 million tonnes per annum of carbon dioxide (CO2) as it aims to operate withnet zero emissions. OMV in December 2018 came onboard the 40-year Ghasha offshore concession, which incorporates the Hail,Ghasha and Dalma sour gas fields as well as other fields, such as Sateh Al Razboot (SARB), Nasr and Mubarraz.•BP and partners take FID on key Caspian Sea project (Upstream).BP and its co-investors in the Sangachal terminal in Azerbaijanhave taken the final investment decision on a $230 million project to electrify the key oil processing and export facility, partner Inpexannounced on Tuesday. The terminal is located approximately 55 kilometres south of Baku, Azerbaijan, and processes crude producedat the Azeri-Chirag-Gunashli (ACG) deepwater oilfields in the Azeri sector of the Caspian Sea.AMERICAS•ExxonMobil line up for upstream riches in Azerbaijan (Upstream, Reuters).ExxonMobil and Azeri state energy companySocar on Monday signed a deal explore onshore oil and gas production in Azerbaijan, while BP this week is expected to boostits assets in the Caspian Sea nation. The memorandum of understanding, inked during the Baku Energy Week conference, is forexploration, development and production of unconventional onshore oil reserves in Azerbaijan. ExxonMobil’s experience in developingunconventional oil could help Azerbaijan boost its onshore output, which currently accounts for just 5% of the country's total crudeproduction and open a new chapter in its oil industry.•US moves to reverse Biden rule that limited Alaska oil and gas activity (Upstream).The US Department of the Interior (DoI)on Monday said it is aiming to reverse a ruling from the administration of former president Joe Biden that limited oil and gas leasingon 13 million acres within the National Petroleum Reserve in Alaska. The Biden rule added new protections and regulations forregions deemed “special areas” within the 23 million-acre National Petroleum Reserve, including Teshekpuk Lake, Utukok Uplands,Colville River, Kasegaluk Lagoon and Peard Bay.•Carney and Canadian premiers bid to speed up major projects, cut US reliance (Reuters).Prime Minister Mark Carney,seeking to reduce Canada's economic ties to the United States, on Monday met the heads of the 10 provinces as part of a pushto slash the time needed to approve mining and energy projects. It can take a decade or more for a mine or a pipeline to get thegreen light and Carney says streamlining the process will boost GDP and help offset the damage done by U.S. tariffs. Carney saysOttawa will declare a certain number of projects to be in the national interest in an effort to get them built faster and has asked theprovinces for a list of potential candidates. Approvals will be cut to two years, down from five.EUROPEAN OIL & GAS MODELSBP/.LN / BP PLCENI.IM / ENI SpAGALP.PL / Galp Energia SGPS SAEUROPEAN OIL & GAS REP.SM / Repsol SASHEL.LN / Shell PLCTTE.FP / TotalEnergies SEAKRBP.NO / Aker BPEQNR.NO / Equinor ASAMARKETING DECKEuropean Oil & Gas Marketing DeckFocus on Norwegian-listed stocksRESEARCH CALLSOIL & PRODUCTS12 May 2025 - We are buyers of Shell and BP but unconvinced on Shell+BP9 May 2025 - European Oil & Gas Weekly Wrap - May 9th2 May 2025 - Bernstein Energy & Power: Drill baby drill ... for geothermal30 Apr 2025 - Repsol Q1'25: Strategic delivery of €2bn 2025 asset disposals and ability to maintain investor distributions at stress macroscenario30 Apr 2025 - TotalEnergies 1Q: growth, low costs and balance sheet make $2bn quarterly buyback affordable at $60-65/bbl.28 Apr 2025 - Galp: resilient 1Q result - no particular news on Namibia25 Apr 2025 - European Oil & Gas Weekly Wrap - April 25th16 Apr 2025 - Shell: Best Idea Second Quarter 2025 – priced for recession, able to sustain buybacks at $60/bbl in perpetuity - Outperform16 Apr 2025 - Bernstein Energy: Tariffs and unwinding of OPEC+ cuts15 Apr 2025 - IEA Oil Market Update - Initial perspectives. Demand revised down on global growth worries11 Apr 2025 - European Oil & Gas Weekly Wrap - April 11th9 Apr 2025 - Equinor: 1Q25 earnings preview – reporting 30 April7 Apr 2025 - Aker BP: 1Q25 earnings preview – reporting 7 May4 Apr 2025 - European Oil & Gas Weekly Wrap - April 4th28 Mar 2025 - European Oil & Gas Weekly Wrap - March 28th28 Mar 2025 - Repsol: What is it worth? valuation sensitivities to net capex and refining margin scenarios26 Mar 2025 - Shell CMD