The US President has threatened Repsol with “devastating” sanctions if the Spanish company
doesn’t stop pumping and selling oil in Venezuela.
This type of threat came up already in February when the U.S. State Department for Venezuela
asked Repsol to change its businesses in the country.
Repsol replied that it will continue to comply with the law and the established embargoes.
Repsol’s employed capital in Venezuela is of 270 million dollars (1%) and 50,000 barrels (7% of
total production).
The threat comes after the White House already banned Chevron from drilling oil in Venezuela.

Denmark, who has committed to become carbon neutral by 2050, is planning to build two huge
“energy islands” totalling 4GW of offshore wind capacity (2GW each). This to reduce emissions by
70% in a decade and double the nation’s current offshore wind capacity.
The project, which needs to be approved by the parliament, aims to generate more electricity than
Danish households’ annual consumption and it is likely that the country will export its green power
to neighbouring European countries as well.
According to the experts, one energy hub will be built on an artificial island in the North Sea the
second on the Danish island of Bornholm in the Baltic Sea.

As a security measure and following staff protests regarding delayed salary payments, Shell has
decided to temporarily relocate about 60 employers out of Iraq.
According to Shell headquarter, “All staff and contractors are safe and BGC production is not
impacted.”
The evacuated workers are now working remotely and, in the meantime, Shell is actively working
on solving the payment issue in order to transfer the staff back onsite as soon as possible.
The issue has not affected the gas project and its production that is functioning normally.

Due to the coronavirus pandemic and the drop of the oil prices, the energy company Eni is
currently collaborating with investment bank Citi in order to sell its natural gas assets in Australia
and leave definitely the Australian continent.
The sale should be launched in a couple of weeks.
According to sources, the project could fetch up to 1 billion Dollars. As part of the 2017-21 plan, Eni is heavily investing in renewable energy projects including photovoltaic, wind and hybrid plants
with gas and energy storage.

Iberdrola-owned ScottishPower has purchased two onshore wind farms near Douglas in South
Lanarkshire, 35 kilometres from Glasgow in Scotland.
The project involves an investment of approximately 160 million euros and have been developed
by local individual shareholders of 3R Energy and Mitchell Energy.
Recently French wind company Aalto Power was acquired by Iberdrola for 100 million euros.
Chief executive of ScottishPower Keith Anderson said in a statement: “Onshore wind is a crucial
tool in tackling climate change, and renewable energy is increasingly becoming the backbone of
the UK’s power mix.

The Brazilian oil company has revealed it has made two new discoveries offshore Brazil, confirming
the presence of excellent quality oil.
The discoveries were made in the south-eastern area of the Buzios field in the Santos Basin and
and greater potential in the pre-salt of the Albacora field in Campos Basin.
According to tests done by the oil giant at a depth of 5,400 meters confirmed oil reservoirs of 208
meters at the drilled well.
Petrobras is the operator of the Búzios field with 90% stake while other partners include CNOOC
with 5% and CNODC 5%.

According to GWEC (Global Wind Energy Council), the wind sector could be able to employ up to
four million people globally by 2030.
Ben Backwell, GWEC chief executive said in a statement: “The COVID-19 pandemic has had
unprecedented social and economic impact around the world, and how we recover from the crisis
depends on the actions that we all take over the coming months. We have the opportunity here to
‘re-build back better’, help kick-start sustainable economic recovery, and build the energy
infrastructure of the future.”

The Alpine country has closed his last coal-fired powered plant. The shutdown of the plant located
in Mellach is part of a plan that aims to close the gas-fired plants by 2030. After that, the naiton
will generate energy from renewable sources.
Austria, an Alpine country with no significant fossil fuel reserves of its own, still has more than a
dozen power plants burning gas and oil.
There are seven more nations to follow Austria in the next coming years, including France,
Sweden, Slovakia, Portugal, the UK, Ireland (2025) and Italy (2025).

A contractor working for Gazprom has stopped the extraction of natural gas at the Chayanda gas
field in Siberia. Despite the halt, Russian energy gas giant has said its unit Gazprom Dobycha
Noyabrsk is keeping on extracting and preparing for transportation at the Chayanda field as
planned.
The Siberian gas field was launched last year to supply gas to China via pipeline.
Gazprom has evacuated about 23 employers from the gas field last month after four of them were
found positive for Covid19.

According to Ben van Beurden, CEO of Shell oil company: “it is ‘hard to say’ if demand will return
with transition and net-zero key to future investability”. The virus forecast sees next quarter to be
worse and long-term impact devastating for the industry.
Van Beurden said in an interview: “There will be changes, and therefore we have to be ready for
that. That means that we probably have to re-establish what is going to be our strategy.”
Shell has recently cut its dividend for the first time since World War II after the oil prices slump
dragged earnings down 46%.