Connect with us

Investment

Equinor, Rosneft to develop Arctic oilfield in joint investment – Ottawa Citizen

Published

 on


OSLO/MOSCOW — Russia’s Rosneft and Norway’s Equinor have agreed details on how to develop an Arctic Siberian onshore oilfield, they said on Monday, their first joint investment since agreeing a strategic partnership in 2012.

The firms expect to extract about 250 million barrels of oil and 23 billion cubic meters of gas in the first stage of developing the Severo-Komsomolskoye oilfield, Equinor said, without giving a value for the investment.

Rosneft has a 66.67% stake and Equinor holds the remaining shares in SevKomNeftegaz, which owns the license.

Rosneft and Equinor, formerly known as Statoil, initially agreed to develop an onshore North Komsomolskoye oilfield in 2013, before Western sanctions were imposed on Rosneft in 2014 because of Moscow’s role in the Ukraine crisis.

Sanctions ban western companies from assisting Rosneft in exploring deepwater and Arctic offshore fields or helping Rosneft extract shale oil. They also limit Rosneft’s ability to raise long-term financing in Western markets.

Rosneft said in 2015 that the North Komsomolskoye field has “complex geology associated with an oil rim of highly viscous oil,” describing the resources as “difficult-to-extract.”

Viscous oil is heavy oil, which does not easily flow through production equipment as well as light crude. Heavy oil also tends to be responsible for more greenhouse gas emissions than light crude as it requires more energy to produce.

Equinor CEO Eldar Saetre said in 2017 that the company would no longer explore for heavy oil, but its spokesman told Reuters in November it might still develop the heavy oil assets it already had in its portfolio, such as North-Komsomolskoye. (Additional reporting by Nerijus Adomaitis in Oslo; Editing by Edmund Blair)

Let’s block ads! (Why?)



Source link

Continue Reading

Investment

How To Invest Money To Secure Your Family's Future – The Seeker

Published

 on



<!–


How To Invest Money To Secure Your Family’s Future – The Seeker Newsmagazine Cornwall

Would love your thoughts, please comment.x

Adblock test (Why?)



Source link

Continue Reading

Investment

Elon Musk sold nearly $7 billion worth of Tesla stock—here’s how much money you’d have if you’d invested $1,000 in the company 10 years ago – CNBC

Published

 on


Tesla CEO Elon Musk sold 7.92 million shares of the electric vehicle manufacturer worth about $6.88 billion between Aug. 5 and Aug. 9, according to a series of recent SEC filings.

As of Aug. 9, Tesla shares were valued at about $850 each at the close of trading. That price has fallen by a little over 9% since the close of trading on Aug. 4, when shares were $938 each, according to CNBC tracking.

As for how shareholders would fare longer-term, if you had invested $1,000 in Tesla one year ago, on Aug. 11, 2021, your investment would be up by about 23%, according to CNBC calculations, for a value of around $1,230, as of Aug. 10, 2022.

If you had invested $1,000 five years ago, on Aug. 11, 2017, your investment would be worth around $12,160.

And if you had invested $1,000 on Aug. 11, 2012 and given your investment a decade to grow, you’d have around $145,341 as of Aug. 10, 2022.

Musk’s latest sale comes despite his announcement earlier this year that there were “no further TSLA sales planned” after he sold about $8.4 billion worth of his company shares in April.

So what’s behind this latest move? The billionaire says it’s due to his ongoing legal battle with Twitter.

“In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” Musk tweeted, after replying yes to a question about if he was done selling shares.

Back in April, Musk announced his intention to buy the social media giant for $44 billion or about $54.20 per share. As of Aug. 10, Twitter shares were valued at about $44 each at the close of trading. A share of Twitter stock was valued at about $45 on April 14th when Musk made his announcement.

By July, however, the SpaceX CEO told Twitter that he wanted to cancel the deal. In a letter to the company, Musk’s lawyers claimed that Twitter failed to provide “information that would allow him ‘to make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform.'”

Twitter called Musk’s attempt to bail out of the deal a “model of hypocrisy” and said his claims “lack any merit,” according to a legal complaint filed by the company.

Although Musk is now pushing for a public debate with Twitter CEO Parag Agrawal, the head of the microblogging site said he plans to let the courts decide the fate of this deal, with a trial set to begin in October.

When it comes to the stock market, be sure to do your research before investing and remember that a stock’s past performance can’t be used to predict future earnings. An alternative option to investing in individual stocks is to invest in the S&P 500, a stock market index that tracks the stock performance of 500 large U.S. companies.

Although the S&P 500 shrank by nearly 6% compared to this same time period last year, the index has grown by 71.94% over the past five years and 198.58% over the past decade, according to CNBC calculations.

Sign up now: Get smarter about your money and career with our weekly newsletter

Don’t miss: Mark Cuban: Buying real estate in the metaverse is ‘the dumbest’ idea ever

Adblock test (Why?)



Source link

Continue Reading

Investment

Canada Pension Plan Investment Board loses 4.2% in Q1, net assets total $523B – Cornwall Seaway News

Published

 on


TORONTO — Canada Pension Plan Investment Board says its fund, which includes the combination of the base CPP and additional CPP accounts, lost 4.2 per cent in its latest quarter.

CPPIB ended the quarter with net assets of $523 billion, compared to $539 billion at the end of the previous quarter.

The board says the $16 billion decrease in net assets for the quarter consisted of a net loss of $23 billion and $7 billion in net transfers from the Canada Pension Plan.

The board says the fund’s quarterly results were driven by losses in public equity strategies, due to the broad decline in global equity markets.

It also says investments in private equity, credit and real estate contributed modestly to the losses this quarter.

CPPIB CEO John Graham says he expects “turbulence” in the business and investment environment to persist throughout the fiscal year.

This report by The Canadian Press was first published Aug.11, 2022.

Adblock test (Why?)



Source link

Continue Reading

Trending