Spanish energy company Repsol S.A. is partnering with Schroders Greencoat in a 400-megawatt (MW) wind and solar portfolio, valued at EUR 580 million ($626.4 million). Repsol said in a media release that Schroders Greencoat has acquired a 49 percent share in a portfolio of eight wind farms, with a total capacity of 300 MW, located in the northern Spanish provinces of Huesca, Zaragoza, and Teruel. The agreement also encompasses two solar facilities, amounting to 100 MW, in the province of Palencia. All of these assets are anticipated to become operational in the first half of 2025, Repsol said. Repsol said it will maintain control of the assets. In December 2024, Repsol arranged a long-term syndicated loan financing of EUR348 million ($375.8 million) with BBVA, Crédit Agricole CIB, Banco Sabadell, and the Official Spanish Credit Institute (ICO). “The alliance with a partner like Schroders Greencoat, one of the world’s leading renewable infrastructure managers, at a time when there is a wide offer of renewable assets for sale, highlights the quality and attractiveness of our portfolio in the market”, João Costeira, Repsol’s Executive Managing Director of Low Carbon Generation, said. This is the first investment by Schroders Greencoat Europe SCSp Fund, which secured over EUR 220 million ($237.6 million) in its initial November 2024 funding. The fund, aimed at a diverse European energy transition portfolio, will prioritize renewable energy infrastructure while also investing in grid upgrades, storage, hydrogen, efficiency, mobility, and renewable heat. “We are delighted to have made the Fund’s first acquisition following the first close. Our partnership with Repsol signifies a first step in our investment strategy and we look forward to working together to deliver long-term value for our clients with high quality of assets all supported by long-term offtake agreements”, Adam Basnett, Portfolio Manager for Schroders Greencoat, said.

Shell Plc’s sprawling in-house trading operation — which includes oil, natural gas and electricity — hasn’t lost money during a single quarter over the last decade, said Chief Executive Officer Wael Sawan. The London-based energy giant keeps a tight lid on information about its trading business for competition reasons, but Sawan provided a peek during the company’s investor day presentation on Tuesday.  Over the last decade, Shell traders have delivered an average uplift on return on average capital employed of 2%, Sawan said at the New York Stock Exchange. They are expected to contribute 2% to 4% going forward, he said. Trading is core to Shell and will remain at the heart of the company’s future. Sawan outlined plans on Tuesday to boost investor returns for the rest of this decade by reinforcing the company’s position as the world’s top marketer of liquefied natural gas. The head of trading was recently elevated to the executive committee, giving trading a seat at the firm’s decision-making table.  WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed. MORE FROM THIS AUTHOR Bloomberg

US Secretary of State Marco Rubio warned Venezuela that any attempt to invade Guyana or threaten Exxon Mobil Corp.’s operations in the country would be a “very bad move.”  Rubio spoke less than a month after a Venezuelan patrol ship entered Guyanese waters and positioned itself near a vessel contracted by Exxon, which is operating the world’s fastest-growing major oil field off the coast of the South American country.  “It would be a very bad day for the Venezuelan regime if they were to attack Guyana or attack Exxon Mobil,” Rubio said in the capital city of Georgetown on Thursday. “Suffice it to say that if that regime were to do something such as that, it would be a very bad move. It would be a big mistake. For them.” Venezuelan leader Nicolas Maduro reopened a border dispute more than a century after it was settled by international arbitration as he sought to galvanize supporters for last year’s presidential election. Maduro’s military and naval arsenal dwarfs Guyana’s, which was one of the continent’s poorest countries prior to Exxon’s 2015 discovery of oil.   Guyana’s President Irfaan Ali has been successful in rallying the international community behind the country’s dispute with Venezuela, with the UK, France and the US pledging support.  “We have a big Navy,” Rubio said. “It can get anywhere in the world.”  Rubio also said the US would bolster ties with Guyana, without getting into specifics. “We have commitments that exist today with Guyana,” he said. “We want to build on those, expand on those.”  Rubio also was scheduled to visit Suriname, which has sought to encourage oil exploration in offshore territory close to the Guyanese discoveries. WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All

Oil fell on concerns that the Trump administration’s tariff onslaught will reduce energy demand. West Texas Intermediate slid 0.8% to settle above $69 a barrel, retreating along with equity markets. Crude still notched its third straight weekly advance amid waning expectations of a near-term oversupply. The US is planning to impose tariffs on auto imports and so-called reciprocal levies next week, widening the global trade war. Oil traders face an uncertain outlook as they grapple with President Donald Trump’s policies and an OPEC+ plan to revive idled output. WTI futures have been rangebound for the past eight months, trading in a band of about $15 between the high $60s and low $80s. “US stocks are struggling, and longer-term demand fears are on the minds of most traders as tariffs begin to kick in on cars not manufactured in the US,” said Dennis Kissler, senior vice president for trading at BOK Financial Securities.   Earlier this week, Vitol’s chief executive officer said while there are some threats to supply, it’s generally adequate for the next couple of years. Meanwhile, Venezuela is boosting oil exports to China as the Trump administration deploys sanctions and secondary tariffs to squeeze the Latin American nation. Oil Prices: WTI for May delivery fell 0.8% to settle at $69.36 a barrel in New York. Futures gained 1.6% for the week. Brent for May settlement dipped 0.5% to settle at $73.63 a barrel. What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy. MORE FROM THIS AUTHOR

The Solong, a burned-out container ship badly damaged in a collision with a US oil tanker, has finally reached Aberdeen Friday morning. It arrived at South Harbour for “safe berthing” following days of intense salvage operations. The Portuguese-flagged vessel was towed to the Port of Aberdeen after crashing into the anchored Stena Immaculate off the East Yorkshire coast on March 10, triggering an explosion and fires. It has been the focus of ongoing salvage efforts after enduring extensive damage and a week-long fire. The Solong was accompanied by another vessel equipped with counter-pollution measures to prevent further environmental damage on its pas The Solong, a burned-out container ship badly damaged in a collision with a US oil tanker, has finally reached Aberdeen Friday morning. It arrived at South Harbour for “safe berthing” following days of intense salvage operations. The Portuguese-flagged vessel was towed to the Port of Aberdeen after crashing into the anchored Stena Immaculate off the East Yorkshire coast on March 10, triggering an explosion and fires. It has been the focus of ongoing salvage efforts after enduring extensive damage and a week-long fire. The Solong was accompanied by another vessel equipped with counter-pollution measures to prevent further environmental damage on its passage to Aberdeen. Solong sailor presumed dead The crash resulted in a tragic loss: one sailor from the Solong, 38-year-old Filipino national Mark Angelo Pernia, remains missing and is presumed dead. In total, rescuers saved 36 crew members from both ships. Meanwhile, the Solong’s captain, 59-year-old Vladimir Motin from St. Petersburg, Russia, has been arrested and charged with gross negligence manslaughter. © DC ThomsonCrew on board the burnt out Solong container ship being tugged into Aberdeen’s south harbour. Image: Kenny Elrick/DC Thomson © DC ThomsonImage: Kenny Elrick/DC Thomson © DC ThomsonImage: Kenny Elrick/DC Thomson. Drone / DJI

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 3.3 million barrels from the week ending March 14 to the week ending March 21, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report. This report was published on March 26 and included data for the week ending March 21. The EIA report showed that crude oil stocks, not including the SPR, stood at 433.6 million barrels on March 21, 437.0 million barrels on March 14, and 448.2 million barrels on March 22, 2024. Crude oil in the SPR stood at 396.1 million barrels on March 21, 395.9 million barrels on March 14, and 363.1 million barrels on March 22, 2024, the report outlined. The EIA report highlighted that data may not add up to totals due to independent rounding. Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.600 billion barrels on March 21, the report showed. Total petroleum stocks were up 3.5 million barrels week on week and up 19.9 million barrels year on year, the report revealed. “At 433.6 million barrels, U.S. crude oil inventories are about five percent below the five year average for this time of year,” the EIA said in its latest weekly petroleum status report. “Total motor gasoline inventories decreased by 1.4 million barrels from last week and are two percent above the five year average for this time of year. Finished gasoline inventories increased and blending components inventories decreased last week,” it added. “Distillate fuel inventories decreased by 0.4 million barrels last week and are about seven percent below the five year average for this time of year. Propane/propylene inventories decreased by