Shell Gulf of Mexico Development, Gazprom's Poor Earnings: Your Daily Energy News

News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

PRODUCTION
Shell Announces Positive FID for Sparta Offshore Development in Gulf of Mexico - Shell plc (NYSE:SHEL) (London, England) announced that it has made a financial investment decision (FID) and will proceed with the Sparta offshore development in the Gulf of Mexico. The project is owned 51% by Shell and 49% by Equinor (NYSE:EQNR) (Stavanger, Norway). Sparta is expected to reach a peak production of approximately 90,000 barrels of oil equivalent per day (boe/d) and has an estimated, discovered recoverable resource volume of 244 million boe. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Project Database can click here for related reports. (PR Newswire)

POWER
Seven European Nations Pledge CO2-Free Power Systems by 2035 - Seven European nations pledged to eliminate carbon dioxide (CO2)-emitting power plants from their electricity systems by 2035. The aim was set by European Union (EU) members Austria, Belgium, France, Germany, Luxembourg and the Netherlands and non-EU Switzerland, which aligns itself with some EU climate policies. Taken together, the countries account for nearly half of EU power production--largely thanks to the contributions from Germany and France, Europe's two biggest power producers. (Reuters)

EARNINGS
Gazprom's 2023 Group Core Earnings Set to Drop Almost 40% - Russian natural gas giant Gazprom (Moscow) said on Tuesday that group earnings before interest, taxes, depreciation and amortization were set to fall almost 40% to about 2.2 trillion roubles (US$24.3 billion) this year from 3.6 trillion roubles (US$39.7 billion) in 2022. The results include Gazprom's gas, oil and electric power generation businesses. Gazprom's natural gas exports, a key source of revenue, have not been directly sanctioned, but its export volumes almost halved last year to 101 billion cubic meters as sales to Europe, previously its main market, dwindled amid wider political fallout. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).