BP, Woodside, Devon Energy: Your Daily Energy News

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

PRODUCTION
BP to Invest US$1.5 Billion in Egyptian Natural Gas Projects - BP (NYSE:BP) (London, England) is preparing to invest about US$1.5 billion to develop natural gas projects and drilling in Egypt over the next three to four years, the company said on Wednesday. Earlier this month, BP and state-owned Abu Dhabi National Oil Company (ADNOC) announced plans to form a joint venture in Egypt that initially will focus on natural gas. (Reuters)

LNG
Australia's Woodside Inks LNG Supply Deal with South Korea - Woodside Energy Group (NYSE:WDS) (Perth, Australia) has inked an agreement with South Korean state-owned natural gas firm Korea Gas Corporation (Daegu, South Korea) to supply about half a million tonnes of liquefied natural gas (LNG) to the Korean firm annually. Deliveries will commence in 2026, and the contract runs for 10.5 years. (Reuters)

EARNINGS REPORTS
Devon Energy Reports Decline in Profits - U.S. shale producer Devon Energy (NYSE:DVN) (Oklahoma City, Oklahoma) reported a fall in fourth-quarter profit on Tuesday, hurt by lower oil and gas prices, and forecast a 2% impact in first-quarter 2024 production due to severe winter weather. Devon's average realized price without hedges fell to $44.93 per barrel of oil equivalent during the quarter, compared with $53.66 a year ago, with realized natural gas prices tumbling 58%. The company reaffirmed its 2024 production forecast at about 650,000 barrels of oil equivalent per day but forecast first-quarter production to be down 2% due to curtailments arising from severe winter weather. (Reuters)

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Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

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).