Shell-led group takes final investment decision on Egypt WDDM Phase 12a

The FTSE 100 remained flat as falling crude prices hurt oil majors Shell and BP, each down over 1.5%. Gains in homebuilders and miners offset some losses. A UK housing program supported domestic equities, while Brent crude fell to $86/barrel. Industrial metals rallied, benefiting miners like Rio Tinto and Anglo American.

Shell has paused its Aphrodite offshore gas project in Trinidad and Tobago due to unresolved commercial terms with the National Gas Company (NGC). The project, with peak production of 18,400 barrels of oil equivalent per day, was planned for 2027. Shell holds a 45% stake in Atlantic LNG, which would have used the gas. Negotiations are ongoing, and the project remains subject to regulatory approvals.

Eni S.p.A. (NYSE:E) plans to deploy a commercial fusion power plant in Europe by the early 2040s, investing over $1 billion in Commonwealth Fusion Systems. Eni also aims to build a business around fuel systems for fusion plants. Commonwealth Fusion Systems raised $1 billion in July, targeting a 400-MW plant in Virginia by the early 2030s. Other oil companies like Equinor, Chevron, Shell, and Cenovus are also investing in fusion technologies.

Shell is receiving bids for its US petrochemical business, potentially worth $8 billion, from rivals like LyondellBasell and ExxonMobil, as well as private equity firms. The sale may include Shell's ethylene and polyethylene complex in Pennsylvania and other sites. LyondellBasell has a history of acquiring new plants at lower prices, while ExxonMobil is already in related businesses. Kuwait Petroleum may be interested in Shell's ethylene oxide derivatives.

Exxon Mobil (XOM) and LyondellBasell (LYB) are among potential bidders for Shell's (SHEL) US chemicals assets, valued at up to $8B. Other interested parties include Apollo and Kuwait Petroleum Corporation. The portfolio includes four facilities, with Shell seeking to divest weaker-performing operations. Shell is also reviewing European chemicals assets for potential sales.

ExxonMobil and LyondellBasell are among bidders for Shell's U.S. chemical assets, which could be sold for $8 billion. The assets include plants in Louisiana, Texas, and Pennsylvania. Bids were submitted last month, ranging from full to partial acquisitions, according to the Financial Times.