Totalenergies To Splash Out $850 Million On Angola Project

French energy giant TotalEnergies and its partners have made a final investment decision on an $850 million project offshore Angola as part of their plans to further develop the CLOV complex located in Block 17. Angola’s National Agency of Petroleum, Gas and Biofuels (ANPG) and TotalEnergies announced the decision for the CLOV Phase 3 development last Friday, saying the investment aims to increase production and reduce operating costs. TotalEnergies’ partners in the project are Equinor, ExxonMobil, BP, and Sonangol. This project is an extension of the subsea production network and its interconnection to the floating production and storage unit (FPSO) CLOV to develop additional production from existing fields, which can reach a peak of 30,000 barrels per day, in order to sustain the production of the CLOV field, which started in 2014. For the Chairman of the board of directors of ANPG, Paulino Jerónimo, the final investment decision for CLOV Phase 3 “will clearly contribute to Angola maintaining its national production levels, as well as to the optimization of existing facilities and resources.” The CLOV Phase 3 development project comprises the extension of subsea infrastructure and five new wells in water depths between 1,100 and 1,400 meters. The first production is expected to begin in 2024. Director General of TotalEnergies in Angola, Olivier Jouny, stated: “This development will maximise the use of the existing CLOV infrastructure, allowing us to produce oil at lower costs and with less carbon emissions into the atmosphere, in line with TotalEnergies’ strategy.” It is worth reminding that TotalEnergies started production at the CLOV Phase 2 in Angola in early December 2021. Resources are estimated at around 55 million barrels of oil equivalent. The tie-back project was expected to reach a production of 40,000 barrels of oil equivalent per day in mid-2022.       Source: https://energynewsafrica.com    

Ghana: Over 50 Military, Police Personnel Deployed To Supervise Installation Of Prepaid Meters In Krobo Area

The Electricity Company of Ghana (ECG), on Tuesday, commenced the deployment of pre-payment meters in the Krobo area in the Eastern Region under heavy military and police presence. This portal can confirm that about 50 military personnel from the 49 Field Engineers Regiment and a number of police personnel were deployed to offer security and protection for staff of the ECG. The Tema Regional ECG PRO, Sakyiwaa Mensah, told this portal that her outfit was working in collaboration with officers from the 49 Field Engineers Regiment to provide technical assistance with the installation of the prepaid meters in Krobo District. She said ECG has had a long-standing relationship with the Ghana Military, spanning over two decades. To speed up the installation exercise, Miss Sakyiwaa said, “We have drawn 90 extra technical staff from across our operational areas to help in the deployment.” She added: “We are also working with our contractors to install the meters.” She explained that the police would be on the field to provide security for the work they were doing, as has been the case since the inception of installation. She told energynewsafrica.com that her outfit hopes to install as many meters within the shortest possible time due to the extra hands. “Any customer who refuses the meters will have their power disconnected. Should a customer reconnect, they will be charged with an illegal connection. Should a customer decide to have a meter after a disconnection, they may have to apply for the service,” she warned. The Municipal Chief Executive for Yilo Krobo, Eric Tetteh, urged all residents to cooperate with the ECG staff. The installation of prepaid meters comes after years of an impasse between Krobo residents and ECG which escalated into devastating attacks on the ECG office in Somanya, consequently leading to a deadly crash with the police. The ECG office has since been shut down. Residents vowed to resist the installation of prepaid meters while they called on ECG to write off debts owed by customers in Kroboland from 2018 to 2021.     Source: https://energynewsafrica.com

Ghana’s Candidate For UNCLOS Position Lawrence Apaalse Outlines Vision

Ghana’s candidate for the Commission on the Limits of the Continental Shelf (CLCS), Lawrence Asangongo Apaalse, has pledged his commitment to fast-track the evaluation of submissions to the Commission if he is elected. The Commission on the Limits of the Continental Shelf (CLCS), is one of the three institutions created under the 1982 United Nations Convention on the Law of the Sea. The Commission plays two significant roles in the establishment of the outer limits of the continental shelf beyond 200 nautical miles of a Coastal State. First, the CLCS is tasked to evaluate the claim of a Coastal State for an area of the continental shelf beyond 200 nautical miles. Second, the CLCS may, upon request, also provide scientific and technical advice to the Coastal State in its preparation of its submission of the claim. Mr. Apaalse, a former Chief Director at Ghana’s Ministry of Energy, is among candidates from across the world who are contesting to be commissioners of CLCS United Nations Convention on Law Of the Sea. Mr. Apaalse played a key role in securing victory for Ghana against Ivory Coast in 2017 during the three-year Ghana-Ivory Coast maritime dispute. Delivering a speech at a short ceremony organised by Ghana’s Embassy in the New York City, USA, Mr Apaalse said he has learnt a lot of lessons since 2006 when he started following the State parties’ meetings and would bring his experiences to bear if he is elected. Touching on his vision, Mr Apaalse said one of the things he would do is to help accelerate the pace of evaluation of submissions to the Commission. He noted that most of the submissions have remained on the shelves for several years, noting that it was about time these submissions were evaluated Mr Apaalse holds a Master of Science Degree in Petroleum Geology and a Master of Science Degree in Micropaleontology from the Russian State University of Oil and Gas and University College London respectively. The election is scheduled for Wednesday, June 15, 2022.           Source: https://energynewsafrica.com      

Energy Deficit Top Of Mind For The Government Of South Africa

A Minister at the Presidency of the Republic of South Africa, Mondli Gungubele, says the South African government is doing all it can to resolve energy challenges in the country. “The commitment of this government is towards…zero emissions in 2050. So everything that we are doing now should always be in line with that. There’s a general principle that we are moving away from fossil fuels. “This government will tirelessly [ensure] that we find the best possible offer in as far as energy requirements are concerned in the country…everything will be handled by the relevant departments, which are Minerals and Energy and Finance to do everything possible based on the circumstances that we are confronted with. Government is spending sleepless nights on that,” Mondli Gungubele said while delivering a speech at the just-ended Enlist Africa, formerly African Utilities Week in Cape Town, South Africa. Mr Gungubele said Cabinet welcomed last week’s announcement by Eskom that the 800MW Kusile Power Station Unit 4 has been connected to the grid, and is expected to increase the power utility’s generation capacity. “Our long-term energy security has been given a massive boost, following the commercial handover of Unit 4 at the Kusile Power Station in Mpumalanga. This handover marks another milestone in Eskom’s efforts to stabilise the power system and will add 800MW to the power grid,” he said. The Minister said Cabinet has also welcomed the signing of three agreements between the Department of Mineral Resources and Energy and Scatec ASA, which is expected to build, at least, three renewable energy projects in the Northern Cape. The three agreements were signed under the department’s Risk Mitigation Independent Power Producer Procurement Programme, which aims to plug the country’s energy deficit. “Cabinet welcomed the addition of new generation capacity to the grid, which was made possible by the decision to allow independent power producers to produce electricity. The government recently signed an agreement to buy 150MW of capacity from a renewable power producer, Scatec ASA,” Mr Gungubele said.     Source: https://energynewsafrica.com

Ghana: George Sasraku Nipah Heads Systems Operations Of GRIDCo

The Ghana Grid Company (GRIDCo) has appointed George Sasraku Nipah as the Director of System Operations. He replaces Ing Mark Baah, who is now the Director for Southern Network Services of GRIDCo. Before his appointment, he was the General Manager, GRIDTel, a subsidiary of Ghana Grid Company. He previously worked with the Volta River Authority (VRA) in various capacities as a Professional Telecommunications Engineer before joining GRIDCo. In his current position, Mr Nipah’s responsibilities include governance oversight for the Systems Control Center, power system planning, regulatory affairs and the Wholesale Power Market. He holds degrees in Electrical/Electronic Engineering from the Kwame Nkrumah University of Science and Technology (KNUST) and an MSc in Public Administration from the Ghana Institute of Management and Public Administration (GIMPA). Mr Nipah is a member of the Ghana Institution of Engineers (GhIE). He also serves on the Board of the African Utilities Telecom Council (AUTC).         Source: https://energynewsafrica.com                   Source: https://energynewsafrica.com    

Nigeria: Nationwide Blackout As National Grid Collapses

Nigeria’s national grid has once again experienced system failure, resulting in nationwide blackout since 6.49pm on Sunday. According to Abuja Electricity Distribution Company (AEDC), the development was responsible for the current power outage being experienced. The disruption marked the 17th time the grid has collapsed in 2022. A statement issued by AEDC on Sunday night appealed to its customers and those within its areas of operation for understanding as concerned authorities were working tirelessly to restore power supply. “Please be informed that the current power outage is due to a system failure from the National Grid. The system collapsed at about 6.49pm today 12th June, 2022, causing the outage currently being experienced. “We appeal for your understanding as all stakeholders are working hard to restore normal supply,” AEDC assured.   Source: https://energynewsafrica.com  

Ghana: Energy Sector Agencies, Others To Be Ranked On League Table

Energy sector agencies and other state enterprises in the Republic of Ghana will soon be ranked on a league table to assess their performance. Among the state enterprises is the Ghana Grid Company (GRIDCo), Electricity Company of Ghana (ECG), Bui Power Authority, Ghana National Gas Company, Ghana National Petroleum Corporation (GNPC), Petroleum Commission, GOIL Company Limited, National Petroleum Authority, Bulk Oil Storage and Transportation Company (BOST), Tema Oil Refinery (TOR) and Volta River Authority (VRA). The rest are the Tema Development Company (TDC), GIHOC, Ghana Cylinder Manufacturing Company, Ghana Airport Company Limited, National Lotteries Authority, Ghana Ports and Harbours Authority and State Transportation Corporation. According to the Minister for Public Enterprises, Joseph Cudjoe, his outfit would, on June 30, 2022, officially launch the league table initiative. He said the initiative would be concentrating on the targets set in the performance contracts of the various public sector enterprises and how best they have achieved them. He said awards would be given to enterprises that performed very well and those sinking would be supported to upgrade their performance. The aim of the league table, the Minister said, is to monitor the performance of the enterprises and ensure they are up to the task. Hon. Joseph Cudjoe disclosed this when he paid a working visit to Ghana Grid Company Limited (GRIDCo) last Wednesday, June 8, 2022. He said the government is also working hard to tighten performance contracting regimes to ensure the public enterprises meet the targets set in their contract. He added that the government was putting in place measures including good governance practices in various institutions just as in the private sector. He appealed to Ghanaians and authorities to help in safeguarding investments in state-owned enterprises. Hon. Cudjoe explained that a lot of state resources had been invested in specified entities which include the SOEs, JVCs and regulatory firms, but those investments had not yielded the expected results in terms of performance, output and outlet. According to him, the public sector works within the framework of government policy, the efficient and profitable operations of statutory corporations engaged in the trade. Hon. Cudjoe expressed regret at the loss of investment in Ghana’s one-time automobile industry among others, which was mismanaged leading to their collapse. The Minister and his entourage were taken to the Systems Control room. On his part, Ing Ebenezer Essienyi, Chief Executive Officer (CEO) of the country’s power transmission company, GRIDCo, expressed gratitude to the Minister, who also happens to be the former Deputy Minister for Energy in charge of Finance and Infrastructure, for visiting the company.     Source: https://energynewsafrica.com

Biden Tells Exxon To Start Paying Its Taxes

With the U.S. Administration growing more desperate by the week as gasoline prices breach $5 per gallon in the United States, President Biden is now taking aim at individual oil and gas companies—namely, ExxonMobil. A Biden statement attempting to address May inflation data contained harsh words—both for the oil industry as a whole and Exxon specifically. “Why aren’t they drilling? Because they make more money not producing more oil,” he said. “Exxon, start investing and start paying your taxes.” The President also said that they would make sure everyone knew how much Exxon was profiting. “Exxon made more money than God last year.” To be precise, Exxon’s net profit was $23 billion in 2021, making up for the $22.4 billion loss the year prior. Exxon’s 2021 profit came in behind Apple, Berkshire Hathaway, Alphabet, Microsoft, JP Morgan Chase, Meta Platforms, Amazon, and Bank of America—and barely eeked out a win over the Federal National Mortgage Association, Fannie Mae. On the issue of taxes, Exxon’s income taxes for Q1 2022 alone were $2.8 billion dollars, with full year 2021 income taxes at $7.6 billion, according to Macrotrends and CSI Market. Biden’s anti-oil statement follows a similar one from Thursday, where deputy director of the National Economic Council Bharat Ramamurti told CNN in a phone interview that “It’s outrageous that oil and gas companies are able to take advantage and make four times the profits that they made when there wasn’t a war.” When asked about the potential for the White House to back a proposal for a windfall profit tax, Ramamurti said that they were “open to lots of different ideas. We realize there is a problem here we need to tackle.”         Source :Oilprice.com

Nigeria: We’re Working Tirelessly To Restore Power Supply To Ogun State-IBEDC

The Management of Ibadan Electricity Distribution Company (IBEDC) Plc has appealed to its numerous customers in parts of Ogun State that are currently without power supply. The affected towns and communities are Papalanto, Arigbajo, Ejio Ifo, Agosti, Olomu road, Ososun village, Coker, Akinside, Ibogun, Oju-sango, PMakoto Babyoku, Agebgise, Ogun bade, Iyana Cele, Iyana Ilogbo, Owode, Ijako, Isorosi, Ishaka Igbala, Ijako-Sugar, Lagos/Abeokuta Expressway, Ilaro town and Igbogila. The rest are Oja Odan, Ilaro poly, Pay, Idiroko, Ipokia, Lease, Igua, Farm settlement, Ibese, Ijoga, Ibara oriole, Ijoun, Imasayi, Abule oke, Maria, Yewa, Ajegunle, Abalabi, Akinside, Akinbo, Olorunsogo, Ilaro road, Weybridge, Gudugba, Abule Oko, Bonny Pie industries, Waterworks and Lapeleke. A statement signed by the Chief Technical Officer, Engr Akin Abiodun, apologised for the disruption in supply and said that the outage was due to a heavy fault on a 33kV line that had a backlash on the grounding transformer at the TCN Sub-station at Papalanto. The grounding transformer, which forms part of the power transformer’s protection, has to be replaced before the supply can be restored. ‘’Our technical team is working assiduously with their TCN counterparts to ensure power supply is restored as soon as possible” Engr Abiodun said. He further explained that IBEDC is not insensitive to the effect of this outage on the customers. “Once again, we sincerely apologise for the inconvenience and seek the understanding and patience of all in the affected communities.”     Source: https://energynewsafrica.com    

Italy: Eni Inaugurates First Hydrogen Refueling Station In Mestre Venice

Italian oil and gas giant, Eni has inaugurated Italy’s first hydrogen refueling station at the San Giuliano Enistation in the city of Mestre Venice. The inauguration was done in the presence of Venice Mayor Luigi Brugnaro, Eni Energy Evolution Chief Operating Officer Giuseppe Ricci and Toyota Motor Italia CEO Luigi Ksawery Luca. This is the first road mobility station to open to the public in an urban area in Italy where it is also possible to refuel using hydrogen. The system is equipped with two dispensing points with a capacity of over 100 kg/day, which can refuel vehicles in about 5 minutes and buses too. The station is fitted with innovative safety and fire-fighting equipment. It was completely rebuilt in recent months and has reopened to the public in February. It supplies traditional fuels and electrical recharging services, with one charging column supporting two stations that can simultaneously recharge a vehicle in fast and ultrafast mode. “For us, this is an achievement, as well as a starting point. We want to play a leading role and it is no coincidence that we are in place such as Veneto and Venice, creating infrastructure that responds to the demand for sustainable mobility and, more generally, an effective and practical energy transition. Our commitment rests with our customers, to whom we want to offer all our people and car-based services and products. We do so while also respecting public institutions, supporting the strategic development of the projects they have planned for the transformation of our country” Giuseppe Ricci, Eni Energy Evolution Chief Operating Officer said. Following the agreement signed in 2019 between the Municipality & Metropolitan City of Venice, Eni and Toyota, the car manufacturer will put a minimum of ten Toyota Mirai on the road. Three were delivered today to Mayor Luigi Brugnaro and will be used by the Municipality of Venice. Three other cars will become part of the car fleet dedicated to the KINTO car-sharing service in the city of Venice. The remainder will be delivered in the coming months. “Today marks a fundamental step in the development of hydrogen mobility in Italy. We are excited and proud to support Eni and the City of Venice in the success of this project by making our Mirai cars available.  The path to zero-emission mobility must leverage the widespread use of both hydrogen and battery-powered vehicles, two technologies which we view as fully complementary to each other. The hope is that this will be the first of many hydrogen refueling stations which will soon align Italy to other European countries” said Luigi Ksawery Luca’, CEO of Toyota Motor Italia. “Today Venice, thanks to Eni and the full support of the entire municipal administration, has provided tangible proof that it is truly the World Capital of Sustainability. It is a city that in recent years has been investing resources to contribute to an energy transition that effectively guarantees the protection the environment. The oldest city of the future, it provides an example for many other administrations that will be able to see what we are doing. This refueling station will allow us to quickly move ahead with our plan to modernise local public transport powered by hydrogen, which we are implementing with the investments from the National Recovery and Resilience Plan [PNRR]. Above all, thanks to Toyota, will be adding new hydrogen-powered cars to the Municipality’s car fleet. The future of Venice is today, and in this spirit, we keep looking forward”  Luigi Brugnaro, Mayor of Venice said.   Source: https://energynewsafrica.com        

GE To Triple Its Solar And Battery Energy Storage Power Electronics Capacity In 2022

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General Electric (GE) is tripling its solar and battery energy storage Power Electronics Systems manufacturing capacity by the end of 2022 to 9 GW per annum, linked to strong growth in backlog over the past few months and a robust demand outlook. The systems are manufactured at GE’s newly launched Renewable Hybrids factory. Earlier in 2022, GE announced the opening of its Renewable Hybrids manufacturing site in Vallam, near Chennai, India. The site manufactures GE’s Power Conversion Solution called FLEXINVERTER (formerly known as LV5+), as well as the FLEXRESERVOIR, and helps integrate them with the FLEXIQ solution, from GE Renewable Hybrids’s FLEX portfolio, designed to solve customers’ needs for dispatchable, green MWhs in Solar, Storage and Hybrid applications.    

Ghana Energy Awards Team Pays Working Visit To Energy Ministry

Organisers of the Ghana Energy Awards (GEA), on Wednesday, June 8, 2022, paid a working visit to Ghana’s Ministry of Energy in Accra. The purpose of the visit, among others, was to acquaint the latter with activities leading up to the organisation of the 2022 edition of the prestigious awards. It was also to actively involve the Ministry in the GEA’s theme selection process, which is a significant part of the entire event. Before the 2021 GEA, Dr. Matthew Opoku Prempeh, the West African nation’s Minister for Energy, in a meeting with members of the Awards Committee, proposed that the Ministry be engaged in the selection of the theme to have the scheme in tangent with the Ministry’s direction for the sector. Deputy Minister for Energy, William Owuraku Aidoo, on behalf of the Minister, and Solomon Adjetey, the Director of Power at the Ministry, received the GEA team. The delegation included Dr. Kwame Ampofo, former Chairman of the Awarding of Panel, Ing Henry Tenor, CEO of the Energy Media Group and the Event Director, Nicholas Frimpong-Manso, the Managing Director of GP Business and Co-organiser of the event, as well as some representatives of the GEA Secretariat. The Awards team used the opportunity to congratulate the Ministry on its recognition with the Excellence in Leadership and Governance Award at the GEA’21. Dr. Ampofo expressed the Awards Committee’s appreciation for the Ministry’s involvement in activities toward the event organisation, especially as the Awards Scheme is a recognised sector initiative. Moreover, the Ministry’s commitment to supporting the Ghana Energy Awards Streetlight Installation Scheme is a further testament to their interest in the Scheme, hence the call. On his part, Mr Owuraku Aidoo shared his enthusiasm for the Ministry’s involvement in the theme selected for this year, which is centred around energy transition. He admitted that “energy transition is an area that has been in many discussions at the Ministry,” and stressed the importance of working towards net zero-emission goals. Currently, the Ministry, he said, is engaging in extensive stakeholder consultations at all levels through to the cabinet to handle issues prevailing in the sector. He further emphasised the commitment on their part to suitably address ongoing issues for the country to enjoy continued growth. To this extent, the Electricity Company of Ghana (ECG) would soon develop standards for meter production. “This would directly link consumers to meter producing companies while maintaining quality,” he said. Once the Ministry of Energy responds to the choice of the theme from the list given, the activities on the road toward the 2022 GEA would officially commence with the Media Launch to unveil the theme and announce the opening of nominations. Meanwhile, the GEA Streetlight Installation Initiative is an offshoot of the Ghana Energy Awards Scheme intended for the apex award winners; Energy Personalities (Male and Female), to have streetlights installed in selected communities across the country. Ing Henry Tenor noted that the benefitting communities or schools would be decided in collaboration with the Energy Personalities and the Ministry to ensure the desired impact is achieved. For the impact of this initiative to have an even distribution, Mr. Solomon Adjetey advised that the programme be handled in a regionally balanced manner so no parts of the country are left out.     Source: https://energynewsafrica.com

Ghana: GNPC Workers Wanted To Kill Me For Sending Over 800 People Home-Former CEO

A former Chief Executive Officer of the Ghana National Petroleum Authority (GNPC), Dr. Amos Ofori Quaah, has disclosed how he was nearly killed by the staff of the corporation when he took a tough decision to cut down the workforce. Dr. Quaah, who was part of the formative years of GNPC, told energynewsafrica.com in an interview that when the New Patriotic Party (NPP) led by John Agyekum Kufuor won power in 2000 and formed government in 2001, he was appointed the CEO of the corporation. He said at the time, the corporation had a total workforce of over 900 people. Recounting how former President John Kufuor wanted to scrap GNPC due to its involvement in non-core businesses which had put the corporation in financial crisis, Dr. Quaah said he managed to convince the president to change his mind by promising to cut down the workforce. Dr. Quaah said he decided to trim the workforce from over 900 to 72 staff.
Dr. Amos Ofori Quaah (Left), former CEO of GNPC and Michael Creg Afful, (Right) Editor of energynewsafrica.com
Dr. Quaah indicated that when he communicated the intention to trim the workforce, there were so many agitations in the Corporation that some of the staff wanted to burn the Tema Head Office. According to him, on two occasions, some workers planted a six-inch nail in his car tyres to blast and kill him on his way home. “On two occasions, I discovered six inches of a nail stuck in my car tyres and it was the grace of God that saved me. “It got so scary that when I arrived in the office to work, my driver would drive the vehicle to the Tema Regional Police Command to park it. And when I was in the office, there would be an ASP Police officer on my right and an Inspector on my left to offer me protection,” Dr. Quaah recounted. Narrating how he was saved from the various plots of the aggrieved workers, Dr. Quaah revealed that he had several junior staff who were his close friends and “they would normally go along with the entire plan they hatched but would sneak into my office and brief me about what they had planned to do. And the moment they briefed me, I would call the National Security in,” he said. Despite the horrific experiences he went through, Dr. Quaah said he and the management advanced the course of the Corporation, leading to the discovery of oil in commercial quantities in 2007.     Source: https://energynewsafrica.com        

Exxon Passes $100 Mark For First Time Since 2014

ExxonMobil stock saw a more than 2% boost in share prices on early Wednesday trading, marking a significant comeback for an oil giant that has recently fallen out of favor with Wall Street.  Trading at $105.47, up 2.04%, by 11:46 am EST Wednesday, Exxon shares are now above the $100 mark for the first time since 2014.  Exxon now appears to be experiencing a reversal of fortunes after years of dealing with the fallout from its handling of climate issues and investors’ fears of what an energy transition will mean for the supermajor.  Exxon has gained over 66% since the beginning of the year, buoyed by post-pandemic demand recovery followed by Russia’s invasion of Ukraine and subsequent Western sanctions that have shaken global energy markets.  Adding to the good news is an announcement Wednesday that Exxon has been chosen by state-owned Qatar Energy to partner in the expansion of what will end up being the largest liquefied natural gas (LNG) project in the world. Along with French TotalEnergies, Dutch Shell and ConocoPhillips, Exxon will partner in Qatar’s $30-billion North Field expansion project, which will see LNG output boosted by 64% by 2027, securing long-term natural gas supply to Europe.  With this deal, and continued bullish sentiment in the oil space, Exxon is working its way back into favored status on Wall Street. The stock is now far from its situation in 2020, when it was evicted from the Dow Jones.  “Every conceivable headwind has become a tailwind,” Evercore ISI analyst Stephen Richardson wrote in a Wednesday note, reported by Bloomberg, pointing to a situation in which “structural supply deficit has opened in crude”. Speaking to CNN, Bernstein analyst Oswald Clint said that “If you’re in a market where oil is rallying, of course there’s big appetite to buy one of the biggest, safest and most levered companies to that commodity.” Still, not all oil companies are regaining favor on Wall Street on this level. Some analysts worry that we’ve exhausted all the headwinds here, even if Exxon looks solid from a macroeconomic standpoint.  In a Tuesday research note carried by Barron’s, Evercore ISI analyst Stephen Richardson downgraded Devon Energy (DVN) and Occidental Petroleum (OXY), saying that while he had “no fundamental issues” with either, “just about everything that could go right for these names over the last 12 months did, and our Bull case theses have largely played out”.    Source: Oilprice.com