Tuesday, August 4, 2020

Oil Giant News

Chevron CEO Sees Continued 'Choppy Economic and Price Activity'

Mike Wirth (Photo: Chevron)

The chief executive of U.S. oil giant Chevron Corp on Monday said the uncertainty of the COVID-19 pandemic has it planning for "choppy" oil prices and economic activity globally.Chevron said on Monday it would buy oil and gas producer Noble Energy Inc for about $5 billion in stock…

Melbana Gets More Time for Find Beehive Drilling Partner

Image Credit: Melbana

Australian oil and gas company Melbana Energy has been given more time to work on its Beehive offshore prospect in the Bonaparte Basin off W. Australia.The company said Friday that the National Offshore Petroleum Titles Administrator had approved Melbana's application…

Pertamina to Develop Cilacap Refinery without Saudi Aramco

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Indonesia's PT Pertamina will develop its Cilacap refinery in Central Java "independently", the state energy company said on Friday, dropping a plan to boost capacity through a joint venture with Saudi Aramco.The two companies have been in talks to upgrade the Cilacap…

Occidental Posts $2.2B Loss, Deepens Spending Cuts

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Occidental Petroleum Corp on Tuesday swung to a first-quarter loss on writedowns and charges, and the troubled U.S. oil producer cut its budget for the third time since March in response to a historic oil-price crash.The company has been struggling with debt taken on in last year's $38 billion acquisition of Anadarko Petroleum…

When Oil Became Waste

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A week of turmoil for crude, and more pain to comeThe magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel.In just a few months…

Angola Says Producer Cuts Insufficient, More Action Needed

(File photo: Total)

Angola sees an oil production curb by OPEC, its allies and other top producers as insufficient to balance global markets, state news agency ANGOP quoted resources and petroleum minister Diamantino Azevedo as saying on Friday."It is up to everyone to understand that, despite the measures taken by OPEC, oil producers in various co

Aramco Sells LNG Cargo to S-Oil

Aramco Trading Co, the trading arm of oil giant Saudi Aramco, has sold a liquefied natural gas (LNG) cargo to South Korea's S-Oil Corp, as the company looks to ramp up its LNG business, four industry sources said on Wednesday.The cargo is for delivery in early March and was traded on a delivered ex-ship (DES) basis, the sources

Dalian Refinery Plans 45-day Overhaul

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PetroChina's subsidiary refinery, Dalian Petrochemical Corp, plans to have a major turnaround in April-May of 2020, four industry sources told Reuters.The maintenance is scheduled to start from late March or early April and will last for around one and a half months, the sources said.The 410,000 barrels-per-day (bpd) plant in th

Saudi Aramco IPO Proceeds Rise to $29.4 Bln

(Photo: Saudi Aramco)

The proceeds from Saudi Aramco's record initial public offering have risen to $29.4 billion after the oil company exercised an option to sell 15% more stock, an executive at one of the banks leading the deal told Al Arabiya news channel on Monday.Wassim Al Khatib, head of investment banking at the investment arm of Saudi Arabia'

Saudi Aramco Sets Record $25.6 Bln IPO

(Photo: Saudi Aramco)

State-owned oil giant Saudi Aramco's initial public offering (IPO) will be the biggest in history, but will fall short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman.Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range…

Timeline: Saudi Aramco's Winding Road to IPO

(Photo: Saudi Aramco)

State-run oil giant Saudi Aramco has priced its initial public offering (IPO) at the top of its indicative range, making it the world's biggest flotation by raising more than Alibaba's $25 billion listing in 2014.Here are key events in the Saudi state oil giant's planned stock market debut.Dec 5…

Saudi Aramco Shares to Start Trading Dec. 11

(Photo: Saudi Aramco)

Saudi Aramco shares will start trading on Dec.

Saudi Aramco IPO: $44.3 Bln in Bids So Far

(Photo: Saudi Aramco)

Saudi Aramco has received bids for its shares totalling $44.3 billion so far, lead manager Samba Capital said on Friday, putting its initial public offering on track to be over-subscribed.The state-owned oil giant plans to sell 1.5% of the company's shares for as much as 96 billion riyals ($25.6 billion)…

Providence to Operate Avalon as Total Exits

Image: Providence Resources

As Total E&P Ireland, a subsidiary of the French multinational oil giant, has withdrawn, Providence Resources has taken over operatorship of the Frontier Exploration Licence (FEL) 2/19, which contains the Avalon prospect, located offshore Ireland.FEL 2/19 is located in the southern Porcupine Basin…

Saudi Aramco's IPO Reaches $8.7 bln

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Retail subscription for Saudi Aramco's initial public offering (IPO) reached 32.57 billion Saudi riyals ($8.7 billion) on Monday, lead manager Samba Capital said.The state-owned oil giant plans to sell 1.5% of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals…

Petronas Quarterly Profit Halves

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Malaysia's state energy firm Petroliam Nasional Bhd said on Tuesday its third-quarter profit nearly halved due to lower demand and impairment charges, and warned of further risks to demand.Profit for the July-September period at Petronas, as the company is better known…

BP, Total Pact for Adnoc LNG Supply

Photo: ADNOC

The state oil giant Abu Dhabi National Oil Company (ADNOC) signed agreements with BP and Total to book the majority of its liquefied natural gas (LNG) production up to the first quarter of 2022.With the transactions, ADNOC LNG has continued to expand its footprint into new regions and markets…

MOL Purchases Azerbaijan ACG, BTC Pipeline Stakes

Photo: MOL Group

MOL has signed an agreement with Chevron Global Ventures Ltd and Chevron BTC Pipeline, Ltd to acquire their non-operated E&P and mid-stream interests in Azerbaijan, including a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) oil field, and an effective 8.9% stake in…

Investors Still Unclear on Saudi Aramco IPO Value

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Saudi Aramco's blockbuster listing remained shrouded in mystery on Monday, a day after the company finally announced its plans, with scant details disclosed and expert valuations varying wildly from around $1.2 to $2.3 trillion.The state oil giant, the world's most profitable company…

Saudi Aramco Kick-starts IPO

(Photo: Saudi Aramco)

Saudi Arabia's giant state oil company finally kick-started its initial public offering (IPO) on Sunday, announcing its intention to float on the domestic bourse in what could be the world's biggest listing as the kingdom seeks to diversify its economy away from oil.But in its long-awaited announcement…