Friday, November 15, 2019

Oil Majors News

Oil Is Our Gold and We Aim to Use All of It -ADNOC

© mohammed / Adobe Stock

Abu Dhabi National Oil Co aims to exhaust its vast oil and gas reserves even as many consumers switch to cleaner sources of energy, a senior executive in the Gulf oil company said.The world's…

India to Invite Foreign Investment in State-owned Oil Companies

© NAKORN P / Adobe Stock

International energy firms will be invited to participate in India's privatization of state-owned oil companies, the country's Oil Minister Dharmendra Pradhan said late on Monday.Pradhan said…

Big Oil Stuns Brazil in Back-to-back Auction Flops

© Simon Mayer / Adobe Stock

Major global oil firms snubbed a second Brazilian oil auction in a row on Thursday, passing up offshore blocks and forcing officials to reconsider a bidding system that gives a privileged position…

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…

Drilling Ban Proposals Divide Democrats

AdobeStock / © Shamtor

In the southeast corner of New Mexico, new houses, hotels and jobs are sprouting like flowers in the desert. Trucks hauling equipment and laborers jam once-barren highways on the way to thousands…

U.S. NatGas Prices Near 25-year Low as Glut Weighs

AdobeStock / © Kasto

In the shale field that helped launch the U.S. natural gas boom a decade ago, Chesapeake Energy Corp this month set aside its last drilling rig. The problem for the once No. 2 U.S. gas producer was not a lack of gas…

Norway Sovereign Fund to Divest E&P Firms

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Norway's $1.1 trillion sovereign fund will divest companies solely dedicated to oil and gas exploration and production in a bid to shield itself from a long-term fall in oil prices, the finance…

Swiss Prosecutors Aid Italian Oil Corruption Probe

© Devon Yu / Adobe Stock

Switzerland's top court has allowed Geneva prosecutors to share with Italy material they seized more than three years ago that could shed light on a case involving oil majors Eni and Royal…

Baker Hughes: U.S. Cuts Rigs for Fifth Straight Week

file Image: an offshore oil installation (CREDIT: DNV-GL)

U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row as most independent producers cut spending even though majors were still pushing ahead with investments…

Norway Wealth Fund to Drop ConocoPhillips, Hess

(Photo: ConocoPhillips)

Norway's wealth fund will have to divest its holdings in ConocoPhillips and Hess after both U.S. oil companies were added to a list which effectively excludes them from the Nordic country's…

From KPMG: Visions of Cheese

Geoff Jacobs (Photo: KPMG)

Whilst we are seeing a clear uptick in activity and the UK oil and gas industry is certainly on the way up again, the industry must continue to move forward. However, under current market conditions…

New Sonatrach CEO: Foreign Partnerships Essential

Rachid Hachichi (Photo: Sonatrach)

Algeria's state energy company Sonatrach wants to develop its partnerships with foreign firms to boost output and exports, its new chief executive said on Wednesday, comments that could reassure…

Sonangol Plans to Downsize

© silvapinto / Adobe Stock

Angola's state oil company Sonangol plans to divest 52 joint ventures, reduce staff and focus on its core business, part of an ongoing reorganization and package of reforms designed to lure back investors…

Saudi Aramco: World's Biggest Oil Producer

(Photo: Saudi Aramco)

Saudi Aramco was by far the world's biggest oil producer ahead of regional peers like Abu Dhabi National Oil Company (ADNOC) and listed oil majors Royal Dutch Shell, Total and BP, ratings agency…

GA Drilling Gets Fund, Signs Pact with MOL

 Pic: GA drilling

High-tech deep-drilling company GA Drilling signed a EUR 4.2 million funding agreement with Lead Ventures and a service agreement with MOL Group.Lead Ventures, a Budapest based venture capital firm invested funds provided by MOL Group…

GA Drilling Gets Capital Boost

(Photo: GA Drilling)

Slovakia-based GA Drilling has received a boost to help develop, test and commercialize its innovative plug and abandonment (P&A) technology. The company has signed a £4.2 million ($4.7 million)…

LNG Majors Okay MHPS Gas Turbine

MHPS H-100 Gas Turbine. Image: MHI Group

The engineering and manufacturing giant Mitsubishi Heavy Industries Group (MHI Group) said it has completed successive technical qualification, conducted by oil majors and engineering companies…

​​​​BP Plans to Exit China's Shale Gas

European oil major BP plans to exit from two production sharing contracts (PSC) for projects drilling for shale gas in the southwestern Chinese province of Sichuan, three sources with the knowledge…

Oil Majors Rush to Dominate US Shale

© pavantt / Adobe Stock

In New Mexico's Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry's notorious boom-and-bust cycles.Workers…

Murphy Oil Sells Malaysian Assets

(Photo: TechnipFMC)

Murphy Oil Corp said on Thursday it is exiting Malaysia with the $2.13 billion sale of its oil and gas assets to a Thai company and will use the deal proceeds to pay down debt, buy back shares…