Total CEO: Governments Not Oil Firms Must Drive Carbon Curbs
It is up to governments to drive decarbonisation and consumers will have to pay more to achieve carbon neutrality, Total's chief executive said, adding the French firm has no intention of moving away from oil and gas production.Oil firms should not be seen as "villains" amid growing pressure from investors and climate activists, chief executive and chairman Patrick Pouyanne told Reuters at Total's headquarters in the Scottish oil hub of Aberdeen.Giving up on oil and gas would be "a huge mistake"…
BP More than Doubles US Shale Oil Putput in 2019
Shell's New Energies Boss Gainsborough to Step Down
Royal Dutch Shell's head of New Energies Mark Gainsborough announced on Thursday he was stepping down after setting up and leading a rapid expansion of the company's renewables and low-carbon business over the past four years.Gainsborough will be replaced by Elisabeth Brinton on April 1, the 39-year Shell veteran said in a post on LinkedIn. He will leave the company at the end of the year.Brinton, a Silicon Valley and utility industry veteran, joined Shell in 2018 and is currently vice president for strategy at the New Energies…
US Oil Workers Leaving Iraq After Air Strike
Dozens of U.S. citizens working for foreign oil companies in the southern Iraqi oil city of Basra were leaving the country on Friday, the Oil Ministry said, after a U.S. air strike killed a top Iranian commander in Iraq.The U.S. embassy in Baghdad urged all its citizens to leave Iraq immediately, hours after the U.S. killed Iranian Quds Force leader Qassem Soleimani and Iraqi militia commander Abu Mahdi al-Muhandis.Iraqi officials said the evacuation would not affect operations…
Energean Targets Net Zero Carbon Output by 2050
Mediterranean-focused oil and gas producer Energean has joined a U.N.-backed initiative and committed to reducing its net carbon emissions to zero by 2050, its chief executive said on Monday.Oil and gas producers have come under heavy pressure in recent years to tackle greenhouse gas emissions as the world battles climate change.Energean's pledge came as the 25th annual United Nations Climate Change Conference — also known as COP 25 — begins in Madrid.The company said in a statement it was the first London-listed oil and gas exploration and production company to commit to the UN
Investors Still Unclear on Saudi Aramco IPO Value
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, fired the starting gun on a domestic initial public offering (IPO) on Sunday after a series of false starts that had kept the investment world guessing.However potential investors, already rattled by a crippling attack on Aramco's facilities in September…
Shell Appoints New Head of Refining
Royal Dutch Shell has appointed Huibert Vigeveno to head its downstream businesss, the refining operations that are to become a key pillar for the oil and gas company as it transitions to cleaner energy.Vigeveno, 50, previously led Shell's global commercial business and rose to prominence when he oversaw the integration of smaller rival BG Group after its $53 billion acquisition in 2016.His appointment comes several months after Wael Sawan replaced Andy Brown as head of the oil and gas production…
BP Profits Fall 40%
BP's profits fell sharply in the third quarter, hurt by lower oil prices, but strong refining operations helped the company beat expectations even after taking a one-off $2.6 billion charge linked to asset sales.BP, like other big energy companies, has been hit by a sharp drop in oil prices as trade tensions between the United States and China have impacted global oil demand.The British oil company made its first net loss in more than three years in the quarter due to the one-off charge…
U.S. Shipping Sanctions Give Boost to EU Refiners
U.S. sanctions imposed last month on subsidiaries of vast Chinese shipping fleet Cosco have given an unexpected boost to European refiners as less crude oil from the North Sea and West Africa heads east, traders and analysts said.Freight rates have soared as oil producers scramble for non-blacklisted vessels, discouraging longer-distance voyages.Complex refining margins for advanced facilities capable of extracting even more valuable products like diesel and gasoline, have been especially strong in Europe, industry sources said.The U.S.
BP Spurs $10 Bln Divestment Target
BP will take charges of $2 to $3 billion in the third quarter, the British energy firm said on Friday, as it looks to reach divestments worth $10 billion by the end of 2019, a year ahead of schedule.In a statement, London-based BP said it expects to agree asset sales of $10 billion by end-year after its $5.6 billion sale of its Alaskan business to Hilcorp and divestments in U.S. shale gas.BP shares were down 1.1% by 0948 GMT compared with a 1.3% gain in the broader European energy index.The non-cash…
DoJ Drops Shell Investigation
Royal Dutch Shell said on Wednesday that it had been informed by the U.S. Department of Justice that it had closed its inquiry into Shell over the 2011 $1.3 billion acquisition of a Nigerian offshore oilfield.Shell and Italy's Eni are both currently on trial in Milan on graft allegations revolving around the acquisition of the OPL 245 oilfield."The U.S. Department of Justice (DoJ) has notified us that it has closed its inquiry into Shell in relation to OPL 245.
Chrysaor Acquires Conoco's UK North Sea Assets
North Sea oil producer Chrysaor completed on Monday a $2.675 billion acquisition of ConocoPhillips' British North Sea oil and gas business, cementing the private equity-backed firm's position as one the basin's top producers.The Conoco assets will add around 72,000 barrels of oil equivalent per day to Chrysaor's production, bringing their total output in the first half of 2019 to 195,000 boed, Chrysaor said in a statement. The deal has an effective date of Jan.
BP CEO Dudley Planning to Step Down
BP Chief Executive Officer Bob Dudley is drawing up plans to step down next year, ending a tumultuous decade at the helm of the oil and gas company that swung from near collapse in 2010 to rapid growth today, sources close to the company said on Monday.BP's first American CEO has indicated several times in closed discussions in recent years that he would like to retire at the age of 65, taking him into 2020.His retirement plans were discussed at BP's board meeting in the United States last week…
Oil Prices Extend Losses After Saudi Pledge
Oil prices retreated about 2% on Wednesday, extending the previous day's declines after Saudi Arabia said it would quickly restore full production following last weekend's attacks on its facilities and as U.S. crude stockpiles rose unexpectedly.Tension in the Middle East remained elevated, however, after the Saudi Defence Ministry held a news conference, displaying drone and missile debris it said was "undeniable" evidence of Iranian aggression. U.S. President Donald Trump on Wednesday said he ordered a major increase in sanctions on Iran in the latest U.S.
BP Exits Alaska in $5.6 Bln Sale
British oil major BP Plc on Tuesday agreed to sell all its Alaskan properties for $5.6 billion to privately held Hilcorp Energy Co, exiting a region where it operated for 60 years.The deal, which includes interests in the most prolific oil field in U.S. history at Prudhoe Bay, and the 800-mile (1,300-km) Trans Alaska Pipeline, is part of BP's plan to raise $10 billion over the next two years through asset sales to further strengthen its balance sheet, it said.For years…
Banks Re-pitching for Aramco IPO Roles
Investment banks are scrambling to re-pitch to advise Saudi Aramco on a possible initial public offering, sources familiar with the matter said, with Saudi Arabia's energy minister confirming plans for the listing to proceed in 2020 or 2021."Bankers previously involved in the IPO are pushing for meetings with Aramco," one of the sources said."There is some shifting in terms of what roles the banks might have if IPO talks go ahead."JPMorgan, Morgan Stanley and HSBC…
Shell, Exxon Eye Somalia's Offshore
Royal Dutch Shell and Exxon Mobil are looking to return to Somalia ahead of an oil block bid round later this year, the East African country's oil ministry said.Shell and Exxon Mobil had a joint venture on five offshore blocks in Somalia prior to the toppling of dictator Mohamed Siad Barre in the early 1990s.The country has been mired in insecurity since Barre left and is battling Islamist group al Shabaab that frequently carries out bombings in the capital Mogadishu…
BP Rig Arrives On Site Despite Protests
A BP drilling rig reached its destination in the North Sea on Wednesday after 11 days of delays due to Greenpeace protests over climate change, the activist group said.The 40,000-metric-ton Paul Loyd JNR left Cromarty Firth, north of Inverness, Scotland last Friday, after being held for six days by activists who had climbed and camped out on one of its legs.Once at sea, the rig and its support vessels were forced to turn away three times after Greenpeace's Arctic Sunrise…
BP Boosts Saudi, U.S. Oil Reserves Estimates
BP raised its estimates of Saudi and U.S.
Shell Eyes Dividend Boost After 2020
Royal Dutch Shell on Tuesday said it expects to increase its dividend payouts to shareholders once it completes a $25 billion share buyback by the end of 2020.The world's second largest oil and gas company also expects its free cash flow - cash available to pay for dividends and share buybacks - to rise to around $35 billion per year by 2025 at a Brent crude oil price of $60 per barrel.That compares with $28-33 billion in free cashflow it expects to deliver by the end of next year.Shell, the world's biggest dividend payer at $16 billion a year, last increased its quarterly divid