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BP abandons renewables targets and returns focus to fossil fuels
BP's CEO will abandon a goal to double renewable energy generation by 2030 and return the focus to fossil energies as part of a new strategy announced on Wednesday in response to investor concerns about earnings. BP shares have been underperforming their rivals over the past few years…
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Italy's Saipem and Norway's Subsea 7, to create a leader in energy services
Saipem, an Italian company, has agreed to merge its Norwegian competitor Subsea 7 into a global leader in offshore energy services. The deal is a 100% share transaction. The two companies announced that the combined group will be called Saipem7. It will have a backlog of orders of over 45 billion euros…
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UK replaces windfall oil tax with consultation on clean energy future
Britain announced that it will end the windfall taxes on North Sea oil producers by 2030, and replace them with a new mechanism for responding to price increases. It is pushing ahead with its plan to turn the North Sea into an energy hub. On Wednesday, the government held two consultations.
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NEO Energy and Repsol to Merge UK Oil and Gas Assets
NEO Energy and Repsol Resources UK have entered into strategic merger, creating one of the largest U.K. North Sea independent oil and gas companies under the name of NEO NEXT.Under the terms of the transaction, the combined business will be jointly owned by NEO (55%) and Repsol UK…
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EDP Renovaveis Expects Core Recurring Profit in 2025
EDP Renovaveis, the world's fourth largest wind energy producer, said on Thursday it expects core recurring profit to grow 13% in 2025 on the back of a solid operational performance, despite a 24% drop in net income in the first quarter.The renewables arm of Portugal's EDP said earlier…
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Documents and sources indicate that Mexico's Pemex intends to reopen its wells in order to boost production.
According to four sources and two documents, the Mexican energy company Pemex is planning to reopen some old wells to increase production.
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Texas oil drilling applications at 4-year low as producers consider OPEC+ increase, trade war
Enverus, a consultancy, said that oil and gas drilling permits in Texas, which is the leading U.S. state for oil production…
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US House passes bill regarding Trump's Gulf of America
The Republican-controlled U.S. House of Representatives on Thursday passed a bill to formally change the name of the Gulf…
Latest news
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Increased US Natural Gas Storage Capacity in 2024
The U.S. Energy Information Administration said that underground natural gas storage capacity will increase in 2024 in the Lower 48 States…
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Cenovus Energy, a Canadian energy company, beats its quarterly profit forecasts on the back of higher production
Cenovus, a Canadian oil and natural gas company, reported a decline in its first-quarter profits on Thursday. However it…
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The EU Parliament supports the relaxation of gas storage regulations
The European Parliament voted Thursday to loosen the EU's regulations on gas storage. It agreed with member states who were…
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Minister: Russia and China discuss Beijing's involvement in Russian LNG projects
Interfax reported that Russian Energy Minister Sergei Tsivilev said on Thursday that the Russian and Chinese delegations…
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The major Gulf markets are mixed in their earnings with a focus on US-China discussions
The major Gulf stock markets were mixed early on Thursday, as investors awaited this weekend's U.S. China trade negotiations. Donald Trump, the U.S.
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TASS: Russian and Chinese companies in active discussions on Power of Siberia 2, gas pipeline
According to the Russian state news agency TASS, Russia and China have reached an "active" stage of negotiations on a new proposed gas pipeline…
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Harbour Energy raises the lower end of its annual production range
Harbour Energy, a North Sea-based oil and gas company, raised its lower range of production guidance on Thursday after reporting…
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Kongsberg orders and profits soar as demand for defence systems increases
Norway's Kongsberg announced on Thursday that its first-quarter order intake and profit soared, driven by the demand for…
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Woodside, Australia's largest coal company, faces protests and investor anger at its annual meeting
On Thursday, climate change activists shouted and blew whistles as they disrupted the annual general meeting of Australian…
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Atmos Energy reports quarterly profit rise, raises full-year forecast
Atmos Energy has reported an increase in its second-quarter profits, thanks to higher natural gas prices and increased customer numbers.
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Argentina's YPF suffers a net loss in the first quarter
YPF, the state-owned oil company in Argentina, reported a loss of $10m for the first quarter. This was due to lower demand…
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Texas Pacific Land misses its core profit forecast for the first quarter due to lower oil prices
Texas Pacific Land, a land and royalty company focused on the Permian region, missed Wall Street's expectations for its first…
Exploration
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Diamondback Energy CFO Van't Hoof to succeed Stice as CEO
Diamondback Energy announced on Thursday that CEO Travis Stice will step down after 13 years in the role during the company’s…
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Anglo writes off De Beers and continues with business overhaul
Anglo American reported a $3.1billion loss on Thursday, after writing down its De Beers business. The company is continuing to shed unwanted assets.
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Guyana will soon sign a oil deal with TotalEnergies led group
Energy Minister Vickram Bharrat said that Guyana is expecting to sign a production-sharing agreement soon with a French consortium…
Drilling
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BP CEO: It's time to increase U.S. production of gas
HOUSTON, 11 March - BP will increase U.S. Natural Gas production in its onshore shale operation following the recent rise of domestic gas prices.
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Sinopec certifies reserves of 1.3 billion barrels at East China Shale Oil Plays
Sinopec Corp announced on Monday that the Chinese government had certified new geological resources of about 180 million…
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Italy's Saipem and Norway's Subsea 7, to create a leader in energy services
Saipem, an Italian company, has agreed to merge its Norwegian competitor Subsea 7 into a global leader in offshore energy services.
Production
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Equinor Norway LNG plant will be off-line March 10-14
According to a Friday regulatory filing, Equinor will shut down its Hammerfest LNG Terminal from March 10 through March 14…
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ExxonMobil’s Esso, Mitsui and Woodside to Invest $200M in Gas Project Off Australia
ExxonMobil’s Australian subsidiary Esso Australia Resources and its partners have announced a nearly $200 million investment…
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Exxon to build large-scale gas projects in Guyana, a country dominated by oil
Exxon Mobil, the U.S. oil giant, announced a massive project on Wednesday to increase natural-gas production and supply in Guyana.
