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BP Plc will leave three U.S. oil-industry lobby groups due to differences on climate policy, after the company’s new chief pledged to eliminate its greenhouse gas emissions by 2050. The decision, which follows similar moves by Royal Dutch Shell Plc and Total SA, seeks to address a contradiction at the heart of many oil companies’
The global oil and gas market was once dominated by a select group of Western energy companies called “The Seven Sisters”. The unparalleled influence of these International Oil Companies (IOC) was broken in a wave of nationalism in the Middle East and South America. The birth of the National Oil Companies (NOC) was a significant gamechanger
A total of 14 Saudi companies in the energy sector booked hefty losses last year, Middle East Monitor reported on Wednesday, quoting analysts who had spoken to local media. One of the companies with losses is Saudi chemicals giant Sabic, which booked US$1.5 billion (5.63 billion Saudi riyals) in losses last year, according to Middle East Monitor,
Oil markets will begin to recover in the second quarter as the virus that has inflicted a “big hit” on Chinese demand abates, the head of Saudi Aramco’s trading unit said. “By the end of April, we will not have that fear,” Ibrahim Al-Buainain, chief executive of Aramco Trading, said in an interview in London.
Equinor and Shell have signed a Memorandum of Understanding on digital collaboration to develop solutions and methods together through the exchange of expertise within areas like data science, artificial intelligence and 3D printing. The collaboration is expected to entail co-innovation across the whole value chain, such as maintenance, production optimization and supply chain management. “We
The sale of a stake in Mexico’s giant Zama oil field promised to help Premier Oil pay down debts and strengthen its balance sheet, but an ownership conflict is complicating that process. Some international oil companies operating in Mexico are waiting for a resolution to a conflict between Talos Energy Inc., the field’s primary shareholder,
The entire oil and gas industry and its investors are seriously reassessing the value of their beloved fossil fuels in the context of a major energy transition. But don’t be fooled: The returns of oil and gas projects are still highly competitive and plenty of capital is still flowing. While the energy transition and the
Offshore wind and the shipping sector can reinforce each other to reach the Green Deal targets, says WindEurope. The European Wind Energy Association said that wind energy currently makes up 15% of Europe’s energy mix. The majority of this is onshore. Offshore wind is just 2% at the moment. But it’s growing rapidly thanks to
Wintershall Dea Norge has reduced the size estimate of its Baldebra discovery in the Norwegian Sea, after an appraisal well near the 2018 gas find proved dry. The 6604/5-1 gas discovery was proven in Upper Cretaceous reservoir rocks (the Springar Formation) in 2018. Prior to drilling the appraisal well, the operator estimated resources at between
The coronavirus epidemic is a black swan that has severely disrupted the outlook for the global oil market, and at this moment it remains unclear how large the destruction in demand will be because of the outbreak. Various estimates project that the coronavirus will shave 250,000 bpd to 500,000 bpd off global oil consumption this