Companies

China’s state oil major Sinopec reported a net profit of almost $7 billion for 2024, which represented a 16.8% decline on the year, attributed to lower oil prices and electric cars. “In 2024, international crude oil prices fluctuated downward, the domestic transportation industry accelerated the replacement of new energy … …

Brazil’s state-owned Petrobras is in the midst of discussions with US LNG suppliers on a long-term import agreement, Reuters reported on March 14. Petrobras officials did not reveal which US suppliers the company has engaged in talks with; however, the discussions are part of the South American country’s efforts to …

Abu Dhabi National Oil Company (ADNOC) has launched talks to potentially buy the energy assets of the UAE’s sovereign wealth fund in a deal that could be worth about $10 billion, sources familiar with the plans told Bloomberg on Friday. ADNOC – which has recently reshuffled shareholdings, listed some subsidiaries, …

Germany’s biggest utility RWE will supply green hydrogen to France’s oil and gas supermajor TotalEnergies in a 15-year deal from 2030, in one of the largest such agreements globally. RWE to supply around 30,000 metric tons of green hydrogen annually to TotalEnergies from 2030 to 2044, the German utility giant …

European energy firms have filed lawsuits against Russian energy giant Gazprom totaling 18 billion euros ($19.6 billion) over gas supply cuts, the Moscow Times reported on March 10. The claims stem from Gazprom’s decision to drastically reduce gas deliveries to Europe in 2022 after Russian President Vladimir Putin demanded that …

Abu Dhabi’s national oil company ADNOC is considering an initial public offering of its newly-created energy investment firm XRG on a stock market outside the United Arab Emirates, in what could be one of the world’s biggest IPOs ever, Reuters reports, citing sources with knowledge of the plans. ADNOC announced …

BP boss Murray Auchincloss has defended the company’s move to increase fossil fuel production and ditch its renewable energy commitments. Auchincloss is under mounting pressure from BP investors, who are frustrated at the oil major’s underperforming share price. The executive unveiled plans for a “fundamental reset” two weeks ago, which …

Shell has started first oil production from the next development phase of a deepwater oil project offshore Malaysia, the UK-based supermajor said on Friday as Europe’s largest oil and gas companies are pivoting back to strategies to boost output of fossil fuels. Shell’s subsidiary Sabah Shell Petroleum Company Ltd, announced …

BP is looking to raise the number of its board members and hire two more directors as part of its strategy to boost oil and gas production and shareholder returns, the Financial Times reported on Tuesday, citing sources familiar with the plans. Last week, BP said that it is increasing …

China’s authorities have certified 1.3 billion barrels of new reserves at Sinopec’s two shale plays in the eastern part of the country, the Chinese state-controlled giant said on Monday. The new shale oil reserves have been found at the Xinxing field in the Jiyang trough of the Bohai Bay basin …