Companies

The head of UK supermajor BP paid chief executive Murray Auchincloss £8m for 2023 on the back of a better-than-expected year. Figures published by the oil supermajor today showed Auchincloss’s base pay for the year was £1.6m with a variable performance-based top-up of £6.5m. Auchincloss served as the firm’s chief …

Equinor has put into operation a 531-megawatt solar plant in Brazil, which boosts its power production in the South American country by 30%, the Norwegian major said on Friday. The 531-MW Mendubim solar plant will produce 1.2 terawatts per hour (TWh) of power annually, of which some 60% will be …

Exxon and Malaysia’s state-run Petronas will extend exploration for a gas discovery off the coast of Suriname, the country’s national oil company, Staatsolie, said on Monday. Eyeing a repeat of the huge oil and gas success in the same basin offshore Guyana, explorers in Suriname are also reportedly considering a …

ADNOC announced that it has formally closed the acquisition of a 24.9% shareholding in OMV AG (OMV), a global energy and chemicals group, headquartered and listed in Vienna, Austria, from Mubadala Investment Company (Mubadala). The transaction accelerates delivery of ADNOC’s global chemicals growth strategy, and reinforces its status as a …

BP Plc plans to invest about $1.5 billion in Egypt during the next few years as it seeks to develop gas projects and drilling in the North African country. The spending, which will be net to BP, follows the London-based major’s announcement earlier this month it will form a gas-focused …

The Saudi Ministry of Energy has announced a substantial increase in gas reserves at the Jafurah field, operated by state-owned Aramco, marking a significant boost for the country’s energy sector. As per the Saudi Press Agency (SPA), the additional reserves comprise 15 trillion standard cubic feet of gas and two …

The oil industry has historically been politically conservative. In turn, Democratic politicians have often been hostile toward the industry. Nevertheless, oil companies have recorded some of their largest profits during Democratic administrations. For example, neither President Obama nor President Biden was cozy with the oil industry, but the industry profited …

Shell earned $2.4 billion from LNG trading in the fourth quarter amid strong demand for the fuel ahead of the winter, with LNG trades contributing to almost a third of its Q4 adjusted earnings, Reuters reported on Friday, quoting sources close to the UK-based supermajor. The LNG trading profit for …

Equinor has signed a 15-year agreement to supply LNG to India’s Deepak Fertilisers, which will use the gas mainly as a feedstock for ammonia production at a new plant, the Norwegian energy major said on Monday. Equinor is growing its LNG portfolio and will use the super-chilled fuel from its …

QatarEnergy, the state giant of one of the world’s top liquefied natural gas exporters, expects to soon announce new LNG supply agreements with European and Asian buyers as it is working on the world’s largest LNG export capacity expansion. QatarEnergy could also sign additional agreements to welcome more partners in …