Aramco has agreed to purchase a 100 per cent equity stake in Esmax Distribusción from Southern Cross Group, a Latin America-focused private equity company. The transaction is subject to certain customary conditions, including regulatory approvals. Esmax is a leading diversified downstream fuels and lubricants retailer in Chile. Its national presence …
Read More »TotalEnergies Plans Jumbo Green Hydrogen Tender to Cut Emissions
TotalEnergies SE is launching a “massive” green hydrogen tender to reduce the carbon emissions of its six European refineries and two French biofuel plants as pressure mounts on the industry to fight climate change. The French energy giant plans to replace the entire 500,000 tons of gray hydrogen used annually …
Read More »Saudi Aramco Relaunches $1.8-Billion Oilfield Tender after Snubbing McDermott
Saudi Arabia’s oil giant Aramco has relaunched a tender for $1.8 billion worth of contracts for the expansion of the Zuluf offshore oilfield, having canceled deals previously awarded to U.S. firm McDermott, Upstream reported on Monday, quoting several sources with knowledge of the plans. Last month, Saudi Aramco called off …
Read More »SOMO Reports Average Daily Oil Exports of 2.5 Million Barrels in September
Iraq’s government-owned oil marketing company, SOMO, announced that the average daily oil exports during the first week of September reached 2.5 million barrels. According to a table, SOMO reported that “the average daily export during the first week of September reached 2.504 million barrels at an average price of $89.203 …
Read More »US Backs Chevron in Dispute with Cyprus over Giant Gas Field
Washington has weighed into a dispute between Cyprus and international companies led by Chevron over how to develop a giant offshore gas field, backing the US company’s plan to link it to neighboring Egypt, two industry sources and a US source said on Friday. The Chevron-led consortium proposed connecting the …
Read More »Aramco Looks to Break another Record with $50 Billion Share Offering
The world’s largest oil company, Saudi Aramco, is considering the world’s largest offering, according to the Wall Street Journal. According to Saudi officials and “other people familiar with the plan,” Saudi Aramco is considering selling off as much as $50 billion in shares. If The Kingdom goes through with the …
Read More »Gazprom’s H1 Profit Plunges as Natural Gas Deliveries to Europe Slump
Russia’s gas giant Gazprom has reported a massive drop in its first-half net profit as deliveries to Europe have slumped compared to 2022 when Russia was still supplying pipeline gas to its European customers for most of the first half of last year. Gazprom’s net profit plunged by 8.5 times …
Read More »Equinor Acquires Stake in One of the Largest CCS Solutions in U.S.
Equinor has acquired a 25% interest in Bayou Bend CCS LLC, positioned to be one of the largest U.S. carbon capture and storage projects located along the Gulf Coast in Southeast Texas. Bayou Bend is positioned to be one of the largest CCS solutions in the U.S. for industrial emitters, …
Read More »TotalEnergies to Carry out 4 Large Energy Projects in Iraq
Iraq’s Basra Oil Company (BOC) announced that TotalEnergies entered into a contractual commitment to carry out four large energy projects as part of a deal concluded with the Iraqi government last July. TotalEnergies long-awaited $27 billion energy deal is expected to increase oil production and Iraq’s capacity to produce energy …
Read More »Sinopec Profits Shrink as Economic Woes Weigh on Fuel Demand
Sinopec’s first-half profits shrank amid lower oil prices and fuel demand being weighed down by China’s sluggish economic recovery. China Petroleum & Chemical Corp., as it’s officially known, posted net income of 36.12 billion yuan ($4.96 billion), according to international financial reporting standards. That compared with a revised 44.8 billion …
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