Companies

Russian state-run oil company Rosneft has reported a nearly 50% jump in net profits for 2023, Reuters reports, hitting over $14 billion despite Western sanctions following Russia’s 2022 invasion of Ukraine. According to Reuters, Rosneft’s 2023 net profit surged by 47.2% to 1.3 trillion rubles–the equivalent of approximately $14.7 billion. …

A 3.8-million-ton liquefaction train at BP’s Tangguh LNG plant in Indonesia has been shut down for a week now due to technical problems. This is according to Upstream, which cited local media as saying the liquefaction train at the 11.4-million-ton facility had been shut down for a week now. This …

The Norwegian Ocean Industry Authority (Havtil) has granted Equinor consent for exploration drilling in the North Sea for wells 15/3-13 S and 15/3-13 A. These exploration activities will enable the Norwegian energy giant to spud the Brokk prospect, which lies in a water depth of 110 meters. This prospect is …

Russia’s Novatek restarted earlier this week fuel processing at its complex on the Baltic Sea damaged last month in a suspected Ukrainian drone attack, industry sources told Reuters on Wednesday. Novatek’s export terminal and processing site at Russia’s Ust-Luga port on the Baltic Sea was damaged in January by what …

UK energy supermajor Shell has projected that liquefied natural gas (LNG) will replace coal as a leading driver of Chinese and other Asian economies. According to the firm’s LNG Outlook published today, demand will rise by 50 percent by 2040 and global LNG trade will grow to around 625-685m tonnes …

Shareholders in Saudi Aramco will decide whether the world’s largest oil firm will proceed with a new share offering this year, Aramco’s chief executive Amin Nasser said on Monday, as carried by Reuters. Currently, the Kingdom of Saudi Arabia owns just over 98% of Aramco after selling 1.7% in the …

Russian gas giant Gazprom has been awarded the development contract for the supergiant Nasiriyah oil field in Iraq’s strategic southern eastern region close to the main export terminal of Al Fao in Basra. At around the same time, it was announced that China Petroleum Engineering and Construction Corp (CPECC) and …

Petronet LNG (PLL) and QatarEnergy (QE) recently announced the extension of their longstanding contract by 20 years at India Energy Week in Goa. According to Wood Mackenzie, the Sales and Purchase Agreement (SPA) extension between QE and PLL covers a total volume of 150 t over 20 years, making it …

Eni has started building a new high-performance computing (HPC) system, HPC6, aimed at appreciably boosting the computational power of HPC4 and HPC5 to over 600 PFlop/s, or 600 quadrillion mathematical operations per second. Their current power is 70 PFlop/s. Eni’s new HPC system, characterised by extraordinary computing power, thus marks …

QatarEnergy inked a 20-year deal with India’s Petronet for the supply of 7.5 million tons per annum (mtpa) of LNG to India, the Qatari company announced on Tuesday. As part of the deal, starting May 2028, QatarEnergy’s vast LNG fleet will deliver the contracted LNG volumes to Indian terminals, the …