Companies

Shell is looking to reduce its oil and gas exploration workforce by 20%, reported Reuters, citing sources. The news comes as CEO Wael Sawan makes cost-saving measures to the upstream division, which significantly contributes to the company’s earnings. According to sources, the planned cuts will affect offices globally, notably in …

China’s state-held oil and gas giant CNOOC reported on Wednesday a record-high net profit for the first half of 2024, pushed up by an all-time high oil and gas production and rising oil prices. CNOOC, which specializes in offshore oil and gas developments in China and internationally, booked a net …

As the rivalry over global oil demand projections continues to intensify, supergiant Exxon Mobil on Monday chimed in to forecast that crude demand will continue to be over 100 million barrels per day through 2050, contradicting other forecasts that come in much lower, Reuters reported. The forecast from Exxon, which …

Eni has officially commenced gas production from the Argo Cassiopea field in Italy, Trend reports. The gas, extracted from one of four subsea wells recently drilled in the Strait of Sicily, is being transported via a 60-kilometer subsea pipeline to the Gela processing plant. Once processed, the gas will be …

Norway’s Equinor has shut down its Gullfaks C platform in the North Sea following a well control problem that also prompted the evacuation of some workers, Reuters has reported, citing a company spokesman. The spokesman added that production from the field was stable. Even so, the Norwegian gas system operator …

Russian gas producer Novatek PJSC seems to be pushing ahead with an expansion project at its Arctic LNG 2 plant despite Western energy sanctions. A small fleet of tug vessels towing a second production train has approached the site of the plant on Saturday, according to ship-tracking data. The platform …

Saudi Arabian Oil Co. (Aramco) is partnering with a Saudi-based research university and investing millions of dollars in future projects. The national oil company signed a memorandum of understanding (MoU) with King Abdullah University of Science and Technology (KAUST) to support research that aims to deliver environmental and commercial benefits, …

Shell and PetroChina will invest in the second phase of a coal seam gas project in northeast Australia to boost supply to domestic customers and long-term LNG shipments, the UK-based supermajor said on Monday. Arrow Energy, a 50/50 joint venture between Shell and the Chinese giant, announced plans to develop …

Natural gas flows from Russia to Europe via Ukraine continued on Thursday despite clashes at the Russia-Ukraine border near the only gas metering station that still sends Russian gas west to Europe. Unconfirmed reports emerged on Wednesday that Ukraine had seized Sudzha gas metering station in the Russian region of …

Saudi oil giant Aramco on Tuesday reported $56.3 billion in profits for the first half of the year, down from the year before due to weakening volumes sold amid worries about the global economy. Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year …