Companies

Following a year of negotiations, Abu Dhabi’s oil company ADNOC has agreed to buy Germany’s chemicals giant Covestro in a deal worth $16.3 billion (14.7 billion euros) including debt, the German group said on Tuesday. ADNOC will make a takeover offer at $68.86 (62.00 euros) per Covestro share, which is …

TotalEnergies is preparing to make a $10-billion-plus final investment decision for a massive oil and gas development project offshore Suriname, as the French giant eyes Exxon’s success in maritime neighbor Guyana, Reuters reported on Monday, exclusively, citing unnamed sources. Earlier this month, TotalEnergies announced the launch of development studies for …

TotalEnergies on Friday announced a deal to buy a 45% stake in dry gas-producing assets owned and operated by Lewis Energy Group in the Eagle Ford basin in Texas, growing its gas production business and boosting its LNG portfolio. The assets that TotalEnergies is buying are located in Southwest Texas …

Saudi Aramco, the world’s largest oil company, is looking to raise up to $3 billion from U.S.-dollar denominated Islamic bonds, Reuters reported on Tuesday, quoting sources with direct knowledge of the plans. Aramco, which is also the world’s single biggest crude oil exporter, plans to issue Islamic bonds, the so-called …

Shell Plc has ditched plans to build a low-carbon hydrogen plant on Norway’s west coast due to a lack of demand, Reuters reported on Monday. “We haven’t seen the market for blue hydrogen materialize and decided not to progress the project,” a Shell spokesperson has told Reuters. Shell’s announcement comes …

French supermajor TotalEnergies announced on Friday the start of natural gas production from the Fenix gas field offshore in southern Argentina. The Fenix field has been developed to have a production capacity of 10 million cubic meters per day, or 70,000 barrels of oil equivalent per day, (boe/d). The field, …

Rosneft is likely to fail in its legal challenge against a planned sale of a minority stake in a German refinery that it used to control before Germany took over the Russian oil giant’s assets in the country. Rosneft has a 54% stake in the Schwedt refinery, the fourth-largest refinery …

A little under a year before the Russian invasion of February 2022, Saudi Aramco’s chief executive officer, Amin Nasser, had spent several days at the annual China Development Forum hosted in Beijing, during which time he stated: “Ensuring the continuing security of China’s energy needs remains our highest priority – …

British oil and gas multinational BP Plc (NYSE:BP) has announced plans to sell its onshore wind business in the U.S., saying the business is not aligned with its growth plans as it seeks to focus on its Lightsource BP solar partnership. The company says it will launch the sale process …

Microsoft, a company known for its public environmental commitments, is facing criticism for quietly selling AI services to fossil fuel giants. Although Microsoft has committed to being ‘carbon negative’ by 2030, it continues to work with oil companies like ExxonMobil and Chevron to provide the latter with AI technologies that …