Companies

TotalEnergies is planning to exit its gas-condensate finds off the South African coast, reported Bloomberg, citing sources familiar with the matter. Instead, the French oil and gas major plans to focus on exploration opportunities closer to Namibia. In 2019, TotalEnergies made a discovery at the Brulpadda field, braving one of …

Saudi Aramco is considering a takeover bid for Australian energy major Santos, Bloomberg has reported, citing unnamed sources, who also said the UAE’s Adnoc was also studying an offer for the company. The bids were a demonstration of Middle Eastern energy companies’ interest in expanding their natural gas business internationally, …

Shell will pause on-site construction work at a biofuels plant in Rotterdam amid weak market conditions, the supermajor said on Tuesday, as international oil firms continue to re-evaluate their low-carbon energy projects. Shell’s subsidiary Shell Nederland Raffinaderij will temporarily pause on-site construction work at its 820,000 tons-a-year biofuels facility at …

ExxonMobil joined major lithium producers this week in reiterating a bullish outlook on long-term lithium demand despite the current bearish market and recent price slump of the metal critical for the energy transition. Lithium prices have crashed in recent months, dragged down by piling inventories amid slowing growth in electric …

Saudi Aramco, the largest energy company in the world, granted contracts worth $25 billion for the development of its Jafurah gas project to boost production capability and reduce global warming emissions, reported Bloomberg. The contracts that were awarded include $12.4 billion for the increase in production at the Jafurah gas …

Saudi Aramco, through a wholly owned subsidiary, signed definitive agreements to acquire a 10% equity interest in HORSE Powertrain Ltd, the new global powertrain solutions company, alongside Renault Group, Zhejiang Geely Holding Group and Geely Automobile Holdings Ltd. In a statement, the oil giant said it will buy a 10% …

Citi predicts that oil prices will plummet to the $60s range by 2025 as inventories build following a tight market this summer, signaling a bearish outlook despite current robust demand and higher prices. Oil has recouped the losses from early June when the OPEC+ group’s indication that it could begin …

Equinor ASA has been awarded licenses for the development of two new carbon dioxide (CO2) storage areas in the North Sea by the Norwegian Ministry of Energy. Equinor was awarded 100 percent share in each of the two licenses, referred to as Albondigas and Kinno. The new licenses are important …

Shell Eastern Trading Pte. Ltd., a subsidiary of Shell plc, has announced an agreement with Carne Investments Pte. Ltd., an indirect wholly-owned subsidiary of Temasek, to acquire 100 percent of the shares in Pavilion Energy Pte. Ltd, Trend reports. This acquisition includes Pavilion Energy’s global LNG trading business, with a …

Abu Dhabi’s national oil company ADNOC has taken the final investment decision to move forward with the Ruwais LNG project, which will more than double the existing LNG production capacity in the United Arab Emirates. ADNOC took on Wednesday the FID for the Ruwais LNG project, which will consist of …