Eni has closed on the acquisition of BP business in Algeria, regarding the two gas-producing concessions “In Amenas” and “In Salah”, which are jointly operated with Sonatrach and Equinor. The transaction has been approved by the competent national and antitrust authorities. The operation was announced in early September, with the …
Read More »Vitol, World’s Biggest Energy Trader, Forecasts $100 Oil Price in H2
If the current increase in Nigeria’s oil production is sustained, the country may not find much trouble financing its 2023 budget, with the Vitol Group, the world’s largest energy trader predicting yesterday that oil prices could return to triple digits later this year. Vitol’s Chief Executive Officer, Russell Hardy, said …
Read More »Eni Responds to Energy Crisis with $2.6 Billion Profit Q4 2022
Eni SpA posted a record annual profit due to high oil and gas prices, despite its fourth quarter missing estimates. The Italian energy giant followed its peers with stellar earnings for 2022, after Russia’s invasion of Ukraine sent the value of key commodities soaring. While the cost of energy has …
Read More »ADNOC Gas Eyes $2 Billion from World’s Biggest IPO this Year
The United Arab Emirates’ national oil company wants to raise up to $2 billion from its natural gas business in what is set to be the largest initial public offering so far this year. Abu Dhabi National Oil Co. is selling a 4% stake in ADNOC Gas, with each off …
Read More »ADNOC Makes First LNG Shipment to Germany from the Middle East
Abu Dhabi National Oil Co. made the first LNG delivery from the Middle East to Germany, with the UAE’s national oil company calling it a “milestone.” The delivery of 137,000 cu m of LNG is the commissioning cargo for the Elbehafen floating LNG terminal in Brunsbüttel, ADNOC and utility RWE …
Read More »PetroChina Sets Record for Deepest Vertical Well in Asia
PetroChina, China’s largest oil and gas producer, said on Monday that its Pengshen-6 oil well has reached a depth of 9,026 meters, smashing the record for deepest vertical well in Asia. Located in southwest China’s Sichuan Province, the well has complex geological conditions and exploration work faced multiple challenges, including …
Read More »China’s CNPC Set to Seal Mega Qatari LNG Deal
China National Petroleum Corp (CNPC) is close to finalising a deal to buy liquefied natural gas (LNG) from QatarEnergy over nearly 30 years from the Middle Eastern exporter’s massive North Field expansion project, three people with knowledge of the matter said. If sealed, this would be the second such deal …
Read More »TotalEnergies Doubles Profits in its Best Year ever
TotalEnergies saw its net profit double in 2022 to a record $36.2 billion and announced an increase in dividends and share repurchases after the best annual results for the company and for Big Oil ever. The French supermajor reported on Wednesday $36.2 billion in adjusted net income for 2022, double …
Read More »Rosneft CEO: The Price of Russia’s Flagship Oil will Now be Set by Asia
The price of Russia’s flagship Urals oil blend is no longer set by Europe but by Asia, which has become the largest market for the commodity, Rosneft’s chief executive Igor Sechin said at the India Energy Week. “If Russian oil does not enter the European market, then there is no …
Read More »BP Profits more than Double amid Energy Cost Crisis
BP has reignited the row over the vast scale of energy company money making since the start of the Ukraine war when it reported record profits of £23 billion last year. The figures come days after Shell revealed it made £32.2 billion meaning that Britain’s two biggest oil and gas …
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