Companies

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 …

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 …

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 …

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 …

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 …

Crude oil could soon swing into a deficit that will make next year a difficult one, Goldman Sachs said, as spare production capacity dwindles and underinvestment threatens future supply. Speaking on the sidelines of an event in Saudi Arabia, Goldman’s top commodity analyst Jeffrey Currie said, as quoted by Bloomberg, …

British oil giant Shell on Thursday posted its highest-ever annual profit, bolstered by soaring fossil fuel prices and robust demand since Russia’s full-scale invasion of Ukraine last year. Shell reported adjusted earnings of $39.9 billion for the full-year 2022. This comfortably surpasses the $28.4 billion in 2008 which Shell said …

Gazprom Kyrgyzstan has invested 30 billion soms in the restoration and modernization of the country’s gas industry for eight years. Deputy General Director of the company for Economy and Finance, Arzymat Aldayarov, announced at a press conference organized by 24.kg news agency. He recalled that in the past eight years, …

ExxonMobil’s low-carbon hydrogen project in Baytown, Texas, has entered a new stage with a contract award to Technip Energies for front-end engineering and design (FEED). The low-carbon hydrogen, ammonia, and carbon capture facility is expected to produce one billion cubic feet of low-carbon hydrogen per day, making it the largest …

The Abu Dhabi National Oil Company (ADNOC) is eyeing a valuation of at least $50 billion for its gas business slated to float this quarter, two sources familiar with the matter said, setting the stage for one of the most highly anticipated stock market listings this year. The state oil …