Companies

Russian state oil major Rosneft is developing a new strategy centred on the transition to renewable energy resources. The move was announced by CEO Igor Sechin at the Eurasian Economic Forum in Verona, Vedomosti reports. “We are currently developing a new company strategy, with the central priority of adapting to …

Saudi Aramco’s earnings soared as oil prices and production climbed, allowing the company to easily cover its quarterly dividend of $18.75 billion with free cash flow. The world’s biggest crude producer’s third-quarter profit climbed to 114.1 billion riyals ($30.4 billion) from 44.2 billion riyals year ago. Free cash flow was …

European consumers’ applications for supplies of Russian gas are being fulfilled in full, Russia’s energy giant Gazprom said in a statement amid reports that pumping via the Yamal-Europe pipeline had been stopped. “Fluctuations in demand for Russian gas depends on the buyers’ existing needs,” Gazprom said. Gas pumping to Europe …

TotalEnergies SE’s third-quarter profit rose by more than expected, making the French oil and gas producer the latest beneficiary of high energy prices. While an energy supply crunch is wreaking havoc on Europe’s economy, it’s lifting the earnings of major producers to multiyear highs. Norway’s Equinor ASA reported a tenfold …

Oil and gas group Shell wants to reduce emissions from its activities by 50 percent by 2030 compared to 2016 levels. With this, Shell is further increasing its efforts to reduce emissions. At the end of May, the court in The Hague ruled that the company is obliged to reduce …

Oil services company Petrofac has said it is “anticipating significant upside potential upon return to markets in Saudi Arabia, Iraq and the UAE”. In 2019, customers in Iraq and Saudi Arabia suspended Petrofac from bidding on new contracts, while allowing it to execute pre-existing contracts, followed by a UAE customer …

QatarEnergy has signed an agreement with ExxonMobil to farm into an exploration license offshore the province of Newfoundland and Labrador in Canada, it said on October 24. The transaction has received all necessary consents from the Canada- Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB). According to the agreement, QatarEnergy will …

BP has signed a sales and purchase agreement with a unit of China’s Shenzhen Gas Group Co Ltd to supply piped natural gas for 10 years starting 2023, BP said in a statement on Wednesday. Under the agreement, BP will provide Shenzhen Sino-Benny LPG Co Ltd, a wholly-owned unit of …

QatarEnergy and Shell have signed an agreement to pursue joint investments in blue and green hydrogen projects in the UK, the Qatari state-run company said on October 19. “The partners will target integrated and scalable opportunities in key sectors where hydrogen could help decarbonise, especially around industrial cluster development and …

Huawei Digital Power has signed a key contract with SEPCOIII for the Red Sea Project with 400 MW PV plus 1300 MWh battery energy storage solution (BESS), which is currently the world’s largest energy storage project. The contract was announced at the Global Digital Power Summit 2021 in Dubai, UAE. …