Companies

Saudi Basic Industries Corp. plans to expand the scope of its Crude Oil to Chemicals project with Saudi Aramco to include existing development programs of advancing crude to chemicals technologies as well as through integrating existing facilities, the petrochemical firm said in a statement to Tadawul. The decision came after …

A new gas deposit was discovered at the Leningradskoye field of the Yamal gas production centre, Russian gas monopoly Gazprom has said. As a result of drilling and testing of an exploratory well, commercial gas inflow was obtained with a flow rate of about 600,000 cubic metres per day, Gazprom …

Russian gas giant Gazprom expects excess supplies in Europe’s natural gas market to continue in 2021, the head of the company’s exporting arm said on Monday, blaming exports of liquefied natural gas (LNG) from the United States. Gazprom has seen its share of the European gas market, where it makes …

Chevron’s market value overtook ExxonMobil for the 1st time on October 7, during the same week in which it closed a $4.1 billion all-stock deal for Noble Energy. According to a Reuters article, Chevron’s market cap ended the day around $142 billion, topping ExxonMobil’s $141.65 billion market value at the …

Norwegian energy giant Equinor has decided to reduce its exploration staff by 30 per cent as the Covid-19 pandemic reduces oil demand. In a statement sent to Offshore Energy, a spokesperson for Equinor said the planned reduction in positions in Equinor’s exploration organisation is around 30 per cent and it …

Most GCC equity markets ended September in green despite concerns of economic recovery amid threat of second wave of Covid-19 and fall in oil prices, said the Kuwait Financial Centre (Markaz) in its Monthly Markets Review report. The S&P GCC composite index gained 2.5%, with all markets except Abu Dhabi …

The French oil major plans to boost annual investments in renewables and electricity by $1bn, although gas will remain a key source of revenue Fossil fuel giant Total this week became the latest oil major to announce a major pivot towards clean energy, outlining plans to hike investments in renewable …

Baker Hughes BKR, -0.86% on Friday reported that the number of active U.S. rigs drilling for oil rose by 6 to 189 this week. The increase followed an increase of 4 oil rigs in the previous week. The total active U.S. rig count, meanwhile, was up 5 to 266, according …

Baker Hughes has announced an order to supply multiple main refrigerant compressors (MRCs) for Qatar Petroleum’s North Field East (NFE) project, executed by Qatargas. The total award is part of four LNG ‘mega trains’, representing 33 million tpy of additional capacity, which will increase Qatar’s total LNG production capacity from …

Total SE joined the ranks of oil companies anticipating a peak for the industry in the coming decade, saying demand growth will end around 2030. While the French energy giant’s analysis is more conservative than that of BP Plc, which earlier this month said the era of oil-market growth was …