Companies

The Egyptian Ministry of Petroleum and global oilfield services provider Schlumberger have announced the launch of the Egypt Upstream Gateway, an innovative national project for the digitalization of subsurface information. This digital platform will also enable global access to the country’s subsurface data, which is kept evergreen by enhancing legacy …

Companies including the venture arms of BP Plc and Chevron Corp. invested $40 million in a startup that aims to use the fossil fuel industry’s drilling experience to expand a technology that harvests low-carbon energy from heat below the earth’s surface. Eavor Technologies Inc. plans to expand geothermal power beyond …

Russian energy giant Rosneft on Friday reported an almost 80% fall in 2020 net income as the pandemic hit demand for fuel. Rosneft, in which BP owns a 19.75% stake, said its net income fell to 147 billion roubles, or $2.2 billion.

Exxon Mobil Corp.’s credit rating was lowered one notch by S&P Global Ratins even as oil prices rebound from a historic pandemic-driven crash. Exxon is now rated ‘AA-’ with a negative outlook, S&P said in a statement on Thursday. The rating agency warned earlier this year that oil explorers risked …

Saudi Aramco is preparing a financing package of up to $10 billion that it could offer to buyers of its pipeline business unit, Reuters reported, citing three sources. The Saudi oil giant is in talks with banks to provide “staple financing”, which is a financing package provided by the seller …

French supermajor Total is rebranding as it accelerates a shift away from oil and into renewables and the wider power sector, a move its CEO claimed shows it is “more than serious” about the energy transition. Total – one of the leading fossil giants in terms of renewable energy ambitions …

Saudi Aramco maintained its second position as the world’s most valuable oil and gas brand in 2021, with a value of $37.5 billion, compared to $46.77 billion in 2020, according to Brand Finance. The annual report on the most valuable brands in the oil and gas sector found that the …

Total doubled-down on US solar power as the oil & gas supermajor added another 2.2GW to its project pipeline that it said will turn green the entire electricity supply to its American industrial operations. The French group bought the four large-scale PV projects and an associated 600MW of battery storage …

Equinor has made a new oil discovery near Norway’s giant Troll oil and gas field together with partners DNO, Wellesley and Petoro, the Norwegian Petroleum Directorate said on Friday. Equinor said in a separate statement the reservoir was expected to contain between 44 million and 69 million barrels of oil …

The Gazprom Neft ’s “Green Seismic” and “Green Seismic 2.0” projects won the “Science for Ecology” nomination, awarded the Vernadsky National Ecological Prize. The purpose of the ecological prize is to recognise and popularise completed projects in environmental protection. This technology is widely used throughout the company in investigating heavily …