Companies

BP has said it will invest heavily in Middle Eastern oil and natural-gas fields going into 2021. Despite pledging its transition to renewable energy, the company has highlighted its interest in Middle East oil and gas. At present, BP currently operates the world’s third largest oil field in Iraq, Rumalia, …

Aramco President and CEO Amin Nasser was recognised by his peers in the global chemical industry as he was presented The Chemists’ Club 2020 Kavaler Award, sponsored by ICIS. Speaking at the virtual event, Nasser commented on the challenges of 2020, his belief in a bright future for the chemical …

Russia’s largest oil producing company Rosneft plans to sell some old underperforming oil fields, mostly to local companies, at least two Moscow-based brokerages said on Tuesday following a conference call with Rosneft’s management. Sova Capital brokerage said in a note to its clients that Rosneft plans to sell some of …

Exxon Mobil is about to incur the biggest write down in its modern history as what was once an exemplar of American capitalist might shudders under the weight of debilitated energy markets. Exxon — already hobbled by cratering crude prices, a global supply glut and a pandemic-driven collapse in fuel …

Norwegian oil and gas company Equinor has received consent from the country’s offshore safety authority to drill an exploration well in the Barents Sea using the Transocean Enabler rig. The Petroleum Safety Authority (PSA) said last Friday that the well was designated as 7220/7-4 at a prospect named Isflak. It …

Russia can probably get around the latest U.S. sanctions against Nord Stream 2 and complete the pipeline, industry executives and analysts of the controversial project say. Gazprom PJSC, which owns the project to boost natural gas flows from Russia into Germany, says it’s drawing up alternatives to complete work that …

BP said it will invest more money in Middle Eastern oil and natural-gas fields even as it transitions to renewable energy and tries to lower emissions. The company is a major producer in countries such as Iraq, where it operates the world’s third-largest oil field of Rumaila, the United Arab …

BP has announced the sale of its London head office to Hong Kong investment firm Lifestyle International for £250m ($332m). The British oil giant also agreed to lease its 1 St James’s Square property in central London back from Lifestyle International for two years, saying the deal would give it …

Any successful vaccine for the coronavirus disease (COVID-19) would rely on the global energy sector for its mass production, said Ahmad Al-Khowaiter, chief technology officer at Saudi Aramco, on Tuesday. “Fortunately, we have an energy system in place that can power the manufacture, transportation and storage of the billions of …

Saudi Aramco kicked off a jumbo bond sale Tuesday to help fund a $75 billion dividend, returning to the debt markets for the first time since April of last year. The state energy firm is raising debt after slumping crude prices caused profit to fall by 45% in the third …