Companies

A subsidiary of China’s energy giant Sinopec has signed a $1.3-billion deal with Saudi Aramco to procure and build pipelines for an expansion of the Kingdom’s natural gas distribution network, the Chinese firm said on Thursday. Under the turn-key fixed-price contract worth $1.3 billion (5.17 billion Saudi riyals), Sinopec International …

Saudi Arabia is preparing for a multi-billion-dollar share sale for its oil and gas company Aramco, potentially as early as June, reported Reuters, citing sources. The sources added that the divesture could fetch approximately $10bn (SR37.5bn) for the Saudi government. The sale’s specifics are still being worked out, and people …

Exxon has signed a deal with the Algerian government for exploration at two natural gas fields in the North African country. The supermajor, in partnership with Algeria’s state energy firm Sonatrach, will “study the existing opportunities to develop the hydrocarbon resources in the Ahnet basin and the Gourara basin” in …

The China National Offshore Oil Co, or CNOOC, has signed an exploration and production deal for five oil and gas blocks in Mozambique, Reuters reported, citing a CNOOC statement. The five blocks are offshore the African country, in depths ranging between 500 meters and 2,500 meters, the Chinese state-owned company …

The United States’ largest pension fund, CalPERS, will vote against the ExxonMobil board at the upcoming May 29 board meeting, in a move designed to block the supermajor’s attempt to sue activist investors who are pressuring it to move more quickly on lowering emissions, Reuters reported on Monday. Activist investors …

Eni is considering spinning off some stakes in oil and gas projects in Asia and Africa to have partners for their development while putting aside more money into lower-carbon energy projects, sources in the Italian major have told Reuters. For years, Eni has been taking a different approach to conventional …

Brazilian state-run oil firm Petrobras approved new commercial arrangements for natural gas sales that could reduce its price to distributors by up to 10%, it said on Friday. In a statement released on its website, the oil giant said it will offer a “price reduction mechanism” for current natural gas …

CNOOC Ltd., majority held by state-owned China National Offshore Oil Corp. (CNOOC), said Tuesday it has put onstream a new gas project in the Bohai Sea in northern China, expecting to achieve a peak rate of 5,800 barrels of oil equivalent per day (boepd). CNOOC Ltd. plans 10 development wells …

Azerbaijan will get a welcome earnings boost from BP’s announcement that it has launched production at a new $6-billion facility in Azerbaijan’s giant Azeri-Chirag-Gunashli oil field. The upgrade can boost the field’s output by as much as 25 percent. Dubbed Azeri-Central-East (ACE), the facility consists of a new production platform …

BP is expected to reverse a previous commitment to reduce oil and gas production by the end of the decade amid a broader pivot in the industry to continue providing the hydrocarbons the world needs, some of the biggest shareholders in the UK-based supermajor told the Financial Times. BP’s peer …