Companies

The world’s largest oilfield services provider, Schlumberger, is selling its North American fracking business to Liberty Oilfield Services for a minority stake in a new combined company after the oil price crash crushed the U.S. shale patch’s fracking activity. Schlumberger has agreed to combine its onshore hydraulic fracturing business in …

State oil company Saudi Aramco has discovered two new oil and gas fields in the northern regions, the kingdom’s energy minister said Aug. 30, state news agency SPA reported. The energy minister Prince Abdulaziz bin Salman Al-Saud said the new Abraq al-Toloul oil field, which lies to the south east …

Brazil’s Petrobras has initiated the sale process for a group of 26 onshore and shallow-water oil fields and a small nearby refinery in the northeastern part of the country, as the state-run company forges ahead with its ambitious divestment program. In a securities filing, Petroleo Brasileiro SA, as the firm …

Saudi Arabia Oil Co.’s senior management reshuffle is more than just a game of high-level musical chairs at any old energy company. The oil giant faces an uphill battle to meet promises made before its record-setting initial public offering last year — and before the coronavirus pandemic hit — to …

Saudi Arabia’s state oil company has suspended a deal to build a $10 billion refining and petrochemicals complex in China, according to people familiar with the matter, as the company slashes spending to cope with low oil prices. Saudi Arabian Oil Co., or Aramco, decided to stop investing in the …

Iraq plans to sign a memorandum of understanding with Chevron Corp. to explore for oil in the country’s southern province of Dhi Qar, according to a person familiar with the matter. The deal formalizes Chevron’s interest in exploring the eastern and western parts of Nasiriyah, the capital of Dhi Qar, …

This may turn out to be the year that oil giants, especially in Europe, started looking more like electric companies. Late last month, Royal Dutch Shell won a deal to build a vast wind farm off the coast of the Netherlands. Earlier in the year, France’s Total, which owns a …

Russia’s largest oil producer Rosneft made a second-quarter profit of 43 billion roubles (€496 million) after reporting a loss in the previous three months thanks to a rise in oil prices, it said on Friday. Rosneft, headed by Igor Sechin, a long-standing ally of President Vladimir Putin, is the first …

BP will sell oil and gas assets to fund its ambitious low-carbon strategy even if prices improve, three unnamed sources told Reuters. A tenfold increase in investments in low carbon businesses to some $5 billion annually is among BP’s new strategic priorities for the next ten years as the supermajor …

The dramatic reductions in asset valuations and decline in output show the depth of the pain in the second quarter. Fuel demand at one point was down by more than 30% worldwide, and still remains below pre-pandemic levels. Several executives said they took massive writedowns because they expect demand to …