Companies

ENI, the Italian oil and exploration firm, is considering an exit from Pakistan after 20 years of its operations due to decline in profit margins associated with the volatile international oil prices since the coronavirus outbreak. A company official confirmed to The Express Tribune that the firm’s assets are up …

Aramco on Wednesday announced the successful completion of its share acquisition of a 70 per cent stake in Saudi Basic Industries Corporation, SABIC, from the Public Investment Fund, PIF, the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion (US$ 69.1 billion), equating to …

U.S. electric vehicle maker Tesla Inc’s China car registrations in May jumped 150% month on month, data from auto consultancy LMC Automotive showed.

Schlumberger is collaborating with China Petroleum Logging Co. Ltd., a subsidiary of China National Petroleum Corporation, to jointly manufacture wireline downhole technology in China. The collaboration will provide CNPC Logging with a license to manufacture fit-for-basin wireline technology. Schlumberger will support CNPC Logging on the manufacturing and sustaining activities for …

BP Plc will make the biggest write down on the value of its business since the Deepwater Horizon disaster a decade ago, as the coronavirus pandemic hurts long-term oil demand and accelerates the shift to cleaner energy. In a dramatic revision that prompted questions about the affordability of its dividend, …

The number of U.S. oil-producing companies filing for bankruptcy has exceeded 200 in the first quarter of 2020, and as billions of dollars in revenue have vanished amid low oil prices, thousands of workers have also lost their jobs. Due to the coronavirus, crude oil prices last month hit their …

Qatar Petroleum’s North Field expansion projects will be continued, said the state-owned company’s president and CEO and minister of state for energy affairs Saad Sherida Al-Kaabi. During a webinar organized by the US-Qatar Business Council, Al-Kaabi noted that the project is expected to raise Qatar’s LNG production capacity from 77 …

As many as 900 turbines at 50 onshore and offshore plants across Europe will receive blade maintenance and repair services under the contract.

Russia’s Gazprom said Monday it was launching feasibility studies on constructing a second gas pipeline to China that would more than double the volumes it could deliver to the energy-hungry nation. “The objective is to connect the gas transportation infrastructure in the west and the east of Russia,” Gazprom chief …

BP’s new chief executive said the impact of the coronavirus pandemic has deepened his commitment to shrinking the oil giant’s carbon footprint to zero. Bernard Looney, who took the helm of the oil giant in February, said he is “more convinced than ever” that BP must embrace the energy transition …