Saudi Arabian energy giant Aramco has announced a series of new initiatives aimed at bolstering digital development within its operations. These initiatives, unveiled at the Global AI Summit in Riyadh, include partnerships and the deployment of an AI supercomputer. At the summit, Aramco signed memorandums of understanding (MOUs) with Cerebras …
Read More »Aramco and ADNOC among Suitors for Shell’s Downstream Business in South Africa
Saudi Aramco, Abu Dhabi National Oil Company (ADNOC) and commodities trader Trafigura are among the entities vying to acquire Shell’s service stations in South Africa, reported Bloomberg, citing sources. The sale, which could fetch close to $1bn, includes a network of 600 service stations and is part of Shell’s downstream …
Read More »Shell Plans 20% Cut in Oil and Gas Exploration Workforce
Shell is looking to reduce its oil and gas exploration workforce by 20%, reported Reuters, citing sources. The news comes as CEO Wael Sawan makes cost-saving measures to the upstream division, which significantly contributes to the company’s earnings. According to sources, the planned cuts will affect offices globally, notably in …
Read More »EIA Forecasts Tighter US Oil Markets and Lower Crude Prices
The US EIA has forecast that US oil markets will experience a closer balance between supply and demand this year. At the same time, the EIA has revised its forecast for 2025 crude prices downwards compared with its Short-Term Energy Outlook (STEO), published in July. Despite recent drops in crude …
Read More »TotalEnergies Set to Leave Gas-Condensate Discoveries Offshore South Africa
TotalEnergies is planning to exit its gas-condensate finds off the South African coast, reported Bloomberg, citing sources familiar with the matter. Instead, the French oil and gas major plans to focus on exploration opportunities closer to Namibia. In 2019, TotalEnergies made a discovery at the Brulpadda field, braving one of …
Read More »Saudi Arabia Planning to Conduct $10bn Share Sale of Aramco next Month
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 …
Read More »China’s CNOOC to Hold Talks over Oil Exploration in Angola
China National Offshore Oil Corporation (CNOOC) is dispatching a team of top executives to Angola to explore new oil exploration opportunities, reported Reuters. This development comes as Angola, one of Africa’s leading oil producers, seeks to strengthen its energy ties with China, a principal creditor and a crucial market for …
Read More »Saudi Arabia Confirms Additional Gas Reserves at Aramco’s Jafurah Field
The Saudi Ministry of Energy has announced a substantial increase in gas reserves at the Jafurah field, operated by state-owned Aramco, marking a significant boost for the country’s energy sector. As per the Saudi Press Agency (SPA), the additional reserves comprise 15 trillion standard cubic feet of gas and two …
Read More »EU to Decline Extending Agreement on Russian Gas Transit via Ukraine
The EU says that it sees no need to extend Russia’s five-year contract to supply gas to Europe via Ukraine, which is due to expire at the end of 2024. Energy Commissioner Kadri Simson said that alternative supplies have now been sourced by countries that were once served by the …
Read More »India Looking for Multi-Year Oil Purchase Deal with Guyana
India is looking to sign a multi-year oil purchase deal with Guyana, the Guyanese minister for natural resources, Vickram Bharrat, said on Thursday, as the subcontinent moves to diversify its supply of crude imports. Referencing the possibility of a long-term oil deal with India, Bharrat told reporters on the sidelines …
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