Chevron has committed to spend US$10 billion - more than three times the amount previously committed – on renewable energy operations over the next seven years, in a bid to cut its carbon emissions. The latest pledge, which amounts to less than a 10th of Chevron’s...
BHP is engaging in talks with Australia’s Woodside Petroleum over a potential merger of its US$13 billion-valued petroleum business. The potential transaction between BHP and Woodside would mark the world’s biggest mining group’s exit from the oil and gas industry, as it faces growing shareholder pressure...
An unsourced media report has linked Woodside Petroleum with the acquisition of 100% of the oil and gas assets owned by mining giant BHP. Analysts and an investor referenced in a Reuters article claim that Australia’s top independent gas producer is in talks with BHP with...
Spain has become the latest European country to ban all new oil and gas exploration along with other measures to reduce its carbon emissions on the path to net zero by 2050. The Spanish government passed a piece of wide-ranging legislation which immediately bans new oil...
Sweden-based oil producer Lundin Energy has sold what it claims to be the ‘world’s first certified carbon neutrally produced oil’ product, after working with product testing company Intertek. Intertek measured the CO₂ emissions of 600,000 barrels of oil equivalent (boe) from Lundin’s Edvard Grieg field that...
Santos has approved the development of its US$3.6 billion Barossa gas project off the coast of Darwin, after putting the plans on hold last year due to the COVID-driven market crash. The Australian oil and gas producer said that the green light will also kickstart a...
Saudi Aramco has reported a 44.4% drop in net profit for the 2020 financial year, as the COVID-19 pandemic took a chunk out of global fuel demand and prices fell accordingly. The state-run Saudi Arabian oil giant made US$49 billion in net income last year -...
Total has announced it will modify its name to TotalEnergies as part of a drive to diversify away from oil and grow its renewable energy business and clean electricity production. The French oil and gas major reported a net annual loss of US$7.2 billion in 2020...
Global classification society DNV GL has proclaimed that ‘priorities are shifting’ in the oil and gas industry after a record 66% of senior professionals reported that their organisation is actively adapting to a less carbon-intensive energy mix in 2021. In addition, some 57% of over 1,000...
BP has cut its oil exploration team to less than 100 from a peak of more than 700 a few years ago, in the clearest sign yet of the company’s rapid shift away from fossil fuels under CEO Bernard Looney. “The winds have turned very chilly...