Royal Dutch Shell has made significant progress towards its annual divestment target with the sale of a 26.25% stake in its Queensland Curtis LNG (QCLNG) facilities to Global Infrastructure Partners Australia. The oil and gas giant will receive US$2.5 billion for the stake in QCLNG, putting...
Total SE has acquired a 16.6% stake in a liquefied natural gas (LNG) project in Northern Mexico which is being built by US firm Sempra Energy and its local unit Infraestructura Energetica Nova (IEnova). The US$2 billion Energia Costa Azul (ECA) LNG facility, near the port...
BP has bounced back from a record US$6.7 billion loss in the second quarter of the year to make $100 million in profit in the third quarter, as oil companies begin to recover from the impact of the COVID-19 pandemic. The British company’s latest financial results...
ConocoPhillips yesterday announced it will buy US shale oil producer Concho Resources for US$9.7 billion, in the latest example of consolidation in the energy sector following depressed oil prices and demand due to the COVID-19 pandemic. The deal sees 1.46 shares of ConocoPhillips swapped for each...
Privately-held Chrysaor has struck a reverse takeover deal with Premier Oil that will create the biggest quoted independent oil and gas exploration and production company listed in London. North Sea-focused Premier’s US$2.7 billion of debt and hedging liabilities will be repaid and cancelled via a $1.232...
Royal Dutch Shell has revealed plans to cut up to 9,000 jobs, or over 10% of its workforce, as part of the oil giant’s strategy to transition towards lower carbon energy production. Last month the company launched a broad review of its business, which focused on...
Global independent oil trader Trafigura has signalled its intention to move into renewable energy through the formation of a joint venture – Nala Renewables – with Geneva-based IFM Investors. Under the partnership, Trafigura expects to invest around US$2 billion in new solar, wind and power projects...
BP has declared that global oil demand may never exceed the level reached in 2019, following the impact of the COVID-19 pandemic this year and an acceleration in the green energy transition. In its annual Energy Outlook report, BP said that ‘peak oil’ may have been...
Total yesterday announced that a security pact has been signed with the Mozambique government to protect a US$20 billion liquified natural gas (LNG) project in the Southern African country. Government security forces have been engaged in a low-level insurgency against militias suspected of having links to...
BP has cut its prized investor dividend in half after reporting a record US$6.7 billion loss in the second quarter of the year, when the COVID-19 pandemic destroyed fuel demand and oil prices. On Tuesday, the British oil major announced that it will "reset" its shareholder...