Oil prices fell by 12% as markets reopened this week after Saudi Arabia and Russia made no progress towards ending their price war that has decimated the oil market, along with the COVID-19 (coronavirus) pandemic. Brent crude lost more than US$3 to trade at just over...
Saudi Aramco will cut capital spending in 2020 in light of the coronavirus (COVID-19) outbreak and it reported a 21% decline in net profit last year. The state-run oil giant said it expects capital spending to be between US$25-30 billion this year, compared to $32.8 billion in...
Royal Dutch Shell has announced it will work with Dutch gas infrastructure group Gasunie to deliver Europe’s biggest green hydrogen project in the Netherlands, powered by up to 10GW of offshore wind in the North Sea. The partners signed off on the NortH2 project in conjunction...
BP has announced it will sever ties with three US industry lobby groups, citing disagreements with their climate policies. The oil and gas major will end its associations with the American Fuel and Petrochemical Manufacturers (AFPM), the Western States Petroleum Association (WSPA) and the Western Energy...
BP’s new chief executive Bernard Looney yesterday announced plans to become a net zero emissions company by 2050 or sooner, in what would be a drastic reorganisation of the global oil giant’s business. Along with absolute net zero commitments across all of BP’s operations, the company...
Brazil could soon become the latest member OPEC after its energy minister announced that discussions are set to begin regarding the country joining the global oil cartel. Bento Albuquerque said that talks would begin during a visit to Saudi Arabia - the group’s de facto leader...
Norway’s state-owned oil company Equinor is aiming to slash its fossil fuels emissions by 40% by 2030 as part of a wider plan to get close to net zero by 2050. The 2030 emissions target will be attained by investing around US$5.7 billion to replace gas...
Shares in Saudi Aramco beat expectations on their first day of trading on Saudi Arabia’s domestic exchange, surging by 10% to give the oil giant a valuation of US$1.88 trillion. Aramco shares rose to $9.39 on Wednesday after initially opening at $8.53 during its initial public...
Mexico’s state-run oil company Pemex announced on Friday the discovery of an oil field that could generate 500 million barrels of crude, making it the country’s biggest oil find in over 30 years. Pemex first discovered the Quesqui field, a 3P reserve, in the Southeastern state...
BP has increased its shareholding in the UK-based solar energy firm Lightsource BP, creating a simplified 50:50 joint venture structure. The oil major returned to the solar market by acquiring 43% of Lightsource in December 2017, which was subsequently rebranded to Lightsource BP. BP yesterday announced that...