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...
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...