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...
The Organization of the Petroleum Exporting Countries (OPEC) and its allies will consider deepening their existing oil output cuts by about 400,000 barrels per day (bpd) to 1.6 million bpd, according to Iraq’s Minister of Oil Thamer Ghadhban. Ghadhban told reporters in Baghdad that OPEC and...
ExxonMobil is planning to sell up to US$25 billion of its oil and gas fields around the world as it looks to free up funds for a handful of megaprojects, according to three banking sources heard by Reuters. Under the plans, the US-based energy giant will...
Iranian President Hassan Rouhani has announced that a new oil field in the Southwest of the country has been discovered, which could increase Iran’s proven crude reserves by around a third. "We have found an oil field with 53 billion barrels of oil in place, 53...
BP’s profits in the third quarter took a significant hit after taking a one-off US$2.6 billion charge linked to asset sales, however outgoing chief executive Bob Dudley said underlying cash flow and earnings remained strong in the period. The $2.6 billion charge resulted in a $700...