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...
Chevron has confirmed it will buy diversified energy firm Noble Energy in a deal that represents the first major outlay in the oil sector since the COVID-19 crisis destroyed fuel demand and sent prices to record lows. The all-stock transaction is valued at US$5 billion, under...
The 12 members of the Oil and Gas Climate Initiative (OGCI) have for the first time set a joint goal to cut their greenhouse gas emissions as a proportion of output, amid growing pressure on the sector’s climate stance. OGCI members, including Saudi Aramco, China’s CNPC...
Equinor announced yesterday the discovery of gas and condensate in an exploration well near the Kvitebjorn field in the Norwegian section of the North Sea. Well 30/2-5 S Atlantis was drilled to a vertical depth of 14,301 feet below sea level and water depth in the...
BP has informed its staff that 10,000 jobs will be cut following the crash in oil prices earlier this year and as the company prepares for the energy transition towards lower carbon emissions. The oil giant will let go of 14% of its workforce, mostly those...