ExxonMobil reported $19.7 billion in third-quarter net profit, or $4.68 a share, almost triple the $6.8 billion, or $1.57 a share, earned a year ago. The company was “driving…Continue readingExxon profit triples to record $20 billion
Tag: oil
Norwegian oil and gas major Equinor said that Peregrino phase 2 was executed within the original cost estimate of $3 billion. The phase 2 project is aimed at extending…Continue readingEquinor begins production from $3 billion project in Brazil
Fracking and drilling for new oil and gas in the North Sea is green and good for the environment, Liz Truss’s new climate minister said on Wednesday. Graham Stuart…Continue readingUK fracking and oil drilling good for environment, claims climate minister
Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (TAQA) have closed financing for a $3.8 billion project to decarbonise ADNOC’s offshore oil and gas extraction…Continue readingADNOC and TAQA close financing for 3.8 billion dollar decarbonisation of oil and gas extraction
The Biden administration on Wednesday reinstated $190 million worth of leases to companies bidding to explore for oil and gas in the Gulf of Mexico. The administration sought to…Continue readingU.S. administration awards Gulf of Mexico drilling leases to oil giants
Woodside Energy, Australia’s largest energy producer, on Tuesday capped a string of bumper results by oil, gas and coal producers. The Perth-based company said its net profit after tax…Continue readingHuge profits for fossil-fuel giants Woodside, Whitehaven and Santos
PetroChina Co., Sinopec and Cnooc Ltd. each said they made historic amounts of money in the January-to-June period. PetroChina’s chairman said government stimulus packages are bolstering oil demand, while…Continue readingChina’s oil giants post record profits on surging fuel prices
Global public subsidies for fossil fuels almost doubled to $700 billion in 2021. Despite the huge profits of fossil fuel companies, the subsidies soared as governments sought to shield…Continue readingGlobal fossil fuel subsidies almost doubled in 2021
State-owned oil and gas company Indian Oil has unveiled a $25 billion investment plan to achieve net-zero operational emissions by 2046. Indian Oil chairman S M Vaidya said: “IndianOil…Continue readingIndian Oil unveils $25 billion investment plan to achieve net zero by 2046
Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production. Revenue climbed 80% to $150 billion and free cash…Continue readingSaudi Aramco posts biggest quarterly profit of any listed company
In recent years, Wall Street firms have tried to talk up their commitment to the environment and social justice. Now they are singing a different tune. Large US banks…Continue readingUS banks tout fossil fuel credentials
Temperatures have soared up to nearly 50˚C (122˚F) in Baghdad almost daily, and in the southern city of Basra, temperatures have come close to 53˚C (127˚F) – dangerously high…Continue readingHeatwaves scorch Iraq as protracted political crisis grinds on
Coal – France, Italy, Austria and the Netherlands have all announced plans to reactivate old coal power plants. But nowhere are the plans as extensive as in Germany, which…Continue readingGermany increases reliance on coal and oil
Moscow-based integrated energy company Rosneft has started production drilling at the Payakhskoye field on the Taimyr Peninsula in Russia. The field is part of Rosneft’s Vostok Oil strategic project,…Continue readingRosneft starts production drilling at Payakhskoye field in Russia
Wintershall Dea and its partners Sval Energi and Pandion Energy Norge have started production from the Nova oil field (previously Skarfjell) located in the Norwegian North Sea. The development…Continue readingWintershall Dea begins production from Nova oil field, offshore Norway
BP reported a profit of $8.5 billion for its second quarter on Tuesday, its biggest windfall in 14 years. Just days earlier, the two largest U.S. oil companies —…Continue readingBP profits highest in 14 years, raking in $8.5 billion
The nation’s biggest oil companies — ExxonMobil and Chevron — saw their profits roughly triple in the second-quarter. On Friday, Exxon reported net income of $17.9 billion for the…Continue readingExxon, Chevron post blockbuster profits on oil price boom
The UK-headquartered group, Europe’s largest oil company, reported adjusted earnings of $11.5 billion in the second three months of the year, breaking the record $9.1 billion posted in the…Continue readingShell reports record profits on surging oil and gas prices
GAZ-SYSTEM said that the Baltic Pipe project, a 900km long offshore and onshore natural gas pipeline has been connected to the Polish and Danish transmission systems. The pipeline project…Continue readingGAZ-SYSTEM connects Baltic Pipe to Polish and Danish transmission systems
US president Joe Biden said he expected Saudi Arabia to take “further steps” to increase the supply of oil in the “coming weeks” following a meeting with Crown Prince…Continue readingBiden expects Saudi Arabia to take ‘further steps’ to boost oil supply
In 2015, French oil giant TotalEnergies and the China National Offshore Oil Corporation (CNOOC) signed a memorandum of understanding (MOU) with the governments of Uganda and Tanzania, to drill…Continue readingOil drilling to go ahead in Ugandan park despite threat to nature
The proposed program for offshore drilling between 2023 and 2028 would ban exploration off the Atlantic and Pacific coasts. But by leaving the possibility for new drilling in parts…Continue readingBiden opens door to more offshore drilling, despite earlier climate vow
Alberta’s producers — forced to contend with sub-zero oil prices just a couple of years ago — are using the windfall from $100 a barrel crude to repair their…Continue readingCanada’s oil sands: why some of the world’s dirtiest fuel is now in hot demand
Oil and gas is back in fashion — at least on the stock market. Soaring fossil fuel prices, pushed higher by Russia’s invasion of Ukraine, have helped the shares…Continue readingOil and gas back in vogue for retail investors
The outgoing head of Australia’s offshore oil and gas regulator has helped hand out awards to fossil fuel companies, including Santos, Inpex and Beach Energy, prompting criticism the body…Continue readingAustralia’s oil and gas regulator criticised after chief hands out environmental ‘excellence’ awards at industry dinner
Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men…Continue readingCoal, oil price surges on Ukraine war make Asia’s richest richer
America’s shale oil companies are enjoying a cash bonanza, as soaring oil prices and months of capital restraint transform the fortunes and balance sheets of a sector once notorious…Continue readingUS shale companies enjoy ‘tsunami of cash’ on high oil prices
Saudi Aramco has overtaken Apple as the world’s most valuable company after higher oil prices pushed shares of the world’s biggest crude exporter to record levels, while a broader…Continue readingSaudi Aramco overtakes Apple as the world’s most valuable company
Indonesian state-owned oil and natural gas company Pertamina has reportedly received approval for the $2.41 billion investment plan to expand the Rokan oil block. Pertamina has received the approval…Continue readingPertamina gets planning approval for $2.4 billion Rokan block development
The Guanabara floating production storage and offloading unit (FPSO) has been designed to process up to 180,000 barrels of oil per day and 12 million cubic metres of gas…Continue readingPetrobras begins production from FPSO Guanabara in Mero field
The Biden administration announced on Friday that it would resume selling leases for new oil and gas drilling on public lands. The Interior Department said in a statement that…Continue readingBiden Plans to Open More Public Land to Drilling
As one of the world’s most famous game reserves, Murchison Falls National Park is home to some of the largest populations of elephants, giraffes, lions and leopards anywhere on…Continue readingThe oil giants drilling among the giraffes in Uganda
Canada’s environment minister approved Wednesday a controversial offshore oil project expected to see 300 million barrels of oil extracted over 30 years This is equivalent to about 3 days…Continue readingCanada approves controversial Bay du Nord offshore oil project
From the U.S. to China, in Europe, India and Japan, fossil fuels are staging a comeback, clean energy stocks are taking a hammering, and the prospects for speeding the…Continue readingThe great climate backslide: How governments are regressing worldwide
For the past 15 years the world has been using more oil than the primary monitoring agency thought. The changes aren’t small. At 2.9 billion barrels, the additional demand they’ve…Continue readingThe World Has Been Using A Lot More Oil Than We Thought
25 European banks have provided $US33 billion (£24 billion) in loans and other financing to 50 companies with large oil and gas expansion plans, less than a year since…Continue readingEurope’s biggest banks provide £24 billion to oil and gas firms despite net zero pledges
TotalEnergies & China’s CNOOC will drill more than 431 wells in Uganda and pump the crude in a pipeline heated to 50˚C 1,450km (900 miles) to a port in…Continue readingThe East African Pipeline
Total Energies is leaving it to others to meet the carbon reduction goals in the Paris agreement, after the Paris-based colossal fossil predicted the world will hit peak oil…Continue readingColossal Fossil Total Projects Peak Oil by 2030, Still ‘Leaves it to Others’ to Meet Paris Targets
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A minority coalition of the Labour Party and the rural Centre Party will take power after defeating the Conservative-led government in last month’s election. “The Norwegian petroleum industry will…Continue readingNorway to keep searching for oil and gas
“We will supply energy to the world as long as the demand exists.”Continue readingNorway plans to continue oil exploration and drilling in coming decades
