(Oil Price) – BP is increasing its investment in upstream oil and gas to $10 billion per year while slashing spending on clean energy by more than $5 billion a year in the highly anticipated strategy reset announced on Wednesday. BP’s stock has been underperforming its UK-based peer, Shell, and other major international oil firms in recent years. The BP board has been
(Oil Price) – BP is expected to announce this week that it is shifting its focus back to oil and gas, ditching a target to boost renewable energy capacity generation 20-fold by 2030, sources familiar with the new strategy told Reuters on Monday. BP earlier this month pledged to fundamentally reset its strategy as it booked its lowest annual and quarterly profits in years and
(Oil Price) – President Donald Trump wasted no time flexing his pro-fossil fuel stance, approving the first LNG export permit since Biden’s controversial pause last year and creating a new energy council to expand U.S. oil and gas production. The move is a sharp policy reversal and seeks to reinforce America’s position as the world’s top hydrocarbon producer. Commonwealth LNG, the
(Oil & Gas 360) – DECARBON 2025 brought together industry leaders to chart the course for sustainable energy transition strategies in Berlin, Germany on 10-11 February. Central themes included solutions for reducing carbon footprints across all industry segments, hydrogen production, advancements in refining, integration of circularity principles and others. The Oil and Gas Decarbonisation Congress (DECARBON 2025) has concluded in
(Oil & Gas 360) – The Oil and Gas Decarbonisation Congress (DECARBON) 2025 welcomes top management and leading technical specialists to present companies’ experience and solutions for reducing carbon emissions within the oil and gas sector. The Congress is held in Berlin, Germany on 10-11 February. As the global focus intensifies on reducing carbon emissions to combat climate change, oil
(Investing) – The pace of U.S. upstream public-to-public mergers could slow in 2025 from their recent average of five per year along with a fall in deal sizes, according to a report from energy analytics firm Enverus that was released on Tuesday. The consolidation trend in the U.S. energy sector, which triggered deals amounting to $250 billion in 2023, stretched into
(Oil Price) – U.S. supermajor Chevron has expressed interest in oil and gas exploration offshore Greece, the Greek Ministry of Energy and Environment said on Monday, adding that exploration is part of the national strategy for energy independence and lower energy costs. Chevron is interested in exploring the area southwest of the Peloponnese peninsula and to the west of the island of Crete,
(World Oil) – Eni is launching three exploration plays, TotalEnergies is expecting promising results from its recent onshore exploration project, and other developments were shared during an upstream IOC-led panel at the Libya Energy & Economic Summit. Libya’s National Oil Corporation (NOC) and international energy companies TotalEnergies, Eni, OMV, Repsol and Nabors outlined key exploration milestones and strategies to advance
(Yahoo Finance) – Oil giant BP is to cut about 4,700 staff, more than 5% of its total workforce, as part of its plans to cut costs. The British firm, which has a global workforce of about 90,000 people, confirmed the job losses on Thursday, but has not said how many roles will be affected in each country it operates in.
(Oil & Gas 360) – The Oil and Gas Decarbonisation Congress (DECARBON) 2025 welcomes top management and leading technical specialists to present companies’ experience and solutions for reducing carbon emissions within the oil and gas sector. The Congress is held in Berlin, Germany on 10-11 February. As the global focus intensifies on reducing carbon emissions to combat climate change, oil
(World Oil) – Energy NL has made a submission to the Government of Canada Gazette 1 consultation process on the proposed Oil and Gas Sector Greenhouse Gas Emissions Cap Regulations and has asked the federal government to abandon the regulations. According to the submission, the regulations sidestep the Atlantic Accord and will effectively cap offshore oil production and greatly impact the
(Oil Price) – Italian energy major Eni has started production from the second phase of its oil and gas development Baleine offshore Cote d’Ivoire, boosting output from the field in West Africa. This weekend, Eni announced the successful start-up of Phase 2 at the Baleine field, which will raise production to 60,000 barrels of oil per day (bpd) and 70 million cubic feet
