(World Oil)– bp Plc and Shell Plc signed agreements with Libya’s National Oil Corp (NOC) to study new opportunities, joining international majors accelerating their return to the oil-rich African nation. bp, which has pivoted away from its failed low-carbon strategy to focus more on fossil fuels, signed a memorandum of understanding to study reviving two huge oil fields in Libya,
(World Oil)– ExxonMobil expects lower oil and gas prices to reduce the company’s earnings by about $1.5 billion as a volatile quarter for commodity prices weighs on second-quarter profits. Oil prices pulled down earnings by about $1 billion while gas contributed another $500 million hit when compared to the first quarter, the Spring, Texas-based company said in a statement Monday.
(World Oil) – (Bloomberg) — Shell Plc denied a Wall Street Journal report that it is in active talks about acquiring its London-based oil rival bp Plc. “This is further market speculation. No talks are taking place,” a Shell spokesperson said. bp surged as much as 10% in New York earlier on Wednesday on the report that it was in
(BOE Report) – BP has been the subject of takeover talks for several years due to its shares’ relative underperformance, but analysis of its disclosures shows the British energy firm may not be as cheap as its market valuation would indicate. BP says it has net debt of $27 billion – already more than some rivals – but its disclosures
(World Oil) – Namibia will offer financial incentives to help kick-start the development of oil fields managed by a group led by TotalEnergies, according to a special adviser in the presidency. TotalEnergies and Shell Plc in 2022 made the first in a series of finds off the coast of the southwest African nation. But the explorers have also hit dry wells,
(World Oil) – The chances that a rival oil company will take over bp Plc are slim right now, even as peers have been running the numbers, because of the firm’s size and complexity, said bankers from Moelis & Co. “We can’t identify anybody in the U.S. that would be a buyer,” Moelis Chairman and Global Head of Energy and Clean
(World Oil) – Ecopetrol SA plans to continue drilling for natural gas in Colombian Caribbean waters after partner Shell Plc exited three offshore blocks, betting on growing domestic demand and potentially lucrative reserves. Shell said in April it would pull out of the COL-5, Purple Angel and Fuerte Sur blocks as part of a “strategic” decision, ending its oil and gas
(Oil Price) – After years of watching Europe’s Big Oil commit growing shares of capex to low-carbon energy solutions, U.S. supermajor Exxon is now set to overtake Shell and BP in investments planned for low-emission projects. Exxon’s pledge largely depends on the Trump Administration not repealing key provisions in Biden’s flagship Inflation Reduction Act of 2022, which offered incentives to companies
(Oil Price) – Ever since BP admitted that its attempt to go green had ended in a disaster, the flow of news from the energy industry has been in one single direction: back to oil and gas, which make money. Indeed, Big Oil has finally accepted it will not transform into Big Green Power and has gone back to what it
(World Oil) – Shell Plc will update its strategy on Tuesday, just a month after rival bp Plc unveiled a fundamental “reset.” Shell CEO Wael Sawan is in the final stages of a two-year effort to shake up Shell by cutting costs, improving reliability and shedding under-performing units. Analysts and investors will be looking for plans for growth at the company’s
(Oil Price) – Japanese oil and gas firm Japex is pivoting back to its core business after seeing poor returns in the renewable energy sector, as it becomes the latest major company to scale back green energy investments. “For now, the investment focus will remain on oil and gas exploration and production… as securing a fair return from renewable energy sources
(Oil & Gas 360) – January 2025- Houston− Shell Offshore Inc. (Shell), a subsidiary of Shell plc, announced that production has started at the Shell-operated Whale floating production facility in the Gulf of Mexico. Whale replicates the simplified, cost-efficient host design of the Vito platform, which began production in early 2023. The Whale development is owned by Shell Offshore Inc. (60%, operator) and
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