(Oil Price) – BP more than doubled its profit for the second quarter from a year earlier on the back of higher oil and gas prices and stronger refining margins driven by the shock supply disruption in the Middle East. BP on Tuesday reported an underlying replacement cost (RC) profit, the closest metric to net profit closely watched by analysts, of $5.7
(World Oil) — Eni and TotalEnergies have reached a final investment decision (FID) to develop the Cronos gas field offshore Cyprus, advancing the country’s first natural gas project and establishing a new LNG export route from the Eastern Mediterranean to European markets. Eni, which operates Block 6 with a 50% interest alongside TotalEnergies (50%), said the deepwater Cronos field contains more than 3 Tcf of
(Oil Price) – TotalEnergies will appeal a landmark decision of the Paris Judicial Court from last month, which ordered the French supermajor to align its business to climate change goals as it held it responsible for climate change. In a statement on Monday, TotalEnergies said that it had decided to appeal the ruling, rendered under the French duty of vigilance law, arguing that
(Oil Price) – TotalEnergies expects higher cash flows from its oil production and strong refining margins and oil trading results to boost second-quarter profits compared to the prior quarter, as oil prices rose and fuel markets tightened in the wake of the Iran war. “Downstream results and cash flow are expected to increase sharply compared to the first quarter of 2026,
(World Oil) – TotalEnergies has signed an agreement to acquire a 10% interest in the Bab Gas Cap concession in Abu Dhabi, joining ADNOC and a group of international partners in the development of one of the UAE’s major gas growth projects. The concession is operated by ADNOC Onshore, which holds a 60% interest. Other partners include bp, CNPC, JODCO/INPEX, ZhenHua and GS Energy. The
(BOE Report) – French oil major TotalEnergies made the decision to buy large amounts of Middle East crude in March after its traders noticed the U.S. Navy amassing ships near the Gulf in February, its CEO told French newspaper Le Figaro in an interview published on Thursday. “Our oil traders — and it’s their job — noticed that the U.S. Navy was
(Oil Price) – The government of Mozambique disagrees with TotalEnergies’ estimate that the years-long delay in the Mozambique LNG project has cost it and its partners $2 billion in overruns, a source familiar with the matter told Bloomberg on Wednesday. TotalEnergies and its partners in the $20-billion Mozambique LNG project had to suspend work and declare force majeure for several years
(Oil Price) – TotalEnergies is considering selling 50% of some of its solar and wind assets in Europe as part of its strategy to partner with other companies in operating and monetizing its clean energy portfolio, Bloomberg reported on Friday, quoting anonymous sources with knowledge of the plans. The France-based oil and gas supermajor, which has been developing a global renewable energy
(World Oil) – TotalEnergies and Egyptian Natural Gas Holding Company have signed a memorandum of understanding (MoU) covering offshore exploration cooperation in northwestern Egypt as the companies continue evaluating deep offshore resource potential in the region. The agreement establishes a framework for technical cooperation and preliminary exploration activities across a large offshore area located in the northwestern part of Egypt’s
(By Oil & Gas 360) – Two countries. Two frontier basins. Two very different stages of the same story. Guyana and Namibia are now central to the next wave of global oil supply. Both have delivered major discoveries, attracted the world’s largest oil companies, and reshaped the flow of capital into frontier exploration. But beyond the surface similarities, they represent very
(World Oil) – TotalEnergies reported damage at the SATORP refinery in Saudi Arabia following overnight incidents linked to the ongoing Middle East conflict, resulting in the shutdown of one of the site’s two processing trains. The SATORP facility, a joint venture majority-owned by Saudi Aramco (62.5%) with TotalEnergies holding 37.5%, was impacted during the night of April 7–8. No casualties were
(World Oil) – TotalEnergies has completed the merger of its UK North Sea upstream assets with NEO NEXT, forming a new entity—NEO NEXT+—that is set to become the largest independent oil and gas producer on the UK Continental Shelf (UKCS). Under the transaction, TotalEnergies will hold a 47.5% stake in the combined company. NEO NEXT+ is expected to deliver production exceeding 250,000
