Executives say that AI will lead to cheaper and faster oil production. CORRECTED.
Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and has prompted companies to reconsider areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference.
Executives say AI will lead to cheaper and faster oil production.
Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and is prompting companies take a second glance at areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference.
Aramco CEO: More likely Elvis will speak than energy transition plans to succeed
Saudi Aramco's CEO said Monday that policymakers and energy executives should rethink their energy transition plans. They must stop investing in elements of the energy transition which have failed and instead rethink the entire energy transition. The remarks from the head the…
Orlen's quarterly EBITDA in Poland increases 73.8% year-on-year
Orlen, a Polish energy company, reported Thursday a 73.8% increase in earnings before interest taxes, depreciation, and amortization. This was slightly higher than analysts' expectations of 11,11 billion. The strong performance in the upstream and gas segment drove this. The company…
Woodside Energy's profit for the year is at its lowest level in three years due to low oil and gas prices
Woodside Energy, a major oil and gas company, reported on Tuesday its lowest annual profit in the last three years, due to lower realized prices. However, it maintained its production forecast for 2025, based on expectations that demand for liquefied gas will be strong. The energy…
Italy's Saipem and Norway's Subsea 7, to create a leader in energy services
Saipem, an Italian company, has agreed to merge its Norwegian competitor Subsea 7 into a global leader in offshore energy services. The deal is a 100% share transaction. The two companies announced that the combined group will be called Saipem7. It will have a backlog of orders of over 45 billion euros…
Italy's Saipem and Norway's Subsea 7, to create a leader in energy services
Saipem, an Italian company, has agreed to merge its Norwegian competitor Subsea 7 into a global leader in offshore energy services. The deal is a 100% share transaction. The two companies announced that the combined group will be called Saipem7. It will have a backlog of orders of over 45 billion euros…
ADNOC, the UAE's gas company, has completed a $2.84 billion share sale.
Abu Dhabi National Oil Co. (ADNOC), the energy giant of United Arab Emirates, announced early Friday that it had completed a 2.84 billion dollar market offering for its ADNOC Gas division. ADNOC said in a press release that the offering price was 3.40 dirhams for each share. The…
Sources say that RPT-Australian Woodside is in talks with three partners about Louisiana LNG.
Multiple sources have confirmed that Woodside Energy is in talks with several potential investors to buy stakes in the Louisiana liquefied gas plant. These include Tokyo Gas, Japan’s JERA, and Saudi Aramco-backed MidOcean Energy. This sale of stakes is a test of market expectations for LNG following Donald Trump's return to the U.S.
Sources: Woodside Australia is in talks with three partners about Louisiana LNG.
Multiple sources have confirmed that Woodside Energy is in talks with several potential investors to buy stakes in the Louisiana liquefied gas plant. These include Tokyo Gas, Japan’s JERA, and Saudi Aramco’s MidOcean Energy. This sale of stakes is a test of market expectations for LNG following Donald Trump's return to the U.S. Presidency.
Aramco's chief executive expects an additional oil demand of 1,3 million bpd in this year
Amin Nasser, the chief executive of Saudi oil giant Aramco, said that he believes the oil market is healthy and anticipates a demand increase of 1.3 million barrels a day this year. Nasser, speaking on the sidelines at the World Economic Forum, Davos, was answering a question about the impact of U.S.
US Storm, Weaker Dollar Push Oil to 12-week High
Oil prices edged up to a 12-week high on Monday as a winter storm boosted demand for energy to heat U.S. homes and businesses, and on support from a weaker U.S. dollar and expectations of tighter sanctions on Iranian and Russian oil exports.Brent futures rose 27 cents, or 0.4%, to $76.78 a barrel by 11:33 a.m. EST (1633 GMT), while U.S.
Vice Minister says Saudi Arabia has extracted lithium in oilfield runoffs
Saudi Arabia has successfully recovered lithium from samples of brine from the oilfields of national giant Aramco and plans to launch soon a commercial pilot program for direct extraction, said the Saudi vice-minister for mining affairs on Tuesday. Khalid al-Mudaifer, CEO of King…
Oil Rises as Syria's Assad Departs, China eases Monetary Policy
Oil prices rose by nearly 2% on Monday on increased geopolitical risk after the fall of Syrian President Bashar al-Assad, and as top importer China flagged its first move towards a loosened monetary policy stance since 2010.Brent crude futures were up $1.34, or 1.9%, to $72.46 per barrel at 11:25 a.m. ET (1625 GMT). U.S.
As tensions in the Middle East increase, demand worries are offset.
The oil prices rose on Monday, as the heightened tensions that followed the rebels' overthrow in Syria of President Bashar al Assad offset concerns about the weak Chinese demand highlighted by Saudi Aramco’s price reductions to Asian buyers. Brent crude futures increased by 22 cents or 0.3% to $71.34 a barrel at 0140 GMT. U.S.
Rosneft denies reports that 'evil Sechin’ plans to takeover Russian oil giants
Rosneft is Russia's largest oil company. It denied any reports that it was planning to take over a large chunk of the Russian Oil Sector. They said these reports were an attempt to portray its CEO, Igor Sechin as a bad influence. The Wall Street Journal reported on Russia's plans to merge Rosneft with Gazprom, Lukoil and Lukoil.
WSJ reports that Russia is exploring a plan to merge Rosneft, a Gazprom subsidiary, and Lukoil.
The Wall Street Journal reported that Russia is working on plans to merge Rosneft oil, a state-backed company, with Gazprom, creating the second-largest crude oil producer in the world. The newspaper reported that executives and government officials have been in talks over the last few months.
Sempra Port Arthur LNG Phase 2 is ahead of Cameron LNG, according to CFO
Karen Sedgwick, Sempra Infrastructure’s finance chief, said that the Port Arthur LNG Phase 2 project is ahead of Cameron LNG expansion. Sedgwick informed investors in a conference call that the Port Arthur project is moving faster because of a construction agreement that spans both phases with Bechtel.
SABIC, a petrochemicals company, makes a profit in the third quarter but fails to meet market expectations
Saudi Basic Industries Corp. (SABIC), a major petrochemicals company in the world, reported a net profit of $1.5 million for the third-quarter, compared to a loss the previous year. This was due to higher revenues and core profits. In a press release, the company reported that…
Saipem, Italy's largest energy company, increases its 2024 forecast and confirms dividend plan
Saipem, an Italian energy contractor, raised its full-year forecast and confirmed that it will resume dividend payments in 2019, after exceeding expectations for the third-quarter results. The group reported adjusted earnings between July and Septembre of 340 millions euros ($366million)…
