BP and Iraq agree on technical terms for redeveloping Kirkuk oilfields
The British oil giant BP announced on Thursday that it had reached an agreement with the Iraqi Government on the technical conditions for redeveloping the Kirkuk Oil and Gas Fields. In August, the company signed an agreement to explore and develop the Kirkuk oilfield located in the north of Iraq.
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. TotalEnergies French oil giant Total Energies has sold half of its shares in the UK's West Burton Energy Gas Power Plant to Epuki. Vallourec French…
BP's offshore Wind Head to Step Down
A spokesperson for BP announced on Monday that Matthias Bausenwein, the head of offshore winds, is leaving the firm. This comes after the oil giant announced its intention to spin off its offshore operations into a JERA-JERA joint venture. Bausenwein, who joined BP in August 2022 from the Danish renewables giant Orsted…
Total closing in on 2 bln euro deal for renewables developer VSB, Bloomberg reports
Bloomberg News reported that TotalEnergies, a French oil giant, is on the verge of acquiring renewable developer VSB Group. The deal will cost about 2 billion euro ($2,10 billion). TotalEnergies has declined to comment. VSB Group, Partners Group and TotalEnergies did not respond to comments immediately.
Exxon continues to discuss shallow-water blocks in Guyana's auction, the company reports
Exxon Mobil, the U.S. oil giant and its partners continue to negotiate with Guyana’s government about terms for developing an oil block in shallow water. An Exxon spokesperson confirmed this on Monday. Exxon Hess, CNOOC and Exxon won the offshore block S8 during a…
Petrobras bids for ships for Sergipe Deepwater Project
Petrobras, the state-owned oil company of Brazil, has announced a bid to purchase up to two offshore production vessels as part of its Sergipe deepwater project SEAP. The announcement was made in a late Friday securities filing. The floating production, storage, and offloading units (FPSOs) will be contract on a build…
Exxon consortium in Guyana produces 500 million barrels of crude oil
ExxonMobil, the oil giant, announced on Wednesday that it has produced 500 million barrels from Guyana’s offshore Stabroek Block since commencing production in 2019. Exxon, Hess, and CNOOC Ltd. are part of the Exxon-led group that is responsible for production in this South American country.
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…
TotalEnergies CEO: Up to $2 billion in Russia still stuck
Patrick Pouyanne, CEO of TotalEnergies, told analysts that the French oil giant's stakes in Russian gas company Novatek and its Yamal LNG project in Russia generate between $1.5 and $2 billion annually in dividends. Pouyanne stated that although the company was able…
TotalEnergies' third-quarter revenue drops as refining profits collapse
TotalEnergies, the French oil giant, reported a third-quarter net profit at $4.1 billion, a three-year-low. The company was hit by a collapse in refining margins as well as upstream outages. The adjusted net income fell 37% compared to a year ago and 12.7% compared to the $4.7 billion of the previous quarter.
Deep sea oil drilling drillers are now subject to new safety regulations in the US
The Bureau of Safety and Environmental Enforcement, or BSEE, released new rules on Tuesday for U.S. off-shore drillers. This is because breakthrough technology allows them to operate in extreme subsea conditions and unlock untapped oil reserves worth billions of dollars.
Repsol freezes green hydrogen projects in Spain
A spokesperson for Spanish oil giant Repsol said that the unfavourable regulatory climate has forced it to put on hold plans to build green hydrogen plants in Spain, with a capacity of 350 Megawatts (MW). The company warned of the potential impact on its investment that regulatory uncertainty could have…
BP warns that weak margins in refining will hit Q3 profits
BP has said that a decline in the refining margins will reduce its third quarter profit by $400 to 600 million dollars compared to the previous three-month period. In a press release, the British group said that it also expects its oil trading results to be poor. Oil…
Petrobras' focus remains Brazil despite Africa plans, director says
Petrobras, the state-owned oil company in Brazil, has its main focus on its own country. Its director of exploration, production, said this Thursday. He added that Brazil remained a top priority, even though it plans to expand into Africa. Petrobras, which is looking to replenish its oil reserves in the future…
Petrobras, Brazil's natural gas company, will pump gas from a reopened offshore oil well
Petrobras, the Brazilian oil giant, is planning to reopen an oil well that was closed in its offshore Roncador oil field to obtain natural gas quickly. This decision was made by the company's CEO on Thursday. Magda Chambriard, the Chief Executive of Magda Energy, told…
TotalEnergies denies knowing about alleged torture and killings at Mozambique Liquefied Natural Gas site
PARIS, September 26 - French oil giant TotalEnergies responded to a report in the media by saying that it was unaware of the torture and killings allegedly committed on site of the future Mozambique Liquefied Natural Gas plant. Politico reported earlier Thursday that Mozambican soldiers working out of this site…
TotalEnergies signs LNG supply agreement with South Korea's Hyundai Chemical
TotalEnergies, a French oil giant, announced on Tuesday that it had signed an agreement with HD Hyundai Chemical, a South Korean company, to supply liquefied gas from 2027-2033. Total has now signed six LNG contracts this year. Total will deliver 4.65 million tonnes of LNG to China, Turkey and Singapore by the middle of 2030s.
Turkey's Botas buys 1.6 billion cubic meters of LNG from TotalEnergies over a 10-year period
Alparslan Bayraktar, the Turkish Energy Minister announced on Wednesday that Turkish state-owned energy company Botas had signed a 10-year contract to import LNG from French oil giant TotalEnergies starting in 2027. Bayraktar announced the deal on the social media platform X.
India's ONGC wants US approval for two projects in Venezuela
Rajarshi Gupta, the managing director of ONGC Videsh Ltd in India, said that the company is looking for U.S. permission to run two projects to increase production in Venezuela. Gupta said that ONGC wants to obtain a license similar to the one granted to U.S. oil giant Chevron for operating oil fields in Venezuela.
Jiaao, a biofuel company in China, has brought BP on board as an investor for its SAF unit
Zhejiang Jiaao Enprotech, a Chinese biofuel company, announced on Friday that its sustainable aviation (SAF), unit had entered into an investment agreement with BP. This is the first time a global oil giant has invested in China's green aviation fuel. BP will invest…
