Big Oil set for record profit as world hit by fuel cost pain
Big Oil is poised for a record-breaking $50 billion profit in the second quarter, but the industry’s stellar performance could contain the seeds of its own decline.
Chevron
BP unveils plans to fund new gas pipeline at Sullom Voe terminal
Energy giant BP has confirmed plans to fund a new gas pipeline at the Sullom Voe terminal.
Chevron plans to drill Cyprus well by November
A Chevron team has visited Cyprus today to talk about developing the Aphrodite field, in the island’s exclusive economic zone (EEZ).
Tengiz explosion kills two
An explosion this morning at Kazakstan’s Tengiz oilfield has killed at least two workers, according to local reports.
Thailand needs ‘shale’ gas moment as energy crisis deepens on PTTEP’s watch
Thailand’s upstream natural gas sector is struggling to reverse falling output due to bad planning and policy from the government, coupled with a seeming lack of innovation at PTT Exploration & Production (BKK:PTTEP), a state-backed company, that is taking increasing control of the country’s gas resources.
Chevron eyes $2.5 billion investments in low-carbon hydrogen
Chevron (NYSE:CVX) plans to spend about $2.5 billion building up its hydrogen business this decade as the oil major accelerates investment in low-carbon technologies.
Wood signs 10-year global master services deal with Chevron
Wood has signed a global master services deal with US oil giant Chevron.
Tycoon Razon to acquire Philippines Malampaya gas project from Udenna, Shell divestment ongoing
Philippine billionaire Enrique Razon will acquire a controlling stake in businessman Dennis Uy’s Malampaya gas project, in a move that may help extend the life of a field that fuels some of the nation’s biggest power plants. Significantly, Shell is also in the process of trying to divest its share of Malampaya.
Gas output falls in Thailand exacerbating need for costly LNG
Thailand’s dependence on imported liquefied natural gas (LNG) continues to expand despite soaring global prices. Significantly, the increasing demand for LNG is being exacerbated by production declines across ageing domestic fields, particularly Erawan.
Ballymore: Chevron sanctions $1.6 billion Gulf of Mexico project
Chevron has sanctioned the Ballymore development, a 150 million-barrel oil field in the US Gulf of Mexico.
Chevron and Pertamina team up for low carbon opportunities in Indonesia
Chevron (NYSE:CVX) and Pertamina will together explore potential business opportunities in geothermal, carbon capture utilisation and storage (CCUS), as well as hydrogen, in Indonesia, after signing an agreement in Washington.
Sarta well disappoints for Genel
Genel Energy has completed the Sarta-5 appraisal well but reservoirs appear tight and it failed to flow.
Petronas and PTTEP exit Myanmar’s Yetagun project
Malaysia’s Petronas and Thailand’s PTT Exploration & Production (PTTEP) have announced they will exit the Yetagun gas project offshore Myanmar as they rationalise their upstream portfolios. Neither company denounced the military-led coup in their exit statements.
Gulf of Mexico oil drilling makes too-little, too-late comeback
A new wave of oil platforms is sweeping into the US Gulf of Mexico as crude prices are riding historic levels and demand for barrels is higher than ever.
Exxon triples share buybacks to $30 billion
Exxon Mobil tripled its share-buyback program to as much as $30 billion after profits surged amid Russia’s invasion of Ukraine and a rally in worldwide energy prices.
Chevron reaps biggest profit in almost 10 years on oil rally
Chevron posted the highest quarterly earnings in almost a decade as soaring energy demand and Russia’s war on Ukraine strained global supplies, ratcheting up prices for everything from natural gas to diesel.
PTTEP officially takes reins at Erawan and Bongkot offshore Thailand
Thailand’s PTT Exploration & Production (PTTEP) is now the official operator of the G1/61 project, which covers the Erawan, Platong, Satun and Funan fields, as well as the G2/61 project, covering the Bongkot field. PTTEP (BKK:PTTEP) said it is ready to boost natural gas production to increase energy security despite being denied prior access to Erawan due to an unresolved dispute with the former operator.
Iraq eyes decision in May on Halliburton gas deal
Iraq may reactivate a deal with Halliburton to drill wells in a western gas field in Akkas next month, Oil Minister Ihsan Abdul Jabbar told local media.
Opportunities abound for energy M&A deals in Asia Pacific
Opportunities abound for mergers and acquisitions across energy-hungry Asia Pacific nations, as majors, such as Chevron, Shell, and ExxonMobil, seek to exit or rationalise their upstream portfolios.
TotalEnergies says its Myanmar exit is responsible
TotalEnergies, which on 21 January announced a rapid withdrawal from Myanmar because the situation in the country no longer allowed the French company to make a “sufficiently positive contribution”, said its exit will be “responsible.”
TotalEnergies hands keys for strategic Myanmar asset to PTTEP for free
Thailand’s PTT Exploration & Production (PTTEP) has confirmed it will take over operatorship of the Yadana gas field offshore Myanmar in July as TotalEnergies (LSE:TTE) walks away in a transaction with no commercial value.
Chevron eyes PTTEP for Myanmar stake valued at $250m
Chevron is seeking to sell its share of the Yadana gas field to Thailand’s PTT Exploration & Production (BKK:PTTEP) as TotalEnergies gives its operated interest away for free in what appears to be a hasty retreat from Myanmar.
El Molla touts Egyptian energy potential in US talks
Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla has held high-level talks with Chevron, and various other US luminaries, at CERAWeek.
Big Oil forecast to return billions to shareholders this year
Oil and gas giants are expected to fork out billions of pounds on share buybacks this year as they reap bumper profits.
Petronas and Mitsubishi to exit Myanmar
Malaysia’s Petronas and Japan’s Mitsubishi Corporation are divesting their shares in the Yetagun gas field offshore Myanmar. The move marks the latest in a series of exits by major energy companies, including Chevron and TotalEnergies, following the military coup in February 2021.