Occidental to buy oil driller CrownRock for $10.8bn
With many of the best production sites already tapped, companies flush with cash from the post-pandemic run-up in oil prices are increasingly buying rivals to secure new places to drill.
Occidental Petroleum
Occidental Petroleum in talks to buy CrownRock, WSJ reports
Occidental Petroleum is in talks to buy shale driller CrownRock LP, according to the Wall Street Journal, as the consolidation wave in North America’s most prolific oil field gathers momentum.
Why carbon capture is Big Oil’s solution for climate change
Sultan Ahmed Al Jaber is the President-Designate of the upcoming United Nations climate summit in Dubai, or COP28. He’s also head of the Abu Dhabi National Oil Company.
BlackRock invests $550mn in Occidental carbon capture
“This joint venture demonstrates that direct air capture is becoming an investable technology, and BlackRock’s commitment in Stratos underscores its importance and potential for the world,” Chief Executive Officer Vicki Hollub said in the statement.
DAC oil competes with SAF, claims Hollub
“Direct air capture shouldn’t be compared to point source carbon capture, what it should be compared to is [SAF],” the CEO said. SAF has more emissions than Oxy’s net zero oil, she continued.
Adnoc plans industrial-scale DAC with Oxy
“This joint investment in the proposed first megatonne [DAC] facility in the region exemplifies Adnoc’s commitment to leverage partnerships and promising technology to accelerate our decarbonisation journey on the way to net zero by 2045.”
Occidental to buy Canadian startup Carbon Engineering for $1.1bn
Warren Buffett-backed Occidental Petroleum agreed to buy Canadian startup Carbon Engineering for $1.1 billion as the oil producer expands its position as a leader in removing carbon dioxide from the atmosphere.
Occidental, Adnoc agree to review carbon capture investments
Occidental Petroleum has agreed to partner with the top oil producer in the United Arab Emirates to explore investment in the US and overseas for giant plants that suck carbon dioxide out of the sky.
Carbon capture and e-fuels the talk of CERAWeek
The demonstration project will use DAC or CO2 captured from industrial emitters. Santos aims to use its existing infrastructure to “generate, liquefy and export” e-methane to Japan.
Greenpeace names and shames oil companies for FSO Safer involvement
Greenpeace International has named ExxonMobil, OMV and TotalEnergies as companies involved in storing crude on the FSO Safer, the ailing ship offshore Yemen.
Eni, TotalEnergies, Oxy commit to $4bn Berkine Basin spend
Eni, TotalEnergies, Occidental Petroleum and Sonatrach have signed a production-sharing contract (PSC) extending control over two blocks in Algeria’s Berkine Basin.
Adnoc stacks three discoveries with 650 million barrels
Adnoc has made a new 500 million barrel discovery at Bu Hasa, offering an expansion of Murban crude production.
Oil prices at $100 a barrel? What else is on the horizon for the energy sector in 2022
In this latest in our series on ESG investing, Mike Scott assesses the global energy outlook ahead for 2022. Although oil and gas prices are healthy, energy firms will need to stay focused on net zero and emissions targets, and keep an eye on growth areas like hydrogen and other renewable energy sources.
Rewiring the energy system
“If we are to successfully transition to the energy system of tomorrow, we cannot simply unplug from the energy system of today,” Adnoc CEO Dr Sultan Al Jaber warned the ADIPEC conference in Abu Dhabi this month.
Oil firms spend $192million on Biden’s first – perhaps last – Gulf of Mexico auction
Oil companies spent $191.7 million buying drilling rights in the Gulf of Mexico on Wednesday, during a robust government auction that underscored the industry’s appetite for new crude as the White House seeks to shifts the US away from fossil fuels.
Tullow pre-empts Kosmos deal off Ghana
Tullow Oil has pre-empted the sale of Occidental Petroleum’s stake in the Jubilee and TEN fields to Kosmos Energy, in Ghana.
Opportunities for new operators in West Africa
As majors shift out of mature West African assets, new opportunities may attract large independents to enter the area.
Kosmos makes Oxy move in Ghana
Kosmos Energy and Ghana National Petroleum Corp. (GNPC) have bought out Occidental Petroleum’s stake in the Jubilee and TEN fields.
Saipem wins $510mn sour gas work in UAE
Saipem has won a $510 million contract from Adnoc for work to expand the existing Shah gas plant.
SEC gets tough with Conoco, Occidental on climate, report says
The U.S. Securities and Exchange Commission has told ConocoPhillips and Occidental Petroleum to hold shareholder votes on new emissions targets, Financial Times reported, citing a letter the SEC sent to ConocoPhillips that the publication has seen.
Oxy makes Abu Dhabi find
Occidental Petroleum has made another discovery in Abu Dhabi’s Block 3, the company revealed during a quarterly results conference call.
Algeria combines energy, mining ministries
Algerian President Abdelmadjid Tebboune has carried out a reshuffle, appointing a new energy minister.
Oxy delivers world-first carbon neutral crude to India
Occidental Petroleum has delivered a first shipment of carbon-neutral oil to Reliance Industries, in India.
Oxy wins Abu Dhabi onshore block
Occidental Petroleum has won the exploration rights to Abu Dhabi Onshore Block 5, Adnoc has reported.
Occidental is first U.S. oil major to target net zero emissions
Occidental Petroleum Corp. became the first major U.S. oil producer to aim for net zero emissions from everything it extracts and sells, accelerating an industry trend that’s become commonplace in Europe.