S&P swings downgrade axe on energy majors amid transition
S&P Global Ratings has downgraded its outlook for a number of energy majors, driven by concerns around the energy transition and pressure on profitability.
Sinopec
Wood secures major contract for ethylene expansion in China
Engineering and consulting giant Wood has clinched a deal worth more than $120 million for a refinery project in south China.
CNOOC seeks buyers for Scott platform in UK North Sea: Report
CNOOC is looking for buyers for its Scott platform and associated oilfields in the UK North Sea, according to Reuters.
Sonangol income halves in 2019
Sonangol posted net income of $125 million for 2019, while EBITDA reached $4.78 billion up 10% year on year.
EnQuest, Sinopec ‘among bidders’ for ExxonMobil UK North Sea oil and gas fields
ExxonMobil's UK North Sea assets have attracted suitors from state-owned companies to private equity-backed firms as the US oil giant seeks to exit the aging region altogether, according to people with knowledge of the matter.
BP celebrates Greater Plutonio milestone
BP’s Greater Plutonio floating production, storage and offloading (FPSO) vessel offshore Angola has produced 600 million barrels of oil.
China oil giants cash in with pipeline deals worth $56bn
China’s biggest oil and gas companies finalized deals worth $56 billion to sell their pipeline networks to a new national carrier at premiums to their book value, a long-awaited step that’s being seen as a boost for investors.
China eyes African opportunities
Amidst the oil price crash crisis and the pressure on companies, opportunities are emerging for those with resources.
New CEO takes over at Repsol Sinopec Resources UK
A new chief executive has today taken on the top job at North Sea operator Repsol Sinopec Resources UK.
President Xi orders China’s oil industry to ‘drill’
Oil’s historic price crash is presenting an uncomfortable dilemma to China’s energy majors: follow market signals to cut drilling, or heed President Xi Jinping’s orders to boost output.
Repsol sets aside nearly £700m for North Sea arbitration
A Spanish oil giant has set aside nearly £700 million in case it ends up on the wrong side of a long-running arbitration centred on a UK North Sea joint venture.
Woodmac: Coronavirus and the impact on gas and LNG
As with all commodities, the impact of the novel coronavirus (2019-nCoV) on Chinese gas demand will depend on both the severity and length of time required to contain the outbreak.
China LNG force majeure rejected as virus chaos sparks dispute
Two of Europe’s biggest energy companies rejected a Chinese force majeure on liquefied natural gas contracts in the latest twist to a drama that’s gripping global commodities markets.
Norwegian oil making competitive entry into Asian markets
Norway’s new oil grade is making inroads in Asia, threatening to undermine sales of similar crudes from Africa and South America.
First oil from Johan Sverdrup to be shipped to China
First oil from Equinor’s giant Johan Sverdrup field is to be shipped to China, the Norwegian operator has announced.
Sinopec looks to start cutting rates and operations in November
China’s biggest refiner plans to reduce operations from next month after a surge in the cost of shipping crude eroded margins, according to people with knowledge of the matter.
Shell ‘most valuable’ global oil and gas brand
Oil giant Shell has emerged as the world's "most valuable" oil and gas brand, according to a global brand consultancy group.
China’s oil giants to splurge most in five years
China’s oil giants aim to spend the most in five years in pursuit of higher energy output. But unlike global rivals investing in top-tier assets, the state-owned producers are trying to boost supply from fields that are either old and high-cost or new and challenging.
Sinopec reveals full scale of multi-million oil hedge losses
Sinopec has finally revealed how much money it lost on bad oil bets.
Oil price swings as top traders suspended after losses
China is the latest victim of the wild swings in oil prices that have roiled trading firms across the globe this year.
Denmark kicks out big oil and gas firms
35 of the world’s biggest oil and gas firms were given their walking papers yesterday as the Danish pension, PKA, exerted its influence.
Tribunal approves Sinopec’s acquisition of Chevron’s South African assets
A competitions tribunal has approved Chinese-state-owned Sinopec's $900million deal for Chevron's assets in South Africa.
Repsol looks to sell North Sea portfolio, report says
Spanish oil giant has hired Bank of America-Merrill Lynch to assist with the sale of its North Sea portfolio, a news report said, citing banking sources.
Sinopec rides chemicals to best half-year profit since 2014
China Petroleum & Chemical Corp., the world’s biggest oil refiner, posted 40 percent growth in first-half profit amid better earnings from its chemicals business as well as a narrower loss from producing oil and gas and lower financing costs.
Sinopec exec freed on bail as Swiss bribery probe continues
Swiss prosecutors probing bribery allegations at a Geneva-based unit of China’s Sinopec released a Chinese executive jailed for three weeks after deciding there was no longer a risk the man could collude with others to disrupt the probe.