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BP's interim CEO Murray Auchincloss is expected to stick to the company's plans to shift away from oil and gas following CEO Bernard Looney's abrupt resignation, company sources said. Looney took the top job in February 2020 with a vow to reinvent the British oil giant, and has since led it through a radical transformation with plans to... Continue Reading →
(Reuters)BP CEO Bernard Looney has stepped down after less than four years in office following several allegations of personal relationships with colleagues, the company said in a statement on Tuesday. BP Chief Financial Officer Murray Auchincloss will act as CEO on an interim basis, the company said. "BP plc announces that Bernard Looney has notified... Continue Reading →
(OP) International oil and gas majors, including UK-based Shell and Brazil’s Petrobras, have shown interest in expanding their participation in natural gas projects offshore Colombia, Ricardo Roa, the head of Colombia’s state energy firm Ecopetrol, has told Bloomberg in an interview. Colombia’s Caribbean coast has several promising offshore gas projects and recent deepwater discoveries have raised the... Continue Reading →
(Reuters) - BP (BP.L) CEO Bernard Looney says he will not further scale back his energy transition strategy after ceding some ground earlier this year, despite investors penalizing the group over its plan to break away from rivals in cutting oil and gas output. Taking office in February 2020 with a vow to reinvent the 114-year-old company,... Continue Reading →
(Reuters) - Oil and natural gas are still projected to meet more than half of the world’s energy needs in 2050, or 54%, Exxon Mobil Corp (XOM.N) said on Monday, with the world failing to keep global temperature increases below 2 degrees Celsius. The largest U.S. oil producer projects the world will reach 25 billion metric tons of energy related... Continue Reading →
(Reuters) Global oil major BP said the world must invest in the production of oil and gas to avoid sharp price spikes while accelerating the energy transition to combat greenhouse gas emissions.Global gas prices surged seven-fold last year as 3% of global gas supplies were hit following Russia's invasion of Ukraine, forcing countries to boost... Continue Reading →
(PN) Shell notified the National Petroleum Agency (ANP) about the discovery of signs of natural gas in well 1-SHEL-35A-RJS, located in block C-M-659, in the Campos Basin. The well is in a water depth of 2,940 meters and was drilled by the Maersk Developer rig. As a reminder, block C-M-659 was acquired by Shell in... Continue Reading →
(Bloomberg) – ExxonMobil Corp., which once planned to bet big on Argentina’s oil and gas riches, has put all of its shale assets in the country under review. Exxon is involved in six areas of Argentina’s heralded Vaca Muerta — Spanish for Dead Cow — formation in Patagonia. The company’s plans to ramp up development... Continue Reading →
(Reuters) - BP's (BP.L) second-quarter profit slumped 70% from a year earlier to $2.6 billion, missing forecasts, as refining margins and oil trading income fell, but still allowing the energy giant to boost its dividend by 10%. Rivals Chevron (CVX.N), Exxon Mobil (XOM.N), Shell (SHEL.L) and TotalEnergies (TTEF.PA) have also reported sharp drops in quarterly earnings, hurt by a drop in energy prices from highs... Continue Reading →
(Reuters) - Shell (SHEL.L) and TotalEnergies (TTEF.PA) reported sharp falls in second-quarter profit from bumper 2022 earnings as oil and gas prices, refining margins and trading results all weakened. Oil and gas prices soared last year in the wake of Russia's invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages eased amid global... Continue Reading →
Brazil Energy Insight 