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(Reuters) - Following Moscow's invasion of Ukraine, world's largest oilfield firm SLB (SLB.N) has boosted its business in Russia by cherry-picking service and equipment contracts from rivals who left, according to company documents and people familiar with its operations. While SLB's continued embrace of Russia has drawn sharp criticism, interviews with two people close to the company... Continue Reading →
(OET) With the lessening of restrictions imposed due to the COVID-19 pandemic, expectations of the oil and gas market’s recovery dominated at the start of 2022 prior to the Ukraine crisis. In the wake of Russia’s war in Ukraine, many industries, including the offshore energy industry, were thrown for a loop, which caused a lot... Continue Reading →
(Reuters) - The United States has become a global crude oil exporting power over the last few years, but exports have not exceeded its imports since World War II. That could change next year. Sales of U.S. crude to other nations are now a record 3.4 million barrels per day (bpd), with exports of about... Continue Reading →
(Reuters) Exxon Mobil Corp will wind down oil production in Equatorial Guinea and leave the West African country after its license expires in 2026, two sources close to the matter told Reuters. The departure reflects a wider move by major oil producers to reduce crude production in West Africa and shift investments to lower-carbon natural... Continue Reading →
(Reuters) - Russian state energy company Rosneft (ROSN.MM) said on Monday it plans to pay a dividend on its nine-month results, the first such payment in its history, which is expected to total 216 billion roubles ($3.6 billion) and to boost the nation's budget. The importance of dividends by state companies, including Rosneft and Gazprom (GAZP.MM), as a... Continue Reading →
(Reuters) Norwegian energy giant Equinor is on track to almost double its share of its investment in renewable energy this year, despite walking away from expensive offshore wind deals, the chief executive said on Tuesday. Around 20% of company's gross investments in 2022 will be in renewable energy, CEO Anders Opedal told Reuters on the... Continue Reading →
(Reuters) - Top oilfield services firm SLB (SLB.N) anticipates oil and gas offshore activity will surpass levels before the COVID-19 pandemic, as strong demand and pricing drive investment into the industry. "We maintain the view that upstream spending is very resilient," Chief Executive Olivier Le Peuch told investors at a conference in New York on Thursday, adding... Continue Reading →
Italian energy group Eni said profits in the third quarter beat expectations thanks to a strong performance from its Global Gas and LNG portfolio division (GGP). Adjusted net profit in the period came in at 3.73 billion euros ($3.72 billion), soaring from 1.43 billion euros a year ago, and beating a 3.21 billion euro consensus.... Continue Reading →
(Reuters) - Exxon Mobil Corp (XOM.N) on Friday smashed expectations as soaring energy prices fuelled a record-breaking quarterly profit, nearly matching that of tech giant Apple. Its $19.66 billion third-quarter net profit far exceeded recently raised Wall Street forecasts as sky-rocketing natural gas and high oil prices put its earnings within reach of Apple's $20.7 billion net... Continue Reading →
(Reuters) Equinor on Friday posted forecast-beating record profits for the third quarter driven by all-time-high European gas prices amid the Ukraine war, and said it would raise its dividend payment while reducing full-year output guidance. The oil and gas producer's adjusted earnings before tax for July-September rose to $24.3 billion from $9.77 billion a year... Continue Reading →
Brazil Energy Insight 