oil majors – Oil & Gas 360

Major companies bet on biofuels with over 40 projects planned by 2030

November 21, 2024

(World Oil) – Under increasing pressure to decarbonize and shift away from traditional fossil fuels, the world’s leading oil and gas companies are ramping up investments in the biofuels sector. Major players such as BP, Chevron, Shell, TotalEnergies, ExxonMobil and Eni are incorporating biofuels into their broader energy transition strategies, recognizing the growing global demand for sustainable fuel sources. According to

Oil majors rejigger portfolios with $30-per-barrel price in mind

February 14, 2024

Nasdaq HOUSTON – Oil majors are targeting new oilfields that can be profitable even if oil prices fall to about $30 per barrel, using a third year of rising demand to reshape portfolios amid uncertainty over the industry’s future. Investors have not returned to oil stocks despite recent high earnings. Even the world’s lowest-cost oil producer, Saudi Aramco 2223.SE, has joined the

As oil majors cast shale nets, Texas oilman Sheffield made Pioneer the prized catch

October 16, 2023

Nasdaq HOUSTON – Four years ago, Texas oilman Scott Sheffield saw the oil majors were moving aggressively into the top U.S. shale basin and plotted to make his then-$24 billion Pioneer Natural Resources PXD.N the oilfield’s biggest prize. The CEO concentrated the business, exiting less productive properties and dumping an in-house service arm, and set out a mission to make Pioneer the leanest,

Oil majors pull out from Mexico exploration projects

September 8, 2023

Oil Price Chevron and Spain’s Repsol have quit exploration at two offshore blocks in Mexico waters after early work suggested there are not enough resources to make it worthwhile to continue. The two had won the rights to explore the blocks at a tender during the tenure of Mexico’s previous administration, Reuters reported. Now, Chevron told the Mexican energy regulator its work

Oil majors are succeeding in securing more gas from the Middle East

May 10, 2023

Oil Price TotalEnergies, along with Italy’s Eni and the UK’s BP and Shell, have been at the vanguard of securing new oil and gas supplies for Europe to substitute for lost energy supplies from Russia since its invasion of Ukraine in February 2022. The focus of these efforts has been on liquefied natural gas (LNG), as it can be bought

Oil majors expect Permian production growth to slow

October 31, 2022

Oil Price Two Big Oil majors have said they expect oil production in the Permian to rise by less than they had initially planned this year, suggesting industry problems are indeed serious enough to hold back production growth in the most prolific shale play in the United States. In their third-quarter reports, Chevron and Exxon both revised down their planned output from the

Oil major earnings will reignite the windfall taxes debate

October 27, 2022

Oil Price Despite weaker oil prices during the third quarter, the oil industry is still booking strong financial results. According to some, this is “awkward” because it is happening during a time of economic hardship. Besides being awkward, however, Big Oil’s profits will likely draw more political pressure from desperate governments. Bloomberg reported this week that, based on data it had compiled, the

Analysis: Oil majors face output slump, deep losses if Russia stops Kazakh pipeline

July 11, 2022

Yahoo Finance LONDON -Western energy majors will cut output and lose billions of dollars if Russia, as is feared, suspends a pipeline that is almost the only export route for oil from land-locked Kazakhstan, company sources, traders and analysts say. The closure of the CPC pipeline that carries oil from Kazakhstan to the Black Sea Russian export terminal in the

Oil majors won’t ride to the rescue as world faces energy shortages

November 1, 2021

World Oil HOUSTON (Bloomberg) –The world’s biggest energy companies are producing the most cash in years, but don’t expect them to spend it on bringing on fresh supplies of oil and natural gas to combat shortages in Europe and China this winter. Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron Corp. confirmed this week that, for the most part,

Exclusive-Energy majors bid for Qatar LNG project despite lower returns

June 14, 2021

Houston Times LONDON (Reuters) – Six high western power companies are vying to companion within the huge growth of Qatar’s liquefied output, business sources stated, serving to the Gulf state cement its place because the main LNG producer whereas a number of massive initiatives world wide not too long ago stalled. Exxon Mobil (NYSE:), Royal Dutch Shell (LON:), TotalEnergies and ConocoPhillips

Special Report-How oil majors shift billions in profits to island tax havens

December 9, 2020

Reuters Bermuda and the Bahamas aren’t exactly big players in the oil-and-gas world. They don’t produce any of the fuels at all. Yet the islands are deep wells of profit for European oil giant Royal Dutch Shell Plc. In 2018 and 2019, Shell earned more than $2.7 billion – about 7% of its total income in those years – tax-free

Big carbon? Oil majors turn to nature to help plug revenue gap

December 8, 2020

Reuters LONDON – Oil companies such as BP and Shell are nurturing nature as a future revenue stream, betting on an expected rise in carbon credit prices as their fossil fuel profits ebb. BP last year put $5 million into Finite Carbon, a company that connects forestry owners with companies seeking to offset their climate-warming emissions via-tree planting. The Californian

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