Houston Chronicle European oil major Royal Dutch Shell filed for six horizontal drilling permits with the Railroad Commission of Texas for projects on five leases split between Winkler and Loving counties in the Permian Basin. Half of those wells target the Wolfcamp geological layer while the others target the Bone Spring formation. Total drilling depths of the projects range from
Houston Chronicle Houston oilfield service company Baker Hughes has entered into a three-way agreement and partnership to boost the adoption of artificial intelligence technology in the oil and natural gas industry. Baker Hughes, tech giant Microsoft and Silicon Valley artificial intelligence company C3.ai have signed an agreement to work together to develop and deploy the cost-cutting technology for industry customers across
Source: Reuters LONDON (Reuters) – Royal Dutch Shell is buying French renewable power company EOLFI as part of its plans to ramp up the oil major’s electricity business. EOLFI has largely focused on solar and wind projects, including offshore wind farms. Offshore wind is one of the fastest growing renewables markets, with floating structures the technology’s next frontier because they
Source: Reuters LONDON (Reuters) – Darkening clouds over the global economy have led two of the world’s top oil firms to warn investors that promised growth in returns could be at risk for the first time since the 2014 oil downturn. Both BP and Royal Dutch Shell, which account for nearly 15% of the FTSE’s total dividends, signaled this week
Source: Reuters LONDON (Reuters) – Royal Dutch Shell warned on Thursday that uncertain economic conditions could slow its $25 billion share buyback program, the world’s largest, after its third-quarter profits easily beat expectations on strong oil and gas trading. The better-than-expected results in the face of oil prices that fell 17% year on year underscores Shell’s transformation in recent years,
Reuters Former Exxon Mobil Corp Chief Executive Rex Tillerson is expected to take the stand on Wednesday in a closely watched civil lawsuit accusing the company of hiding the true cost of climate change from investors. The case in Manhattan state court, which kicked off last week, is the first of several lawsuits pending against major oil companies related to
Reuters MOGADISHU (Reuters) – Royal Dutch Shell and Exxon Mobil have paid $1.7 million to Somalia to lease offshore blocks for 30 years, the country’s state news agency reported on Friday. “Shell/Exxon Mobil have paid $1.7 million to Somalia as the preliminary rent for 30 years,” SONNA reported. Shell and Exxon Mobil had a joint venture on five offshore blocks
From Reuters Canadian Natural Resources Ltd, the country’s biggest oil producer, has joined a number of other firms asking Canada’s energy regulator to intervene in Enbridge Inc’s plan to overhaul shipping contracts on its Mainline pipeline network. Canadian Natural’s letter to the National Energy Board (NEB), filed late on Monday, calls on the regulator to delay Enbridge’s proposal to switch
From CNBC Qatar will lose its title as the world’s largest exporter of liquefied natural gas (LNG) within the next year, as Australia ramps up production on a slew of multi-billion dollar export projects. “Australia and Qatar continued to jostle for the title of the world’s largest LNG exporter over the first five months of 2019,” the Australian government said
From Reuters Chevron Corp (CVX.N) said on Thursday it has launched one of the world’s largest carbon capture and storage projects, injecting CO2 into a deep reservoir under an island off Western Australia at its Gorgon LNG project. The carbon storage project was delayed by more than two years after Chevron discovered problems with valves and pipeline equipment during commissioning
From Reuters Saudi Crown Prince Mohammed Bin Salman is insisting on a $2 trillion valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion, industry and banking sources said. With Aramco talking again to banks about an initial public offering (IPO), its board is meeting later this
From Reuters Weaker second-quarter refining and chemicals profits offset surging U.S. shale production at U.S. oil majors Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), the two reported on Friday. Exxon’s topped analysts’ reduced estimates for the quarter but net fell 21% from a year earlier, its third quarter in a row of weaker year-over-year profit, despite a near doubling
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