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Exxon and Chevron upset the analysts category
July 28, 2018
Source: Bloomberg

Exxon and Chevron upset the analysts

The investors showed disinterest towards investment in big projects of Exxon and Chevron on Friday. Although they accepted Chevron’s stock buyback of $3 billion, ExxonMobil’s market value was scraped by $11 billion. Both the companies failed to meet the profit estimates of the analysts. The crude price of Brent went up by 50 percent higher than next year but both these companies failed to take full advantage.

Suncor Canada earnings calm investors category
July 27, 2018
Source: World Oil

Suncor Canada earnings calm investors

The Syncrude outage last month had investors worrying, but the latest report on second-quarter profits of Suncor Energy have dispelled all the concerns. Despite the Syncrude facility shutoff, Suncor managed to generate $1.87 billion in cash from operations in the last quarter, a rise of 46% from 2Q2017. The Calgary-based oil sands firm has projected 740,000 to 750,000 boed in output this year.

UK extends bilateral cooperation to Angola category
July 27, 2018
Source: ANGOP

UK extends bilateral cooperation to Angola

UK Ambassador to Angola, Jessica Hand, has described the relationship between UK and Angola to be excellent, with emphasis on the oil sector. She also stated that her country wants to extend bilateral cooperation in other areas as well, such as renewable energy, agriculture, and even democratic support to Angola. Ambassador Hand went on to praise Angola’s efforts to encourage foreign investment, especially from the UK.

Halliburton slips on Q2 profit category
July 24, 2018
Source: World Oil

Halliburton slips on Q2 profit

Houston-based Halliburton International yesterday reported a drop of some 7.6% in profits in the second quarter, owing to the slowdown in the Permian shale and other parts of the United States. The fracing-service provider had a consistent performance since 2015, but the 2Q2018 saw a $789m operating profit for the company. Halliburton’s oil-service peer, Patterson-UTI Energy also suffered a 7.4% drop, on the disappointing outlook.

KZN to explore oil and gas industry category
July 23, 2018

KZN to explore oil and gas industry

The provincial government of KwaZulu-Natal (KZN) in South Africa is looking towards investing more than R200 billion for infrastructure development. The government has shifted its focus on offshore oil and gas exploration. The acting KZN Premier, who is currently attending the BRICS Business Council Investment Opportunities conference, spoke about how the provincial government is actively taking interest in oceans economy.

Shell’s gift to Kwara school of Nigeria category
July 23, 2018

Shell’s gift to Kwara school of Nigeria

In an attempt to spread its social investments across Nigeria and to promote the study of science subjects among secondary school students, Shell’s Nigerian subsidiary, SNEPCo has donated four ultra-modern science labs to Erku Secondary Commercial School in Kwara State. The State Commissioner for Education and Human Capital of Kwara state has made an appeal to the parents and teachers to encourage the students to learn science and technologies.

Schlumberger releases Q2 report category
July 21, 2018
Source: Financial Post

Schlumberger releases Q2 report

Leading oilfield services company, Houston-based Schlumberger yesterday announced second quarterly earnings, reporting a profit for the company. Schlumberger CEO, Paal Kibsgaard regarded the second quarter as both busy and exciting. Schlumberger reported second-quarter revenue in North America to be around $2.5 billion, which is an increase of 12% sequentially. In the international markets of $4.4 billion, profits for the company grew by 6%.

UAE and China sign oil trade agreements category
July 21, 2018
Source: Al Arabiya

UAE and China sign oil trade agreements

UAE and China yesterday signed numerous agreements and memorandums worth $1.6 billion, pertaining to oil and gas exploration in the UAE-capital Abu Dhabi. The two countries also entered into an agreement to establish a “trade market” at Dubai Jebal Ali Free Zone sectors. China’s investment in UAE is part of the Chinese President Xi’s “Belt and Road” initiative.

Kinder Morgan slips on profit category
July 19, 2018
Source: Reuters

Kinder Morgan slips on profit

Canadian pipeline major, Kinder Morgan yesterday released its quarterly report, with a quarterly profit that nearly halved from the last time. The lower profit was owed to the firm moving lower volumes of crude oil through its pipeline, and obviously, due to the pending sale of Trans Mountain pipeline with the Canadian government. Net income dropped to C$13.7 million, from C$25.1 million, a year earlier.

Chinese oil major to invest $3b in Nigeria category
July 16, 2018
Source: NNPC

Chinese oil major to invest $3b in Nigeria

Chinese oil major, CNOOC informed that the management is willing to invest additional $3billion in its existing stakes in Nigeria’s offshore oil and gas operations. Referring to Nigeria as the largest investment destination, CEO of CNOOC stated that the company has already invested $14 billion in Nigeria. CNOOC considers investment in Nigeria as the most strategic and important international business undertaking.

Exxon to invest more in oil and gas projects despite emission concerns category
June 1, 2018
Source: World Oil

Exxon to invest more in oil and gas projects despite emission concerns

Darren Woods, the CEO of ExxonMobil, has said that the firm is trying to find a fine balance between sustainability and economic growth. Exxon plans to invest $200 billion in significant oil and gas projects around the world over seven years, indicating that growth is a priority. He also cited investments in environmental projects such as algae biofuels, and in emission reduction in its industrial processes as the way forward.

ADNOC’s new investment of $45 billion draws attention category
May 15, 2018

ADNOC’s new investment of $45 billion draws attention

To become a leading downstream player across the globe, the UAE oil major ADNOC has disclosed its plans of capitalizing $45 billion over the next five years together with partners. This is in line with the company’s 2030 strategy of a more profitable upstream, more valuable downstream, sustainable and economic gas supply, underpinned by more proactive and adaptive marketing and trading.

Shell announces FID for Vito in Gulf of Mexico category
April 25, 2018
Source: World Oil

Shell announces FID for Vito in Gulf of Mexico

Shell Offshore Inc. (Shell) has decided to invest in the development of Vito, a deepwater development in the Gulf of Mexico. Vito is expected to reach peak production of approximately 100,000 boed.With a lower-cost developmental approach, the Vito project is a very competitive and attractive opportunity industry-wide.

Shell CEO - Trust me to cut carbon category
April 17, 2018
Source: World Oil

Shell CEO - Trust me to cut carbon

Ben van Beurden, the CEO of Shell, sends out a strong message to the Follow This (Dutch Environmental Group) activists and investors that they can trust him on cutting down carbon emissions without shifting away from oil and gas. He further re-emphasized his intention for Shell to achieve greater profits from clean energy resources in the coming years.

Harbour Energy seeks Santos growth in Asia and Africa category
April 4, 2018
Source: World Oil

Harbour Energy seeks Santos growth in Asia and Africa

Linda Cook, the CEO of U.S. based Harbour Energy, has made a $10.3 billion offer to Santos, Australia’s third largest producer. Cook said she would work towards the expansion of Santos in Asia and Africa. The prime focus would be on natural gas and liquefied natural gas (LNG) in particular.

GHG levels of Britain fall as Coal fired plants plummet and investment in renewable increases category
April 1, 2018

GHG levels of Britain fall as Coal fired plants plummet and investment in renewable increases

Latest data from the Britain government showed that Britain's GHG emissions fell by 3% from 2016 levels owing to decline in coal-fired power generation plants. Britain is the second largest heat-trapping gases emitter behind Germany. The report also revealed that Britain's GHG emissions have fallen 43 percent since 1990. A significant investment in renewable energy has resulted this drastic change.

North Sea revives after new investments category
March 24, 2018

North Sea revives after new investments

The North Sea shows signs of recovery after the oil price crash in 2014. According to the Oil and Gas UK representing North Sea operators, about 16 oil and gas development projects worth 5 billion pounds are expected to get a green signal in the coming 12 months. The production in 2018 is envisaged to rise by 5 per cent.

Indian Oil to mull investing over 3 billion USD to expand and upgrade its refineries category
March 23, 2018
Source: Economic Times

Indian Oil to mull investing over 3 billion USD to expand and upgrade its refineries

From the 1st of April (2018), India’s biggest oil refiner, Indian Oil Corp. plans to invest as much as $3.5 billion to expand and upgrade its refineries and boost its marketing network. Interestingly, the company aims to use internal resources for the capital expenditure and has no plans to raise loans or issue bonds. However, Indian Oil’s New Delhi spokesperson refused to comment on the investment agenda.

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