Basic market fundamentals such as the balance between supply and demand will always challenge the oil industry, but a current big challenge companies are facing is the transition to a low-carbon economy, Bob Dudley, CEO of BP said Tuesday.
AVANGRID announced last week its Avangrid Renewables Holdings unit is selling Enstor Gas, AVANGRID’s gas storage business operator, to Amphora Gas Storage USA, an affiliate of private equity firm ArcLight Capital Partners.
Russia’s Novatek will pay diamond mining firm Alrosa some 30.3 billion roubles ($540 million) for the 100% acquisition of two companies, which together own areas estimated to hold resources of 1.08 billion barrels of oil equivalent (BBOE).
Italian oil major Eni expects its oil and gas production to grow by 3% this year, thanks to ramp-ups mainly in Egypt, Angola and Indonesia and a number of satellites phases start-ups at giant producing fields in Libya, Angola and Ghana, Kallanish Energy learns.
Russian largest gas producer, Gazprom, will build two small-scale liquefied natural gas (LNG) production facilities at local gas distribution stations to refuel LNG-powered locomotives and shunters, Kallanish Energy learns from the company.
Saudia Arabia, one of the largest crude oil producers in the world, plans to double its natural gas production in the next 10 years, contributing to carbon emissions reduction, energy minister said Wednesday.
Russian banks and a Russian-Chinese investment fund are interested to invest in what could be the largest initial public offering in recent times, the Saudi Aramco’s floating of shares, a Russian senior executive said Wednesday.