Industry News
BP accused of scaling back renewables to secure $2.8bn profits
Market analysts had predicted that BP’s profits would reach $2.55bn for the April-June period but BP reported its profits reached $2.76bn.
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Industry News
Electrification should not be seen as oil’s “great rival”, says OPEC head
Electrification should not be seen as oil’s “great rival” according to HE Haitham Al Ghais, OPEC Secretary General.
Deal News
TotalEnergies to exit South African offshore blocks
French energy giant TotalEnergies has decided to exit several offshore blocks in South Africa, including Block 11B/12B.
Company News
Subsea Integration Alliance secures contract from bp in UK North Sea
Subsea Integration Alliance, a joint venture between Subsea7 and OneSubsea, has been awarded a contract by bp in the UK North Sea.
Deal News
Occidental to sell certain Delaware assets for $818m to Permian Resources
Occidental has reached an agreement to sell some of its Delaware Basin assets to Permian Resources for approximately $818m.
Industry News
India to invest $895m in hydrocarbon exploration, reduce crude imports
India has allocated Rs75bn ($895.74m) for seismic data acquisition and drilling of stratigraphic wells, reported the Economic Times.
Analyst Comment
The M&A market experienced a setback in Q2 2024
The second quarter of 2024 recorded a continued decline in deal activity following the rebound in Q4 2023.
Industry News
Nigeria warns companies to maintain gas flaring transparency
Despite policy progress, Nigeria faces challenges in achieving the goal of eliminating gas flares from hydrocarbon operations by 2030.
Deal News
Eni to raise more than €8bn through asset sales by 2027
Eni is on track to raise more than €8bn from its disposal plan by 2027, reported Reuters, citing CEO Claudio Descalzi.
Industry News
Freeport LNG readies return to full production after Hurricane Beryl shutdown
Freeport LNG, one of the US’s largest liquified natural gas (LNG) exporters, is almost ready to crank up full production.