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...China relies on Iran for about a tenth of its oil imports but processes the oil not through its state-owned oil and gas companies but through smaller, private, refineries....
...Bringing this oil to market will cost billions of dollars. It may well sell down its stake to an international oil company....
...Ithaca Energy has agreed a deal to acquire almost all of Eni’s UK oil and gasfields in a transaction worth about £750mn that will turn the London-listed company into one of the North Sea’s largest producers...
...In 2022, the company turned a net profit of around $6bn for the first time in a decade thanks to higher oil prices and a reduced tax burden....
...Van Beurden spent 39 years at the oil major. Daniel Berenbaum joins US fuel cell company Bloom Energy as chief financial officer, succeeding Greg Cameron....
...oil sector....
...The short-term swings on Friday showed the markets were in an “agitated” state, said Viktor Katona, head of oil analysis at Kpler, an energy data and research company....
...innovation officer Leigh-Ann Russell is leaving for an external job after 18 years at BP, while Anja-Isabel Dotzenrath, who joined in 2022 to head BP’s gas and low-carbon business, will retire, the FTSE 100 oil...
...While we’ve been watching Nvidia and other sparkly tech stocks, oil has been sneaking up to touch $90 a barrel. Today on the show, we talk about oil supplies, demand and the role of geopolitics....
...Australia’s largest oil and gas developer has launched a staunch defence of its climate plan ahead of a potentially damaging vote on the issue at its annual meeting next week....
...Some of the world’s biggest investors including Norway’s oil fund and a Canadian pension giant have failed in a bid to push Samsung’s de facto holding company to increase dividends and share buybacks....
...Worse, banks have cut specialised loans to oil and gas companies as a direct result of the tax....
...Companies: Blackstone, Netflix, Alaska Air Group and DR Horton report results....
...A dozen of the world’s biggest oil and gas companies are expanding a satellite monitoring campaign to detect methane emissions in emerging economies following detection of 26 large leaks of the planet-warming...
...The deal would make Ithaca one of the biggest independent oil producers in the North Sea and could spur further consolidation, as companies seek scale to fund investment and the cost of decommissioning legacy...
...While more oil could come on line this summer from Opec, which next meets to discuss quotas in June, Sen predicted that oil prices would have to rise further first....
...The bloc has banned Russian oil and coal imports and the commission has proposed ending all fossil fuel imports from Russia by 2027....
...The revision comes after the company pledged to devote a higher proportion of spending to oil and gas last year, and other oil groups such as BP have slowed their retreat from oil....
...Mindful of the risk that fresh sanctions on Venezuela might push up oil prices in a US election year, Washington will allow US major Chevron to continue a joint venture with Venezuela’s national oil company...
...Oil majors and state-owned companies are behind the majority of new discoveries and approvals....
...The company’s market capitalisation has collapsed from more than $4bn in 2017 — when shares traded for more than $20 — to less than $500mn on Tuesday....
...Oil companies make more money today at $90 than they did 10 years ago, when it comes to the long term.”...
...Rising tensions in the Middle East probably also supported prices, along with reports that Mexico’s state-controlled oil company Pemex would limit exports....
...Barrack also warned that, depending on what the cartel does, the oil market could experience “extraordinary” volatility....
...Among companies taking advantage is London-based oil supply company Prax Group, which in December agreed to buy a 37.5 per cent stake in the PCK refinery in Schwedt, north-east Germany, from Shell....
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