Exxon had nine functional companies that operated relatively independently from one another when Woods took over in 2017, creating layers of bureaucracy and duplication of support services. The company now has three main divisions — production, refining and low-carbon — all of which share services like engineering, IT and project management.
Sawan noted that natural gas is one of the best fuels to reduce emissions in places that currently rely heavily on coal, such as China, India, and the rest of Asia. “We are absolutely committed to this sector,” he said, reiterating Shell’s prediction from earlier this year that demand for liquefied natural gas is set to expand by 60% between now and 2040.
WTI crude oil (CL) extended its rebound for the second day, climbing above $64.50 per barrel. The recovery followed a two-week low hit on Monday. Strong inventory data and rising geopolitical risks injected fresh momentum into the market.
OPEC+ will likely raise oil output again in November as the group continues its strategy to reclaim global market share, according to people familiar with its plans.
Eni has completed the sale of a 30% stake in the Baleine project in Côte d’Ivoire to global commodity trader Vitol, the companies announced on Thursday.
Petrofac said the new commercial terms are supported by the Ad Hoc Group of Bondholders, subject to the agreement of longform documents. The agreement will enable its restructuring to proceed with the consent of those parties, according to a separate statement.
Earlier in the week, prices took a dip after news broke that Iraq, Turkey, and the Kurdistan regional government had finally reached a deal to restart exports from northern Iraq via the pipeline to Turkey. However, a follow-up revealed unresolved differences between two of the companies operating the fields in Kurdistan, which will delay the restart of exports.
Italian oil and gas supermajor Eni, together with its partner Vitol, has signed a Memorandum of Intent (MoI) with Ghana’s national oil company, GNPC, to invest $1.5 billion in the upstream sector.
The European Commission has added five to the list of cross-border renewable energy projects (CB RES) eligible for financing under the Connecting Europe Facility (CEF) for Energy program, expanding the list to 13 projects.
Malaysia’s Petroliam Nasional Berhad (Petronas) has posted revenues of MYR 132.6 billion ($31.4 billion) for the first half of 2025, versus $41 billion for H1 2024. The company, in its report, attributed the decline to discontinued operations from the Engen Group divestment in May 2024, as well as unfavorable foreign exchange. Petronas also cited lower […]