Energy News

IEA report on Energy Technology R&D Budgets

The estimated total public energy research, development and demonstration (RD&D) budget for IEA member countries increased by 5 percent reaching USD 26.4 billion in 2023. This was the seventh consecutive year of increase,...

IEA Lowers 2024 Oil Demand Forecast, Increasing Divergence with OPEC

On Wednesday, the International Energy Agency (IEA) reduced its forecast for 2024 oil demand growth, widening the gap with the Organization of the Petroleum...

OPEC Maintains Strong Oil Demand Forecast for 2024, Shifts Focus to OPEC+

The Organization of the Petroleum Exporting Countries (OPEC) reaffirmed its forecast for robust growth in global oil demand in 2024, expecting a rise of...

Shell to sell Energy and Chemicals Park in Singapore to CAPGC

Shell Singapore has reached an agreement to sell its Energy and Chemicals Park in Singapore to CAPGC. CAPGC is a joint venture between Chandra Asri...

Aramco records 14% drop in Q1 net income in first-quarter

Saudi Aramco, the energy giant, revealed a 14 percent decrease in its first-quarter net income to $27.3 billion, compared to $31.9 billion recorded in...

Exxon Mobil Receives OK for $60 bn deal to buy Pioneer Amidst Allegations of Collusion

U.S. regulators granted approval on Thursday for Exxon Mobil’s $60 billion acquisition of Pioneer Natural Resources, Reuters news report said. However, the approval came with...

U.S. oil and gas deals hit $51 bn in first-quarter: Enverus

The size of the U.S. oil and gas deals has hit a record $51 billion during the first quarter of 2024, data provider Enverus...

TotalEnergies to buy additional 50% stake in SapuraOMV Upstream for $530 mn

TotalEnergies has signed an agreement with Sapura Upstream Assets (SUA) to acquire an additional 50 percent stake in Malaysian gas producer and operator SapuraOMV...

Aramco Explores Strategic Investment in Hengli Petrochemical

Aramco, a leader in integrated energy and chemicals, has initiated talks with Hengli Group for buying 10 percent stake in Hengli Petrochemical. The proposed deal,...

Sonelgaz and GE Vernova Expand Joint Venture to Boost Energy Solutions in Algeria

GE Vernova’s Grid Solutions business, a leading provider of advanced grid technologies, and Sonelgaz, Algeria’s national electricity and gas company, have announced plans to...

BP Announces Simplified Organizational Restructure to Drive Value Growth

BP has unveiled a streamlined organizational structure aimed at advancing its strategic objectives laid out in February 2024, with a focus on increasing the...