Exxon Mobil CEO Darren Woods announced on Friday, November 21, that the company has paused plans to build what would have been one of the world's largest hydrogen production facilities in Baytown, Texas, citing weak customer demand.
The Abu Dhabi National Oil Company (ADNOC), through its international investment company XRG P.J.S.C., announced on November 21 the receipt of the final outstanding regulatory approval needed for its €14.7 billion acquisition of German chemicals producer Covestro. The final clearance, granted by the German Federal Ministry for Economic Affairs and Energy, means all closing conditions are now satisfied, and the transaction is expected to be finalized within days.
Wood, a UK-based consulting and engineering company, has secured a new contract to manage Engineering, Procurement, and Construction (EPC) services for PetroChina at the West Qurna 1 oilfield in southern Iraq.
Oil giant Saudi Aramco has made over $30 billion in 17 Memoranda of Understanding (MoUs) and agreements with major companies in the US during a visit to Washington by the Saudi Crown Prince Mohammed bin Salman. The deals span LNG, financial services, advanced materials manufacturing, and procurement partnerships.
U.S. oil giant Exxon Mobil is evaluating potential acquisitions of overseas assets owned by sanctioned Russian producer Lukoil, sources familiar with the talks, reported. The move places Exxon alongside rival Chevron, which is also reviewing opportunities to buy portions of Lukoil’s portfolio.
TotalEnergies will appeal a decision by the French Competition Authority that imposes a fine on the company for alleged anti-competitive practices in the supply of petroleum products in Corsica. The Authority's ruling follows a four-year investigation. However, TotalEnergies maintains that the decision is not supported by evidence of any negative competitive impact on the island.
US oil giant Chevron is reviewing potential opportunities to acquire international assets owned by sanctioned Russian producer Lukoil, five sources told Reuters on November 17. This move follows a US Treasury waiver issued last week that allows potential buyers to engage with Lukoil regarding its overseas holdings.
Oil producers in Iraq’s Kurdistan region have successfully loaded the first export cargo from Turkey’s Ceyhan terminal, marking a critical step in the resumption of regional crude exports. Gulf Keystone Petroleum announced that it expects to receive payment for its portion of the cargo within 30 days. The company is already planning a second lifting toward the end of November.
TotalEnergies has signed an agreement with Czech energy group Energetický a průmyslový holding (EPH) to acquire a 50% stake in its flexible power generation platform, as reported in TotalEnergies' press release. The partnership, valued at €10.6 billion, will create a joint venture (JV) to expand flexible power assets, including natural gas-fired plants, biomass facilities, and battery storage across Western Europe.
The European Commission (EU) has granted conditional approval for Abu Dhabi National Oil Company (ADNOC)’s landmark €14.7 billion acquisition of German plastics and chemicals manufacturer Covestro, Reuters reported.
The Commission announced the decision on November 14, requiring ADNOC to adhere to several commitments to address competition concerns.
