SONATRACH, Equinor Sign MoU for Greenhouse Gas Reduction in Algeria
SONATRACH and the Norwegian company Equinor have signed a memorandum of understanding (MoU) to cooperate on managing and reducing greenhouse gas (GHG) emissions in Algeria.
News / International
Equinor Beats Forecasts with $8.68B in Profits in Q4 2023
Equinor, a Norwegian energy group, has reported a slightly higher-than-expected operating profit for the final quarter of 2023. The company's adjusted earnings before tax for October–December fell to $8.68 billion, beating the $8.46 billion predicted by analysts.
Siemens Energy Achieves Profits of Up to $1.7B in Q1 2024
Siemens Energy has reported a strong first quarter of the fiscal year, driven by favorable energy market trends.
Longboat Energy Completes Transactions of Two Exploration Licenses in Norway
Longboat Energy, a full-cycle exploration and production (E&P) company operating in Norway and Malaysia, has completed a farm-down transaction of two exploration licenses on the Norwegian Continental Shelf (NCS) through its subsidiary Longboat JAPEX Norge AS.
“This farm down is in line with our strategy to retain exposure to high-quality exploration wells but at minimum use of the company's equity capital,” said Longboat Chief Executive Helge Hammer.
The company has farmed down its interest in PL1182S from 30% to 15% in return for a full carry of the Kjøttkake/Lotus exploration well, up to an agreed cap above the dry well budget. The well is expected to spud in Q3 2024.
In PL1049, which contains the Jasmine and Sjøkreps prospects, Longboat JAPEX has farmed down its interest from 40% to 25% in return for the private Norwegian oil company Concedo, as carrying an element of the company's 2024 exploration expenditure, which mainly consists of seismic costs and studies.
The company has achieved a 66% technical success rate from drilling nine exploration wells in Norway, resulting in six hydrocarbon discoveries.
Moreover, Longboat entered Malaysia in February 2023 through the award of a Production Sharing Contract for Block 2A, offshore Sarawak, with a 52.5% operated interest.
In July 2023, Longboat formed a joint venture with Japan Petroleum Exploration Co., Ltd. (JAPEX) to create Longboat JAPEX Norge AS, in which it holds a 50.1% ownership stake.
Adani Total’s Dharma LNG Terminal Receives 15 Cargos, Expansion Underway
Adani Total’s Dhamra liquified natural gas (LNG) terminal in India has received 15 commercial LNG cargoes since commissioning in May 2023, according to CEO Satinder Pal Singh.
bp Surpasses Forecasts with $3B in Profits in Q4 2023
bp has reported a profit of $3 billion in the fourth-quarter 2023 results, surpassing forecasts due to strong gas trading.
Italy’s Snam to Launch Two Initiatives for Energy Transition
Italy's Snam has announced the launch of two initiatives to support the country's energy transition. The first is a market test for hydrogen demand, while the second is a collection of expressions of interest for carbon dioxide (CO2) transport and storage.
ExxonMobil Achieves $36B in Profits During 2023
ExxonMobil has reported a $36 billion profit for 2023 due to strong performance in fuel trading and increased production of oil and gas.
QatarEnergy Signs 10-Year Condensate Supply Deal with Japan’s Mitsui
QatarEnergy have signed a 10-year long-term agreement for the supply of 11 barrels of condensate per year to Mitsui and Co. Energy Trading Singapore Pte. Limited, starting in April.
Shell Scores $28B in Profits in 2023, Boosting Dividend
Shell has reported a strong performance in the fourth quarter of 2023, with adjusted earnings of $7.3 billion and 28.3 billion dollars for the full year, reflecting robust operational performance and strong LNG trading and optimization results.
