State power utility Saudi Electricity Co. is currently the only offtaker of power in Saudi Arabia. (Saudi Electricity Co.) Companies & Finance

Saudi Arabia presses on with power privatisation

Saudi Arabia’s power sector reforms will shift the state power utility into the role of system operator, but the constant changes are taking their toll.

By Verity Ratcliffe 26 April 2017
Companies & Finance

Tianlun Gas to acquire major stake in Gansu supplier

Henan Tianlun Gas Group Co. Ltd. has agreed to acquire a 98.87% stake in Gansu Province-based gas supplier Baiyin Natural Gas Co. Ltd. to pave the way for its expansion into western China, Henan Tianlun's parent company announced on 28 July.

29 July 2011
Companies & Finance

Total sees adjusted net profits drop by 6%

French oil and gas company Total recorded adjusted net profit of €2.8 billion ($4 billion) in the second quarter of 2011, down 6% on the same period last year, it said on Friday.

29 July 2011
Companies & Finance

Exxon’s long-term gas bet starts to pay off

ExxonMobil reported second quarter earnings of $10.7 billion, up 41% on the second quarter 2010, as its long investment in unconventional gas plays starts to pay off.

29 July 2011
Companies & Finance

CNPC overseas output up 30,000 tons y-o-y in H1

China National Petroleum Corp. (CNPC) boosted overseas oil and gas production in the first half of the year (H1) by 30,000 tons year-on-year, or 219,000 barrels per day (b/d), the firm said on 28 July.

29 July 2011
Companies & Finance

Libyan instability continues to affect Eni profits

Italian group Eni’s net profit in the second quarter fell by 31% year-on-year, as the continuing shut-in of its Libyan production hurt earnings.

29 July 2011
Companies & Finance

Gail experiences slower growth in latest quarter figures

India’s largest natural gas distributor, Gail, reported slower figures in its first quarter results released 27 July. The unaudited financial results show the lowest quarterly profit growth in more than three years.

29 July 2011
Companies & Finance

ONGC’s Q1 gas output, sales surpass targets

India’s state-owned Oil and Natural Gas Corporation (ONGC) surpassed its gas production and gas sales targets for the first quarter of fiscal year 2011-2012 and made a new gas discovery, the company announced today.

29 July 2011
Companies & Finance

Repsol sees lower profits on Libya, Argentina unrest

Spanish oil and gas company Repsol recorded current cost of supplies (CCS)* adjusted net income of €1.2 billion ($1.7 billion) in the first quarter of 2011, down 7.3% on the same period the previous year, it said on Thursday.

28 July 2011
Companies & Finance

Shell’s profits soar on back of high oil prices

]Shell’s second quarter profits hit $8 billion, a 77% rise compared to year-ago levels, buoyed by higher oil prices.

28 July 2011
Companies & Finance

Statoil profits up despite output drop

Norwegian group Statoil’s net income more than doubled to 27.1 billion Norwegian kroner ($5 billion) in the second quarter this year on higher oil and gas prices and the sale of a 40% stake in the Peregrino field, offshore Brazil.

28 July 2011
Companies & Finance

Turkmenneft reveal gas figures

State-owned Turkmenneft produced over 5 billion cubic metres (176.5 billion cubic feet) of gas in the first half of 2011, the Oil and Gas Industry and Mineral Resources Ministry stated on its website today.

28 July 2011
Companies & Finance

Vallares reportedly targets Dana Gas

Dana Gas, an oil and gas company based in the United Arab Emirates, is reportedly a bid target for Vallares, the new investment vehicle created by ex-BP chief executive Tony Hayward.

28 July 2011
Companies & Finance

Tullow lists on Ghana stock exchange

Shares in UK-based explorer and producer Tullow Oil have listed on the Ghanaian stock exchange. Tullow’s shares rose after listing on Wednesday morning.

27 July 2011
Companies & Finance

Gas Natural Fenosa sees net profit drop

Spanish utility Gas Natural Fenosa recorded net profit of €822 million ($1.2 billion) in the first half of 2011, down 3.6% on the same period last year, it said on Wednesday.

27 July 2011
Companies & Finance

Venezuela looks to double production by 2015

Venezuela wants to double gas production to 13.8 billion cubic feet per day (390.81 million cubic metres per day (MMcm/d)) by 2015, according to state-owned company Petróleos de Venezuela (PDVSA).

27 July 2011
Companies & Finance

Transneft net profits soar 152%

Net profits at Russian oil pipeline company Transneft increased 152% to 84.9 billion rubles ($30.9 billion) in the first quarter of this year, boosted by the sale of its controlling interest in Primorsk Commercial Seaport LLC, the company reported.

27 July 2011
Companies & Finance

Vattenfall sells Belgian gas operations to Eni

Swedish state-owned utility Vattenfall has sold its Belgian gas operations, through its fully-owned subsidiary Nuon Belgium, to Italian energy company Eni for €157 million ($227.6 million), the companies announced on Wednesday.

27 July 2011
Companies & Finance

Reliance group profits increase no thanks to upstream division

India’s Reliance Industries saw net profits increase in their first quarter by 16.7% to $1.28 billion, though earnings in the upstream oil and gas division fell by 16.5%.

26 July 2011
Companies & Finance

TNK-BP growth strategy focuses on Yamal, gas, international projects

TNK-BP's 10-year growth strategy is focused on the Yamal Peninsula, gas and international projects, CFO Jonathan Muir told journalists on Tuesday.

26 July 2011
Companies & Finance

BG Group reports 27% rise in profits

BG Group reported a 27% increase in profits year-on-year in the second quarter in the wake of rising commodity prices and a 3% boost in production.

26 July 2011

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