An ONGC oil platform. The merger will give the company more flexibility to invest in the upstream. (ONGC) Companies & Finance

ONGC acquires HPCL to bolster Indian upstream

India has sanctioned the acquisition of one its largest downstream oil companies by ONGC as it seeks to create a state-owned energy company able to compete on a global scale.

By Andrew Walker 25 July 2017
Companies & Finance

PetroChina will take 100% stake in China’s South Oil, despite cancelling the deal in 2010

PetroChina, the listed arm of China National Petroleum Corp. (CNPC), will buy a 100% stake in South Oil Exploration & Development from its parent company for $261 million, according to an online announcement on 27 October.

31 October 2011
Companies & Finance

TNK-BP signs deal with HRT for 45% of Solimões project in Brazil

TNK-BP has signed a farm-in and joint operating agreement with Brazilian independent HRT Participações em Petróleo for 45% of its assets in the Amazon’s Solimões Basin.

31 October 2011
Companies & Finance

Gazprom production and market share falls in October

Gazprom produced 43.4 billion cubic meters of gas in October, according to the initial figures provided by Russia’s Fuel and Energy Dispatch Center – a 6% decrease compared to October 2010.

31 October 2011
Companies & Finance

Nord Stream agrees re-pricing arrangements with banks

Nord Stream has agreed re-pricing arrangements with the 24 banks lending to the €3.9 billion ($5.5 billion) Phase I project finance facilities originally closed in March 2010.

28 October 2011
Companies & Finance

Petrobangla subsidiary reaches finance agreement for gas projects

A subsidiary of Bangladeshi state-owned developer Petrobangla, Gas Transmission Company Limited, has reached agreement for three new gas projects financed by the Asian Development Bank (ADB) and World Bank.

28 October 2011
Companies & Finance

Refinancing deal for Dampier-Bunbury pipeline closed

Eight banks have closed a A$400 million ($418 million) refinancing deal for the Dampier-Bunbury gas pipeline (DBP) in Australia.

28 October 2011
Companies & Finance

European Investment Bank considers $567.9 mln loan for Italian projects

The European Investment Bank (EIB) is mulling over a €400 million ($567.9 million) loan for the construction of two gas pipelines and an interconnector terminal in Italy.

28 October 2011
Companies & Finance

Sinopec's net profit climbs on higher gas prices

Sinopec, the listed arm of China Petrochemical Corp. (Sinopec Group), saw net profit for the first three quarters rise 8.8% year-on-year to RMB 61.40 billion ($9.66 billion), Sinopec said in a corporate earnings report released on Friday.

28 October 2011
Companies & Finance

ExxonMobil profits up 41% on higher oil prices

ExxonMobil benefited as well as other international oil and gas majors from this year’s rise in crude oil prices and higher refinery margins, with the super major reporting third quarter earnings up by 41% on Thursday.

28 October 2011
Companies & Finance

Santos sells field to focus on Bonaparte LNG

Santos has reached a deal to sell its interest in the Bonaparte Basin's Evans Shoal field off the northern coast of Australia for up to $350 million, as part of a plan to focus on its LNG projects in Western Australia, the company said on Friday.

28 October 2011
Companies & Finance

Fundamental Asian business conditions to improve - Moody's

Ratings agency Moody’s outlined its positive outlook on Asia Pacific’s exploration and production (E&P) industry in a research note entitled Asia-Pacific Oil and Gas Industry – Exploration & Production published on Thursday.

28 October 2011
Companies & Finance

Chinese government must raise domestic gas prices – CNPC source

The Chinese central government needs to raise domestic gas prices to give PetroChina an economic inventive to maintain its pipeline gas import business, a source with China National Petroleum Corp. (CNPC) told Interfax on Friday.

28 October 2011
Companies & Finance

Total posts Q3 net income rise of 24%

French oil major Total said on Friday that its net income rose 24% in the third quarter of 2011 on the back of higher oil prices and improved operational performance in refining.

28 October 2011
Companies & Finance

Majors weather storm amid uncertainty

In a busy week for company earnings results, Shell came out as one of the winners after beating analysts’ expectations with a juicy $7.2 billion quarterly net profit – a 106% increase on the same quarter last year.

28 October 2011
Companies & Finance

Chinese, Japanese most keen to buy Shell’s Woodside stake

Royal Dutch Shell’s 24% stake in Australian LNG developer Woodside may be on the market, and is most likely to be bought by either a Chinese wealth fund or a Japanese utility, JP Morgan said in a note to investors this month.

27 October 2011
Companies & Finance

Statoil's net profit drops below expectations

Statoil’s third quarter financial results came out below expectations on Thursday due to disappointing international gas output and a higher effective tax rate.

27 October 2011
Companies & Finance

Shell's profits climb, despite lower production

Anglo-Dutch Royal Dutch Shell saw oil and gas production fall by 2% year-on-year in the third quarter of 2011, but the company’s net profit for the period surpassed analysts’ expectations.

27 October 2011
Companies & Finance

Strong E&P, LNG sales push GDF EBITDA up 10%

French energy company GDF Suez reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of €12.1 billion ($17 billion) in the first nine months of 2011, up 10.2% compared with the same period last year, the company said on Thursday.

27 October 2011
Companies & Finance

CNOOC Ltd. generates $530 mln in gas sales revenue in Q3

CNOOC Ltd., the Hong Kong-listed arm of China National Offshore Oil Corp. (CNOOC), boosted gas sales revenue by 21.9% year-on-year to RMB 3.36 billion ($529.34 million) in the third quarter (Q3), CNOOC Ltd. said in a corporate earnings report released on Tuesday.

27 October 2011
Companies & Finance

ConocoPhillips Q3 profits fall 15%

ConocoPhillips’ third quarter earning fell by 15% to $2.62 billion with a net loss of $837 million compared to Q3 2010, the United States major reported on Wednesday.

27 October 2011

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