International

EU to quit Russian fossil fuels by 2027: Reuters

The European Commission unveiled a €195 billion plan to stop importing Russian fossil fuels by 2027, reported Reuters on Thursday.

Shell leads all oil and gas brands, Saudi Aramco takes second place

Saudi Arabian oil giant Aramco retains the second place globally with 16% brand value growth to $43.6bln and UAE’s Adnoc grows strongly, up 19% to $12.8bln, benefiting from top brand guardian CEO in industry, according to a new report from the world’s leading brand value consultancy, Brand Finance

South Sudan kicks off plans to nationalize oil industry

 South Sudan said Friday it has kicked off plans to nationalize the country oil industry in the next five years.

Shell in talks to sell Russian retail business

Ahead of the possible sale, Shell has suspended operations at its filling stations and the Torzhok lubricant plant, Sergey Starodubtsev, the company head in Russia said in a statement

Russia-Ukraine war impact: Will the 1970s-style oil crisis happen again?

Oil prices are surging due to the war in Ukraine and sanctions on Russia, but the 1970s energy crisis is not likely to happen again because the world now relies less on oil, according to the International Monetary Fund (IMF).

Four European gas buyers made rouble payments to Russia

Four European gas buyers have paid for supplies in roubles following Russian President Vladimir Putin demand, Bloomberg News reported, citing a person close to Russia energy company Gazprom PJSC.

Exxon declares force majeure on Russian Sakhalin-1 operations

Exxon Mobil Corp said on Wednesday that its Russian unit Exxon Neftegas Ltd has declared force majeure for its Sakhalin-1 operations, where it has become increasingly difficult to ship crude out of due to sanctions on Russia.

Schlumberger says carrying value of Russia assets is $800mln

Oilfield services firm Schlumberger NV on Wednesday said the carrying value of its net assets in Russia was roughly $800 million as of March 31, 2022, according to a filing with the U.S. Securities and Exchange Commission (SEC).