International

Saudi Aramco to cut capital spending in 2020, posts drop in 2019 profit

Saudi Aramco 2222.SE on Sunday said it plans to cut capital spending in the wake of the coronavirus outbreak, as it posted a 21% decline in 2019 net profit due to a drop in oil prices and production, its first earnings announcement as a listed company.

Almost all new wells lose money in shale’s ‘new normal’

America’s shale producers already had a profitability problem. It just got a lot worse.

Saudis Plan Big Oil Output Hike, Beginning All-Out Price War

Saudi Arabia plans to increase oil output next month, looking to boost it well above 10 million barrels a day, as the kingdom responds aggressively to the collapse of its OPEC+ alliance with Russia.

Russia breaks Opec oil alliance as it takes on US shale

Moscow seizes opportunity to undermine North American rivals at the expense of the cartel

Eni announces Long-Term Strategic Plan to 2050

Claudio Descalzi, CEO of Eni, said: “The strategy we announce today represents a fundamental step for Eni. We will set out the evolution of our Company in the next 30 years combining the objectives of ongoing development in a fast changing energy market and a significant reduction in our carbon footprint, a combination considered impossible by many.

Schlumberger Opens Manufacturing Center in Saudi Arabia

Schlumberger announced the opening of a world-class manufacturing center in King Salman Energy Park (SPARK) that supports Saudi

Saudis may yet get OPEC+ deal from recalcitrant Russia as crisis grows

Saudi Arabia has so far been thwarted by Russia in its push to shore up oil markets against the coronavirus. But when they meet next week, the humbled kingdom may yet clinch victory.

Saudi Aramco signs 66 agreements worth $21 bln

Saudi Aramco signed 66 partnerships agreements valued at more than US$21 billion with companies for work across the Saudi Arabian energy sector, including a $110 million joint venture with Baker Hughes.