BP reported a sharp rebound in second-quarter earnings, helped by stronger oil and gas prices, improved refining margins and robust cash generation, as new Chief Executive Officer Meg O'Neill outlined an ambitious strategy to improve performance and restore shareholder confidence.
US Energy Secretary Chris Wright said the country has reached record levels of oil and gas production, reinforcing its position as the world’s largest energy producer.
Gain.Energy, a US-based energy tech company has announced the launch of Upstrima, a specialised AI platform built for the oil and gas sector. It brings together AI agents, intelligent data processing and engineering expertise to automate complex technical tasks while augmenting the capabilities of experts.
Oman's Public Establishment for Industrial Estates (Madayn) has announced that its Sur Industrial City has secured RO56 million ($145.2 million) in investments during the first half through six agreements spanning over 60,000 sqm for projects in oil and gas, telecom, and food industries.
Egypt has launched an international bid round for oil and gas exploration across 14 new areas, covering the Mediterranean Sea, Nile Delta, North Sinai, Gulf of Suez, Sinai and Western Desert. Production had started from Belayim Marine 133 well in the Gulf of Suez, with initial output of about 1,500 barrels per day.
Oman's Public Establishment for Industrial Estates (Madayn) has announced that its Ibri Industrial City has secured RO25 million ($65 million) in investments during the first half through 17 agreements spanning over 250,000 sq m for projects in oil and gas, manufacturing and light industry.
Leading Norwegian technology company Kongsberg has secured a contract to protect critical infrastructure for an international company. The essential systems include oil and gas installations, telecommunication cables, energy grids, ports and transportation networks.
Wood has secured a five-year Long-Term Agreement with Aramco, extendable by three years, to provide engineering, design and project management services for oil, gas, refining, petrochemical and lower-carbon hydrogen projects in Saudi Arabia.
For ADNOC’s portfolio of listed companies, the UAE’s decision to conclude its membership of OPEC and OPEC+ removes a constraint that has historically limited how investment in capacity translates into activity and earnings, said a WAM news agency report.
Aramco reported strong earnings in third quarter, underpinned by operating momentum as major projects progress. The energy major's adjusted net income for the quarter stood at $28 billion (Q3 2024: $27.7 billion).
