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#Saudi Aramco 1% Stake Is a Tough Sell - Bloomberg

Saudi Aramco 1% Stake Is a Tough Sell - Bloomberg Five years after Crown Prince Mohammed Bin Salman ventured that “in 2020 we can live without oil,” he is, once again, hawking Saudi Arabia’s oil champion to raise funds. In a recent, sweeping interview with Arab News, he teased the potential sale of 1% of Saudi Arabian Oil Co., or Saudi Aramco, to a “huge company” in an oil-importing country.Who would pay $19 billion for that sliver of the Saudi dream? The obvious candidates are in Asia, where ...
Tags: Travel, Asia, Saudi Arabia, Russia, India, Bloomberg, Reliance, Reuters, Aramco, Saudi Aramco, Mohammed bin Salman, BP Plc, Reliance Industries Ltd, David Fickling, Saudi Arabian Oil Co, Rupert Neil Bumfrey


#Saudi Aramco Follows Big Oil Rivals With Bumper Earnings - Bloomberg

Saudi Aramco Follows Big Oil Rivals With Bumper Earnings - Bloomberg Saudi Aramco’s profit soared in the first quarter following a recovery in global oil and gas markets, though free cash flow remained too low to fully cover dividend payments.The world’s biggest energy company kept its quarterly payout, almost all of which goes to the Saudi government, at $18.75 billion. The money is vital for the kingdom as it tries to narrow a budget deficit that ballooned last year, with the coronavirus pan...
Tags: Travel, Royal Dutch Shell Plc, BP Plc, Big Oil, Rupert Neil Bumfrey, Amin Nasser, Bloomberg Saudi Aramco


Aramco Is Said to Weigh Sale of Stake in Natural Gas Pipelines - Bloomberg

Aramco Is Said to Weigh Sale of Stake in Natural Gas Pipelines - BloombergSaudi Aramco is considering the sale of a stake in its vast natural gas pipeline network to help free up cash and draw more international investors to the kingdom, people familiar with the matter said.The state-owned energy producer is holding preliminary discussions on the potential move, the people said, asking not to be identified because the information is private. Any deal could raise billions of dollars for Dhahran-b...
Tags: Travel, Saudi Arabia, Qatar, Aramco, Bloomberg News, Dhahran, BP Plc, Saudi Arabian Oil Co, Rupert Neil Bumfrey, EIG Global Energy Partners, Yasir al Rumayyan, Abdulaziz Al Gudaimi, Natural Gas Pipelines Bloomberg, Natural Gas Pipelines BloombergSaudi Aramco, Amin Nasser Saudi Arabia


Big Oil's Secret World of Trading Fuels Profits as Climate Change Worries Rise - Bloomberg

Big Oil's Secret World of Trading Fuels Profits as Climate Change Worries Rise - Bloomberg It was a bleak moment for the oil industry. U.S. shale companies were failing by the dozen. Petrostates were on the brink of bankruptcy. Texas roughnecks and Kuwaiti princes alike had watched helplessly for months as the commodity that was their lifeblood tumbled to prices that had until recently seemed unthinkable. Below $50 a barrel, then below $40, then below $30.But inside the central London headqu...
Tags: Travel, Texas, London, Saudi Arabia, Bloomberg, Bp, Bob Dudley, Dudley, BP Plc, Rupert Neil Bumfrey, Cassandra Oil


Top #UAE Power Producer Joins Global Peers in Renewables Push - Bloomberg

Top UAE Power Producer Joins Global Peers in Renewables Push - BloombergThe United Arab Emirates’ largest power producer plans to cut exposure to oil and natural gas assets, joining energy companies around the world looking to refocus their operations on renewables.“Our focus is going to be on power and water, and less on oil and gas going forward,” Abu Dhabi National Energy Co. Chief Executive Officer Jasim Husain Thabet said in a Bloomberg TV interview.The UAE, which can pump more than 4 milli...
Tags: Travel, Bloomberg, United Arab Emirates, Uae, BP Plc, Bloomberg TV, Rupert Neil Bumfrey, Taqa, Abu Dhabi National Energy Co, Abu Dhabi National Energy, Jasim Husain Thabet


#UAE News: #AbuDhabi Utility Taqa to Weigh Sale of Oil and Gas Assets - Bloomberg

UAE News: Abu Dhabi Utility Taqa to Weigh Sale of Oil and Gas Assets - BloombergAbu Dhabi National Energy Co. is considering options for its oil and gas assets, including a potential sale, as the state-owned utility focuses more on power generation, people familiar with the matter said.The company, also known as Taqa, is speaking with potential advisers as it reviews a business that spans countries including the U.K. and Canada, the people said, asking not to be identified as the matter is priva...
Tags: Travel, Bloomberg, Canada, Abu Dhabi, Calgary, North Sea, Uae, U K, BP Plc, Rupert Neil Bumfrey, Taqa, Abu Dhabi Power Corp, AbuDhabi Utility Taqa, Abu Dhabi Utility Taqa, United Arab Emirates The city, Northrock Resources


Peak Oil Is Suddenly Upon Us

Peak Oil Is Suddenly Upon Us A year ago, if anyone in the petroleum business had suggested that the moment of Peak Oil had already passed, they would have been laughed right off the drilling rig. Then 2020 happened.Planes stopped flying. Office workers stayed home. “Zooming with the grandkids” replaced driving to see family. A year of global hunkering yielded the sharpest drop in oil consumption since Henry Ford cobbled together the first Model T. At its worst, global demand dropped by a stagge...
Tags: Travel, Opec, Bp, Henry Ford, BP Plc, Rupert Neil Bumfrey, Peak Oil


#SaudiArabia’s Gas Push Pays Off as Production Hits Record - Bloomberg

Saudi Arabia’s Gas Push Pays Off as Production Hits Record - Bloomberg Saudi Aramco’s greater focus on developing natural gas resources paid off with record daily output of the fuel -- but it still wasn’t enough to keep the kingdom’s power plants supplied when they needed it most.Saudi Arabia consumes all the gas it produces, much of it to generate electricity. Because gas pollutes less than crude, power plants prefer it as fuel.Aramco pumped a record 10.7 billion cubic feet of gas on Aug. 6, th...
Tags: Travel, Saudi Arabia, Bloomberg, Aramco, BP Plc, Joint Organisations Data Initiative, Rupert Neil Bumfrey, Bloomberg Saudi Aramco


#Saudi Aramco third-quarter profit slumps 44.6% as pandemic chokes demand | Reuters

Saudi Aramco third-quarter profit slumps 44.6% as pandemic chokes demand | Reuters Saudi Arabian state oil giant Aramco 2222.SE on Tuesday reported a 44.6% drop in third-quarter net profit as the coronavirus crisis continued to choke demand and weigh on crude prices.Share prices of global oil companies have been hammered this year as investors fret over the impact of the pandemic on energy demand and the long-term shift away from fossil fuels.Oil prices have recovered only slightly since tumblin...
Tags: Travel, Shell, Chevron, Exxon, Reuters, Aramco, Saudi Aramco, BP Plc, Rupert Neil Bumfrey, Amin Nasser, Refinitiv


With No Cuts Left to Make, Big Oil Sits and Waits for a Recovery - Bloomberg

With No Cuts Left to Make, Big Oil Sits and Waits for a Recovery - Bloomberg It was Andrew Swiger, the chief financial officer at Exxon Mobil Corp., who summarized the attitude of the whole industry after Big Oil ended reporting another dismal set of quarterly earnings: “Prices will have to rise.”After months of low oil and gas prices driven by weak demand, the world’s largest international oil companies have largely exhausted their financial defenses, leaving little room to maneuver if they’re ...
Tags: Travel, Saudi Arabia, Russia, Opec, Chevron, Exxon, Exxon Mobil Corp, BP Plc, Big Oil, Ben van Beurden, Rupert Neil Bumfrey, Recovery Bloomberg, Swiger, Andrew Swiger, Shell Brent


China Oil Giant CNPC Said to Eye BP Stake in #Oman Gas Field - Bloomberg

China Oil Giant CNPC Said to Eye BP Stake in Oman Gas Field - Bloomberg:China National Petroleum Corp. is in talks to acquire part of BP Plc’s stake in a key gas field in Oman, according to people familiar with the matter.China’s state-owned oil giant is having advanced discussions with BP for a 10% stake in the Khazzan natural gas field, the people said. The minority stake could fetch about $1.5 billion, said the people, asking not to be identified as the matter is private.No final decisions ha...
Tags: Travel, China, Malaysia, Oman, Bp, Bloomberg News, BP Plc, CNPC, China National Petroleum Corp, Rupert Neil Bumfrey, Oman Oil Co, Khazzan, China Oil Giant CNPC, Oman Gas Field Bloomberg


Middle East Deals: #Oman M&A Up 145% Undisturbed by Covid-19 - Bloomberg

Middle East Deals: Oman M&A Up 145% Undisturbed by Covid-19 - Bloomberg:News of the global slump in mergers in acquisitions hasn’t reached the farthest corner of the Arabian Peninsula, where a string of potential $1 billion-plus energy deals is helping Oman defy the gloom.The value of announced or proposed transactions involving an Omani target has risen 145% in the last 12 months, according to data compiled by Bloomberg. That compares with a 6% fall globally, owing to the impact of the coronavi...
Tags: Travel, Bloomberg, Oman, Arabian Peninsula, BP Plc, Occidental Petroleum Corp, Rupert Neil Bumfrey, Oman Bloomberg News


Global Oil Demand Hasn’t Yet Peaked, Energy Watchdog Predicts - Bloomberg

Global Oil Demand Hasn’t Yet Peaked, Energy Watchdog Predicts - Bloomberg:Global oil consumption hasn’t peaked, the head of the International Energy Agency warned, throwing cold water on hopes the coronavirus will cap demand and reduce climate-changing emissions.“In the absence of strong government policies, a sustained economic recovery and low oil prices are likely to take global oil demand back to where it was, and beyond,” Fatih Birol said in an interview.The world consumed last year nearly ...
Tags: Travel, Financial Times, BP Plc, International Energy Agency, Fatih Birol, Rupert Neil Bumfrey, Bernard Looney, Peaked Energy Watchdog Predicts Bloomberg


#Saudi Aramco's stock trades on a different planet - Arabianbusiness

Saudi Aramco's stock trades on a different planet - Arabianbusiness:Don’t worry if you missed Saudi Aramco’s earnings call: There wasn’t one.Now the sticklers and bores among you might raise a hand and suggest that, what with the global pandemic, oil crash and assorted what-have-yous, it might be advisable for the biggest oil major in the world to spare an hour for an update. But honestly, does it really matter? I mean, look at this:So how are things?Shares in Saudi Arabian Oil Co., to give the ...
Tags: Travel, Financial Times, Aramco, Saudi Aramco, BP Plc, Saudi Arabian Oil Co, Rupert Neil Bumfrey, Bernard Looney


OPEC+ Talks Collapse, Blowing Hole in Russia- #Saudi Alliance - Bloomberg

OPEC+ Talks Collapse, Blowing Hole in Russia-Saudi Alliance - Bloomberg:OPEC+ talks ended in dramatic failure, auguring the end of a diplomatic alliance between Saudi Arabia and Russia that has underpinned crude prices and changed the balance of power in the Middle East.Brent crude, the global benchmark, plunged the most in more than a decade after Russia refused to bend to the will of Saudi Arabia, whose high-stakes gamble pushed the group past breaking point. Riyadh wanted to slash production ...
Tags: Travel, Saudi Arabia, Russia, Opec, Moscow, Kremlin, Latin America, Middle Eastern, Riyadh, Central Asia, Exxon Mobil Corp, BP Plc, Rupert Neil Bumfrey, Middle East Brent, Russia Saudi Alliance Bloomberg


Coronavirus Oil Shock Threatens Double Whammy for Producers - Bloomberg

Coronavirus Oil Shock Threatens Double Whammy for Producers - Bloomberg:The coronavirus outbreak is already threatening oil markets. The fear of lower demand — from a disease-stricken China and eventually globally as the economic impact widens — has destabilized prices, sending crude to its lowest levels in more than a year. For major oil-producing countries, the declines, coming at a time of curtailed output, threaten economic shocks that if long-lasting could lead to the kind of political and ...
Tags: Travel, Saudi Arabia, China, Russia, Opec, Bloomberg, BP Plc, General Administration of Customs, Rupert Neil Bumfrey


Oil Climbs From One-Year Low With OPEC+ Split on Output Curbs - Bloomberg

Oil Climbs From One-Year Low With OPEC+ Split on Output Curbs - Bloomberg:Oil rebounded back beyond $50 a barrel as OPEC+ entered a second day of discussions on the impact of the coronavirus outbreak.Futures rose 2.5% in New York, reversing some of the dramatic collapse across the futures curve this week that saw the market fall into a bearish contango structure -- indicating oversupply. The recovery reflects speculation that OPEC+ talks in Vienna may result in an emergency ministerial meeting o...
Tags: Travel, New York, Opec, Bloomberg, Vienna, BP Plc, Rupert Neil Bumfrey


Oil Traders Made Billions in 2019 as Conflict Shook the Market - Bloomberg

Oil Traders Made Billions in 2019 as Conflict Shook the Market - Bloomberg:The world’s largest energy traders enjoyed one of their best ever years in 2019 as pipeline outages, dramatic changes in ship fuel regulations and Middle East conflicts shook up the global oil market.The bonanza extended beyond the independent traders like Vitol Group and Trafigura Group Ltd. to the in-house units of oil giants Royal Dutch Shell Plc, Total SA and BP Plc, which made billions of dollars in profits.“By all a...
Tags: Travel, Middle East, BP Plc, Vitol Group, Rupert Neil Bumfrey, Marco Dunand, Mercuria Energy Group Ltd, Market Bloomberg, Shell BP, Trafigura Group Ltd, Royal Dutch Shell Plc Total SA


Big Oil Is Selling Its Dirty Assets, But They Aren’t Going Away - Bloomberg

Big Oil Is Selling Its Dirty Assets, But They Aren’t Going Away - Bloomberg:When BP Plc announced its historic exit from Alaska, Chief Executive Officer Bob Dudley pointed to an extra perk from the $5.6 billion sale: a significantly lower carbon footprint.Cutting emissions is important for Dudley, partly because influential shareholders are forcing BP to align its spending to climate goals. But there’s a catch.Hilcorp Energy Co., the buyer of the Alaska assets, plans to pour more money to boost ...
Tags: Travel, Bloomberg, Alaska, Bp, Bob Dudley, Dudley, BP Plc, Rupert Neil Bumfrey, Hilcorp Energy Co


Aramco Starts Fuel Trading From #UAE With Ex-BP, Pemex Hires - Bloomberg

Aramco Starts Fuel Trading From U.A.E. With Ex-BP, Pemex Hires - Bloomberg:Saudi Aramco hired two Singapore-based traders and began dealing in fuel at the Middle East’s main bunkering port as the world’s biggest oil exporter expands further into the trading business.Aramco’s trading unit started doing deals earlier this month at its new office in the United Arab Emirates port of Fujairah, according to people with knowledge of the situation. It hired five people, including Avyay Saxena who former...
Tags: Travel, Mexico, Singapore, Middle East, United Arab Emirates, Aramco, Saudi Aramco, BP Plc, Pemex, Rupert Neil Bumfrey, Trafigura Group, Pemex Hires Bloomberg, Avyay Saxena, Max Moran


#Qatar Seeks More Russia Deals After `Great' Rosneft Investment - Bloomberg

Qatar Seeks More Russia Deals After `Great' Rosneft Investment - Bloomberg:Qatar is looking for more investment opportunities in Russia to capitalize on “huge” growth potential and is fully satisfied with its purchase of around a fifth of Russian state oil producer Rosneft PJSC, the Gulf state’s ambassador in Moscow said.“The company with its valuation has been attractive,” Fahd bin Mohammed Al-Attiyah said in an interview in the Russian capital. “It’s a great investment and we’re very happy to ...
Tags: Travel, China, Russia, Qatar, Moscow, Qatar Investment Authority, Rosneft, Gulf, BP Plc, Rupert Neil Bumfrey, CEFC Energy Co, Fahd bin Mohammed Al Attiyah


Shale on the Brink of M&A as Oil Majors Flex Muscles in Permian - Bloomberg

Shale on the Brink of M&A as Oil Majors Flex Muscles in Permian - Bloomberg:Cowboy boots and turquoise belt buckles are giving way to smart suits and silk ties as the world’s biggest shale oil field prepares for mergers.As oil executives from across the world gather in Houston for the annual CERAWeek by IHS Markit conference, the Permian Basin in the U.S. Southwest is on the cusp of a radical transformation with one simple premise: bigger is better. The energy industry appears primed for deals a...
Tags: Travel, Houston, Royal Dutch Shell Plc, Exxon Mobil Corp, BP Plc, Big Oil, Permian Basin, Chevron Corp, U S Southwest, Rupert Neil Bumfrey, IHS Markit, Permian Bloomberg


The Next Shale Fracker Revolution Has Begun - Bloomberg

The Next Shale Fracker Revolution Has Begun - Bloomberg:Successful revolutions must eventually grapple with the question of what to do with that success. The shale revolution is grappling with that right now.Two veteran shale executives, Tim Dove and Floyd Wilson, have just stepped down from the top jobs at Pioneer Natural Resources Co. and Halcón Resources Corp., respectively. Dove had set a goal of quadrupling Pioneer’s output to 1 million barrels of oil equivalent within a decade, but the spe...
Tags: Travel, Colorado, Bloomberg, Pdc, Wilson, Dove, Pioneer, BP Plc, Pioneer Natural Resources Co, Halcón Resources Corp, Floyd Wilson, Rupert Neil Bumfrey, Tim Dove, Kimmeridge Energy Management Co, Petrohawk Energy Corp, BHP Group Plc


Oil's Dealmaking 'Sun King' Returns: the New Life of John Browne - Bloomberg

Oil's Dealmaking 'Sun King' Returns: the New Life of John Browne - Bloomberg:John Browne’s return to the top of an oil company started with a phone call from a Russian oligarch who had $10 billion burning a hole in his pocket.“Mikhail Fridman said: ‘Would you like to invest some money for me?”’ Browne recalled in an interview, relaxing in a white chair in his characteristically stylish London office. “It was very attractive.”Browne, the consummate deal-making CEO who turned Britain’s BP Plc into...
Tags: Travel, London, Britain, Bp, TNK, Mikhail Fridman, BP Plc, Browne, John Browne, Rupert Neil Bumfrey, Fridman, Rosneft Oil Co PJSC, John Browne Bloomberg


BP Thinks It's Sitting on Another Giant Gas Field in the Caspian - Bloomberg

BP Thinks It's Sitting on Another Giant Gas Field in the Caspian - Bloomberg:BP Plc and its partners just spent $28 billion bringing a giant natural gas project in Azerbaijan online, and that may only be the start.The British oil major intends to drill six new exploration wells in the country by 2020, according to Gary Jones, BP’s regional president for Azerbaijan, Georgia and Turkey. If his expectations are met, the company could find a new gas play that’s about the same size as Shah Deniz, its...
Tags: Travel, Turkey, Manhattan, Azerbaijan, Jones, BP Plc, Gary Jones, Caspian Sea, Azerbaijan Georgia, Shah Deniz, Rupert Neil Bumfrey, Caspian Bloomberg, Brazil Azerbaijan


BP Says $100 Oil to Prove Fleeting as U.S.-China Trade War Bites - Bloomberg

BP Says $100 Oil to Prove Fleeting as U.S.-China Trade War Bites - Bloomberg:Oil bulls cheered by the prospect of $100 oil beware. A rally in prices may be short-lived.That’s according to Janet Kong, who heads energy giant BP Plc’s trading business in Asia. Any spike on the loss of Iranian supply due to U.S. sanctions probably won’t be sustainable in the long run, she said. That’s because the negative impact on demand from a trade war between the world’s two biggest economies hasn’t been priced ...
Tags: Travel, Asia, China, Iran, Kong, BP Plc, Rupert Neil Bumfrey, Trafigura Group, Mercuria Energy Group Ltd, U S China Trade War Bites Bloomberg, Janet Kong


The World's Biggest Mining Company Is Selling Out of U.S. Shale - Bloomberg

The World's Biggest Mining Company Is Selling Out of U.S. Shale - Bloomberg:BP Plc agreed to pay $10.5 billion, its biggest acquisition in almost two decades, for most of BHP Billiton Ltd.’s onshore U.S. oil and natural gas assets, including in the prized Permian Basin.The deal gives the London-based energy giant a position in the Permian, a swath of west Texas and New Mexico that’s the world’s fastest-growing major oil region. It’s another sign that BP has mostly rebounded from crude’s price cr...
Tags: Travel, Texas, London, Opec, Iran, Bp, New Mexico, Gulf of Mexico, BP Plc, BHP Billiton Ltd, Permian, Rupert Neil Bumfrey, Saudi Arabia Iraq, Bernard Looney, U S Shale Bloomberg


Future of Big Oil Increasingly Shaped by the Fate of Global Gas - Bloomberg

Future of Big Oil Increasingly Shaped by the Fate of Global Gas - Bloomberg:Big Oil’s fortunes are becoming tied more closely to natural gas than ever before.Majors including Royal Dutch Shell Plc and BP Plc have boosted their proportion of gas output in recent years, helping them trim Exxon Mobil Corp.’s lead as the world’s most valuable oil company. Meanwhile Chevron Corp. added two giant Australian liquefied natural gas projects and Exxon is punching back with two major projects of its own, i...
Tags: Travel, Mozambique, Papua New Guinea, Exxon, Royal Dutch Shell Plc, Exxon Mobil Corp, BP Plc, Chevron Corp, Rupert Neil Bumfrey, Global Gas Bloomberg


BP Squeezed Out of Abu Dhabi Offshore Oil as China, Italy Win - Bloomberg

BP Squeezed Out of Abu Dhabi Offshore Oil as China, Italy Win - Bloomberg:"When oil-rich Abu Dhabi put a string of offshore fields up for auction, suitors from China to Italy vied for a slice of the pie. Surprisingly, that piece was snatched from one of the world’s largest energy conglomerates. BP Plc missed out on a chance to renew its partnership in oil concessions off the emirate’s shores, which expired this month. The loss of barrels -- estimated at 100,000 a day -- will offset growth from B...
Tags: Travel, China, Egypt, Italy, Oman, Bp, Abu Dhabi, BP Plc, Rupert Neil Bumfrey, China Italy, Zohr, Abu Dhabi Offshore Oil, Competitors Total SA Eni SpA, Khazzan


The Oil Trader Known as ‘God’ Is Closing Down His Main Hedge Fund - Bloomberg

The Oil Trader Known as ‘God’ Is Closing Down His Main Hedge Fund - Bloomberg:"Andy Hall, the oil trader sometimes known in markets as “God,” is closing down his main hedge fund after big losses in the first half of the year, according to people with knowledge of the matter.The capitulation of one of the best-known figures in the commodities industry comes after muted oil prices wrong-footed traders from Goldman Sachs Group Inc. to BP Plc’s in-house trading unit. Hall’s flagship Astenbeck Master...
Tags: Travel, Hall, Goldman Sachs Group Inc, BP Plc, Andy Hall, Lugano Switzerland, Rupert Neil Bumfrey, Danilo Onorino, Dogma Capital SA



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