oil and gas

Chevron, ONGC near final energy deals in Venezuela

Chevron, India's ONGC Oil and Natural Gas Corporation, GE Vernova, Italy's Eni, and Colombia's GeoPark are on track to sign final energy agreements in Venezuela as early as this week, according to five sources close to the preparations cited by…

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Chevron, Halliburton near deals to invest billions in Venezuela’s oil fields

Chevron and other U.S. energy companies are nearing deals to invest billions of dollars in Venezuela's oil fields, according to an exclusive report by The Wall Street Journal News Corp published Friday, as the Trump administration simultaneously pursues a separate…

Gulf states pour billions into ports and pipelines to bypass blocked Strait of Hormuz

Six months after the US-Iran conflict effectively shut down the Strait of Hormuz, Persian Gulf states are committing billions of dollars to alternative infrastructure — pipelines, ports, and railways — as the region confronts what some now view as a…

Oil majors pour billions into nuclear fusion startups

The world's largest oil companies are pouring capital into nuclear fusion, wagering that a technology long dismissed as perpetually decades away is now close enough to commercial reality to justify serious investment. Global private funding for fusion hit a record…

Oil majors post $93B in Q2 profits as Hormuz crisis deepens

Eight of the world's largest oil producers posted a combined $93 billion in profits during the second quarter of 2026, nearly doubling their earnings from the same period a year earlier, as the Iran war and disruption to shipping through…

Exxon ties $80B Kashagan expansion to $150B dispute

ExxonMobil Exxon Mobil Corporation has told Kazakhstan that a potential $80 billion joint investment to develop the western portion of the Kashagan oil field hinges on resolving a long-running dispute worth roughly $150 billion between the government and international oil…

JSE pursues Dangote Refinery listing after planned $5B Nigeria IPO

The Johannesburg Stock Exchange JSE Limited is actively pursuing a secondary listing of Dangote Petroleum Refinery following the company's planned initial public offering on the Nigerian Exchange, in what could become the largest public offering ever undertaken in Africa.

BP CEO says company should stop calling itself a supermajor

BP on Tuesday reported second-quarter profit of $5.7 billion, more than doubling from year-ago levels, as elevated oil prices driven by the Middle East conflict delivered a windfall to the British energy company. But even as cash poured in, CEO…

BP and Aramco report soaring Q2 profits amid Iran war

Saudi Aramco and BP on Tuesday reported sharply higher second-quarter profits, joining a wave of energy giants reaping windfalls from elevated oil and gas prices driven by the ongoing war in the Middle East.

Aramco warns global refineries have no buffer left against fuel price shocks

The world's largest oil companies are warning that global fuel inventories have fallen to dangerous levels, with refineries outside conflict zones operating at or above maximum capacity and virtually no buffer left to absorb further supply shocks.

BP posts strongest profit in four years as war-fueled trading booms

BP posted its strongest quarterly profit in more than four years on Tuesday, with underlying replacement cost profit reaching $5.73 billion in the second quarter of 2026 as its oil trading and refining businesses capitalized on volatile energy markets driven…

Hormuz shipping rebounds under US military escort amid Iran conflict

Shipping traffic through the Strait of Hormuz has partially recovered after weeks of sharp decline, with U.S. military escorts helping move roughly 6.5 million barrels of oil per day out of the Persian Gulf — though the figure remains far…

Shell Q2 profit more than doubles on Middle East conflict

Shell on Thursday reported second-quarter 2026 adjusted earnings of $9.84 billion, more than doubling the $4.26 billion posted a year earlier and comfortably surpassing analyst expectations, as the British energy major benefited from higher oil and gas prices driven by…

Kazakhstan freezes Kashagan operator’s assets over $5B fine

Kazakhstan has frozen the property and transport of the North Caspian Operating Company, operator of the giant Kashagan oilfield, over the consortium's refusal to pay a nearly $5 billion environmental fine, according to the justice ministry's database as reported by…

Gulf states eye record debt binge to build Hormuz bypasses

Persian Gulf oil exporters are preparing to tap debt markets at an accelerating pace to fund ports, pipelines, and transport links that would reduce their dependence on the Strait of Hormuz, which Iran has kept effectively closed since April. The…

Iraq says US energy deals worth $200B, tripling initial estimate

Iraq's Oil Minister Bassem Mohammed Khudair said on Tuesday that energy agreements signed with American companies during Prime Minister Ali al-Zaidi's visit to Washington are worth approximately $200 billion, a figure that encompasses seven major contracts aimed at expanding Iraq's…

Eni CEO says oil industry is pivoting to Asia, Latin America

Eni CEO Claudio Descalzi told an Italian parliamentary panel on Thursday that energy markets are failing to account for the scale of geopolitical risks reshaping global supply, as the oil and gas industry redirects capital toward Southeast Asia and Latin…

Chevron set to sign Iraq oil and pipeline deals Friday

Iraqi Prime Minister Ali al-Zaidi's visit to Washington this week is yielding a wave of energy agreements, with Chevron poised to formalize memorandums of understanding with Baghdad covering the West Qurna 2 and Nassiriya oilfields as part of a broader…

Russia cancels bond auction as stock market rout deepens

Russia's benchmark MOEX index suffered its steepest single-day drop since September 2022 on Monday, June 22, falling 4.23% to 2,318 points — its lowest level since March 2023 — as a deepening fuel crisis caused by Ukrainian drone strikes on…