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Saudi Arabian Oil Co. (Aramco) on Thursday announced agreements and memorandums of understanding (MOUs) with United States companies spanning its operations from refining and liquefied natural gas (LNG) to artificial intelligence. The 34 deals have a potential value of about $90 billion, the state-owned oil giant said in an online statement. Earlier the White House announced $600 billion in committed investments from Saudi companies and a $142 billion agreement for U.S. arms sales to the kingdom – signed during President Donald Trump’s visit. “Our US-related activities have evolved over the decades, and now include multi-disciplinary R&D [research and development], the Motiva…
The pilot plant was established to conduct research and development for CO2 capture technologies using flue gas from gas turbines at the power plants. The plant has a capture capacity of approximately five tons per day, and through demonstration of innovative CO2 capture technologies for the next generation, will strengthen the competitiveness of the CCUS business. MHI has been researching and developing innovative CO2 capture technologies in collaboration with KEPCO since 1990. The operation of this new plant will strengthen that R&D structure, and enable demonstration tests using state-of-the-art equipment. In 2022, MHI announced an alliance with ExxonMobil, which enables…
Brazil’s Petrobras plans to return to Nigeria’s oil industry, to focus on deepwater exploration, Nigeria media have reported, citing a senior government official.“We have not maximally capitalised on the fraternity between us and Brazil, but it is better late than never. The upcoming SDM [Strategic Dialogue Mechanism] presents an opportunity to execute sector-specific Memoranda of Understanding (MOUs) and unlock investment flows,” Stanley Knwocha, a senior assistant with Nigeria’s vice president’s office, told Business Day.“Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria. They said they want frontier acreage in deep waters,” Nigeria’s…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Italian energy major Eni said it was in exclusive talks to sell 20 per cent of Plenitude, its renewable power and electric vehicle charging business, to Ares Management in a deal that would give the unit an enterprise value of more than €12bn. While other oil majors have been pulling back from low-carbon investment, the potential deal highlights Eni’s ability to extract value by bundling together its green investments together with cash generative assets and then selling stakes to private equity firms. Plenitude plans…
Italian energy company Eni announced today that it has entered into exclusive negotiations with alternative asset management firm Ares’ alternative credit arm for the sale of a 20% stake in Eni’s renewables, retail and EV charging company Plenitude. Eni said that the stake would be acquired at an equity value of the company between €9.8 and €10.2 billion (USD$2.2 – $2.3 billion), corresponding to an enterprise value of more than 12 billion. Eni established Plenitude in 2021, through the combination of its renewables, retail and e-mobility businesses. The company currently has over 4 GW of installed renewables capacity, with a target reach…
Publisher’s Note: Eni SpA will be presenting at EneCom Denver – The Energy Investment Conference at the Westin Downtown, on August 17-20, 2025. Register to attend. (World Oil) – Eni has started gas production from the Merakes East field, in the Kutei basin, offshore Indonesia. The field is in the East Sepinggan block (Eni 85%, Op.) and will contribute up to 100 MMscfd of gas or approx. 18,000 boed to Eni’s production. Merakes East is located in a water depth of 1,600 m (~5,249 ft), approximately 10 km east of the Merakes Field. It is tied back via a subsea connection to the Jangkrik Floating Production Unit…
(Bloomberg) — Oil giant Saudi Aramco signed agreements with major U.S. companies potentially totaling about $90 billion. The company signed 34 memorandums of understanding and pacts through its Aramco Group Co., covering collaborations and partnerships on liquefied natural gas, fuels, chemicals, emission-reduction technologies and artificial intelligence, among other fields, Aramco said in a statement. The world’s largest oil company announced the agreements following U.S. President Donald Trump’s stop in Riyadh on his first scheduled trip abroad since returning to power. The American president wants the energy-rich Gulf states to ramp up investments in the U.S. and buy more…
OPEC+ nations made a careful start to their long-awaited oil production revival in April, ahead of the group’s plans for a much quicker surge in output in the coming months. The eight countries who had agreed to increase supplies collectively added just 25,000 barrels a day last month, a fraction of the scheduled 138,000 barrels a day, according to a monthly report from the cartel. April marked the beginning of the coalition’s long-delayed process to restart supplies idled since 2022. While group leader Saudi Arabia added roughly the amount agreed, output declined in other nations that had promised restraint to…
Oil prices lost nearly $1 in early trade on Thursday on expectations of a potential US-Iran nuclear deal, while an unexpected build in US crude oil inventories last week heightened investor concerns about oversupply.Brent crude futures fell 88 cents, or 1.3 per cent, to $65.21 a barrel by 0055 GMT. US West Texas Intermediate (WTI) crude futures slid 92 cents, or 1.5 per cent, to $62.23. The both benchmarks lost about 0.8 per cent on Wednesday.Iran is willing to agree to a deal with the US in exchange for the lifting of economic sanctions, an Iranian official told NBC News…
Venture Global, the LNG operator, has asked the Federal Energy Regulatory Commission to greenlight its third liquefaction plant, in Louisiana, by June 26.The company previously said it plans to make the final investment decision on the new facility by mid-2025 but, its chief executive said, it needs the go-ahead from the regulator. FERC had earlier rescinded its approval for the project on the grounds of concern related to its impact on air quality in the area. The concern prompted a second environmental assessment, which the regulator completed last week, concluding there was no danger for air quality, after all.“We have…