Saudi Aramco ready for record $2tn IPO after first-half results

Posted on August 12, 2019 by Admin

Profits fell 12% but company still ahead of world’s six biggest listed oil producers combined

Saudi Arabia’s state-owned oil group is ready to move ahead with a record $2tn (£1.7tn) market float after revealing profits of $46.9bn for the first half of this year.

Saudi Aramco’s profits for the six months ending in June were down from $53.2bn in the first half of last year owing to lower oil prices, but were still well ahead of the world’s six biggest listed oil companies combined.

Revealed: Mobil sought to fight environmental regulation, documents show

Posted on June 12, 2019 by Admin

Oil giant looked to make tax-exempt donations to universities and civic groups in the early 1990s to promote the company’s interests

Oil giant Mobil sought to make tax-exempt donations to leading universities, civic groups and arts programmes to promote the company’s interests and undermine environmental regulation, according to internal documents from the early 1990s obtained by the Guardian.

Top oil firms spending millions lobbying to block climate change policies, says report

Posted on March 21, 2019 by Admin

Ad campaigns hide investment in a huge expansion of oil and gas extraction, says InfluenceMap

The largest five stock market listed oil and gas companies spend nearly $200m (£153m) a year lobbying to delay, control or block policies to tackle climate change, according to a new report.

Chevron, BP and ExxonMobil were the main companies leading the field in direct lobbying to push against a climate policy to tackle global warming, the report said.

Cyprus: likely gas field find raises prospect of tension with Turkey

Posted on February 25, 2019 by Admin

Expected announcement by ExxonMobil of discovery off island’s south coast seen as potential game changer

Tensions between Cyprus and Turkey over energy could soon come to a head, with ExxonMobil apparently poised to announce a significant natural gas find off the divided island’s southern coast.

After more than three months of deep-water exploration in the eastern Mediterranean, the US firm is expected to unveil findings this week in what is being described as a seminal moment in the race to tap potentially profitable underwater resources.