Business and Finance

  • TotalEnergies signs agreements for development of Iraq's natural resources


    TotalEnergies sells its non-operated interest in block 14 in Angola

    TotalEnergies has signed an agreement together with Inpex to sell the company Angola Block 14 B.V. to the Angolan company Somoil, with the transaction subject to the approval of Angolan authorities. Angola B... more

  • bp and NYK Line to collaborate on solutions to help decarbonise shipping sector


    bp and NYK Line to collaborate on solutions to help decarbonise shipping sector

    bp and Japanese shipping company NYK Line have signed a memorandum of understanding (MoU) to collaborate on future fuels and transportation solutions to help industrial sectors, including shipping, decarbonise.... more

  • Empowering and advocating for culturally diverse women in the workplace


    Empowering and advocating for culturally diverse women in the workplace

    A new executive program targeting women from culturally and linguistically diverse (CALD) backgrounds, is aiming to break down barriers and address inequalities experienced by women in the workplace. Monash ... more


    IOG inks gas sales agreement with GM&T

    IOG plc has announced the execution of a gas sales agreement (GSA) with Gazprom Marketing & Trading Limited (GM&T). The news follows a competitive offtake process involving more than 10 bidders over rec... more

  • TotalEnergies sells its non-operated interest in block 14 in Angola
  • bp and NYK Line to collaborate on solutions to help decarbonise shipping sector
  • Empowering and advocating for culturally diverse women in the workplace
  • IOG inks gas sales agreement with GM&T

Qatar Petroleum and KOGAS sign 20-year SPA

Qatar Petroleum has entered into a new 20-year Sale and Purchase Agreement (SPA) with Korea Gas Corporation (KOGAS) for the supply of 2 million tonnes per annum (Mtpa) of LNG to the Republic of Korea. The agreement was signed on 12 July 2021 by His Excellency Mr Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum and Hee-Bong Chae, the President and CEO of KOGAS, during a special ceremony held at Qatar Petroleum’s headquarters. Pursuant to the SPA, LNG supplies will commence in January 2025, and will be delivered to KOGAS’ LNG…

Study sheds light on the impact of sunshine on corporate decision-making

A Deakin University study has found business leaders are more optimistic about their company’s profit outlook when the sun is shining, suggesting investors might want to check the weather forecast before making financial decisions. In the first large-scale study of the nuanced ways in which emotions affect top executives, Deakin Business School’s Associate Professor Edward Podolski analysed a large sample of earnings data from U.S. public firms to determine the role and economic consequences of the weather in shaping the judgment of corporate executives. He found that managerial profit forecasts were highly sensitive to the average sunshine conditions in the…

JPMorgan Chase releases carbon reduction targets for Paris-aligned financing commitment

Global financial services firm, JPMorgan Chase, has today released the comprehensive steps it is taking in its efforts to align its financing activities with the climate goals of the Paris Agreement. As part of its Paris-aligned financing commitment announced last fall, the firm has published 2030 carbon intensity targets for the oil and gas, electric power and auto manufacturing sectors. JPMorgan Chase also released its new Carbon CompassSM methodology that describes how the firm set its targets and how it will monitor progress over time. “There must be collective ambition and cooperation by business and government to tackle climate change,” said Jamie…

Upstream spending to struggle to recover to pre-pandemic levels

The toll of the COVID-19 pandemic on upstream investments in the first two years of the downturn is estimated at a whopping USD 285 billion, and although spending is forecast to slowly rise from 2022, it will not reach pre-crisis levels in the coming period, according to a Rystad Energy report. The shale sector has been the most affected, with conventional exploration and investments in mature assets suffering the least thus far. In February 2020, before COVID-19 started impacting the global energy system, Rystad estimated global upstream investments for the year would end up at around USD 530 billion, almost…

Global oil and gas contract activity was relatively stable in Q1 2021

Oil and gas contract activity remained relatively stable in Q1 2021, with the industry recording a marginal decrease in the number of contracts and at the same time an increase in disclosed contract value, according to GlobalData. GlobalData’s latest report, ‘Q1 2021 Global Oil & Gas Industry Contracts Review’, notes that the number of oil and gas contracts declined while value increased with 1,330 in Q4 2020, with a value of $25.5 billion, as compared to 1,282 in Q1 2021, totalling $29.3 billion. Oil & Gas Analyst at GlobalData, Pritam Kad, said: “Contract activity is now relatively stable with marginal improvement…

Initiative to drive efficiencies in ADNOC’s tendering process

The Abu Dhabi National Oil Company (ADNOC) has implemented a new initiative to drive efficiencies in its tendering process. The program supports ADNOC’s ongoing efforts to enhance its approach to procurement and maximise value for the company and its community of suppliers and service providers. The program standardises the terms and conditions for the procurement of drilling and oilfield goods and services across ADNOC’s entire value chain. As a result, all of ADNOC’s pre-qualified bidders are now subject to the same terms and conditions in competitive tendering, reducing the timeline for legal negotiations from months to weeks. To deliver this…

APLNG announces new gas sale to support domestic market

Australia Pacific LNG has announced a new four-year agreement to supply up to 91 petajoules (PJs) of gas to Origin Energy. The sale commences in 2022 and will help ensure additional gas is available for the east coast domestic market during the period a potential gas shortfall has been forecast by the Australian Energy Market Operator (AEMO). This latest agreement comes on top of Australia Pacific LNG’s existing commitments to supply 495 PJs of gas for Australian customers between 2021 and 2025. Announcing the new deal, Australia Pacific LNG Chief Executive Officer, Nicholas McKenna, said it demonstrated gas companies continue…