Exxon Mobil Corp on Tuesday reported a fourth-quarter profit of $8.87 billion, its largest in seven years, as the top U.S. oil producer benefited from strong energy prices.The company slashed spending after fuel demand cratered two years ago and, since then, earnings have topped pre-pandemic levels. On Monday, Exxon also disclosed a business shakeup to accelerate a $6-billion cut to operating expenses set in motion last year…
ABB will deliver the shaft generator system with permanent magnet technology for the first dedicated CO2-storage vessels ever to be built. The vessels will be constructed by the Chinese shipbuilder Dalian Shipbuilding Industry Company (DSIC)…
Danish police have over the weekend received reports of drone activity near the Roar gas field in the North Sea, a police spokesperson said on Tuesday. The Roar field is next to Denmark's largest gas field, Tyra, both of which are operated by TotalEnergies…
British Prime Minister Liz Truss' plans to spur new North Sea oil and gas production and lift a ban on fracking will test investor appetite for new fossil fuel projects, but are unlikely to ease the current energy crunch.Truss, who took office on Tuesday…
ABB and Wison Offshore & Marine (WOM) have recently signed a memorandum of understanding to collaborate on floating liquefied natural gas (FLNG) projects.'FLNG facilities make the production, liquefaction, and storage of natural gas possible at sea…
German chemicals group reported preliminary first-quarter net income significantly below last year's level and analyst expectations on Monday, citing impairment charges for the abandoned Nord Stream 2 project.BASF said its quarterly net income slumped to 1…
BASF, co-owner of Nord Stream 2 backer Wintershall Dea, said it was prepared to push through an initial public offering of the oil and gas business next year if its joint venture partner LetterOne upholds its opposition to the transaction.'Given…
ABB has secured an order of around $27 million to supply Eneti’s two newbuild vessels with advanced power, automation, and control systems for improved safety and performance.The two $330 million wind turbine installation vessels (WTIV) will…
Exxon Mobil Corp on Thursday signaled a return to annual profit for 2021 as stronger oil and gas prices drove a gain of up to $1.9 billion in operating profits that exceeded one-time charges.The largest U.S. oil producer issued a snapshot of…
From being an ugly duckling, floating offshore wind is now the Cinderella of the offshore renewables world. Attention is now being paid to floating and even subsea substation concepts to help bring this power to shore. Over the past year, expectations…
Brent crude futures snapped a three-day rally on Friday in light holiday trading but the benchmark was still headed for a weekly gain, with the market focusing on next steps by OPEC+ and the impact of the Omicron variant.Brent crude futures slid 41 cents…
Construction engineering company Linxon and its parent companies Hitachi ABB Power Grids and SNC-Lavalin/Atkins have partnered up to bring together the technology and project execution expertise needed to make floating substations for offshore wind a reality…
Oilfield tech firm ChampionX has won a five-year contract with oil firm Vår Energi in Norway to deliver production specialty chemicals and management services to all Vår Energi assets.ChampionX provides chemistry solutions and equipment and…
ABB has secured a contract worth around $120 million to supply the overall Electrical Power System (EPS) for Chevron's multi-billion-dollar Jansz-Io Compression (J-IC) project, offshore W. Australia.The Jansz-Io field is located around 200 kilometers offshore the north-western coast of Australia…
Chevron Corp on Friday reported its highest profit in six quarters and joined an oil industry stampede to reward investors with share buybacks, as rebounding crude oil prices carried earnings and cash flow to pre-pandemic levels.Oil and gas…
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