Tag: billion
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US ConocoPhillips profits exceed $ 18 billion in 2022
US company ConocoPhillips posted record profits in 2022 of $18.7 billion, or $14.57 per share, benefiting from higher prices in the wake of Russia’s invasion of Ukraine. Last year’s profits compare to $8.1 billion, or $6.07 per share, the company achieved in 2021, according to a press release seen by the specialized energy platform. The…
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ADNOC supports “Make in the UAE” with 23 agreements, with investments of $4.6 billion
The Abu Dhabi National Oil Company (ADNOC) has signed agreements with 23 companies, with investments amounting to 17 billion dirhams ($4.63 billion) as part of its strategy to support local manufacturing in the UAE. The agreements signed with a number of local and international companies come as part of investments worth AED 70 billion ($19…
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Oil reserves in Iraq are recovering by 6 billion barrels
Oil reserves in Iraq have achieved a significant recovery, with the addition of about 6 billion barrels of crude oil and 23 billion standard cubic feet of natural gas. Today, Monday, January 23, 2023, during his visit to the Oil Exploration Company, the Iraqi Oil Minister, Hayan Abdul Ghani, announced the addition of 6 billion…
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Plans to increase oil production in Guyana to tap 25 billion barrels of reserves
US ExxonMobil continues to focus on boosting oil production in Guyana; The company is preparing to approve its fifth project, which is scheduled to start production in 2027 for a period of 20 years, according to estimates by the Government of Guyana. ExxonMobil’s proposed fifth development at the Oro oil field would pump about 250,000…
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The oil and gas sector in Algeria is awaiting the pumping of $40 billion in investments to increase production
The oil and gas sector in Algeria is expected to pump $40 billion over the next 5 years, as part of a strategic plan aimed at increasing production to secure growing domestic demand and increase exports. In this context, the Algerian Minister of Energy and Mines, Mohamed Arkab, said that his country is planning a…
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Mexico’s Pemex offers a new solution to pay off $10 billion in debt
The Mexican oil company Pemex is seeking solutions to pay off its $105 billion financial debt, in an attempt to take advantage of high oil prices to make profits, after the government withdrew its support. The company is looking for funds to make approximately $10 billion in bond payments in the current year (2023), an…