Shell

Shell's chief executive has told the BBC that cutting gas and oil output would be "irresponsible" because it could further lift energy bills and worsen the cost-of-living crisis.

Wael Sawan was asked about recent comments from U.N. head Antonio Guterres, who had declared it was "moral and economic madness" to invest in new fossil fuel infrastructure.

When Russia invaded Ukraine, global companies were quick to respond, some announcing they would get out of Russia immediately, others curtailing imports or new investment.

Billions of dollars' worth of factories, energy holdings and power plants were written off or put up for sale, accompanied by fierce condemnation of the war and expressions of solidarity with Ukraine.

MOL, the Hungarian oil company, will sell 39 service stations in Slovenia to British oil major Shell in a bid to receive clearance for the takeover of OMV Slovenija, the country's second largest chain of service stations.

Saudi Aramco reported yesterday that profits jumped 46 percent last year, highlighting how a surge in oil prices after Russia invaded Ukraine spurred growth in the world's biggest crude exporter.

Europe faces painful "industrial rationalisation" due to its energy crisis that risks political trouble, the head of Shell warned Sunday, as the oil giant joined a natural gas project in Qatar.

The geological region that stretches to the North from the Adriatic in the area of ​​Italy and Croatia and descends to the Ionian Sea and Western Greece to the South has yielded discoveries of oil and natural gas deposits.

Exploration by major oil companies is ongoing, while Croatia, Montenegro and Albania have stepped up their efforts with rounds of concessions.

An oil well in the Kucova oil field of Albania. Photo: Nensi Bogdani/BIRN

"There are signs that show that we might be near a very very important discovery of oil and gas that will have a large impact not only on the future of our country but will play a role even in the future of energy in Europe," Rama said.

Mitsui and Mitsubishi are shareholders in the Sakhalin-2 liquefied natural gas (LPG) project.
Shares of Mitsui fell by 5.7 percent and of Mitsubishi by 5.4 percent respectively, by the midday break in today's trading on the Tokyo Stock Exchange, reports Reuters.

Argentina on May 24 announced an easing of foreign exchange controls for the shale oil and gas industry in a bid to promote investment and boost production.

In an area known as Vaca Muerta in Patagonia, Argentina has what is considered the second-largest shale gas reserve in the world and the fourth largest of shale oil.

British energy giant Shell yesterday said its net profit jumped 26 percent in the first quarter as soaring oil prices offset a sizeable charge linked to its Russia exit.

Profit after tax leapt to $7.1 billion (6.7 billion euros) compared with a year earlier, Shell said in a statement.