Shell plc

Chevron and its partners, Shell and NewMed Energy, have put forward a new $4 billion plan to develop the Aphrodite gas field off Cyprus. The proposal comes after Cyprus warned it might revoke the license for the project due to delays.

The updated plan aims to address Cyprus' concerns but comes with a significantly higher price tag compared to previous proposals.

Turkish state energy company Botaş has signed a 10-year LNG supply agreement with Shell, with deliveries set to begin in 2027.

"Under this agreement, approximately 4 billion cubic meters of LNG will be delivered annually, totaling 40 billion cubic meters over the contract period," Energy Minister Alparslan Bayraktar said.

Turkish energy firm Energy Exchange Istanbul (EXIST) held onto the top spot on Fortune magazine's top 500 Turkish companies list in terms of net sales.

EXIST's sales last year totaled 839 billion Turkish Liras ($36.1 billion), rising 4.9 percent from 2022, according to a statement issued by the magazine.

Workers at two of Chevron's major natural gas plants in Australia are set to go on strike next week, the U.S. energy giant said yesterday, threatening up to five percent of global LNG supplies.

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.

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.

Russia's Gazprom announced on Tuesday that it was suspending gas supplies to the Danish company Orsted and Shell Energy under its gas supply contract with Germany. The reason is the refusal to pay for the raw material in Russian rubles, Reuters reported.

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.

British energy giant Shell said yesterday that its decision to pull out of Russia in response to the country's invasion of Ukraine has already cost the international energy giant as much as $5 billion.