Kuwait announces its third offshore discovery as it seeks a boost in output
Kuwait Oil Company announced on Monday that it had made its third offshore find with a production capacity of over 29 million cubic feet of natural gas per day. This is a major boost for the desert nation, which has been struggling to increase output.
Bloomberg News reports that Exxon is planning to return to Iraq in order to explore the Majnoon oilfield.
Bloomberg News, citing sources familiar with the situation, reported that Exxon Mobil may re-enter Iraq after nearly two years by signing agreements to lay the foundation for exploring the Majnoon oil field. Majnoon Oil Field is located 60 km from Basra, in southern Iraq.
Iraq signs contract with BP for development of Kirkuk oilfields; initial target is 328,000 bpd
Iraq's oil ministry announced on Thursday that it has signed a contract with BP for the development of Kirkuk oilfields. The initial production target is 328,000 barrels a day. The agreement was signed in early this year and involves BP and…
US Halves Chevron Exports of Venezuelan Oil
U.S. oil major Chevron is only able to export about half the crude its joint ventures produce in Venezuela with the latest rules laid out by Washington, three sources close to the matter said.The Treasury Department in late July issued a restricted…
Iraq, Kurdish Government to Restart Oil Exports to Turkey
Iraq's federal and Kurdish regional governments reached a deal with oil firms to resume crude exports via Turkey on Monday, two oil officials told Reuters.The breakthrough will allow for the resumption of exports of about 230,000 barrels per…
Iraq's Premier says he hopes that producers will reconsider the oil export quota
Iraq hopes that fellow producers will review its oil export quota in order to better reflect the country's production capacity. This rare comment from a senior Iraqi official was made by Prime Minister Mohammed Shia al-Sudani on Saturday. The…
Venezuelan oil company PDVSA is ready to resume work on previous US terms
Sources at the company said that Venezuela's PDVSA, the state-run oil firm, is preparing to resume its work in its joint ventures with terms similar to those of Biden's licenses once U.S. president Donald Trump reinstates authorizations to its partners for them to export and operate oil under swaps.
HPCL invests $231 Million to build 24 compressed Biogas Plants in India
A company official revealed on Friday that the Indian state fuel retailer Hindustan Petroleum Corp Ltd. (HPCL) plans to invest around 20 billion rupees (about $231.04 million) over the next two or three years in order to build 24 compressed biogas plants (CBG).
Iran announces that production of the world's biggest gas field has been partially suspended following an Israeli attack
The semi-official Tasnim News Agency reported that Iran had partially suspended gas production after an Israeli attack caused a fire at the world's largest gas field on Saturday. This would be Israel's first strike against Iran's oil sector. Iran shares South Pars with Qatar.
Chevron and European firms lobby for the retention of stakes in Venezuelan oil joint ventures
Three sources familiar with the situation said that the U.S. oil company Chevron and several European firms are currently in discussions with the Trump Administration to get permission to retain their stakes in joint-ventures with Venezuela's PDVSA.
Sources say India is considering scrapping the import tax on US LNG to boost purchases.
Four government and industry sources have said that India is considering scrapping the import tax on U.S. LNG to increase purchases and reduce the trade surplus, which is a major irritation for President Donald Trump. Both sides want to increase…
Iraq plans to increase oil production above 6 million barrels per day by 2029
Iraq plans to increase oil production to 6 million barrels per days (bpds) or more by 2029. This was announced on Sunday by the Iraqi oil ministry, according to Iraq's state news agency. Bassem Mohammed Khodeir, the undersecretary of the Oil Ministry…
After financial disputes, talks to resume Kurdish crude oil exports have been postponed until Thursday
Three sources said that the talks to accelerate a return of oil exports out of Iraq's semiautonomous Kurdistan Region have been postponed until Thursday due to disagreements between oil companies, and the oil ministry. Three sources said that the meeting was originally scheduled for Tuesday…
Reliance India says the oil ministry demanded $2.81 billion in gas dispute case
Reliance Industries, an Indian company, said Tuesday that the Petroleum and Natural Gas Ministry of India has demanded $2.81 billion in a dispute over gas drilling from the company and BP Exploration and Niko. A division bench of the Delhi High…
Oil minister: Bidding round for $3-4 billion to boost Libya's oil production is expected shortly
Khalifa Abdelsadek said on Saturday that Libya will need between $3 billion and $400 million to achieve a production rate of 1,650,000 barrels of oil per day. He added that the cabinet is expected to approve a new round of license bids before the end January.
BOC Manager: Iraq signs deal with Halliburton for development of Nahr Bin Omar Oilfield
The Basra Oil Company's (BOC) head said that Iraq and U.S. oil service firm Halliburton were close to signing an agreement for the development of the Nahr Bin Omar Oilfield. Bassem Abdul Karim said that Halliburton and the Iraqi oil ministry…
Oil India's Q2 profit forecast misses the mark due to lower prices and muted demand
State-run explorer Oil India reported a smaller-than-expected second-quarter profit on Tuesday, weighed down by lower crude prices and tepid fuel demand. The company's profit grew six-fold in three months to 18,34 billion rupees ($218 million)…
BP and Iraq to share profits on Kirkuk fields
Iraqi officials from the oil ministry said that BP will develop Iraq's Kirkuk gas and oil fields using a profit sharing model. A final agreement should be reached before the end of this calendar year. Iraq and BP have signed a preliminary deal…
India's ONGC exceeds profit expectations for the first quarter on high fuel demand
India's Oil and Natural Gas Corp. (ONGC), boosted by domestic fuel demand and a higher realisation of prices, beat the first-quarter profits estimates. The data released by the Oil Ministry shows that India's fuel usage increased significantly in comparison to the same period last year.
Venezuela's PDVSA Freezes Most Oil Exports for Contract Reviews
The new head of Venezuela's state oil company PDVSA has suspended most oil export contracts while his team reviews them in a move to avoid payment defaults, according to an internal document seen by Reuters and people familiar with the matter.Since U.S.