Sources say that Chevron wants better terms with Iraq before acquiring the Lukoil Oilfield.
Sources say that Chevron is seeking better terms for the West Qurna 2 Oilfield. Iraq nationalized oilfield operatorship after U.S. Three sources with knowledge of the matter said that Chevron, the U.S. oil major, is pressing Iraq to increase…
Sources say that the US will issue a general license to lift some sanctions against Venezuelan oil industry
Four sources said that the U.S. is preparing to issue a license to lift sanctions against Venezuela's energy industry. This would be a shift from the previous plan of granting individual exemptions for companies wishing to do business with Venezuela. After the capture by the U.S.
Libya signs 25-year agreement with TotalEnergies and ConocoPhillips that will bring in over $20 billion of investment
Libya's Prime Minister Abdulhamid al-Dbeibah announced that the country will sign on Saturday a 25-year agreement with TotalEnergies of France and ConocoPhillips in the United States. The deal involves more than $20 billion dollars worth of…
Venezuelan oil companies are pushing for rapid reforms to allow them to control oil exports
Sources involved in the talks say that oil executives and lawyers from international oil companies are lobbying for changes to the hydrocarbon laws of OPEC members in order to 'give them the freedom to export the oil produced in Venezuela. Many…
Iraq nationalises West Qurna 2 Oilfield Operations, Government Says
Iraqi Cabinet has approved the nationalisation of petroleum operations in West Qurna 2 Oilfield, one?of the world's largest oilfields, according to the 'provisions' of a contract signed with Russia Lukoil. The cabinet agreed to also seek approvals for financing operations via the Majnoon account.
What might Maduro have to offer Trump? What could Maduro offer Trump in potential talks?
Venezuelan President Nicolas Maduro is in a position to use crude oil cargoes that Venezuela sells mainly to China as a bargaining tool if Venezuela decides to negotiate with the United States. The Trump administration has increased its military…
Officials say Iraq is discussing a six-month waiver for US Lukoil sanctions.
Three Iraqi energy officials said on Monday that the Iraqi government was considering a request for a six-month waiver of sanctions from the U.S. Treasury Department to allow Lukoil more time to dispose of its stake in West Qurna-2, a giant oilfield.
Lukoil Declares Force Majeure in Iraq as Operations Strain Under US Sanctions
Lukoil declared force majeure at its Iraqi oil field, sources told Reuters on Monday, and Bulgaria was poised to seize its Burgas refinery, as the Russian company's international operations buckled under the strain of U.S. sanctions.The force majeure…
Lukoil declares Force Majeure in Iraqi oilfield following US sanctions
Four sources familiar with the situation said that Lukoil declared force majeure on Iraq's West Qurna-2 giant oilfield on Monday after Western sanctions against the Russian oil major hindered its operations. Lukoil didn't immediately respond to an inquiry for comment.
Lukoil declares Force Majeure in Iraqi Oilfield after Sanctions
Four sources familiar with the situation said that Lukoil declared force majeure on Iraq's West Qurna-2 giant oilfield on Monday after Western sanctions against the Russian oil giant hampered the oil major's operations. Lukoil didn't immediately respond to an inquiry for a comment.
Venezuela suspends energy agreements with Trinidad including gas projects
Venezuela's Oil Ministry will ask the President to suspend an agreement for a broad cooperation with Trinidad and Tobago in the energy sector, including the joint gas projects that are currently being negotiated, said the South American nation's Minister of Oil.
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.