Oil Minister: India will continue to buy cheap Russian oil
Hardeep Singh puri, the oil minister, said that India was willing to continue buying oil from Russian companies who are permitted to sell oil at such low prices. Puri said in an interview given at the GasTech Conference…
Engineers say two oilfields in south-east Libya have been shut down
Engineers at the fields said on Tuesday that two oilfields have stopped production, and another had its output reduced. This shows a plan announced on Monday to reduce production is in effect. Although the eastern-based…
Libya's east-based government will close all oilfields
The Libyan government in the east said Monday that all oilfields were closing, stopping production and exports. However, Tripoli's National Oil Corp., which controls Libya's oil resources, did not confirm this. Libyan…
China's Sinopec Finds Shale Oil at Shengli Field
A unit of state-run oil Chinese and gas major Sinopec Corp has found an initial 458 million tonnes (3.34 billion barrels) of geological shale oil reserves at its Shengli field, the official Xinhua news agency reported on Tuesday.Shengli, in Shandong province, is one of
Alaska's North Slope Holds 3.6 Bn Barrels Oil
U.S. Geological Survey (USGS) department estimated that Alaska's Central North Slope 3.6 billion barrels of oil. Assessment also included estimate for 8.9 trillion cubic feet of natural gas.This assessment does not include…
US Leads World Oil Reserves
The United States has a world-leading 293 billion barrels of recoverable oil resources, which is 20Bbbl more than Saudi Arabia and 100Bbbl more than Russia, with the Permian Basin leading that charge.Rystad Energy’s estimate…
Orinduik Partners to Drill 2nd Well Off Guyana
Partners Tullow Oil, Total and Eco Atlantic have chosen the Joe prospect for a second well in their much-watched Orinduik oil and gas field off Guyana's coast, Eco said on Friday.Eco earlier this month increased the estimate…
Exxon Resumes Seismic Survey in Guyana
Exxon Mobil Corp has resumed seismic exploration for oil and gas off of the coast of Guyana after halting work in December due to a run-in with the Venezuelan navy, a Guyanese government official said on Tuesday.Vessels…
ExxonMobil Drops USD 25 bln Canadian LNG Project
U.S. oil major Exxon Mobil Corp. has withdrawn its environmental assessment application for a $25-billion LNG export facility on the B.C. coast it proposed in 2015. No reasons given for withdrawing from environmental review process.“After careful review…
ExxonMobil Shelves Canada LNG Export Project
U.S. oil major Exxon Mobil Corp has withdrawn its WCC liquefied natural gas (LNG) export project in Canada from an environmental assessment, it said on Thursday, signalling that the project has been shelved.The decision…
ExxonMobil Shelves Canada LNG Export Project
U.S. oil major ExxonMobil has withdrawn its WCC liquefied natural gas (LNG) export project in Canada from an environmental assessment, it said on Thursday, effectively signalling that the project has been shelved.The…
Sri Lanka Signs Deal for $50 Mln Offshore Seismic Study
Sri Lanka on Wednesday signed an agreement with a subsidiary of U.S.
Bahrain Launches $1 bln Energy Fund
Bahrain's government has launched an energy fund that aims to raise $1 billion from local, regional and international investors to develop the kingdom's energy assets, Oil Minister Sheikh Mohammed bin Khalifa al-Khalifa said on Thursday.The Bahrain Energy Fund will rece
Oil Backs off 2014 Highs ahead of Trump Iran Decision
Oil retreated from its highest level in 3-1/2 years on Tuesday ahead of an announcement by President Donald Trump later in the day on whether the United States will reimpose sanctions on Iran.Should Trump pull the United…
Rosneft, Eni Fail to Discover Oil at Black Sea Well
Russia's state oil company Rosneft and Italy's Eni did not make a commercial oil discovery in the Black Sea as the well they were drilling proved to be dry, a source close to the operations told Reuters on Wednesday.
Total Announces Major Deepwater Oil Discovery in US Gulf
French oil and energy group Total said on Wednesday that it had made a significant oil discovery at the Ballymore prospect in the deep offshore in the U.S. Gulf of Mexico, its largest discovery in the area. "This major…
Peak Oil Demand and its Implications for Prices: Kemp
Even if oil consumption reaches a peak and then starts to fall, the world will still need large quantities of oil for many decades to come. The prediction is contained in a thoughtful paper co-authored by Spencer Dale…
Total Overtakes Shell in North Sea Production
Majors still control three quarter of output; even after $10 bln of deals, private equity still plays only modest role. French oil major Total has overtaken rival Royal Dutch Shell to become the second-largest producer…
Mexico Oil Regulator OKs New Gulf Area for Pemex
Mexico's oil regulator on Tuesday approved a promising new deep water block to state oil company Pemex, but conditioned the allotment on the firm developing the area with a partner that would eventually operate it. The new Chachiquin area…
Statoil Set to Drill Its Biggest Arctic Hope
Norway's Statoil will soon start drilling this season's most promising Arctic prospect, Korpfjell, after several disappointing wells in the Barents Sea, the company said on Monday. The majority state-owned company has…
