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Oil & Gas

Oil Prices Post 3% Annual Decline

Oil Prices Post 3% Annual Decline

Libya
31-12-2024

Libya’s Oil Production Surpasses Annual Target
The National Oil Corporation (NOC) announced that daily crude oil production has surpassed its annual target, reaching 1,405,609 barrels of crude oil and an additional 52,633 barrels of condensates. This milestone highlights the resilience and dedication
Oil Exploration
31-12-2024

Kharabsheh Follows up on Achievements of Petroleum Exploration Projects
The Minister of Energy and Mineral Resources, Saleh Kharabsheh, reviewed the progress of priority initiatives outlined in the Economic Modernization Vision (2023–2025) for the energy and mining sectors.The updates included advancements in petrol
Natural Gas
02-01-2025

Sherburn-In-Elmet Agricultural Green Gas Plans Submitted
ENGIE has submitted plans to North Yorkshire Council to develop an agricultural anaerobic digestion (AD) facility to the east of the A162, Bond Ings, Sherburn-in-Elmet, following a consultation with the local community and stakeholders this autumn.The fac
Natural Gas
02-01-2025

Subsea7 Expands Its Scope for Giant Black Sea Gas Project With IRM Services
Subsea7 has secured a contract with Turkish Petroleum Offshore Technology Center (TP-OTC) to provide inspection, repair and maintenance (IRM) services for Türkiye’s largest natural gas field.The contract for the Sakarya gas field develo
Oil Refinery
31-12-2024

Production at Russian Refineries Has Dropped to a 12-Year Low Due to Ukrainian Drone Attacks
The reported drop in production at Russian refineries to a 12-year low highlights the significant impact of external factors, such as Ukrainian drone attacks, on critical infrastructure. With oil refining levels projected to fall to 266.9 million tons by
Oil Exploration
31-12-2024

Afghanistan Receives Oil Extraction Equipment for Amu Darya Basin
The spokesperson stated that exploration and extraction work is currently underway on some oil wells in the area, with the work on some of them already completed.Homayoun Afghan emphasized that Afghanistan has the capacity to process the extracted oil dom
Iran
31-12-2024

Iran Increases Oil Production by 250,000 B/D
Iran is increasing oil production by additional 250,000 b/d, ABC.AZ informs, quoting Iranian Oil Minister Mohsen Paknejad.At the end of November, Hamid Bovard, executive director of the National Iranian Oil Company (NIOC), noted that within 100 days, star
Natural Gas
31-12-2024

Upstream Oil, Gas Sector Key to Indonesia’s Energy Self-Sufficiency
The upstream oil and gas sector is key to accelerating the achievement of Indonesia's energy self-sufficiency target, according to Energy and Mineral Resources Minister Bahlil Lahadalia.He noted that energy self-sufficiency requires a sustained an
Natural Gas
31-12-2024

Russia Ready to Export Gas to EU via Routes Bypassing Ukraine, Official Claims
Russia is ready to supply natural gas to Europe through alternative routes bypassing Ukraine, Russian Deputy Prime Minister Alexander Novak claimed on Dec. 25 on Russian state-controlled television.The declaration comes after President Volodymyr Zelensky
Natural Gas
31-12-2024

Iraq Still Negotiating With Mediator to Ensure Turkmen Gas Delivery
In light of the electricity crisis facing the country due to the recent reduction in Iranian gas supplies, Iraq revealed on Sunday the latest developments related to its gas deal with Turkmenistan, which it has been pursuing for almost a year.The Iraqi Mi
India
31-12-2024

Petroleum Import Declines, Worth Rs. 101BN Imported in Five Months of FY 2024/25
The import of petroleum products has decreased during the first five months of the current fiscal year 2024/25.According to latest trade statistics of the Department of Customs, the country has imported petroleum products worth Rs. 101.38 billion by mid-D
Natural Gas
31-12-2024

Eni Fires up Africa Oil and Gas FPSO Project
Eni on Saturday successfully started production of Phase 2 at its Baleine field offshore Ivory Coast, which will boost production at the asset to 60,000 barrels per day of oil 70 million cubic feet per day of associated gas.Phase 2 sees the Petrojarl Kong
LNG
01-01-2025

Trump Administration to Boost US LNG Exports
Liquefied natural gas (LNG) export in the US is expected to accelerate under the administration of Donald Trump who takes office on Jan. 20, according to a senior expert and new report projection.Following Trump's inauguration, for the next four y
Oil Price
01-01-2025

Azerbaijani Oil Price Exceeds 76$
The price of Azeri Light (CIF) branded Azerbaijani oil has increased in world markets, APA-Economics reports.The price of Azerbaijani oil per barrel increased by 0,75 USD or 1% to 76,12 USD.Note that Azerbaijani oil was previously traded for USD 75,37.
Crude Oil
30-12-2024

Nigeria’s 2 Million Bpd Oil Production Target Under Threat
The Central Bank of Nigeria (CBN) has raised concerns about the ageing pipeline infrastructure and operational inefficiencies, identifying them as key factors responsible for the decline in oil revenue during the third quarter of 2024, as a result it doub
Natural Gas
30-12-2024

Oil Prices Rise on Crude Drawdown; Natural Gas Falls on Profit-Taking
It was a mixed bag for commodity prices during the final week of 2024. An unexpectedly large drawdown of 4.2 million barrels — according to the Energy Information Administration — from U.S. crude inventories boosted oil prices. But natural gas prices sank
Oil Pipeline
30-12-2024

Turkey Considering Oil Pipeline to Syria: Minister
Turkey is considering a new oil pipeline to Syria that will also link to the Turkey-Iraq pipeline, the minister of energy and natural resources said on Friday.There are still many aspects to be developed, such as the creation of an oil pipeline from Syria
Crude Oil
30-12-2024

US Crude Oil Stocks Fall for Fifth Straight Week
US crude oil inventories decreased during the week ended Dec. 27, marking their fifth consecutive weekly decline.Data released today, Dec. 27, by the US Energy Information Administration (EIA) showed that commercial crude oil inventories fell by 4.2 milli
Natural Gas
30-12-2024

Petrobras Informs About New Law for the Oil and Gas Sector
Petrobras informs that the Brazilian government enacted Law 15,075/2024, dated December 26, 2024, which addresses the possibility of transfer of local content surpluses among contracts in exploration and production of oil and natural gas, in accordance wi
Oil&Gas Drilling
30-12-2024

ExxonMobil to Begin Drilling in Cyprus’ EEZ in January 2025
ExxonMobil’s drilling rig is set to begin operations in Cyprus’ Exclusive Economic Zone (EEZ) in mid-January 2025, according to Energy Minister George Papanastasiou. The rig will target the "Electra" site in Block 5, with the
Oil&Gas Drilling
27-12-2024

Petrobras to Keep Constellation’s Semi-sub Rig Under $61M Contract Extension
(OE) Offshore drilling contractor Constellation has secured an extension of the current contract for its semi-submersible drilling rig Atlantic Star with Petrobras, worth up to $61 million.The contract extension is for an additional period of up to 301 da
Oil&Gas Drilling
27-12-2024

TotalEnergies Adds More Time to Northern Drilling Semisub Deal
French energy major TotalEnergies has exercised an extension option for Northern Drilling’s semisub Deepsea Mira.John Fredriksen-controlled Northern Ocean, a semisub rig spin-off of Northern Drilling, won the extension back in August. The rig, m
Oil Price
27-12-2024

Oil Prices Ease as Markets Weigh China Stimulus Hopes
Oil edged lower on Thursday in light holiday trade as the dollar's strength offset hopes for additional fiscal stimulus in China, the world's biggest oil importer.Brent crude futures settled down 32 cents, or 0.43%, at $73.26 a barrel. U.S
Oil Price
27-12-2024

Azerbaijani Oil Price Once Again Exceeds $75
The price of Azerbaijani crude oil has once again surpassed $75 per barrel.A barrel of Azeri Light crude rose by $1.11, or 1.49%, reaching $75.37 on Wednesday.The lowest price ever recorded for Azeri Light was $15.81 per barrel on April 21, 2020, while it
Oil Refinery
27-12-2024

NLC Hails Dangote Refinery for Fuel Price Cut
The Nigeria Labour Congress has commended Dangote Refinery for its recent reduction in fuel prices, describing it as a timely economic relief for Nigerians.Speaking with journalists on Tuesday, Funmi Sessi, the NLC Chairman for Lagos Council, noted that t

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