Azeri state energy company SOCAR is expected to increase its share in a new production sharing agreement with oil major BP for development of the country’s biggest oilfields. “According to preliminary information, SOCAR will increase its share at the expense of a share reduction…
Fifteen companies have pre-registered for Brazil’s third auction of oil exploration rights in the pre-salt area while ten companies have expressed interest in the second round, oil regulator ANP said on the 11th September. ANP said that all the companies were oil majors. …
A closely-held Chinese oil company has agreed to buy a minority stake in Rosneft PJSC for about US$9 billion, deepening energy and political ties with Russia amid increasing tensions with the US. The deal sees Glencore Plc and Qatar’s sovereign wealth fund selling most…
On the 11th September BP announced that it has agreed with Bridas Corporation to form a new integrated energy company by combining their interests in the oil and gas producer Pan American Energy (PAE) and the refiner and marketer Axion Energy in a cash-free transaction….
Saudi Arabian Energy Minister Khalid Al-Falih agreed with his Venezuelan, Kazakh and UAE counterparts to keep all options open in their push to re-balance world oil markets, including the possible extension of output cuts beyond next March. Al-Falih agreed in separate talks with the ministers…
Oil barely budged at the end of last week as doubts linger over the restart of refineries which are flickering back to life in the wake of Hurricane Harvey. Futures ended the session in New York near a four-week high after the resumption of some…
US crude oil stockpiles rose last week, after shutdowns stemming from Tropical Storm Harvey knocked refinery use to a seven-year low, the Energy Information Administration said on the 7th September. Refinery utilisation rates dropped 16.9 percentage points to 79.7 percent of total capacity, with…
Eni has contracted the ultra-deepwater drillship Saipem 12000 for an exploratory well in Morocco’s Rabat Deep offshore permit. According to partner Chariot Oil & Gas Ltd, the vessel will drill the RD-1 well, targeting the JP-1 prospect. It should arrive on location late…
DNO ASA, Oslo, will drill two large, undrilled structures on the Baeshiqa license in Kurdistan in the first half of 2018, pending Kurdistan government approval. The 324-squaer kilometre licence is 60 kilometres west of Erbil and 20 kilometres east of Mosul. ExxonMobil previously conducted…
A wide range of changes since Hurricane Katrina in 2005 clearly improved the recovery since Hurricane and Tropical Storm Harvey tore through Texas and Louisiana where 25% of the nation’s refining capacity is located, two experts agreed in a teleconference sponsored by the American Petroleum…
