Saudi Arabia boosted oil exports and production last year to the highest monthly averages on record as the global crude market endured oversupply.
China National Petroleum Corp. bought a stake in Abu Dhabi’s largest oil concession as the Middle Eastern emirate with 6% of global crude reserves looks increasingly to Asia, its biggest market, for investment to raise output capacity.
CGG has completed the acquisition and processing of the first-ever airborne gravity gradiometry (AGG) survey of the Kingdom of Bahrain.
Iraqi crude shipments rose 3% in the first half of February even after OPEC’s second-biggest producer agreed to participate in global output cuts to mop up a glut that has put pressure on oil prices.
Kuwait is sticking with plans to add half a MMbpd of oil-production capacity as it prepares for the eventual expiration of the output quotas OPEC adopted to help drain a global oversupply, the head of Kuwait Oil Co. said.
Libya’s crude production exceeded 700,000 bopd and is due to keep rising as working conditions in the conflict-ridden country improved for international companies like Eni SpA and Total SA, an official from the state oil company said.
Eni SpA will start producing from the giant Zohr natural gas field off Egypt’s Mediterranean coast by the end of 2017 and plans to invest $10 billion in the North African country over the next five years, CEO Claudio Descalzi said.
OPEC may be getting all the credit for reviving the oil market, but it had a little help.
The nation most identified with its massive oil reserves is turning to wind and solar to generate power at home and help extend the life of its crucial crude franchise.
Eni’s CEO, Claudio Descalzi, Bob Dudley, CEO of BP, and the Egyptian Minister of Petroleum, Tarek El Molla signed a deed completing the sale to BP of a 10% stake in the Shorouk concession, offshore Egypt.
Iraq’s oil exports are poised to slump to a seven-month low in March as ongoing maintenance at some of its biggest fields coincides with a seasonal slump in shipments, potentially helping the country to meet a pledge to OPEC that it would restrict crude supply.
Saudi Arabia told OPEC that it cut oil production by the most in more than eight years, going beyond its obligations under a deal to balance world markets.
OPEC is urging oil suppliers outside the group to fulfill their commitments to cut output, and crude prices will rise once producers demonstrate better compliance with their agreement to clear a global glut, Kuwait’s oil minister said.
There are limits to investors’ love affair with OPEC.
OPEC achieved the best compliance rate in its history at the outset of an accord to clear the oil glut, a plan that’s being supported by surprising strength in demand, the IEA said.
Qatar Petroleum (QP) is the hidden giant of the global energy industry, overshadowed by its neighbor Saudi Aramco.
Qatar Petroleum (QP), Total, Mitsubishi, Exxon Mobil, and Hoegh have announced their commitment to advance a liquefied natural gas (LNG) import project in Pakistan in collaboration with Global Energy Infrastructure Limited (GEIL).
OPEC and other major crude-producing nations may need to extend output cuts into the second half of the year to re-balance the market, oil ministers for Iran and fellow group member Qatar said.
Singapore is considering a range of measures to lure a listing from energy giant Saudi Arabian Oil Co., according to people familiar with the matter, as global exchanges compete for a slice of what could be the world’s largest-ever initial public offering.
Qatar Petroleum is exploring for oil and gas in Cyprus and Morocco as part of a strategy to expand the tiny Gulf emirate’s global energy investments.