Turkey will conduct oil exploration activities in the eastern Black Sea, Energy and Natural Resources Minister Fatih Donmez has said, adding that finding oil in this area is likely. Oil exploration activities are presently concentrated off the coast of the province of Zonguldak and seismic studies off the coast of …
Read More »China Supports Accelerating Construction of another Gas Pipeline from Turkmenistan
Chinese President Xi Jinping called for accelerating the construction of the 4th line of the Turkmenistan-China gas pipeline, which will also be laid on the territory of Tajikistan and Kyrgyzstan, Trend reports. In his speech at the first face-to-face summit “Central Asia – China”, which is being held in Xi’an, …
Read More »IEA: New G7 Price Cap Pledge Unlikely to Impact Oil Markets
There will be no significant effect on oil prices from stricter enforcement of the price cap on Russian oil exports as supply will not change meaningfully. This is according to the International Energy Agency, which commented on a statement made by the G7 during their meeting this weekend. “Any significant …
Read More »Oil Steady as US Default Risk Offsets Demand Outlook
Oil prices were steady on Monday as caution relating to U.S. debt ceiling talks dragged on optimism over demand later in the year and offset support from lower supplies from Canada and OPEC+ producers. Brent crude futures rose 13 cents, or 0.2 per cent, to $75.71 a barrel by 0850 …
Read More »Bosnia to Hold Talks on Gas Pipeline from Russia
The Council of Ministers of Bosnia and Herzegovina has agreed to begin negotiations on building a gas pipeline to ship gas from Russia, the head of Republika Srpska’s representative office in Russia told state news agency RIA in an interview published on Monday. RIA cited Dusko Perovic as saying: “The …
Read More »China to Supply Key Turbines to Novatek’s Arctic LNG 2
China continues to fill the technology gap left by the exit of western companies from Russia’s Arctic energy projects. For the past year Novatek has been looking to procure crucial gas turbines for its Arctic LNG 2 project. Originally American company Baker Hughes had been slated to provide the equipment …
Read More »Iran’s Gas Exports Rise by 17% in 2022
The National Iranian Gas Company raised its natural gas exports in 2022 by 17%, the managing director of Iranian Gas Transmission Company said. “The state-run company’s exports reached 17 billion cubic meters in 2021 and 20 bcm in 2022,” Gholam-Abbas Hosseini was also quoted as saying by IRNA. Turkey buys …
Read More »OPEC Sec General Says Underinvestment could Trigger Oil Market Volatility
OPEC Secretary General Haitham Al Ghais said on Monday that underinvesting in the oil and gas sector could cause market volatility in the long term and imperil growth. He also said the world needs to focus on reducing green house gas emissions rather than replacing one form of energy with …
Read More »Indonesia Proposes OPEC-Like Group for Nickel at G7 Summit
Nickel-rich Indonesia on Saturday’s G7 Summit in Hiroshima proposed the establishment of an OPEC-like organization for the silvery metal. The OPEC, which Indonesia was once a member of, is short for the Organization of the Petroleum Exporting Countries. OPEC says it aims to coordinate the petroleum policies of its member …
Read More »Global Oil Giant Shell Participates in Bitcoin 2023
Shell, one of the world’s most significant oil and gas companies, is taking a considerable step towards cryptocurrency acceptance. The company is set to participate in the world’s largest Bitcoin conference. This surprising move sends ripples across both the traditional energy sector and the evolving cryptocurrency industry. Bitcoin’s adoption and …
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