China Petroleum & Chemical Corporation (“Sinopec”) has initiated the drilling of Project Deep Earth 1-Yuejin 3-3XC Well on May 1 in the Tarim basin, Xinjiang Uyghur Autonomous Region. With a design depth of 9,472 meters, it will be the deepest oil and gas well in Asia and a breakthrough of …

Oil prices rose on Friday but fell for the third straight week after a sharp fall earlier this week ahead of benchmark interest rate rises and on concern that the U.S. banking crisis will slow the economy and sap fuel demand. Brent crude closed $2.80, or 3.9% higher, at $75.30 …

Oil headed for a third straight weekly decline, the longest losing run this year, as slowdown concerns and turmoil in the US banking sector prompted investors to flee from risk. West Texas Intermediate edged higher towards US$69 a barrel on Friday, but the US crude benchmark has still retreated by …

PetroChina has become the only one of China’s three national oil companies to report a year-on-year increase in first-quarter net profit thanks to strong upstream production and rising sales of refined products.

Coal will remain India’s largest source of electricity generation by 2030 and additional new plants will be required, even as the nation adds record clean energy installations to hit climate targets. India, the world’s third-largest emitter, is seeking to meet surging electricity demand driven by rising per-capita energy consumption and …

Saudi Aramco Base Oil Company, known as Luberef, posted net income of 446 million riyals ($118.92 million) for the first quarter, up from 303 million riyals a year earlier, it said in a statement. The company, which listed 30% of its shares in an IPO in December, reported revenue of …

Australia’s top-selling automaker has shown off a collection of big and small hydrogen-powered vehicles in an event designed to spark conversation about its potential as mainstream, pollution-cutting transport technology. The Toyota Hydrogen Showcase, which will tour other Australian capitals over the next two months, ranges from a hydrogen fuel-cell bus …

Oil prices rebounded on Thursday, with both benchmarks dropping around 5% in previous trade as supply concerns caused by Iran’s seizure of an oil tanker and renewed tensions between Ukraine and Russia overshadowed demand woes caused by the US Federal Reserve’s (Fed) decision to cut interest rates further. International benchmark …

Iranian Deputy Foreign Minister for Economic Diplomacy Mehdi Safari said that the fifth edition of the Export Potential Exhibition of the Islamic Republic of Iran (Iran EXPO 2023) is going to help Iran boost its non-oil exports. Iran EXPO 2023 is set to be held at Tehran Permanent International Fairgrounds …

French firm TotalEnergies has signed a contract to begin drilling and exploring for gas this year in waters off crisis-hit Lebanon, the company said in a statement. “TotalEnergies in agreement with its partners Eni and QatarEnergy has signed a firm contract with Transocean to hire the drilling rig that will …