The Iranian foreign minister says if the United States wants a lasting nuclear agreement with Iran, it has to stop insisting on its unilateral demands. Hossein Amirabdollahian wrote on his twitter account on Tuesday that he spoke with the EU Foreign Policy Chief Josep Borrell on the phone discussing the …
Read More »Asian Stocks Slip, while the Dollar Soars on global recession fears
Asian stocks slipped and the dollar stood by a two-decade high on the euro on Wednesday as investors’ fears deepened that the continent is leading the world into recession, while oil and European equity futures attempted to steady after a slide. Brent crude futures bounced 1.4% in morning trade to …
Read More »Equinor Expands Drilling Capacity in Brazil with Valaris Drillship
On behalf of its partners in the Bacalhau oil field, Equinor Brasil has awarded Valaris a 540-day drilling contract to commence in 2023. The Valaris DS-17 drillship will be used to drill an appraisal well, cap a former exploration well and conduct additional drilling scope work in Brazil. It is …
Read More »OPEC Secretary General Mohammad Barkindo Dies at Age 63
Mohammad Barkindo, a Nigerian politician and the secretary-general of oil group OPEC, has died at the age of 63. The head of Nigeria’s National Petroleum Corporation, Mele Kyari, announced the news in a tweet Wednesday, which was confirmed by two sources at OPEC. “We lost our esteemed Dr Muhammad Sanusi …
Read More »Russia to Hit Gazprom with $20 Billion Windfall Tax
Russia’s lower house of parliament approved on Tuesday amendments in the country’s tax code that would slap a windfall tax on Gazprom of the equivalent of $20 billion between September and November, which will boost Russia’s tax revenue income. The amendment still needs to be approved by the upper house …
Read More »Norway’s Oil, Gas Workers Start Strike over Pay, Affecting Output
Norwegian offshore workers have begun a strike that will reduce oil and gas output, according to the union leading the industrial action. The strike, in which workers are demanding wage increases to compensate for rising inflation, came on Tuesday amid high oil and gas prices, with supplies of natural gas …
Read More »IEA: Global Gas Demand Growth Forecast to Falter for Years
Global natural gas demand will sputter for the next three years, as soaring prices and the threat of further Russian supply cuts discourage consumption. Gas use is expected to slip 0.5% this year as reduced economic activity in Asia and a sharp drop in European gas demand overshadows more buoyant …
Read More »TotalEnergies to Intensify Oil Production in next 5 Years
Oil major, TotalEnergies has pledged to upscale investment in Nigeria, targeting more oil and gas production in the next five years. The firm said, it is also deepening partnership with the federal government to achieve its target of providing electricity to 80 per cent of the population by 2030. In …
Read More »Major Iranian Oil Field to Become Operational with $7bn in Domestic Investment
Iran’s oil minister says the project for development of Azadegan joint oil field in the Persian Gulf, will become operational with a 7-billion-dollar funding by a consortium of mostly private sector investors. “For the first time in the history of Iran’s oil industry, the integrated project for the development of …
Read More »Germany Advances FSRU Projects to Ensure Gas Supply
Four floating storage and regasification units are planned for deployment offshore Germany along with two permanent onshore sites, with an emphasis upon the FSRUs to help secure near-term and medium-term gas supplies. The German government has earmarked 2.94 billion euros ($3.07 billion) for the projects, set to be developed by …
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