Norwegian oil and gas company Equinor has made a minor oil discovery near the Visund field in the North Sea offshore Norway, which will be a tie-in to the planned development of the Garantiana oil discovery. The wildcat well 34/6-5 S is located in production licence 554 where Equinor is …
Read More »Turkey Mulls Cooperation with Chevron, ExxonMobil on Black Sea Find
Turkish authorities have shared data on its Black Sea discovery with a duo of U.S. energy majors with possible gas extraction cooperation in mind. Turkey shared its data with Chevron and ExxonMobil regarding its 540 billion cubic-meter Sakarya gas field in the Black Sea, an official with knowledge of the …
Read More »BP Targets Norwegian Offshore Wind with Statkraft and Aker
UK supermajor BP has agreed to join forces with Norway’s Statkraft and Aker Offshore Wind in a consortium bidding to develop offshore wind in the Sørlige Nordsjø II licence area off Norway. Sørlige Nordsjø II will be developed without government support. Norway plans to announce the auction in Q1 2022 …
Read More »Iran Implements Project for Injecting Gas Condensate into Oilfield for 1st Time
Iranian Offshore Oil Company (IOOC), in collaboration with the National Iranian Tanker Company (NITC), has started implementing a project for injecting gas condensate into Soroush oil field in the Persian Gulf to maintain its production level. In this project, which is being implemented for the first time in the history …
Read More »Oil, Gas Industry Innovation, Technology Park Starts Operating
An Oil and Gas Industry Innovation and Technology Park has been officially inaugurated with the aim of developing technologies and expanding cooperation among those who are active in innovation and technology. The inauguration ceremony has been held at the presence of Iran’s Oil Minister Bijan Zanganeh, Iranian Vice-President for Science …
Read More »China About to Become Top LNG Importer This Year
China will this year overtake Japan as the world’s largest importer of liquefied natural gas, ICIS Edge, a service of market intelligence provider ICIS, said this week, as quoted by Reuters. China is already catching up with Japan in terms of LNG imports: • Japan imported 76.32 million tons of …
Read More »Brent Oil may Rise into $73.38 – $73.80 Range
Brent oil may rise into a range of $73.38-$73.80 per barrel, as it has broken a resistance at $72.71. The break is convincing, as it followed two corrections on June 9 and June 10. The break signals a continuation of the uptrend towards the range of $74.47-$75.55 range. Oil is …
Read More »Iraq Sees Oil Prices at $68 to $75 a Barrel in 2nd Half
Iraq, OPEC’s second-biggest oil producer, said crude prices will be in the range of $68 to $75 a barrel in the second half. The price range is expected because of a commitment to OPEC+ output cut, Iraq’s Oil Minister Ihsan Abdul Jabbar told reporters at the Baghdad International Book Fair. …
Read More »G7 Pledges to End Support for Unabated Coal by End of 2021
G7 leaders committed June 13 to end new direct government support for unabated international thermal coal power generation by the end of 2021. Leaders of the seven major industrialized nations – the UK, US, Canada, Japan, France, Germany and Italy – were meeting in Cornwall under the UK’s presidency of …
Read More »OPEC+ Production Cuts Partially Successful in Supporting Oil Prices
The Organization of the Petroleum Exporting Countries (OPEC) and its allies such as Russia (known as OPEC+) agreed in April 2020 to reduce oil production by 9.7 million barrels per day (mmbd) to stabilize falling oil prices. The landmark decision was meant to stabilize and lift oil prices that were …
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