BP has agreed to sell its petrochemicals business to Ineos for $5 billion, the latest in a series of asset sales by the UK oil company as it tries to refocus on cleaner energy. Ineos will pay an initial deposit of $400 million, BP said in a statement Monday. The …

India, the third-biggest oil consumer, expects fuel demand to return to normal earlier than projections by the International Energy Agency and OPEC. “If you look at the trend of the past few weeks, I’m confident that by the end of second quarter, demand will be as usual,” India’s Oil Minister …

As OPEC and its allies make their deepest cuts yet to crude production, Norway’s giant Johan Sverdrup oil field is exporting more than ever before. Crude loadings from the field are set at a record 4.4 million barrels, or 465,000 barrels a day, in August, according to a loading program …

CNOOC Limited has made a significant discovery of Huizhou 26-6 in Eastern South China Sea. It is expected to become the first mid-to-large sized condensate oil and gas field in the shallow water area of Pearl River Mouth Basin. The Huizhou 26-6 structure is located in Huizhou Sag in Zhu1 …

Russian oil and gas major Gazprom announced it has begun construction on an offshore ice-resistant platform for its Arctic shelf gas field development, Kallanish Energy reports. The offshore production platform will be deployed to the Kamennomysskoye Sea gas field, located in the Ob bay of the Kara Sea. The field …

Iraq is reassessing contracts to pump crude at fields where production costs are high as it tries to contain expenses while curbing output, the oil minister said, according to a report on Sunday in Al-Sabah newspaper. OPEC’s second-biggest producer has an interest in cooperating with other global suppliers in reducing …

A second wave of Covid-19 infections in China’s capital is threatening to depress the nation’s appetite for American oil just after a pick-up in purchases. Signs of weakening demand from the world’s largest oil consumer are now starting to weigh on export prices for American crude, according to industry participants. …

China’s state-owned oil refining giants are in discussions to form a purchasing group to buy crude together, increasing their bargaining power and avoiding bidding wars. Senior executives from China Petroleum & Chemical Corp., PetroChina Co., Cnooc Ltd. and Sinochem Group Co. are in advanced talks to iron out details of …

Russia’s Gazprom is considering, with Chinese partners, increasing the capacity of its Power of Siberia gas pipeline to 44 Bcm/year from the current design capacity of 38 Bcm/year, CEO Alexei Miller said June 26. In an entry to his online column following Gazprom’s annual general meeting, Miller also said there …

Despite the impact of COVID-19, the implementation of the Arctic LNG 2 project has been progressing, Russia’s largest independent gas producer Novatek has said. “Currently, the overall progress for the Project is estimated at 19%, with concrete casting of the first GBS platform estimated to be completed by 37%,” Novatek …