International

Russian Energy Minister Alexander Novak said on Wednesday he had invited other BRICS countries – Brazil, India, China and South Africa – to take part in joint oil and gas projects in the Arctic. In a speech at a meeting of energy ministers from the group of major emerging economies, …

The Minister of Oil, Ihsan Abdul-Jabbar Ismail, stressed on Tuesday the importance of expediting plans for gas investment associated with oil operations in Al-Rumaila oil field. Ismail said in a statement received by Shafaq News agency, “the maintenance of production in Al-Rumaila oil field and the available investment opportunities in …

The Covid-19 pandemic and an ongoing shift to renewables are accelerating an exodus of the world’s largest oil and gas companies from South-east Asia, dimming prospects for investment and raising the possibility of supply shortages once demand recovers. US and European oil majors have either announced or are thought to …

Ambassadors of several European Union countries reiterated Saturday to the Chairman of the Libyan National Oil Corporation (NOC) Mustafa Sanallah their full support for the NOC to regain oil production rates as before the January shutdown. Italy, Sweden, Denmark, Austria, Spain, Belgium, Norway, Finland, Poland, Hungary, and Holland’s ambassadors hailed …

Saudi Arabia is considering the cancellation of plans for the Organization of the Petroleum Exporting Countries to raise oil production early next year, The Wall Street Journal reported Thursday, citing comments from senior Saudi oil advisers. They cited the rise in COVID-19 cases in many parts of the world, as …

Turkey expects to raise its estimate for the amount of natural gas discovered in the Black Sea and plans to announce the new guidance as early as next week, according to people with direct knowledge of the matter. The government will outline a sizable revision to the initial discovery of …

OPEC expects to emerge from the pandemic with a greater share of global oil sales, after 2020’s price downturn battered rivals in the US and elsewhere. The Organization of Petroleum Exporting Countries boosted forecasts for the amount of oil it will need to supply over the next four years, shifting …

Oil prices eased on Friday, slipping at the end of a week of big gains made on the risk that supplies from Norway could be slashed by up to 25% due to a strike by oilworkers. Brent was down by 14 cents at $43.20 a barrel by 0740 GMT, having …

The COVID-19 pandemic has interrupted the development of Norway’s offshore oil and gas projects, pushing up costs and postponing startups, the government and oil company Equinor said on Wednesday. The costs of ongoing projects rose by 13.2 billion Norwegian crowns ($1.4 billion) from a year ago on an inflation-adjusted basis, …

Libyan Central Bank Governor Sadiq Al-Kabir called for an immediate resumption of oil operations to shore up the economy amid an unprecedented decline in monetary reserves. “We need to raise the production to 1.7 million barrels per day to cover the country’s spending,” Al-Kabir said at a forum that centered …