Oil

One of the UK’s richest men is looking to expand his North Sea oil and gas portfolio after his exploration and production (E&.P) business returned to profitability in 2018.

OPEC proposed mid-July meetings with its allies in Vienna to discuss extending production cuts. after talks between Russia and Iran made some progress toward resolving a standoff over the date.

A senior Iranian petroleum ministry official announced on Tuesday that based on a new Memorandum of Understanding (MoU) between Tehran and Moscow. the two countries can use each others'. oil and gas industry equipment.

The OPEC meeting comes at a time of heightened geopolitical tensions in the Middle East.

A joint venture created to recover stranded gas reserves through gas-to-wire (GTW) technology has teamed up with Petrofac.

Both Iran and Russia were targeted by the sanctions in various sectors of their oil industry.

Iranian Minister of Petroleum Bijan Zangeneh said Iran would confirm rescheduling of the upcoming OPEC meeting only if it was to be held on July 10. 11 or 12 from originally June 25.

The Persian Gulf and then the Strait of Hormuz are the key export routes of Iraqi crude oil from its southern ports.

New automated technology to accurately and safely measure and analyse flow data on offshore installations is being launched by an Aberdeenshire-based start-up.

Saudi Arabia hopes OPEC and its allies will agree to extend oil production cuts into the second half of the year at a meeting that will probably take place in the first week of July. according to the country’s energy minister.