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The bidding terms will be finalised by the end of May and the ceremony to open the bids will be held on June 21.

Saudi Aramco is growing its investments in downstream including chemicals.

Azerbaijan joined the GECF as an observer member on November 21.

The Sanchi was carrying 136.000 tonnes of condensate.

Much of Brazil’s oil from offshore basins are buried under a thick layer of salt on the sea floor.

Shana said. however. that the oil tanker is still burning and is considered to be ".at risk of exploding.".

The Shanghai Maritime Safety Administration said areas surrounding the Sanchi tanker were still burning.

The extent of the spill and environmental hazard were still unclear.

The tanker’s 32 crew members were missing on Sunday.

Wood Mac believes exploration in the Gulf of Mexico will remain flat this year.