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Lukoil signed a supplementary agreement with state-owned Basra Oil Co. to extend the oil service contract for West Qurna 2 field in Iraq by 10 years to 2045 and to double oil production to 800,000 b/d, Lukoil said in a release. The field development plan envisages bringing new multi-well pads …

Despite pervasive narratives around a supposed lack of shale supply response, monthly U.S Energy Information Administration (EIA) data shows U.S. oil production reaching a record 13.1 million barrels per day in August. That’s what strategists at Macquarie stated in a report sent to Rigzone on Wednesday, adding that they believe …

Energy major Equinor has made an oil and gas discovery near Oseberg, one of the top fields offshore Norway, which could add additional resources to the field, the Norwegian Petroleum Directorate said on Friday. Equinor and its partners in the license, Petoro, TotalEnergies, and ConocoPhillips, made the discovery about four …

The temporary ban on exports of Russian diesel and heavy refinery maintenance reduced Russia’s diesel exports by sea by 11% in October compared to September, according to data from LSEG and trade sources cited by Reuters. On September 21, Russia surprised the markets by announcing a temporary ban on exports …

Japan has conducted its first tests of a form of biofuel that further reduces emissions and will be less costly to supply to the maritime industry. The project is part of a government-sponsored effort testing different fuels to reduce emissions from the domestic shipping industry and mirrors similar test projects …

OPEC’s crude oil production held broadly steady last month, with modest increases across most of its African members being offset by declines elsewhere. OPEC members pumped an average of 28.08 MMbpd in October — about 50,000 bpd more than the previous month, according to a Bloomberg survey. Nigeria led the …

Chevron Corp. has pledged to look into potential carbon capture and biofuel operations in Angola through a pact involving its lower carbon division in the USA and the government in Luanda. “Chevron and the Angola Government plan to evaluate various projects related to nature-based and technological carbon offsets, lower-carbon intensity …

Over the past year or so there has been a marked shift in attitudes to energy policies across the world, as many populations and governments increasingly question aspects of some initial net-zero policies and acknowledge the need for reliable and affordable energy access alongside reductions in emissions. Against this backdrop, …

China’s first domestically-produced LNG storage tank of 270,000 cubic meters was put into operation in Qingdao, Shandong Province, on Thursday. It is the largest LNG storage tank in the country, which has significantly increased the supply capability in north China. The tank has a diameter of 100.6 meters and a …

Democratic Senators, led by Chuck Schumer, have called for an investigation into ExxonMobil’s $59.5 billion acquisition of Pioneer Natural Resources and Chevron’s $53 billion purchase of Hess Corporation, citing potential antitrust violations. The lawmakers are concerned that these transactions could disrupt competition, increase gasoline prices, and have negative effects on …