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Azerbaijan and Turkey are expected to ink a memorandum of understanding on Igdir-Nakhchivan gas pipeline, Trend reports citing Turkish media. Azerbaijan’s energy ministry confirmed the information, saying that the details of the document will be revealed after its signing. Reportedly, the document is expected to be signed on Dec.15 between …

ExxonMobil subsidiary ExxonMobil Exploration and Petronas Suriname Exploration & Production (PSEPBV) have discovered hydrocarbons offshore Suriname. The companies have discovered hydrocarbons at the Sloanea-1 exploration well on Block 52. Drilled by operator Petronas, the latest discovery is being examined to determine the well’s resource potential. Block 52 covers an area …

Iranian Petroleum Minister Bijan Zangeneh said on Monday that Iran will not seek the permission of others to return to oil market because it believes it has right to do so. He said that it is possible for Iran to revive a 2.3 million bpd of oil exports. “As a …

In addition to the great consequences for human health, the pandemic has led to serious socio-economic shocks in most countries of the world, including in the Arab countries, Minister of Energy of Algeria Abdelmadjid Attar said RABAT, December 14. /TASS/. An extremely difficult situation has developed in the global economy …

Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand while a tanker explosion in Saudi Arabia jangled nerves in the market. Brent crude futures for February rose 67 cents, or 1.3%, to $50.64 …

International Energy Agency’s latest electricity markets update confrms major drop in emissions in 2020, but warns that coal and gas-fired generation will bounce back next year Global renewable energy generation is expected to grow by seven per cent in 2020, further bolstering record shares of the power mix for clean …

The Arab Energy Conference, which was supposed to take place in 2022, has been postponed to 2023, Minister of Energy of Algeria, President of the OPEC conference Abdelmadjid Attar said at the 105th meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC) held in …

The US Congress has recently approved the annual Defence Authorisation Bill, which among other things included a fresh bunch of sanctions targeting the joint pipeline project by Russia’s Gazprom and several European energy giants, after previous measures failed to thwart its construction. The Nord Stream 2 pipeline “will never carry …

Iran is planning to produce 4.5 million b/d of crude oil and condensate in its next year that starts March 21 and export 2.3 million b/d of it if current US sanctions are lifted, state news agency IRNA reported Dec 13. Jafar Ghaderi, a member of parliament’s planning and budget …

Some $1.22 billion worth of Foreign Direct Investment (FDI) was approved in the industrial and mineral sector of the country in the first eight months of the current year. According to the statistics of the Ministry of Industry, Mine and Trade, $1.22 billion worth of foreign investment under FDI was …