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The series of mergers reshaping the beleaguered U.S. shale oil industry accelerated Tuesday when Pioneer Natural Resources Co. agreed to buy Parsley Energy Inc. for $4.5 billion in stock, creating one of the largest producers in the Permian Basin. The deal came a day after ConocoPhillips announced its $9.7 billion …

Oil dropped toward $41 a barrel in New York after an industry report pointed to a surprise increase in American crude stockpiles, countering optimism over a potential U.S. stimulus agreement. The American Petroleum Institute reported crude inventories climbed by almost 600,000 barrels, according to people familiar with the data. That …

Turkey is set to continue its search for energy resources in Black Sea region, where it has so far discovered 405 billion cubic meters (bcm) of natural gas, the country’s president said on Tuesday. Speaking at a news conference following an hours-long cabinet meeting in the presidential complex in the …

The government has geared up the process on two projects for turning Thar coal into gas and diesel and in is contact with two Chinese companies — China Ghazuba and China Coal, Special Assistant on Coordination of Marketing & Development of Mineral Resources Shahzad Syed Qasim disclosed this to The …

Lukoil PJSC is seeking to develop new oilfield projects in Iraq even as slumping crude prices and OPEC+ supply cuts have compelled the company to slash production in the country. Russia’s second-biggest oil producer pumped 400,000 barrels a day last year at its West Qurna 2 project in southern Iraq, …

Iraq expects global oil demand to grow at a pace of 3% a year in 2023, and OPEC’s second largest oil producer does not plan to cancel projects due to the current slowdown, the country’s oil minister said Oct. 20. In 2023, “will start the normal oil demand increase of …

Wind energy is a virtually carbon-free and pollution-free electricity source, with global wind resources greatly exceeding electricity demand. Accordingly, the installed capacity of wind turbines grew at an annualized rate of >20% from 2000 to 2019 and is projected to increase by a further 50% by the end of 2023. …

Japan plans to handle 100 million tonnes (Mt) of liquefied natural gas (LNG) imports by 2030, as it sees the supercooled fuel playing an important role in tackling global climate issues, Kallanish Energy reports. According to analysts at IHS Markit, the Japanese government is currently working to revise its LNG …

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said the OPEC+ countries that had produced beyond the level stipulated by the crude oil output-cut agreement have pledged to compensate during the period from October to December. Speaking at the opening of an OPEC+ ministerial monitoring committee (JMMC), Prince Abdulaziz …

China appetite for Russian gas is surging, with daily supplies from the Power of Siberia pipeline exceeding its contractual volumes by 20%, Kallanish Energy reports. Russian gas giant Gazprom said in a note on Monday that it continues increasing its gas supplies to China via the pipeline, with volumes from …