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Iran’s Petropars Ltd. signed a contract to more than double output at the South Azadegan oil field, the second deal this month to boost production at a deposit shared with Iraq. Petropars agreed to raise the field’s output to 320,000 barrels a day over 30 months from 140,000 currently. The …

India proposes to build a portion of its strategic oil reserve in the US to take advantage of current low prices and quickly scale up its storage. The move will allow the country to quickly enhance the strategic oil reserve to meet 100 days of oil requirements from present capacity …

Oil major Chevron has entered into a definitive agreement with Noble Energy to acquire all of the outstanding shares of Noble Energy in an all-stock transaction valued at $5 billion, or $10.38 per share. Based on Chevron’s closing price on 17 July 2020 and under the terms of the agreement, …

China’s CNOOC Limited has started production from the Luda 21-2/16-3 regional development in the Bohai Sea. The Luda 21-2/16-3 regional development project is located in Liaodong Bay of Bohai Sea, about 39 kilometres north of Luda 10-1 oilfield and 90 kilometres northwest of the Suizhong 36-1 onshore terminal. The average …

Iranian oil minister on Monday informed that under the framework of the 25-year comprehensive cooperation road map, Iran and China will collaborate on the oil sector in the long-run. As Bijan Namdar Zanganeh told reporters that Iran is ready to sign a similar cooperation road map with all countries. Referring …

The long-term outlook for Qatar’s second gas boom does not fundamentally change whatever the eventual economic impact of Covid-19 be, on both the energy market and the country’s non-hydrocarbons economy, a new report has shown. According to PwC, the current crisis may even work to Qatar’s advantage as potential competitors, …

Some oil from China’s swelling storage tanks is finding its way back into the international market as traders jump at the opportunity to source cheap crude for resale to regional refiners. The shipments in question, so far just 1 million barrels, have been procured by trading houses via the Shanghai …

New membrane technology developed by a team of researchers from the Georgia Institute of Technology, Imperial College London, and ExxonMobil could help reduce carbon emissions and energy intensity associated with refining crude oil. Laboratory testing suggests that this polymer membrane technology could replace some conventional heat-based distillation processes in the …

For the first time in many years, the Organisation of Petroleum Exporting Countries, OPEC, has confirmed Nigeria’s ability to cut its output from 1.7 million barrels per day, mb/d in May to 1.4mb/d in June 2020. In its July Oil Market Report obtained by Vanguard, OPEC stated that the data …

For a country that is a founding member of OPEC as the biggest oil producer with the largest oil reserves in the world, for a country bordering seven others, for a country hosting the two holy sites where millions of Muslims perform their annual pilgrimage and, last but not least, …