OPEC invited Ecuador to rejoin the oil producers’ group just over three years after its departure, according to a letter received by the country’s Energy Ministry. Secretary-General Haitham Al-Ghais wrote that readmission of the Latin American nation is a “top priority” for OPEC and offered to visit to “explain the …
Read More »Eni Offloads First LNG Cargo from New Italian Regassification Terminal
Eni has begun offloading the first LNG cargo into Snam’s new regasification terminal in Piombino, in the presence of the Minister of the Environment and Energy Security, Gilberto Pichetto Fratin. The terminal has a total processing capacity of 5 Bcm per year, or approximately 7% of Italy’s gas demand. The …
Read More »Japan to Increase Investments in Natural Gas Projects Offshore Mozambique
Japanese investors will be supported to increase investment in natural gas projects in Mozambique as the Southeastern African country aims to develop giant offshore projects, Prime Minister Fumio Kishida said. Japan will encourage “the entry of more Japanese businessmen” in Mozambique, Kishida said on Thursday in the capital, Maputo. “Cooperation …
Read More »Sinopec Begins Drilling Asia’s Deepest Oil, Gas Well in Tarim Basin
China Petroleum & Chemical Corporation (“Sinopec”) has initiated the drilling of Project Deep Earth 1-Yuejin 3-3XC Well on May 1 in the Tarim basin, Xinjiang Uyghur Autonomous Region. With a design depth of 9,472 meters, it will be the deepest oil and gas well in Asia and a breakthrough of …
Read More »Shell Sells Australian Offshore Natural Gas Interests to BP
Shell Australia is selling bp Plc its interests in the carbon-intensive Browse offshore natural gas project, one of Australia’s largest untapped gas fields. “The Browse asset is no longer a strategic fit in the context of Shell’s global portfolio,” Shell said in a statement Saturday, without elaborating on the size …
Read More »ADNOC, BP Form Natural Gas Partnership to Purchase Israeli Energy Company for $2 Billion
BP Plc and Abu Dhabi National Oil Co. will form a natural gas joint venture and have made an offer to take Israel’s NewMed Energy private in a deal worth around $2 billion. The move will deepen BP’s presence in the eastern Mediterranean and mark ADNOC’s first venture into the …
Read More »Iraq Wins Kurdish Oil Arbitration can against Turkey
Iraq’s oil ministry welcomed an arbitration ruling in its long-running dispute with Turkey centered on crude oil exports from the semi-autonomous Kurdish region and said it would discuss “mechanisms” to keep oil flowing. The International Chamber of Commerce’s International Court of Arbitration decided in Iraq’s favor on March 23, Iraq …
Read More »Shell Meets Climate Targets in 2022 as Part of Energy Transition Strategy
Shell plc has published its Energy Transition Progress Report 2022, which shows it has again met its climate targets as part of its energy transition strategy. The report will be put to shareholders for an advisory vote at Shell’s Annual General Meeting on May 23, 2023. “In this report, we …
Read More »OPEC to Wait for Calmer Financial Markets before Making Oil Production Cut Decision
OPEC+ will likely wait for financial markets to calm before deciding whether it needs to react to oil’s rout by cutting production, according to consultancy Energy Aspects Ltd. “It would be premature for OPEC+ to take action without first understanding what the risks are,” EA analysts, including co-founder Amrita Sen, …
Read More »World Bank to Support African Natural Gas Development to Boost Energy Security
The World Bank will support the development of Mozambique’s giant natural gas resources if it’s the cheapest way to boost energy security in one of the world’s poorest nations, according to an official. The Washington-based lender in 2019 stopped financing oil and gas extraction projects, aside from “exceptional circumstances” where …
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