Tag Archives: World Oil

Eni Spa announced a new gas discovery in the East Mediterranean Sea in offshore Egypt, according to a company statement on Jan 15. The discovery is “significant,” but the amount wasn’t disclosed. The Italian energy giant said the gas discovery is in the 1,800 km2 (695 miles2) Nargis offshore area …

Russia may reduce its oil output by 500,000-700,000 bpd in early 2023 in response to the G-7 price cap on the nation’s crude exports, according to Deputy Prime Minister Alexander Novak. “We are ready to partially cut our production early next year,” he said in an interview with Rossiya-24 TV …

The European Union’s impending sanctions on oil imports from Russia aren’t quite as exclusionary as they might seem at first sight. While almost all direct seaborne imports of crude and refined petroleum products will both be banned by early next year, it will still be possible for what are arguably …

The National Agency for Petroleum, Gas and Biofuels (ANPG), Exxon Mobil Angola and the Angola Block 15 partners on Monday announced a new discovery at the Bavuca South-1 exploration well. The well encountered 30 m (98 ft) of high-quality, hydrocarbon-bearing sandstone. It is located approximately 365 kilometers northwest off the …

President Joe Biden said he’d seek to impose higher taxes on oil companies that record “windfall” profits without reinvesting in production, with US gasoline prices still high a week ahead of midterm elections. “The oil industry has not met its commitment to invest in America and support the American people,” …

Saudi Arabia’s energy minister held talks with counterparts from China and India, two of the kingdom’s biggest oil customers, amid a standoff with the U.S. over OPEC+’s decision to cut production. Prince Abdulaziz bin Salman held an online meeting with China’s National Energy Administrator Zhang Jianhua, during which they agreed …

Halliburton Company introduced the HalVue® service for real-time wireline data visualization to expand current features on the platform. HalVue is a real-time data monitoring application that gives customers a consistent view of data across operations as it comes in from the rig to help maximize asset value. Halliburton recently updated …

Mexico — which imports nearly all of the natural gas it burns — has laid out a somewhat surprising mission: to become one of the world’s top exporters of the fuel, and fast. Although natural gas exports from Mexico are today non-existent, seeing as it produces too little of the …

U.S. shale oil drillers continue to show little sign of responding to high global prices with more production, only now it’s not just their focus on rewarding shareholders that’s holding them back, but also a preoccupation with soaring costs. The combined oil and gas production forecasts from a dozen companies …

The Group of Seven urged OPEC to pump more oil, even as it made new pledges to try to fight climate change. “We call on oil and gas producing countries to act in a responsible manner and to respond to tightening international markets, noting that OPEC has a key role …