Oil and Gas Industry Latest news

23.05.2014 Novatek signs major agreements with CNPC on Yamal LNG project

The China National Petroleum Company is taking on a key role in the development of the major Arctic gas project as it commits itself to buy an annual 3 million tons of Yamal LNG. From before, the company owns a 20 percent stake in the project.

23.05.2014 China stockpiles oil at record rate amid global tensions

China is stockpiling oil for its strategic petroleum reserve at a record pace, intervening on a scale large enough to send a powerful pulse through the world crude market.

23.05.2014 ExxonMobil finds promising shale oil deposit in Argentina

ExxonMobil said Wednesday it has found a promising shale oil deposit in southern Argentina, on par with some of the best of its kind in the United States.

23.05.2014 EC energy plans "in line with Polish proposal"

Ahead of an EC conference to be held in Brussels on Wednesday with Commission President Jose Manuel Barroso and Energy Commissioner Gunther Oettinger, PM Tusk told Polish Radio that he expects to gain public support for his plan for an energy union.

21.05.2014 Russia, China Sign 30-year Gas Deal

Russia and China agreed on a long-term gas supply contract in Shanghai on May 21, after years of talks on the deal, worth billions of dollars, RIA Novosti has reported.  Russian Energy Minister Alexander Novak and Director of the Chinese National Energy Administration Wu

21.05.2014 LNG terminal to be built in Russia’s Leningrad Region

An LNG terminal to produce and dispatch 660,000 tons of LNG may be built in the port of Vysotsk in Leningrad Region.

21.05.2014 Russia’s Lukoil to invest over 86 billion rubles in Volgograd refinery upgrade

Lukoil is going to invest more than 31bn rubles by the end of 2014 in upgrading the Volgograd oil refinery, Lukoil head Vagit Alekperov has said at a meeting with the local governor, Andrey Bocharov.

21.05.2014 Kazakhstan to invite 890 foreign experts to upgrade Shymkent refinery

The Kazakh government has come up with quotas for foreign experts invited in 2014 to participate in upgrading the Shymkent oil refinery, Novosti-Kazakhstan has reported. The quota equals 890 people.

Copyright: Oil and Gas Information Agency, 2014

21.05.2014 Brazil's Petrobras finds light oil in subsalt field

Brazil's state-run oil firm Petroleo Brasileiro SA confirmed on May 20 that it has found light oil in well 1-SPS-98 drilled in subsalt layers of the Santos Basin, Reuters has reported.

21.05.2014 U.S. government cuts estimate of recoverable Monterey Shale oil by 96%

Federal energy authorities have slashed by 96% the estimated amount of recoverable oil buried in California's vast Monterey Shale deposits, deflating its potential as a national "black gold mine" of petroleum, Los Angeles Times reported on May 20.