Oil and Gas Industry Latest news

19.02.2014 Russia may become nation richest in oil reserves

Russia may become nation number one by oil reserves if non-traditional oil reserves are officially confirmed, Itar-Tass has cited natural resources minister Sergey Donskoy as saying.

19.02.2014 Capital Construction: IT Investments Pay Off Handsomely

Oil and gas industry, on par with transport, construction and real estate, is a leader in capital construction investments. Moreover, according to forecasts by Russia’s Ministry of Economic Development, investment growth is slated to continue in coming years.

19.02.2014 Sibur development keeps Russian railways busy

The active development of the petrochemical sector in Tyumen Region, in particular by Sibur, has increased the workload on railways, but Sibur is going to further increase its capacities, Sibur director-general Dmitry Konov said at a meeting of the Russian Railways scien

19.02.2014 Azerbaijan to build new platform at Guneshli field

The Azerbaijani state firm SOCAR’s Ecological Department has been working on the assessment of environmental impact from the construction of new deep-water sea platform No 7 at the Guneshli field.

19.02.2014 CAT oil AG to sell services to Rosneft

C.A.T. oil AG, one of the leading providers of oil and gas field services in Russia and Kazakhstan, on February 18 announced that it has successfully marketed its fracturing capacities.

19.02.2014 Mexico’s Pemex in JV talks

Petroleos Mexicanos, the world’s fifth-largest oil producer, will begin its first production joint ventures as early as the end of this year, its chief executive officer said, Bloomberg reported on February 18.

19.02.2014 Eastern Chinese province bans new oil refining projects

Eastern China's Shandong province has banned approvals of new oil refining projects, a state oil major said, the latest move to tackle overcapacity in the second largest oil consumer, Reuters reported on February 19.

19.02.2014 Iraq-Turkey oil pipeline bombed

Oil deliveries from northern Iraq to the Turkish port at Ceyhan were interrupted when militants bombed a pipeline in Iraq, an Iraqi energy official said, UPI reported on February 18.

19.02.2014 Algeria invites Russia’s Gazprom, Lukoil to develop oil and gas

Algeria, with Africa’s second biggest gas reserves, has asked Russia’s Gazprom and Lukoil to tender for the joint development and exploration of some of the 30 fields that make up a fifth of the country, says Gazprom International, rt.com reported on February 18.

19.02.2014 BHP Billiton earnings up in H2 2013

BHP Billiton today announced its financial results for the December 2013 half year, with Underlying EBIT increasing by 15 per cent to US$12.4 billion and Underlying attributable profit increasing by 31 per cent to US$7.8 billion.