Oil and Gas Industry Latest News

04.03.2016 EC Agrees on State Aid for TAP Gas Pipeline Project

The European Commission has decided that the agreement between Greece and the Trans Adriatic Pipeline (TAP) joint venture to build a pipeline that will bring Caspian gas to Europe is in line with EU rules for state aid.

04.03.2016 Bloomberg: Exxon Mobil Joins Race to Export Crude

by Sheela Tobben, Javier Blas

Exxon Mobil Corp. has become the first major U.S. oil company to ship American crude overseas, joining a band of independent traders that are trying to ease a glut at home after a 40-year export ban was lifted.

04.03.2016 Nigeria Says OPEC to Meet Non-Members in Russia on March 20

by Elisha Bala-Gbogbo

Key members of the Organization of Petroleum Exporting Countries intend to meet with other producers in Russia on March 20 to renew talks on an agreement to cap oil output, Nigeria’s petroleum minister said.

01.03.2016 Iraq is Second-leading Contributor to Global Liquids Supply Growth in 2015

Iraq was the second-leading contributor to the growth in global oil supply in 2015, behind only the United States.

29.02.2016 DW: Production Freeze – Empty Gesture?

Saudi Arabia and Russia agreed to freeze production at January levels on February 16th in the first coordinated effort to stabilise prices for 15 years.

29.02.2016 European Oil Majors Tally $19 bln in Losses as Oil Prices Bite

How much has Big Oil in Europe lost in the last quarter? Try $19 billion — or slightly more than Iceland’s entire economy, writes MarketWatch.

29.02.2016 Belarus' Vice Premier Vladimir Semashko Hopes for a Considerable Reduction in the Cost of the Russian Gas for Belarus

The official made the statement at the ONT show Kontury, BelTA informs. “We believe that the issue of the cost of the Russian gas Belarus consumes can be addressed.

29.02.2016 U.S. Explorers Idle Rigs as World Looks for Shale Cuts

By DAVID WETHE

Explorers parked more drilling rigs in U.S. oilfields as the rest of the world looks to shale producers to arrest the worst crude downturn in 30 years with more cutbacks.

26.02.2016 Canadian Oil Production Expected to Increase Despite Lower Prices

Despite lower crude oil prices, EIA expects Canadian oil production to continue increasing through 2017.