Oil and Gas Industry Latest News

27.08.2014 Saudi Aramco CEO Says OPEC Will Take Oil Price 'as it Comes'

The global oil price is market driven, fluctuating with supply and demand and the Organization of the Petroleum Exporting Countries or the International Energy Agency should not try to control it, the chief of Saudi Arabia's state oil producer said.

27.08.2014 Shell Announces Marjoram-1 Gas Discovery in Deep-water Malaysia

Shell announces further exploration success in Malaysia with another gas discovery at the Shell-operated deep-water Marjoram-1 well.

24.08.2014 Statoil Wins Drilling permit for well 7125/4-3 in production licence 393 B

The Norwegian Petroleum Directorate has granted Statoil Petroleum AS a drilling permit for well 7125/4-3, cf. Section 8 of the Resource Management Regulations.

22.08.2014 Tanzania Establishes Geothermal Company

East Africa has another geothermal development company as the Tanzania Geothermal Development Co. (TDGC) has officially kicked off operations. The newly established firm, a subsidiary of the utility Tanzania Electric Supply Co.

22.08.2014 Eni starts production at DEKA project in Egypt

Eni, through its affiliate Ieoc Production BV and in joint venture with BP Egypt, started production from the DEKA project (Denis-Karawan) through the new subsea well Denise South 6 at a gas rate of 1.8 million cubic meters per day and associated condensates of about 800

22.08.2014 Petrobras proves potential of Sergipe-Alagoas Basin’s Moita Bonita area

Petrobras announces that the third well drilled in the Sergipe-Alagoas Basin’s Moita Bonita area, in Concession BM-SEAL-10, has proved the extension of the gas and light oil discovery made in that area, as released to the market on August 24, 2012.

22.08.2014 Platts mulls change in oil benchmarks to tap growth in Asia

Oil pricing agency Platts is consulting with traders on proposed changes to its key oil product benchmarks in Asia to include ports in Malaysia and possibly Indonesia as cargo loading points to take advantage of new storage facilities.

22.08.2014 Iraqi Kurdistan's oil pipeline to Turkey resumes after upgrade

Crude oil flow on Iraqi Kurdistan's pipeline to Turkey has resumed after upgrade work was completed and is now running at an increased rate of 200,000 barrels per day (bpd), industry sources and Turkish officials told Reuters on Thursday.

22.08.2014 Nigeria’s offshore oil, gas market is huge, says Baker Hughes

Nigeria’s huge offshore oil and gas resources, which remain largely dormant, present opportunities for oil service providers such as Baker Hughes, which says it is poised to remain a major player in big offshore plays in the country.

22.08.2014 Saudi Arabia's July oil output rises to 10 mln bpd

Saudi Arabia produced 10 million barrels per day (bpd) of oil in July, up from 9.780 million bpd in June, an industry source said on Wednesday.