Oil and Gas Industry Latest news

14.01.2014 South Sudan expects technical assistance from Sudan in oil fields

South Sudan has asked Sudan to send engineers to help maintain oil output after many foreign workers left because of fighting between South Sudan government forces and rebels, the South Sudanese oil minister said on January 13, Reuters has reported.

14.01.2014 India’s ONGC, UAE’s Mubadala to jointly invest in developing countries

State-run Oil and Natural Gas Corporation (ONGC) and United Arab Emirates' investment firm Mubadala have decided to join hands to jointly invest in upstream projects in developing countries, The Hindu reported on January 14. 

14.01.2014 Prime Minister invites companies to buy Indian blocks

Prime Minister Manmohan Singh reached out to foreign and Indian oil firms to drill in India as the demand for energy is galloping but industry leaders at the Petrotech conference advised caution about the proposed new contractual regime that will end disputes and controv

14.01.2014 Shell-Gazprom JV starts fracking Russian shale oil formation

Royal Dutch Shell Plc (RDSA) and OAO Gazprom Neft began a drilling campaign to assess the potential of Siberia’s Bazhenov formation, reckoned to be one of the world’s largest deposits of shale oil, Bloomberg reported on January 13. 

14.01.2014 Russia’s Gazprom Neft allowed to pump 6mn tons of oil through ESPO pipe

Gazprom Neft has received a quota for transportation of six million tonnes of oil through the East Siberia - Pacific Ocean (ESPO) oil pipeline starting from 2016, Transneft CEO Nikolai Tokarev told reporters, Itar-Tass said on January 13.

14.01.2014 Lukoil oil, gas output up in 2013

LUKOIL’s Board of Directors held a meeting in Moscow on January 13 to summarize the company’s preliminary performance results from 2013 and set priorities for 2014.

14.01.2014 Chevron to proceed with development of Alder Field in North Sea

Chevron Corporation (NYSE: CVX) announced on January 13 that its U.K. subsidiary, Chevron North Sea Limited, has reached a final investment decision and received approval from the U.K.

14.01.2014 Polish shale gas exploration slow, auditors say

A report by Poland's senior auditing institution has warned that at the current rate it will take 12 years before the country's shale gas potential can be properly assessed, Polish Radio reported on January 13.

14.01.2014 China’s Sinopec to pay compensation for pipeline explosion

China's largest oil refiner, Sinopec, said on January 13 that it will pay compensation for fatal pipeline explosions at a subsidiary in Qingdao city in East China's Shandong province last November, Xinhua has reported.

14.01.2014 Azerbaijan switches oil export from Russian to Turkish pipeline

Azerbaijan's state energy company SOCAR decided to transport oil through the Baku-Tbilisi-Ceyhan oil pipeline instead of the Baku-Novorossiysk pipeline, Trend reported on January 13.