Oil and Gas Industry Latest News

28.12.2012 Aker Solutions Wins Gullfaks South Contract

Aker Solutions has been awarded a topside modification contract by Statoil to increase oil recovery at Gullfaks South. Estimated contract value is NOK 180 million.

28.12.2012 CNOOC Submitted Application for Establishment of Marine Environmental and Ecological Protection Foundation

CNOOC Limited announced that its parent company, China National Offshore Oil Corporation(“CNOOC”), has officially submitted a registration application to Ministry of Civil Affairs of the People’s Republic of China for establishment of “CNOOC Marine Environmental and Ecol

28.12.2012 Rosneft Agrees Heads of Terms for Long-Term Contracts with Glencore and Vitol

Rosneft agreed heads of terms for long-term crude supply contracts with Glencore International plc (‘Glencore’) and Vitol, two of the world’s leading trading companies.

27.12.2012 Lukoil Cuts West Qurna-2 Oil Output Plan

RIA Novosti reports that Russia’s largest privately-owned oil company LUKoil has cut its oil output plan for the West Qurna-2 oilfield in Iraq by 30 percent.

27.12.2012 Russia's Irkutsk Oil Co to raise 2013 invests 20% to 17 bln rbl

Russia’s Irkutsk Oil Company will increase investments by around 20% to 17 billion rubles in 2012, Board Chairman Nikolai Buinov, said Thursday at a news conference.

27.12.2012 Novatek To Sign Contracts For Yamal LNG In 2013

Novatek, Russia's largest independent natural gas producer, said it expects to sign contracts to supply liquified natural gas from a plant on the Yamal peninsula in Russia's Arctic in the second quarter of 2013, Vedomosti daily business newspaper reported Wednesday.

27.12.2012 Brazil's Vale to Sell Oil & Gas Concessions to Statoil

Brazil's mining giant Vale announced Wednesday it would sell its stakes in an oil and gas exploration partnership with Statoil Brazil for 40 million U.S. dollars in cash, according to Xinhua.

27.12.2012 Azeri Gas Exports Increase 93% in November, 7.1% for Jan-Nov 2012

Azerbaijan increased gas exports (customs processing) by 93.3% from October to November, and by 7.1% for 11 months year-on-year in 2012. In November its share in the overall export reached 2.54% against 2.61% in 2011.

27.12.2012 Iraq's Kurdish Region Halts Oil Exports

According to an AP report, an Iraqi Kurdish official said on Tuesday that the country's self-ruled northern Kurdish region has suspended oil exports over a payment row with Baghdad, a development that could add to already souring relations between the Kurds and the Arab-

27.12.2012 Chevron Announces Two Discoveries Offshore Western Australia

Pinhoe-1 and Arnhem-1 discoveries expand natural gas resource potential in the Carnarvon Basin.