ONGC Videsh revised its plan to develop Iran’s Farzad-B natural gas block India’s largest oil and gas explorer is looking to invest into Iran as the country looks for ways to meet its growing demand for oil and natural gas. ONGC Videsh submitted a revised plan to the Iranian government for more than $3 billion of development in the Farzad-B
Qatar lifts moratorium on developing the North Field, which holds the majority of the country’s natural gas Qatar will end a self-imposed moratorium on further developing the North Field as it hopes to remain competitive and capture more market share in natural gas markets over the coming years. North Field, which is split by territorial lines with Iran and called
Floating storage in Iran down nearly 50% in the last three months – up to 30 cargoes Iran is using the recent uptick in oil prices to sell off crude oil that has been sitting in offshore storage since the end of international sanctions. The Islamic Republic sold more than 13 million barrels of oil that was held in tankers,
Iran qualifies international companies from CEPSA to Wintershall to take part in oil and gas tenders Iran has qualified 29 international companies to bid in tenders for oil and natural gas development projects as the company seeks foreign investment to revitalize its industry following the end of international sanctions. The companies approved for tenders include those from Germany, France, Italy,
OPEC Agrees to a 1.2 MMBOPD Cut “We have made great success today” – OPEC announces first cut since 2008 “We have made great success today. We reviewed all scenarios… [and] we have been able to reach an agreement,” Qatar energy minister and president of the OPEC Conference, Mohammed Bin Saleh Al-Sada said in the introduction to a press conference announcing a production
Russian President Vladimir Putin’s key role in brokering the OPEC agreement The price of crude oil continues to climb past $50 per barrel following OPEC’s deal to cut 1.2 MMBOPD of production Wednesday. A number of non-OPEC producers will join the organization in lowering output, chiefly Russia, which has agreed to reduce its production 300 MBOPD from post-Soviet highs. Russian
OPEC deal to cut 1.2 MMBOPD could return market to balance in the first half of 2017 Crude oil prices surged Wednesday following news from OPEC that the group agreed to cut 1.2 MMBOPD of production after two years of producing near capacity in a bid for market share. OPEC agreed to cap production at 32.5 MMBOPD, which, along with
Saudi Aramco indefinitely halts shipments of oil products to Egypt Saudi Arabia’s state-owned oil giant Saudi Aramco has stopped the flow of oil products to Egypt as tensions between the two and the wider Arab world continue to worsen. Egyptian officials confirmed Aramco notified the oil ministry that it would no longer continue shipments of oil products expected under a
French oil major Total expected to sign a deal with Iran and CNPC, priming the pump for $200 billion in post-sanctions IPCs Iran quickly ramped its oil production up following the end of international sanctions on the country, but now that the Islamic Republic’s output is up above 3.5 MMBOPD, it will likely need the help of international companies to
Regional rivalry between Saudi Arabia and Iran could scuttle OPEC production deal Bad blood between Saudi Arabia and Iran could threaten to halt yet another OPEC production deal. Reports from Reuters indicate that Saudi Arabia has threatened to increase production even further in an attempt to damage Iran’s oil profits if the Islamic Republic does not agree to cap its
OPEC appears to be struggling to close on a production agreement Oil prices dropped Monday as markets continue to lose faith that OPEC will be able to reach a production agreement by the end of November. A meeting this weekend among the group’s members ended without any definitive progress, and non-OPEC members like Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia
Oil bounces back after official data shows yet another crude inventory draw Oil prices came back from a nearly 2% decline Wednesday morning following news from the Energy Information Administration that U.S. crude oil inventories fell last week. The oil inventory draw is the seventh time in the last eight weeks that stores of crude went lower despite analysts’ expectations
