Reuters BAGHDAD/LONDON – Iraq has yet to inform its regular oil buyers of cuts to its exports, suggesting it is struggling to fully implement an OPEC deal with Russia and other producers on a record supply cut, traders and industry sources said. Less than full compliance by Iraq, as well as by smaller producers such as Nigeria and Angola, could
Reuters KUALA LUMPUR/LONDON – With Saudi Aramco yet to name any major foreign investors in its upcoming share sale, Malaysia’s state energy company Petronas (PETR.UL) decided to take a pass on Friday. Expectations that Aramco customers and allies around the world would take significant stakes in the company have so far not materialized, with the listing looking like it will
LUKOIL commissioned the third well at the second development stage of the Vladimir Filanovsky field in the Caspian Sea. The third well is a bilateral horizontal oil producing well with main wellbore length of 3,795 meters and a lateral of 3,762 meters. The well’s initial flow rate exceeded 3.2 thousand tonnes of oil per day, or 22,857 BOPD. The field’s average
Record Oil Production and Capital Spending Supported by Favorable FX Rate While Russian federal revenue from oil and natural gas production has declined significantly in response to low oil prices, oil and natural gas companies have actually increased investments or only seen modest declines, according to the EIA. In ruble terms, the Brent price has actually increased by 40% from
Even as Russia discusses a production freeze with Saudi Arabia, Caspian Sea projects could add to the glut Oil prices have improved this week in part thanks to renewed talks amongst Saudi Arabia and Russia to stabilize global oil prices. In a joint statement Monday, the energy ministries of both countries agreed to work together to “mitigate excessive volatility” in
Iraq tells oil companies to submit conservative funding requests for 2016 A letter dated September 6, 2015, from the Iraq Oil Ministry was sent out to international oil companies operating inside the country notifying them that they should plan to lower spending in 2016, reports The Wall Street Journal. Iraq is struggling to support its energy sector as it feels
Oil split reduces pricy delays, company says, after disappointing first quarter Iraq’s decision to split crude oil export flows into lighter and heavier grades has removed logistical problems and allowed several producers to lift self-imposed output curbs, according to Lukoil (ticker: LKOH) Deputy President for E&P Ravil Maganov. Maganov told reporters that the move to split crude grades helped the
Russian oil major Lukoil seeking change in compensation from OPEC producer Lukoil (ticker: LKOH) will continue negotiations with the Iraqi government about the continued development of the Nasiriya project. The Iraqi government is trying to develop a 300 MBOPD refinery in the Nasiriya oil field, which is estimated to have over 4 billion barrels of oil in place. Vagit Alekperov,
Lukoil confirms plans to increase oil production in the West Qurna-2 oil field in Iraq Lukoil (ticker: LKOH) President Vagit Alekperov visited Iraq to discuss further development in the West Qurna-2 field. Iraqi Prime Minister Haider al-Abadi and Minister of Oil Adel Abdul Mahdi both expressed appreciation in the continued work by the company in their country, according to a
