• Oil barrels
    Gas

    IEA positive about oil market upturn

    The IEA announced today that the global oil market would balance itself out in 2017 as demand continues to rise faster than production, while the current oversupply is much smaller than previously thought. The IEA noted that surplus for the first half of this year is about 40% smaller than estimated a month ago due to strong consumption and disruptions [...]
  • North Sea oil rig
    Oil

    Oilfield services suffer despite oil price bounce back

    And relax. The oil price has made a slow, yet steady, return. The analysts who talk about $20 barrels are now few and far between and they don’t get the media attention they once did. Al-Falih, Saudi oil minister, speaking at an OPEC meeting last week, stated that the price of oil was acceptable is it could stay between $50 [...]
  • MW-CZ965_opec02_ZG_20141124130520
    Oil

    Oil price of $50-60 is appropriate, says Kuwait minister

    Anas al-Saleh, the acting Oil Minister for Kuwait said on Thursday that an appropriate price for oil is $50-60 a barrel. As of Thursday, international Brent crude oil futures LCOc1 was just shy of $50 a barrel. Sales, speaking to reporters in Vienna at the OPEC conference, was positive that OPEC’s strategy was working and that the organisation would continue [...]
  • Pumpjacks
    Americas

    Fall in US shale production could herald oil price boost

    When the oil price initially plummeted in late 2014, Shale producers were the most vulnerable, particularly those in the US, were huge volumes of shale production have helped the US economy partly alleviate its over-reliance on foreign producers. Now, it seems, that US shale production has entered its end game. Drilling has dried up and, finally, operators are unable to [...]
  • Oil_Rocks_near_Baku
    Gas

    Azerbaijan prepares to sign contracts for two fields

    Azerbaijan is preparing to sign major contracts with multinational oil companies seeking to develop the Umid and Babek gas fields. The news was confirmed by Vagif Aliyev, head of Socar’s investments department. Aliyev, speaking to Natural Gas Europe, highlighted that for the first time Azerbaijan would not be awarding contracts in the form of PSAs (production sharing agreements), but instead [...]
bp2_0
In the Spotlight

BP begins operations for offshore Egypt

by getenergy intel in Middle East 0

LONDON, Feb. 26 (UPI) — Danish engineering company Subsea 7 said it was awarded a contract to help BP develop three gas fields, including laying export lines, off the coast of Egypt. For an undisclosed [...]

Middle East

Oil deal falls apart

April 18, 2016 0

Major oil producers failed to reach an agreement to cap production at recent levels. The North Sea benchmark Brent was down four percent on Monday trading at $41.36 per barrel. West Texas Intermediate crude fell […]

Asia

Three injured in Noble rig damage

March 3, 2016 0

Damage on the Noble Lloyd Noble jackup is minor and the rig’s scheduled delivery in Q2 2016 will not be affected, but three workers sustained minor injuries. A Sembcorp Marine spokesman told AOG in a […]

Russia & Post Soviet Union

Russia’s energy giants face tough times

October 19, 2015 0

Russia’s energy giants, Gazprom and Rosneft, have until recently enjoyed high oil prices. Now, however, with the low oil price environment persisting and expected to continue well into 2016, these two energy giants of Russia […]

Europe

Iranian oil in Europe

March 7, 2016 0

The Monte Toledo oil tanker covered the uneventful voyage from Iran to Europe with a haul of 1 million barrels of crude in just 17 days, but its journey has been four years in the […]

EU lacks a clear gas strategy

October 19, 2015 0

Norway is concerned that the lack of a clear natural gas strategy in the European Union will dampen investor attitudes regarding new fields and developments. Norway is Europe’s second largest provider of natural gas to […]

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