The oil-producing subsidiary of Russian state gas giant Gazprom, Gazprom Neft, has announced that it plans to launch a fourth well at the Sarqala field in Iraq’s semi-autonomous region of Kurdistan (KRI) in the first half of 2021. Not only will this consolidate its own foothold in the KRI but it will also Read more

    New Delhi: Oil major BP has expanded a renewable energy supply deal with Amazon.com Inc to power the U.S. e-commerce giant’s operations and Amazon Web Services in Europe, the British company said on Thursday.   The company said it would supply Amazon with an additional 404 megawatts of wind power in Europe, starting Read more

    BRUSSELS, The European Union is planning to restrict its funding for natural gas projects because of the risk they pose to the bloc’s climate goals, according to draft rules seen by Reuters.   The “TEN-E” rules define which cross-border energy projects can be labelled “Projects of Common Interest” (PCI), meaning they can receive Read more

  U.S. crude oil stockpiles last week surged the most since April, jumping more than 15 million barrels, as imports rose and exports plunged, the Energy Information Administration said on Wednesday. The unexpected supply build and record rise in net imports stunned the oil market, which has been weighed down by low demand due to Read more

  Iraq plans to invite international companies to compete in order to build a 300,000 b/d refinery south of the country, the oil minister said Nov. 18, as OPEC’s second largest oil producer seeks to wean itself off crude products imports. The refinery, to be built in Fao in the Basra Governorate, will be offered Read more

  Owning stock in a Russian company can be more than a risky investment. The Russian government marches to the beat of Vladimir Putin and the oligarchs that control the vast natural resources in the nation. Rosneft is one of the leading Russian oil companies run by Igor Sechin, one of President Putin’s closest allies. Read more

  Small, independent oil producers are seeing the potential for growth over the next decade as major energy companies look to invest in renewables. As big companies are being forced to introduce greener policies, independent producers could profit from this change. Paul Blakeley, chief executive of Jadestone Energy told the Financial Times on Monday., “It Read more

  Brazil’s National Energy Policy Council said Nov. 18 that imported raw materials can be used in the production of biodiesel. Previously, all biofuel sold at National Petroleum Agency auctions had to be manufactured from oils and fats of Brazilian origin. On Nov. 12, the National Petroleum Agency (ANP) published the notice for the 77th Read more

  China, the global oil market’s lifeline this year, has stepped up purchases from exporters like Russia, the United States and Angola in recent weeks, while buyers elsewhere pare orders as coronavirus infections surge and fresh lockdowns are put in place. China, the world’s largest importer of crude, is the only major buyer expected to Read more

  The UAE has always been committed to OPEC, energy minister Suhail al-Mazrouei said Nov. 19, amid reports the country is wavering on continued membership in the producer alliance. “As a reliable and long-standing member of OPEC, we have always been open and transparent in all our decisions and strategies in support of OPEC,” Mazrouei Read more

  SINGAPORE/BEIJING- China’s commercial oil stockpiling sector, which emerged as a key swing buyer of crude as prices plunged earlier this year, is setting plans to grow again in 2021, supporting a further boost in imports. Private tank farm operators, refiners and traders pumped an extra 310-600 million barrels of oil into storage in China Read more

  Moscow- The BRICS nations have maintained “intensive contacts” for the development of an Energy Research Cooperation Platform, said Russian President Vladimir Putin, adding that reports have already been prepared for the development of the fuel and energy sectors in the BRICS countries until 2040. Speaking during BRICS virtual summit on Tuesday, Putin said- “Intensive Read more

  OPEC has suffered immensely under the pandemic and subsequent oil demand loss, and its job could now become significantly more challenging as members mull the pros of staying with the group against the con of performing the dutiful and painful task of curbing production. And the UAE is said to be doing just that. Read more

  The State Oil Marketing Organization sent a note to customers on Nov. 17 with “test reports” of Basrah Light, Basrah Medium and Basrah Heavy. A senior official representative at SOMO confirmed the new crude specifications with Platts. The new grade, Basrah Medium, will have a specific gravity of around 27.9 API with a sulfur Read more

  Venezuela sits atop the largest proven oil reserves in the world, clocking in at a whopping 300 billion barrels. But years of domestic economic mismanagement, corrupt international banking, and strict international sanctions have brought the Venezuelan economy–and oil industry–to its knees. Earlier this summer, the country’s once-mighty oil sector became the ultimate metaphor for Read more