News

RUSSIAN giant Gazprom and Namibian state oil company 
Namcor have agreed to establish a special purpose company to take a majority stake in the 
Kudu gas field to accelerate its progress to first production in 2014.

Oil giant Royal Dutch Shell says it is no longer selling gasoline to Iran, the latest in a growing number of oil firms to halt supplies to the Islamic Republic.

Eni boss Paolo Scaroni suggested that the competing Nabucco and South Stream pipelines would benefit by merging for at least part of their route.

The construction of the Russia-China oil pipeline will be finished by the end of this year, Chinese Foreign Minister Yang Jiechi said on Sunday.

With industry interest reawakened by recent deepwater, sub-salt gas finds offshore Israel, the eastern Mediterranean and Levantine Basin today loom large on the frontier exploration agenda.

Royal Dutch Shell Plc’s Kokori oil flow-station in the southern Niger River delta was attacked by the People’s Patriotic Revolutionary Force.

China reached an initial agreement on pricing and supply for natural gas from Russia, energy chief Zhang Guobao said, the Xinhua news agency reported.

Kazakh President Nursultan Nazarbayev has proposed that a new route be opened for transporting oil between the Caspian and Black seas.

Russian monopoly Gazprom, an equal partner with Italy’s Eni SpA in the South Stream natural-gas pipeline project, may reduce its stake to allow Electricite de France to buy shares in the venture.

Ukrainian President Viktor Yanukovich promised the EU today he would keep Ukraine on the reform path and ensure it is a reliable transit route for Russian gas supplies.

Kazakh oil producer KazMunaiGas Exploration and Production (KazMunaiGas EP) said its net profit fell 13% last year to $1.4 billion due to lower oil prices and higher taxes.

A Kazakh court slapped a $21 million environmental fine on a group of companies led by BG and Eni which are developing the Karachaganak gas condensate field.

A massive oil reserve buried two miles underground has put North Dakota at the center of a revolution in the U.S. oil industry.

Iraq has signed a raft of deals with foreign oil companies that could take its crude output capacity up to 12 million barrels per day, rivalling top producer Saudi Arabia.

Middle Eastern oil producers are scrambling to protect their market share in Asia amid rising competition from a new source of supply—an oil blend from Russia called ESPO.

The Turkmenbashi complex of oil refineries launched another major investment project - the construction of a unit of delayed coking in combination with a unit of tar deasphalting.

Singapore-based Mermaid Maritime’s offshore services arm has won a three-year contract with Chevron.

The same technology that unleashed a natural gas bonanza in North America over the past decade has the potential to transform the European energy industry.

Britain's offshore oil and gas fields could still be delivering 1.5m barrels a day by 2020, enough to satisfy 35% of UK energy demand.

Iran needs to invest $24 billion to $30billion per year in its oil industry to reach the 20-year goals of the country the Head of the National Iranian Oil Company (NIOC) says.