Author Archives: admin

BP, Kuwait Petroleum Sign Cooperation Agreement

BP and Kuwait Petroleum Corporation (KPC) have signed a framework agreement to explore possible joint opportunities for investment and cooperation in future oil, gas, trading and petrochemicals ventures. Signed by BP CEO Bob Dudley and KPC CEO Nizar Mohammad Al-Adsani, the agreement paves the way for both companies to jointly invest and cooperate in oil and gas projects in Kuwait ...

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IOOC Signs Contracts with Foreign, Domestic Firms

The Iranian Offshore Oil Company (IOOC) signed 85 operation, development, construction, and service contracts last year (ended March 19) as 15 of contracting parties came from foreign entities, said an official of the firm. “Total value of the contracts was IRR 6,400 billion and 700 million euros based on 120 tender notices and 85 contracts with foreign and domestic parties,” ...

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BP Appoints New Head for Asia Trading Unit

BP has appointed a new head for its integrated supply and trading (IST) business in the eastern hemisphere, industry sources said on Friday. Janet Kong, currently head of trading analytics for the eastern hemisphere, will take over from Andy Milnes to head the business unit later this year, they said. The IST is BP’s face to the traded markets in ...

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Oil Market Could Stabilize in a Year: Zangeneh

Petroleum Minister Bijan Zangeneh said the global oil market will stabilize in less than a year if major producers intervene. He made the comments following a meeting with Russian Energy Minister Alexander Novak here on Monday saying that the production freeze to stabilize the market will be the first step by the major producers from OPEC and non-OPEC countries. “It ...

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Kuwait Will Commit to Oil Freeze Only if All Major Producers Take Part

Kuwait will commit to a potential global oil production freeze only if major oil producers, including Iran, agreed to join the pact, the Gulf OPEC member’s acting oil minister said on Tuesday. “If there is an agreement, Kuwait will commit to the freeze,” Anas al-Saleh told reporters in Kuwait city. Asked what would happen if not all producers agreed to ...

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Kazakhstan mulls production increase

ASTANA, March 10, 2016 – Kazakhstan has plans to revert to its original 2016 oil output target of 564 million barrels should the oil price remain above USD 40, the country’s minister of oil and gas, Vladimir Shkolnik, said on Thursday. In February, Kazakh Economy Minister Yerbolat Dosayev downgraded Kazakhstan’s 2016 oil production forecast to 542 million barrels. By contrast, ...

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Russia seen exporting 180,000 bpd more oil in 2016

Russia will export about 180,000 bopd more in 2016 as compared to last year, analysts said Friday. According to ESAI Energy, exports via pipelines and Far East ports leading directly to Asia will only increase by 50,000 bopd, with the remainder of the growth coming in outflows from European ports. Higher exports from European ports will encourage greater outflows of ...

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