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KUWAIT (Bloomberg) — Saudi Arabia and the United Arab Emirates are expected to relay to mediators what they want Qatar do to in return for ending their isolation of the tiny Gulf nation, according to a Gulf official with direct knowledge of the matter. The proposals, which may come in the next two days, would make it easier to end the ...

LONDON (Bloomberg) — Iraq’s ambition to boost oil-output capacity to a record 5 MMbpd is “not unrealistic” as the country prepares for the end of OPEC-mandated supply limits, consultants Wood Mackenzie Ltd. said. Iraq, which has been rehabilitating its oil industry after years of conflict, has vowed to keep expanding capacity while respecting an Organization of Petroleum Exporting Countries’ accord ...

NEW DELHI and MUMBAI (Bloomberg) — BP Plc and Reliance Industries Ltd. will invest as much as $6 billion to restart work in Indian oil and gas blocks after eight years, in an area off the South Asian country’s east coast, where both companies have faced trouble boosting production. The companies aim to develop about 3 Tcf of resources that will ...

QUEENSLAND, Australia — Santos today announced positive production well test results from the Muruk 1ST3 exploration well in the Papua New Guinea (PNG) Highlands. The production test was undertaken to assess reservoir productivity and recover hydrocarbon samples over the gas saturated Toro Sandstone interval, between 3,968 m to 4,065 m. The well flowed gas and condensate at a rate of ...

IRVING, Texas –Exxon Mobil has made a final investment decision to proceed with the first phase of development for the Liza field, one of the largest oil discoveries of the past decade, located offshore Guyana. The company also announced positive results from the Liza-4 well, which encountered more than 197 feet of high-quality, oil-bearing sandstone reservoirs, which will underpin a ...

TEHRAN, June 13 (Shana) — Export of light crude oil from Khark Oil Terminal, Iran’s biggest oil export terminal, rose by 87% year-on-year in the previous calendar year (ended March 20).    Iran exported 240 million barrels of light crude oil from the terminal during the previous calendar year, up by 87% from the preceding year, said Managing Director of ...

ALLENDALE, N.J. — Leistritz Advanced Technologies Corp. has announced the installation of two Multi-phase Production Systems (MPS) in Kuwait. The project was executed by Mechanical Engineering & Contracting Co. (MECC) of Kuwait and the MPS’s are located in the Greater Burgan oil field. Each Leistritz MPS satisfied rigorous manufacturing and testing requirements and will boost up to 300,000 bpd equivalent ...

LONDON (Bloomberg) — Oil steadied after a third weekly loss as predictions by Saudi Arabia and Russia that crude markets will rebalance vied with signs that U.S. companies are drilling even more wells. Futures added 1.4% in New York after sliding 3.8% last week. Inventories are declining and reductions will accelerate in the next three to four months, Saudi Energy ...

TOKYO (Bloomberg) — As Qatar grapples with deepening diplomatic isolation, Japanese liquefied natural gas buyers are pushing the world’s largest seller for cheaper supplies. Both Jera Co., one of the biggest LNG purchasers, and Tokyo Gas haven’t decided if they’ll sign new deals with Qatar to replace current contracts that begin expiring in 2021, according to executives from both companies. ...

TEHRAN, June 12 (Shana) — Iran and South Korea have signed a technological cooperation agreement to for jointly developing small liquefied natural gas units. The 4-year deal concerns developing the technical savvy needed for construction of ISO containers for LNG units by consotriums from Iran and S. Korea, said Saeid Pakseresht, director of research and technology at the National Iranian ...