TEHRAN, Jan. 02 (Shana) — Iran says all its petrochemical facilities are operating and they have been faced with no shortages in feedstock supply despite Turkmenistan’s abrupt cutting of gas flow to northern Iranian provinces. Ali Mohammad Bossaqzadeh, director of production control at the National Petrochemical Company (NPC), reacting to Turkmenistan’s Sunday move to halt gas flow to Iran, said ...

TEHRAN, Jan. 01 (Shana) — Turkmenistan has cut its gas supplies to Iran in an unexpected move one day after the two neighboring countries announced they had reached an agreement to continue their gas cooperation for at least 5 years. Reacting to the move by the national gas company of Turkmenistan, Turkmengaz, the National Iranian Gas Company (NIGC) issued a ...

A record number of rigs are drilling for oil and gas on the Arabian peninsula even as drilling in the rest of the world tumbles in response to low prices. There were almost 290 rigs active in Saudi Arabia and the neighboring states of Kuwait, the United Arab Emirates and Oman in March, according to oilfield services company Baker Hughes. ...

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 ...

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 ...

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 ...

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, ...

Offshore driller Hercules Offshore has seen cuts in dayrates for three of its drilling rigs operating in Saudi Arabia. Hercules Offshore on Thursday said that it received from Saudi Aramco on March 9, 2016, a notice reducing the dayrates under its five year contracts for the Hercules 261 and Hercules 262 from $67,000 per day to $63,650 per day. The ...