DALLAS, Texas — Kosmos Energy announced today that it has received government approval and completed its previously announced transaction with BP in Senegal. Under the terms of the deal, BP acquired a 49.99% interest in Kosmos BP Senegal Limited, the company’s controlled affiliate company which holds a 65% participating interest in the Cayar Offshore Profond and the Saint Louis Offshore ...

SINGAPORE (Bloomberg) — Oil traded near the highest level since July 2015 as a drop in U.S. crude imports signaled that OPEC’s output cuts are taking effect. Futures in New York are set for a 1.4% advance this week. U.S. government data showed crude inventories rose less than expected last week as imports dropped the most since November. The slowdown ...

MOSCOW — LUKOIL and INPEX have successfully completed the testing of the first exploratory well, Eridu 1, at Block 10 in southern Iraq. The well recorded daily flowrate of more than 1,000 cubic meters of sweet oil from Mishrif horizon, confirming geological expectations of a large hydrocarbon field presence within the Block 10 contract area. Geological exploration at the block ...

LONDON (Bloomberg) — Saudi Arabia has said oil giant Saudi Aramco is worth more than $2 trillion, enough to consume Apple Inc. twice, and still have room for Google parent Alphabet Inc. The kingdom may have to settle for less. A lot less. Industry executives, analysts and investors told Bloomberg their analysis — based on oil reserves and cash flow ...

TEHRAN, Feb. 21 (Shana) – The petroleum ministers of Iran and Iraq have signed a memorandum of understanding (MoU) for cooperation in various oil and gas-related grounds. The document concerns development of joint oil and gas fields by the two OPEC-member Asian countries, exchange of technical and engineering services, export of goods and cooperation in petroleum industry-related grounds. Iranian Minister ...

TEHRAN, Feb. 20 (Shana) – Iranian Minister of Petroleum Bijan Zangeneh left Tehran for Baghdad on Monday as the head of a delegation to Iraq . The visit is being made as a follow-up on last month’s visit of another Iranian delegation to neighboring Iraq for discussing details of two memoranda of understanding (MoUs) between the oil ministers of the ...

TEHRAN, Feb. 20 (Shana) – A senior petroleum official says employing the newly-devised Iran petroleum contracts (IPC) is crucial for enhancing recover of oil and gas from Iran’s reserves. Gholamreza Manouchehri, the deputy for development and engineering at the National Iranian Oil Company (NIOC), said on Saturday that IPC is focused on fields’ development in the long-run. “These deals oblige ...

TEHRAN, Feb. 19 (Shana) – Iran is in possession of nearly 7% of the world’s oil rigs, a senior Iranian oil official said. Roknoddin Javadi, deputy petroleum minister for supervision over hydrocarbon reserves, told an international drilling congress on Saturday that 7% of the world’s drilling rigs are currently operating in Iran’s oil and gas industry. He said the drilling ...

TEHRAN, Feb. 19 (Shana) – Managing Director of the National Iranian Oil Company (NIOC) Ali Kardor says Iran will need to drill at least 500 wells to reach the output envisaged by the 6th five-year development plan of the country to 2022. The plan puts the country’s total crude oil output at 4.7 million barrels per day. Addressing the 4th ...

TEHRAN, Feb. 18 (Shana) – French energy giant, Total, is determined to develop phase 11 of the supergiant South Pars Gas Field and has started financing 15 million dollars for carrying out the first phase of the project to develop the phase, a senior Iranian oil official says. Ali Kardor, the Managing Director of the National Iranian Oil Company (NIOC), ...