Vadim Yakovlev, the first deputy general director of Gazprom Neft, and Lance Marklinger, president of global sales for Weatherford International, signed a technology cooperation agreement at the St. Petersburg International Economic Forum. The agreement is valid for five years and is intended to further develop current business relationships and collaborations between the two companies. Under the signed document, the parties ...

As the global oil market frets about a stubborn supply glut, faltering demand growth in key Asian crude importers is further hampering efforts to restore market balance. A fuel glut in China, a hangover from demonetization in India, and an ageing, declining population in Japan are holding back crude oil demand growth in three of the world’s top four oil ...

HOUSTON — The BP-operated Prudhoe Bay oil field in Alaska has reached 40 years of production, a milestone highlighting its historic contribution to U.S. energy security and ongoing role as a key economic engine for the region and nation. Since the giant oil field on Alaska’s North Slope began production, it has generated more than 12.5 Bbbl of oil — ...

MEXICO CITY (Bloomberg) — Eni SpA was the biggest winner in Mexico’s latest auction of shallow-water oil prospects. The Italian oil giant took three of the 10 areas awarded on Monday, the national hydrocarbons commission said during an event in Mexico City on Monday. The tender, Mexico’s fifth since it ended a state monopoly in 2014, garnered winning bids from Royal ...

ABERDEEN — Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, notes Statoil’s announcement regarding PDO of Njord and Bauge in the Norwegian North Sea. Graham Stewart, CEO of Faroe Petroleum commented: “Faroe are delighted at the efficient progress Statoil is making with this important project.  ...

TEHRAN, June 19 (Shana) — The National Iranian Oil Company (NIOC) will run a stand at the 22nd World Petroleum Congress to be held in İstanbul (Turkey) on 9-13 July, 2017. Caretaker of NIOC’s research and technology department Ebrahim Taleghani said investment opportunities in Iran’s oil industry will be introduced during the three-day event that is touted as the industry’s ...

TEHRAN, June 19 (Shana) — Energy trade between Iran and Indonesia has been rising in recent years and is growing, Indonesian ambassador to Tehran, Okatawnew Ali Modin said. Speaking in a meeting with Gholamhossein Shafei, head of Iran Chamber of Commerce, Modin underlined Iran’s role in the region as a trade hub, adding implementation of deals by the two countries ...

TEHRAN, June 19 (Shana) — Head of Iran-China joint Chamber of Commerce Majid-Reza Hariri says arrival of new investment in Iran’s oil industry can ensure economic stability of the country. Hariri said investment opportunities amount to over $120 billion dollars in Iran’s oil and gas sector which provides for unparalleled opportunities in the industry. He said foreign investment leads to ...

KUWAIT (Bloomberg) — Oil markets are expected to balance in the fourth quarter even as output from fellow OPEC members Libya and Nigeria as well as from shale oil producers is on the rise, according to Saudi Energy Minister Khalid Al-Falih. The global effort to reduce crude production since the start of the year is helping supply and demand move ...

 HOUSTON — The BP-operated Prudhoe Bay oil field in Alaska has reached 40 years of production, a milestone highlighting its historic contribution to U.S. energy security and ongoing role as a key economic engine for the region and nation. Since the giant oil field on Alaska’s North Slope began production, it has generated more than 12.5 Bbbl of oil — ...