Archive News

State-held Nigerian National Petroleum Corporation (NNPC) aims to make its exploration and production unit—the Nigerian Petroleum Development Company (NPDC)—the top oil producer in the country, local media quoted NNPC group managing director Maikanti Baru as saying. NNPC aims to make NPDC the top E&P company operating in Nigeria and rivaling in terms of production Shell and the other international oil majors. Currently, ...

LONDON (Bloomberg) — While plunging output in Venezuela captures the oil world’s attention, problems are quietly festering in another OPEC nation. Angola, once Africa’s biggest crude producer, is suffering sharp declines at under-invested offshore fields, with output dropping almost three times as much as the nation pledged in an accord with fellow OPEC members. With the losses set to accelerate — ...

STAVANGER — Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, has announced that both new infill wells drilled this year on Tambar field in Norway (Faroe 45%), have now been brought successfully into production. We also provide an update on the Fogelberg well operation, in which a ...

US Active Rigs Showing a Growth after weeks of declining After several weeks of decreasing, the US active rig count rose by five this week according to the Baker Hughes rig count statistics. Although drillers idled one of the inland water rigs, both onshore and offshore rigs rose by three. There are now 940 rigs actively drilling for oil and ...

A New Brazilian-Norwegian Agreement; Petro Bras and Statoil Partnership The two great and famous Brazilian and Norwegian oil companies, Petróleo Brasileiro SA and Statoil have signed a new agreement in order to complement the partnership they already have in Brazil, looking forward to increase and enhance natural gas operations, due to a securities filing on Friday. As PetroBras, the Brazilian ...

The Ministry of Oil & Gas of Oman and BP have announced that production has begun from the giant Khazzan gas field, which is operated by BP in partnership with Oman Oil Company Exploration and Production. Bob Dudley, BP Group Chief Executive, commented, “The start of production from Khazzan, BP’s sixth and largest major project start-up so far this year, ...

TEHRAN, June 24 (Shana) — The managing director of Iranian Oil Terminals Company (IOTC) says Khark Oil Terminal can load up to 8 million barrels per day of oil on vessels now that it has 9 active docks. Khark Oil Terminal covers 95% of Iran’s crude oil exports with 9 active docks, he said. Mousavi also said that Iran exports ...

TEHRAN, Nov. 30 (Shana) – Minister of Petroleum Bijan Zangeneh has taken part in the 171st Ordinary OPEC Meeting which has just started in Vienna. It is the most important OPEC session in the past 40 years. It is also important with respect to the post-JCPOA Iran and its improving economy. Certain regional states are not pleased with such a ...

GULF OF MEXICO (Reuters) – About 300 BP workers commute 150 mi by helicopter, from the Louisiana coast to a deep-sea drilling platform that can produce more oil in a day than a West Texas rig can pump in a year. On the deck of Thunder Horse, they work two-week shifts, drink seawater from a desalination plant, and eat ribs ...

LONDON – GE Oil & Gas has signed a long-term agreement to collaborate with Eni East Africa, on the offshore Mozambique developments it operates. The move underlines the company’s commitment to expand its global footprint while supporting local investment in Africa, and re-affirms its leadership in large bore technology and cutting-edge subsea equipment and services. Since 2014, teams from GE ...