News

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 — ...

OKLAHOMA CITY — Schlumberger today introduced the Pulsar multi-function spectroscopy service at the SPWLA 58th Annual Symposium. The new service provides the industry’s first complete cased hole formation evaluation and reservoir saturation monitoring with openhole logging quality. This next generation in pulsed neutron logging features multiple detectors and a high-output pulsed neutron generator to significantly improve acquisition accuracy and increase ...

STAVANGER — Statoil’s new technology strategy intensifies the company’s research on CO2 reduction and digital solutions. “Statoil wants to be in the forefront of the development in the oil and gas industry. Technology and innovation are vital to finding more resources and developing projects, while at the same time reducing costs and CO2 emissions,” says Margareth Øvrum, executive V.P. for ...

TEHRAN, June 17 (Shana) — Iranian Minister of Petroleum Bijan Zangeneh says a deal to develop South Pars 11 project between NIOC and the Total will be finalized before the end of President Rouhani’s first term in office. Zangeneh said articles of the deal are being reviewed by National Iranian Oil Company (NIOC) and it will be ready for signature ...

TEHRAN, June 17 (Shana) — An expert in international relations and technology says any delays in signature of oil deals will be detrimental to the country. According to IRNA, Mansour Bazmi, deputy head of the technology and international relations department of the Research Center of Petroleum Industry (RIPI), said delays would incur losses on the country as its neighbors spare ...