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The Middle East, as a region which owns a considerable part of world oil reserves, is considered as an important center of investment for exploration and production companies as well as drilling service providers. More than half of the world oil reserves are located in five countries of Saudi Arabia, Iran, Iraq, Kuwait and UAE, and several thousand wells are ...

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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 ...

MOSCOW (Reuters) – Russia’s largest oil producer Rosneft said on Sunday it had found its first oil field in the Laptev Sea in the eastern Arctic, making a breakthrough in the search for hydrocarbons in the harsh and far-flung region despite Western sanctions. Rosneft and its partners plan to invest 480 billion roubles ($8.4 billion) in developing Russia’s offshore energy ...

Saudi Arabia’s crude exports are expected to fall below 7 million barrels per day this summer, according to industry sources familiar with the matter, and shipping data so far supports those figures. Saudi Energy Minister Khalid al-Falih said in May shipments were set to drop from June, particularly to the United States, as the top OPEC producer aims to limit ...

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 ...