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MUMBAI (Bloomberg) — The overseas arm of India’s biggest oil and gas explorer intends to spend more than $3 billion on Iran’s Farzad-B natural gas block. ONGC Videsh last month submitted a revised plan to the Iranian government for the block, which the company will be able to develop within five years, Managing Director N.K. Verma told reporters in Mumbai ...

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DUBAI (Bloomberg) — Shares in Abu Dhabi National Energy Co. soared for a second day amid investor speculation the government will step in after the oil company known as Taqa reported a record $5.2-billion loss. The stock climbed 9.6% to 0.57 dirham, closing at the highest since Nov. 13, after adding 13% on Sunday. Trading volumes exceeded 15 million shares ...

LONDON (Bloomberg) — Saudi Arabia is to tweak the benchmark it uses to sell its crude in Europe, in a concession to refiners in the region that have long complained about their ability to hedge using the current measure. Saudi Arabian Oil Co., as the country’s state-owned company is formally known, will sell crude into Europe, Africa and Latin America ...

TEHRAN, Apr. 04 (Shana) — The National Iranian Drilling Company (NIDC) successfully drilled 193 oil and gas wells during the previous calendar year which ended on March 20. An NIDC official, Naser Qolipour says 50 of the wells were completed 742 days ahead of plans. He said the company drilled 293,605 meters of wells during the same year. NIDC is ...

PARIS, France – CGG has been awarded a multi-year integrated geoscience study by Kuwait Gulf Oil Company (KGOC) to identify resource growth potential in the onshore partitioned zone (PZ). The geoscience study will be conducted by CGG GeoConsulting and, importantly, involve KGOC geoscience experts embedded in the project team. The combined team will work together to integrate recently acquired and processed ...

THE HAGUE, The Netherlands — Shell has opened a new major technology hub in Bangalore, India, expanding the company’s R&D activities in Asia. The 52-acre, custom built technology center can house up to 1,500 experts working collaboratively on innovative projects worldwide. Shell Technology Center Bangalore (STCB) brings together R&D staff who previously worked at separate locations in Bangalore and also ...

IRVING, Texas — Exxon Mobil announced today positive results on the Snoek well offshore Guyana, confirming a new discovery on the Stabroek Block. Drilling targeted similar aged reservoirs as encountered in previous discoveries at Liza and Payara. Exxon Mobil affiliate Esso Exploration and Production Guyana Ltd. commenced drilling of the Snoek well on Feb. 22, 2017 and encountered 82 ft ...

MOSCOW — Gazprom Neft and India’s ONGC Videsh Ltd. have used the International Arctic forum ‘Arctic: Territory of Dialogue’, currently taking place in Arkhangelsk, to announce the signing of a Memorandum of Understanding, which confirms the companies’ mutual intent in joining forces for implementation of offshore hydrocarbon production projects in Russia and elsewhere in the world. The parties have expressed their intent to exchange best technical, production, and commercial practices regarding ...

Assaluyeh, March 30(Shana) — Iranian Minister of Petroleum Bijan Zangeneh says the new Iranian calendar year (began March 21) will be an “exceptional” year for Iran’s petroleum and petrochemical industries as several major projects are scheduled to come on-stream during the year. “This year, Iran will launch historic projects in the oil and petrochemical sectors that will be unprecedented in ...