World

OPEC meeting in Vienna

On March 18, Organization of Petroleum Exporting Countries and its partners met in Azerbaijan and recommended postponing a decision on whether to prolong production cuts until June. Thus, oil traded near a four-month high. Futures in New York erased losses after dropping as much as 0.8 percent as Khalid Al-Falih, Saudi Arabia’s Energy Minister, said …

Iran’s President Hassan Rouhani

According to a statement posted by the Iranian oil ministry on Twitter, Iranian President Hassan Rouhani officially inaugurated four new phases of South Pars, one of the world’s largest gas fields. Iran invested 11 billion US dollars to finish the four phases and they will enhance the country’s gas production capacity by up to 110 …

ExxonMobil, the American energy giant, will present the results of deep-sea exploration in the eastern Mediterranean this week. This is a significant search for natural gas off the southern coast of Cyprus, which could exacerbate tensions between Cyprus and Turkey. A leading industry expert Charles Ellinas said: “All the seismic data suggests that enough has …

The exploration period of the Bahamian offshore has been prolonged for four companies - Bain, Cooper, Donaldson, and Eneas.

The exploration period of the Bahamian offshore has been prolonged for four companies – Bain, Cooper, Donaldson, and Eneas. They own 100% licenses and are obligated by Bahamas Petroleum Company to drill an exploration well. The second exploration period will take two years; it is going to be finished until December 31, 2020. According to …

As supply increases and prices of oil grow, volatility continues to build up strategy

As supply increases and prices of oil grow, volatility continues to build up strategy. After years of oversupply, the oil and gas industry could very well move hotfoot into a supply crunch. This might seem hard to imagine, given the build-up of the U.S. oil production and the prosper sense of optimism spanning the sector. Generally, …

Sentinel Midstream Company announced the development of a deepwater crude oil export terminal in Freeport

Sentinel Midstream Company announced the development of a deepwater crude oil export terminal in Freeport, Texas, US. According to Sentinel Midstream, the terminal named Texas GulfLink will be multifunctional and it will have a technical capacity to load very large crude carrier (VLCC) vessels. What is more, the terminal will include an onshore terminal with …