The Austrian energy group is cautiously optimistic on Libyan oil production, seeks its money back from Iran before it goes ahead with investments in Islamic republic
India signed a landmark contract for the storage of UAE crude oil late January, 2017. The agreement between Indian Strategic Petroleum Reserves and Abu Dhabi National Oil Company (ADNOC) will see around half of India’s Mangalore underground storage facility filled with 5.86m barrels of oil from the Emirates, The Oil and Gas Year reported.
Oil and gas company Saudi Aramco said it is currently operating about 220 drilling rigs as it sees continued investment in capacity. Saudi Arabia’s Energy Minister, Khalid Al-Falih, said it comes despite low oil prices, Energy Voice informed.
In the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and India’s Prime Minister Narendra Modi, the Abu Dhabi National Oil Company (ADNOC) and the Indian Strategic Petroleum Reserves Ltd (ISPRL), agreed on Wednesday to establish a strategic crude oil storage in the southern Indian city of Mangalore.
The Abu Dhabi National Oil Company, ADNOC, said today it would implement a host of measures to increase energy efficiency by 10 percent by 2020. The energy efficiency strategy will reduce ADNOC’s gas consumption by 156 million cu. ft a day, thus saving a total of US$1 billion by that time.
Japan’s major exploration and production company Inpex has signed a deal with Abu Dhabi National Oil Company (ADNOC) to extend its development of the Satah and Umm Al Dalkh offshore oilfields for another 25 years and increase its participating interest in the latter by 28 per cent.
Kuwait wants the Organisation of Petroleum Exporting Countries (Opec) to extend output cuts beyond June, calling for more time to balance the global oil market as the rally that boosted prices initially on the curbs has faded.
The federal government could gain revenue of US$4.8bn ($6.4 bn) from Chevron’s Gorgon gas project between now and 2030 if it made offshore gas projects subject to a royalties regime, according to research from a Monash University academic.
Chinese independent, or "teapot", refiners are bringing in rare cargoes of North American heavy crude in a new long-distance flow that traders say has only been made possible by Opec's output cuts — and ample supplies in Canada and the United States.