Oil & Gas

  • Japan's Inpex eager to extend offshore Abu...

    Japan's biggest upstream company, Inpex, is eager to conclude extension negotiations for its existing offshore investments in Abu Dhabi, as the expiry dates for a large chunk of its holdings in the emirate loom, the company said Friday.

  • UAE to Store Oil at India’s Facilities

    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.

  • Libya Considers Foreign Investments

    Libya plans to start opening the doors to foreign investors that may be ready to step back into the country’s oil sector, Al Bawaba reported citing the Libyan National Oil Corporation’s Chairman, Mustafa Sanalla.

  • Saudi Aramco Operates 220 Rigs Despite Oil Prices

    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.

  • ADNOC signs agreement for 5.86m barrels strategic...

    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.

  • ADNOC plans to improve energy efficiency by 10%...

    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.

  • World's first oil & gas AW169 unveiled...

    world's first offshore-configured new generation Leonardo AW169 helicopter was presented to the Oil & Gas community at an official ceremony held at the Marina Mall Helipad in Abu Dhabi today.

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High volatility in global bunker market, expert says

World oil indexes prices have demonstrated rather volatile fluctuations during the week: fears of the escalating U.S.-Chinese trade war and increased production by Saudi Arabia and Russia pulled against concerns over supply disruptions from Venezuela and Libya as well as the looming sanctions on Iran. However, despite a significant draw in U.S. inventories by nearly 13 million barrels, fuel indexes fell on Jul.11 as Libya restored production and the U.S. softened its stance regarding Iranian oil sanctions. At the moment there are some signs that the market is recouping some of heavy losses from the previous session.

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Crude Oil’s Relentless Price Climb

When taking a glance at the performance of investments in stocks, currencies, and commodities — which is compiled by the Wall Street Journal for the second quarter of 2018 — one is struck by the fact that all of the top five performers were commodities. Lean hogs took the top honors, followed by crude oil.

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