Category: Petroleum News
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Holding the first oil and gas tenders in America after delays that lasted nearly a year
Yesterday, Thursday, May 25 (2023), the first tenders for the sale of oil and gas exploration concessions in America were held, after delays of nearly 11 months, generating nearly $80 million for federal coffers. It is the second auction of its kind to be held in New Mexico – the second largest oil-producing state in…
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Iraqi Oil Minister invites Aramco to participate in the development of the Crutch field (Update)
Iraqi Oil Minister Hayan Abdul Ghani invited Saudi companies, led by Saudi Aramco, to participate in the development of the Crutch field. On Thursday, May 25 (2023), the ministry published a statement explaining that the discussions with the Saudi Ministry of Energy included inviting Saudi companies to invest in the oil and gas sector. The…
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Europe gets rid of the shackles of Russian diesel… a prominent role for Saudi Arabia
It seems that Europe’s crisis to find alternatives to Russian diesel has ended, with the entry of new countries into the line of vital supplies for the main sectors. Diesel exports to Europe from countries other than Russia recorded a remarkable rise, and total shipments to the old continent of diesel and red diesel are…
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Oil production in Guyana generates $6 billion in gains for the ExxonMobil alliance
The ExxonMobil-led consortium generated US$5.8 billion in profits in 2022 from oil production in Guyana. The disclosure of the profits of the alliance – which includes Exxon Mobil, Hess and Sinooc – came in light of the legal dispute over the breach of insurance obligations against oil spill risks. It is also the first disclosure…
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ADNOC Logistics and Services receives more than $125 billion in subscription requests
The Abu Dhabi National Oil Company (ADNOC) has received orders for more than $125 billion in the initial public offering of a stake in ADNOC Logistics and Services. Today, Thursday, May 25 (2023), ADNOC announced the completion of the price construction process and the initial public offering of the “Supply and Services” unit, the leading…
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Revenues from Saudi oil exports declined by $8 billion in March
Saudi oil export revenues declined, during last March, on an annual basis, with the decline in average oil prices compared to the same period in 2022. And official data – seen by the specialized energy platform – showed that Saudi Arabia’s oil revenues decreased, in March, by 26.5%, compared to the same period in 2022.…
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Iraq is trying to revive oil pipelines with 3 Arab countries, led by Saudi Arabia
Iraq is working to revive oil pipelines with Saudi Arabia, Jordan and Syria, after stopping the flow through Turkey led to a decline in Baghdad’s exports by about 500,000 barrels per day. Baghdad is seeking to find permanent and alternative outlets for its oil exports, amid plans to increase production to 8 million barrels per…
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Mafraq field in the Sultanate of Oman shows promising results in preparation for the start of production
Read in this article Positive results regarding oil production from the Mafraq field in the Sultanate of Oman High world oil prices support Oman’s oil revenues Maha Energy of Sweden announces the results of oil field tests in Block 70 in the Sultanate of Oman Maha Energy reduced its share in Block 70, after its…
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Colombia’s Ecopetrol raises workers’ wages for 4 years
Colombia’s Ecopetrol has struck an agreement with trade unions to raise workers’ salaries in the face of inflation, as well as to support communities near the company’s facilities. And the company stated – in a press release issued on Monday (May 22, 2023) – that it had reached a 4-year contract with 7 unions, which…
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UAE oil exports to Europe may triple in July
UAE oil exports to Europe have begun to witness an increase in the recent period, with the decline in supplies from Russia, amid the efforts of the countries of the old continent to diversify their imports. A number of experts expected that oil exports from the UAE to Europe would increase in the coming months,…