Category: Petroleum News
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Shell enhances offshore oil production with artificial intelligence technology
British Shell seeks to boost offshore oil production, as the largest producer of crude in the US Gulf of Mexico. Shell will use AI-based technology from Spark Cognition for big data analytics in its deep sea exploration and production operations. The two companies said that the new process could shorten the exploration period to less…
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India’s imports of Russian oil drop the share of the Middle East to the lowest level in 22 years
The increase in India’s imports of Russian oil prompted a reduction in the share of Middle East crudes to the lowest level in 22 years last April. India’s purchases of Russian oil rose to new records in April, as New Delhi seeks to take advantage of deep discounts offered by Moscow on its crude. In…
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Lowering oil price expectations to $95 at this date (report)
Swiss investment bank UBS has lowered its oil price forecasts from the second half of 2023 to the first quarter of next year (2024). The investment bank expected more withdrawals from the strategic oil reserves in light of the additional voluntary production cut announced by several OPEC+ countries, with increasing demand during the summer. The…
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Shell faces accusations of helping Iran profit from the Iraqi energy sector
Read in this article The Iranian Mabna Company is the largest beneficiary of the Rumaila power station in Iraq The Rumaila power station is preparing to supply a project supported by Shell Mapna is evidence of Iranian penetration in the Iraqi energy sector The Shell joint venture has won wide acclaim for its important role…
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OPEC officially invites Ecuador to return to its ranks: “a top priority and enormous benefits”
The Organization of the Petroleum Exporting Countries, OPEC, opened its doors to Ecuador, welcoming it back to the ranks of 13 other major black gold producers in the world. The Secretary-General of the organization, Haitham Al-Ghais, issued an official invitation to Ecuador to return to the organization again, after it left more than 3 and…
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The results of the UAE energy business in the first quarter of 2023 recorded profits of $ 3.16 billion
The results of the UAE energy business in the first quarter of 2023 recorded a significant jump in profits and revenues, supported by the growth of the company’s activity. And the Abu Dhabi National Energy Company announced that achieving strong financial results, during the first quarter of this year for the period ending on March…
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OPEC Secretary General: We are ready to save the largest amount of energy while reducing emissions
OPEC Secretary General Haitham Al-Ghais called again to address the lack of investment in the oil sector, noting that there is no one-size-fits-all solution for a sustainable energy future. He explained that the general focus should be on reducing emissions and using all types of fuel; The world will need more energy in the coming…
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A British company may be on a date with an oil discovery in Egypt in July
An oil discovery is expected to be announced in Egypt, during next July (2023), in the concession area northwest of Al-Amal, south of the Gulf of Suez, by a specialized British company. British independent oil and gas company Neptune Energy has updated its drilling schedule in several countries; Among them are Egypt, Indonesia and the…
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Announcing two oil and gas discoveries in India
Two oil and gas discoveries were announced in India, which are currently being evaluated in detail, in preparation for announcing the size of their reserves. The two discoveries were made by the state-owned oil and natural gas company ONGC, following the development of the blocks granted through the open space licensing policy, and the utilization…
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Egypt announces the developments of its huge petrochemical production project
Petrochemical production in Egypt is witnessing increasing interest from the government, in light of the great importance this sector represents in supporting the national economy. Within this framework, Egypt announced today, Thursday, May 11, 2023, the developments of its large project, represented in an integrated industrial complex with international specifications for the production of petrochemicals.…