Tag: billion
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Oil production in India is booming with investments of more than one billion dollars
India’s oil production is expected to boom in the near term, in a bid to reduce the country’s dependence on imports from other countries. In this context, the Indian Oil and Natural Gas Corporation (ONGC) is preparing to bet billions of dollars on deep-water and ultra-deepwater exploration. This comes at a time when New Delhi…
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Kazakhstan is suing major oil companies for more than $16 billion
Kazakhstan has chosen to resort to legal methods to extract what it sees as its legitimate material rights with a group of major oil companies, led by Eni, Shell and Total Energy, among many others. Kashagan and Karachaganak, two of the largest oil fields in the Central Asian country, are at the heart of the…
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Oil and gas revenues in the Sultanate of Oman recorded $4.3 billion at the end of February
Oil and gas revenues in the Sultanate of Oman increased during the first two months of this year, compared to the same period in 2022, supported by higher prices. The oil and gas sector supported the Sultanate of Oman’s budget by about 1.674 billion riyals ($4.34 billion) by the end of last February, according to…
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Russia’s budget records a deficit of $29 billion, with oil and gas revenues declining
During the first quarter of this year, Russia’s budget recorded a deficit of more than $29 billion, with oil and gas revenues declining. Data from the Ministry of Finance showed that Russia’s federal budget deficit, during the first quarter of 2023, amounted to about 2.4 trillion rubles ($29.52 billion). The data, seen by the specialized…
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A plan to increase fuel storage capacity in Vietnam with an investment of $11.5 billion
The weakness of Vietnam’s fuel storage system has led to a series of problems in the country’s fuel supply over the past year. This prompted officials to develop long-term plans to increase future storage capacities. Vietnam’s Ministry of Industry and Trade has prepared a plan to increase national fuel storage capacities with a required investment…
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Oil and gas projects in Africa attract $16 billion in bank financing
The pace of implementation of oil and gas projects in Africa is accelerating in light of the growing demand for the two vital commodities. This prompted the governments of the countries of the continent to raise investment spending related to exploration and excavation activities. Indeed, entities outside the fossil fuel industry have begun directing their…
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Saudi Aramco signs a $6 billion deal with a Korean bank
Saudi Aramco signed an agreement with the Export-Import Bank of Korea, according to which the Korean bank will secure $6 billion to finance the projects of the Saudi oil giant. The Korea Export-Import Bank announced that the signing of the framework agreement with Aramco comes in a step that may help Korean companies win contracts…
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Iraq aims to achieve revenues of $300 billion from developing border oil fields
Iraq aims to achieve revenues of about 300 billion dollars as a result of the development of border oil fields, whose contracts were signed today, Tuesday, with a number of oil companies. The signing of contracts for 6 projects in the governorates of Basra and Diyala comes as part of Iraq’s plans to increase production…
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The Iranian Yadavaran field is close to a Chinese deal… 30 billion barrels of oil reserves
The Yadavaran field is preparing to revive the Iranian oil sector with more production, amid ongoing negotiations with the Chinese company Sinopec, the developer of the first phase of the project 15 years ago. The Iranian oil company entered into negotiations with its Chinese counterpart, Sinopec, to revive the agreement to develop the second phase…
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Iraqi oil is expected to achieve a fiscal surplus of more than $24 billion in 2023
After setting the price of a barrel of Iraqi oil to be within the range of $65, the Oil, Gas and Natural Resources Committee in the Iraqi Parliament expected the country to achieve a surplus of more than $24 billion during the current year (2023). And the Oil and Gas Committee in the Iraqi Parliament…