The oil industry will continue to face supply challenges in the long term, following China’s burgeoning demand for imports, said BP’s chief executive at the World Economic Forum in Davos, Switzerland.
Russia and Belarus have ended a dispute over oil supply by signing a deal on Russian oil deliveries for one-third of Belarus’s import needs, confirms Russian deputy prime minister Igor Sechin on the country’s government website.
Banks’ ability to act as a counterparty is “back to a very normal situation” after the credit crunch, according to one of the designers of Mexico’s oil price hedging programme.
Venezuela’s Orinoco Oil Belt could contain 513 billion barrels of technically recoverable heavy oil, double original estimates, according to a report released last week.
Iran’s national budget for 2010/2011 will be less reliant on oil revenues but will still reveal "good news" on oil production of 20% enriched fuel in February this year, says Iranian president Mahmoud Ahmadinejad, in a move aimed at making the state...
Three major oil and gas companies have sealed a deal with Iraq’s South Oil Company and Missan Oil Company that is set to increase production by 1 million barrels per day (bbl/d) over the next six years.
Iraq will not boost the European Union’s (EU) oil, gas or power supply, or become a key supplier in the near future, say analysts, following the announcement that the two parties signed a Memorandum of Understanding designed to secure the EU’s energy...
Abu Dhabi-based renewables company Masdar has joined forces with German utility E.on to form E.on Masdar Integrated Carbon (EMIC), a company focused on developing carbon emission reduction projects.
Origin Energy New Zealand has revealed that the Kupe gas project will be making the first shipment of light crude oil from Taranaki port on January 17.
The value of oil and gas deals announced last year increased by 10% from 2008 to $198 billion, although the total number of deals fell from 1,152 to 837, according to Ernst & Young’s third annual global oil and gas transactions review.
Oil prices will average $75 per barrel (bbl) in 2010, following rising growth in global oil consumption, fuelled by buoyant demand in developing economies, led by China, says rating agency Moody’s.
The world will become more dependent on Organization of the Petroleum Exporting Countries (Opec) oil by the start of 2011, following sustained surplus production capacity and a forecasted decline in growth from countries outside the producer group, says...
Our special report this month takes an in-depth look at Canada's oil and gas markets.
With Canadian oil sands production set to grow, albeit at a reduced rate, will the current and planned pipeline infrastructure in North America be fit for purpose? Pauline McCallion finds out
Russia’s halt in crude oil supplies to Belarus, which is providing some support to the oil complex today (January 4), is not expected to have a big impact on the global market, say analysts.
Investment in oil-based commodities indexes and ETFs has grown this year, but how will potential regulatory changes impact their development? Katie Holliday looks at what products are being offered and to what extent regulatory uncertainty is impacting...
As oil companies look beyond current concerns over credit and costs, Pauline McCallion finds out how project economics are changing future plans
Oil prices – which have been rangebound between $65–75 per barrel for most of the second half of the year, averaging just under $61/bbl for 2009 – are forecast to average more than $15 higher next year on expectations of a steady recovery in the...
IntercontinentalExchange (Ice) has introduced more than 40 new over-the-counter cleared energy contracts for North American natural gas, power, natural gas liquids and global oil products, including two contracts based on the Argus Sour Crude Index (ASCI).