The Austrian energy group is cautiously optimistic on Libyan oil production, seeks its money back from Iran before it goes ahead with investments in Islamic republic
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.
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.
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.
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.
Japan’s major exploration and production company Inpex has signed a deal with Abu Dhabi National Oil Company (ADNOC) to extend its development of the Satah and Umm Al Dalkh offshore oilfields for another 25 years and increase its participating interest in the latter by 28 per cent.
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.
The country’s liquefied natural gas (LNG) imports jumped 20 per cent year-on-year in the first half of this year on strong growth in demand, S&P Global Platts said.
OPEC and its allies could boost oil production by more than the 1 million barrels a day agreed last month if needed, Russia’s Energy Minister Alexander Novak said.
The latest round of shots fired in the trade war between the U.S. and China hit commodities markets hard, with losses spanning crude oil to crops and metals.
Russian oil producers may be capable of increasing production by as much as 600,000 b/d within the next nine to 18 months if the country’s agreements with OPEC and its partners allow, according to analysts.