News

  • Qatar Petroleum enters two Total blocks off Ivory Coast

    State-owned Qatar Petroleum (QP) has entered into an agreement to acquire stakes in Total’s two exploration blocks offshore the Ivory Coast.   Qatar Petroleum said on the 18th May that it bought a 45 per cent participating interest in blocks CI-705 and CI-706 from the…

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  • Major trio submit plans for Northern Lights

    Equinor, Shell, and Total have decided to invest in the Northern Lights project in Norway’s first exploitation license for CO₂ storage on the Norwegian continental shelf.   Plans for development and operation have been handed over to the Ministry of Petroleum and Energy.   The…

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  • Russia Considers Major Investment in Iraqi Gas Field

    The Russian Ambassador to Iraq, Maxim Maksimov said that Russia is seeking to invest heavily in Al-Mansouriya gas field, in the Diyala governorate.   Maksimov said in a press statement yesterday that “Russian companies are willing to mobilise significant funds and have submitted an investment…

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  • Premier shuts down Huntington field in the North Sea

    Premier Oil says its UK offshore production operations have not been materially impacted so far by COVID-19.   The company has implemented pre-flight screening measures and additional passenger protocols for travellers to its offshore installations, and introduced dedicated helicopter flights for workers that develop COVID-19…

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  • Pandemic Leaves Huge Hole in Global Oil Demand

    A fifth of global demand for oil will disappear this quarter. All three of the major forecasting agencies now agree that the world faces its biggest-ever slump in oil consumption, after governments imposed movement restrictions on billions of people to combat the coronavirus.   The scale of the demand…

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  • Natural Gas Prices Could Double Next Year

    April has seen a marked reversal of fortunes for shale oil drillers in the United States.   The price for May deliveries of West Texas Intermediate crude briefly dropped to minus US$40.32 per barrel on 20 April,[i] before rebounding to over zero.   For the…

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  • Somalia launches first offshore licensing round

    The Ministry of Petroleum and Mineral Resources of the Federal Republic of Somalia has announced the launching of Somalia’s first offshore licensing round.   Due to the spread of the global pandemic, COVID – 19, and resulting restrictions, the Ministry decided to launch the licensing…

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