News

  • Somalian parliament approves new petroleum law

    The upper house of Somalia’s parliament has approved a new petroleum law, which aims to provide a regulatory framework which will help to attract investment in exploration by major oil companies.   The country currently does not produce any oil but production could transform the…

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  • Oil Hits US$70 as Supply Disruption Fear Deepens

    Oil extended its dramatic surge above US$70 a barrel as the fallout between the US and Iran escalated after the assassination of one of the Islamic Republic’s most powerful generals.   Futures jumped by another 3% on the 6th January as the US State Department…

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  • Qatar and Kuwait Make 15-Year LNG Deal

    Qatar Petroleum (QP) will supply Kuwait with up to three million tons per annum (mtpa) of liquefied natural gas (LNG) under a long-term sales and purchase agreement (SPA) which it signed with Kuwait Petroleum Corp. (KPC), QP reported the 5th January.   Under the 15-year…

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  • BPC creates fund to enable local investment for Bahamians

    Bahamas Petroleum Company (BPC) has incorporated a Bahamas-based mutual investment fund with the aim of owning BPC shares as the company continues its work effort toward drilling of an exploration well in The Bahamas in 2020.   BPC stated in late November that it appointed…

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  • KNPC commissions new unit at Mina Al-Ahmadi refinery

    Kuwait National Petroleum Corporation (KNPC) has started production of ultra-low-sulphur diesel (ULSD) at its 466,000-b/d Mina Al-Ahmadi refinery, about 28 miles south of Kuwait City on the Persian Gulf, as part of Kuwait’s ongoing Clean Fuels Project (CFP) at KNPC refineries.   Commissioned in December…

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  • Saipem Portugal charters DLB Norce Endeavour

    Solstad Offshore ASA has entered into a bareboat contract with Saipem Portugal Commercio Maritimo Limitada, a subsidiary of Saipem SpA, for the DLB Norce Endeavour.   The contract began on the 2nd January 2020 and has a firm duration until the 31st May 2021, with…

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  • Oil Prices Up After US Drone Strike West Texas Intermediate (WTI) and Brent crude oil futures posted strong gains on the 3rd January as the oil market digested news about heightened tensions between the United States and Iran.   The February WTI contract gained US$1.87…

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