A fire raging for almost a week at Libya's biggest oil port of Es Sider has destroyed up to 1.8 million barrels of crude and damaged seven storage tanks, causing total damage of $213 million,…
Energy
Petrochemical complexes in the Pars Special Economic Energy Zone (PSEEZ) have been told to reduce their level of associate petroleum gas output or face penalties, Shana news agency reported…
Thermal and combined-cycle power plants have been called to make judicious use of the scarce water resources and curb overuse, the deputy production manager of the Iran Power Generation and…
The oil ministry every month doles out $1.2 billion of its revenues as part of the funding for the subsidy reform plan, and this is visibly hurting the key industry, deputy oil minister Mansour…
Russian Prime Minister Dmitry Medvedev has signed a resolution on allocating $2.6 billion from the National Welfare Fund to Yamal LNG Co., Itar Tass reported. The sum will be allocated in exchange…
Ukrainian national company Naftogaz has made a $150 million prepayment for Russian energy giant Gazprom’s supply of 1 billion cubic meters of natural gas in January, Naftogaz said on Wednesday,…
"There are different aspects to the Caspian Sea-Lake Urmia water project that should be taken into consideration" Issa Bozorgzadeh said. "We need a solution with optimum profit and minimum loss…
The oil ministry on Tuesday denied any agreement with Pakistan regarding the Iran-Pakistan (IP) pipeline project; however, it affirmed that negotiations were held between the two neighbors to…
The quota of subsidized gasoline for private car owners could double in the next Iranian calendar year (starting March 2015), head of the Majlis oil and gas committee said, Mizan news agency…
The National Iranian Oil Company has signed a contract with a European company to explore oil in the salt domes, the NIOC exploration director said Tuesday, Mehr news agency reported.
Brent crude oil fell to a five-and-a-half-year low of less than $57 a barrel on Tuesday as a global supply glut outweighed concerns of lost supply from Libya where battling…
Iran has proposed OPEC establish a department for petrochemical issues, managing director of the National Petrochemical Company (NPC) said Tuesday SENA reported.
BP has started producing oil from its Kinnoull field in the central North Sea, the oil major said on Tuesday, bringing on stream a new field that feeds into BP's existing Andrew platform off the…
Gazprom has agreed to buy its European partners Wintershall, EDF and Eni out of the scrapped South Stream gas pipeline project, Itar Tass reported. Thus, Gazprom will be a 100% owner of the…
More than 75 percent of the country's energy needs are met through natural gas, the heating value of which equals approximately four million barrels of oil per day, the managing director of the…
Petrochemical production capacity is planned to reach 180 million tons by 2022, managing director of the National Petrochemical Company (NPC) said Monday, Shana news agency reported.
Storage capacity of petroleum products will increase by 540 million liters upon the completion of three storage units, deputy of the National Iranian Oil Refining and Distribution Company (NIORDC…
The first gas-powered unit of the Kahnuj Combined Cycle Power Plant with 162MW capacity in Kerman Province came on stream on Monday, Fars news agency reported.
Despite the world's largest gas reserves, Iran is placed 12th in terms of gas exports, thanks to poor management and indifference of authorities. Those in charge in Tehran over the past four…
Brent for February settlement gained 65 cents to $60.10 a barrel on the London-based ICE Futures Europe exchange on Monday. The contract declined 79 cents to close at $59.45 on Dec. 26, capping a…
China's state-owned Sinopec Group, parent of Sinopec Corp, said on Monday that falling oil prices have no major impact on its plans for natural gas development. The company will continue expanding…
Russia may help OPEC to prop up global oil prices by slightly cutting exports in favor of domestic refining, its ex-energy minister and a former negotiator with OPEC, Igor Yusufov, told Reuters.…
In just the last three months, oil prices have fallen by 40% to their lowest levels since the financial panic of 2008-2009. Citigroup estimates this might provide the global economy with…
Daqing Oilfield, the largest oilfield explored by China's major oil and gas producer PetroChina, is expected to reduce its production starting 2015, as reported by Xinhua News…
The oil price decline of 2014 upended the geopolitical chessboard. Worth watching in 2015 will be who can recover and dominate play -- OPEC, Russia, or US shale drillers.
