Oil industry needs to invest $10 trillion

February 21, 2018 0

The global oil industry will need to invest over $10 trillion by 2040 to replace declining output capacity and ensure there’s plenty of supply in the upcoming years, OPEC president Suhail Mohamad Al-Mazrouei said Tuesday.

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Oil industry must adapt to market changes: BP

February 21, 2018 0

Basic market fundamentals such as the balance between supply and demand will always challenge the oil industry, but a current big challenge companies are facing is the transition to a low-carbon economy, Bob Dudley, CEO of BP said Tuesday.

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UAE remains committed to OPEC oil output cut: official

February 20, 2018 0

Suhail Al-Mazrouei, the United Arab Emirates (UAE) Minister of Energy and Industry and current OPEC president, said Saturday his country “will spare no effort to reach the state of market stability aspired by both producers and consumers,” UAE state news agency WAM reported.

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Eni’s production to grow by 3% in 2018

February 20, 2018 0

Italian oil major Eni expects its oil and gas production to grow by 3% this year, thanks to ramp-ups mainly in Egypt, Angola and Indonesia and a number of satellites phases start-ups at giant producing fields in Libya, Angola and Ghana, Kallanish Energy learns.

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Saipem secures Omani refinery contract

February 16, 2018 0

Omani and Kuwaiti partners signed on Thursday a contract for the development of the Duqm Refinery, in northeast Oman, with Italian oil and gas services company Saipem, Kallanish Energy reports.

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Iran to hold $5B in O&G tenders in 2018

February 16, 2018 0

National Iranian Oil Company (NIOC) is planning to hold a number of tenders this year, aimed at developing oil and gas projects worth $5 billion, managing director Ali Kardor said on Wednesday.

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