Oil & Gas Industry News

China National Petroleum Corp. (CNPC) can mine up to 1 billion cubic meters of gas in Uzbekistan by the end of 2019.

The United Arab Emirates will provide Egypt with petroleum products worth $8.7 billion over a year starting in September 2014.

Varo Energy B.V., owned by Vitol (50%) and Carlyle International Energy Partners (CIEP) (50%), has completed the acquisition of shares currently held by OMV Deutschland GmbH (Vienna SE – OMV:AV) in Bayernoil Raffineriegesellschaft mbH, as well as certain downstream assets owned by OMV Deutschland GmbH.

Austria plans to raise around 76 million euros ($105.4 million)in extra revenue this year and next by increasing royalty rates on domestic oil and gas production, according to draft legislation unveiled on Monday to help limit the budget deficit.

Saudi Arabia’s Oil Minister Ali al-Naimi said on May 12 that his country would make up for any shortfall that may result from the conflict in Ukraine.

The drilling rig located 325 km from Hong Kong, started its first production from the sea bottom onshore. The owners believe the deep oil field is under Chinese jurisdiction.

Oilfield services company Weatherford International Ltd said it would cut 7,000 jobs and warned that its fourth-quarter profit would miss its forecast, hurt by severe winter in North America and operational disruptions in the Middle East.

Amec Plc, the second-biggest U.K. oil and gas engineer, agreed to buy U.S.-traded Foster Wheeler AG for $3.2 billion to expand foreign and fuel-product business.

June 18 Switzerland’s Gunvor has signed a deal with Gabon to create a joint trading company to sell oil products along the western coast of Africa in a sign the race is heating up between traders to expand in one of the world’s fastest growing fuel markets.

Iraqi Oil Minister Abdul Kareem Luaibi (Elaibi) has issued a stern warning to the KRG over their attempts to export large quantities of crude oil to Turkey, describing it as «a red line».

Plant moves supply chain closer to Eastern Hemisphere client-base.