Oil

Iraq to build tanker fleet

Iraq to build tanker fleet

OPEC’s second largest oil producer has moved towards building its own fleet of oil tankers that will allow Iraq to sell its crude on a delivered basis. Currently Iraqi crude is sold on a ‘free on board’ system, which means the seller pays for the transportation and loading costs of […]

Ramco deal with Equinor worth £7.5 million a year secures 70 jobs

Ramco deal with Equinor worth £7.5 million a year secures 70 jobs

North-east energy company Ramco has secured a £7.5 million a year deal with Norwegian energy giant Equinor, formerly known as Statoil, which will help seal 70 jobs and create more if the workload increases over the course of the contract. The company based just outside of Aberdeen specialises in the […]

Kenya tests oil pilot scheme

Kenya tests oil pilot scheme

At the beginning of this month, Kenya sent its first trucks moving crude from its northern region of Turkana to the port of Mombasa as part of the country’s pilot oil export scheme. Kenya had 700,000 barrels of oil stores in Turkana in the middle of May but was unable […]

Venezuela has failed to meet oil supply commitments

Venezuela has failed to meet oil supply commitments

PDSVA, Venezuela’s state-owned oil company, has told eight foreign clients that it will not have the ability to supply the contracted volumes of crude oil. A company employee told S&P Platts: “Among the affected clients due to the low availability of crude to export are Nynas, Tipco, Chevron, CNPC, Reliance, […]

Cuadrilla confirms injunction against fracking protesters

Cuadrilla confirms injunction against fracking protesters

Cuadrilla Resources has secured an expanded injunction against protestors at its Preston New Road site in Lancashire, following the leaps it took towards commencing its fracking operations on a significant scale. One court case revealed that the police had advised the firm to take the injunctions out against activists after […]

Oil majors bid for Brazilian blocks

Oil majors bid for Brazilian blocks

Executives from the biggest firms in the oil industry are to gather in Rio de Janeiro on Thursday to bid on Brazil’s pre-salt oil play – some of the most attractive offshore geology as company’s appetite for expensive projects has been enhanced by rising oil prices. A record number of […]

Saudi Arabia streamlines Aramco

Saudi Arabia streamlines Aramco

Saudi Aramco’s non-oil businesses are being restructured into subsidiaries as the company aims to become more efficient in order to achieve a higher valuation ahead of its upcoming initial public offering (IPO). Six months ago, a new subsidiary was formed within Saudi Aramco to overlook its multi-billion US dollar pension […]

Talos Energy target first Zama oil in 2022

Talos Energy target first Zama oil in 2022

Talos Energy is aiming for first oil from its 1 billion barrel Zama oil discovery off the coast of Mexico in 2022. The company based in Houston plans to begin appraising the site in the final quarter of this year, with final investment decisions to be made in the fourth […]