Latest Stories

Iraq prime minister reopens al-Shamal Refinery after decade shutdown

23 February 2024

The Baiji complex – now renamed the al-Sumood (Perseverance) – was once Iraq’s largest refining centre and originally had three operating refineries on site with a total capacity of 290,000 barrels per day.

Pakistan willing to revive long-overdue gas pipeline, Iranian minister says

23 February 2024

Iran’s Oil Minister Javad Owji said Pakistan was “interested” in undertaking its commitments in a long-overdue pipeline project aimed at delivering Iranian natural gas to the energy-hungry neighbour.

Panoro optimistic about growth in 2024 despite issues in Equatorial Guinea and Gabon

23 February 2024

Despite challenges encountered during drilling operations in Equatorial Guinea, Panoro Energy anticipates significant growth in 2024.

Sri Lanka repays $20m Iranian oil debt with tea

23 February 2024

Cash-strapped Sri Lanka says it has exported tea worth $20mn to Iran to partially repay its $251mn oil debts, with Colombo saying Tehran's visiting foreign minister has expressed "satisfaction" at the deal.

New era of M&As ushers in ‘Shale 4.0’, says Rystad

23 February 2024

Rystad says that the new “upper-echelon tier” of Permian exploration and production (E&P) players – following Exxon’s purchase of shale driller Pioneer Natural Resources – ushers in Shale 4.0, a new era of unprecedented dealmaking for shale.

Occidental mulls $20bn sale of Western Midstream

23 February 2024

Occidental Petroleum is considering selling Western Midstream Partners, a gas-oriented pipeline operator with a market value of almost $20bn, according to sources quoted by Reuters on February 20.

Chord, Enerplus to merge into $11bn Bakken-focused company

23 February 2024

Chord Energy Corp. and Enerplus Corp. have agreed to combine in an $11bn stock and cash deal. They will focus on the Williston Basin in North Dakota, Montana and neighbouring Canadian provinces.

Sri Lanka nabs oil polluting tanker using satellite surveillance

23 February 2024

Sri Lanka's Marine Environment Protection Authority is hailing a significant achievement in apprehending an unauthorised oil release, courtesy of a sophisticated satellite surveillance system it has been trying out with assistance from France

India’s refining margins slump as It struggles to secure Russian oil

23 February 2024

Refining margins for India's largest state-owned refiners have witnessed a decline in recent months, attributed to challenges in accessing Russian crude and surging freight rates amid disruptions in the Red Sea affecting crude shipments.

Oil, gas companies relinquish all permits off Canada's Pacific coast

23 February 2024

Oil companies have voluntarily relinquished all oil and gas permits for the federal waters off Canada’ s Pacific coast. Energy and Natural Resources Minister Jonathan Wilkinson announced what he called a milestone on February 21.

Russian RusHydro hydropower major ups profit 26% in 2023

23 February 2024

Russian state hydropower major RusHydro has reported a revenue increase of 9% year on year to RUB217bn in 2023 under Russian Accounting Standards (RAS), with a net profit rise of 26% y/y to RUB33bn ($350mn).

Azerbaijan becomes the main supplier of pipeline gas to Bulgaria in 2023

23 February 2024

EU countries such as Italy, Greece and Bulgaria imported a record 492,900 terajoules of natural gas from Azerbaijan, marking a 2.5% increase from 2022, with the total value of these imports reaching about €6.2bn.

Malaysia signs MOU with Nigeria for palm biomass development

23 February 2024

The National Palm Produce Association of Nigeria has unveiled an initiative, revealing the Federal Government's signing of a Memorandum of Understanding with the Malaysian government to advance palm biomass development in Nigeria

Indonesia reveals gas infrastructure project in Batam

23 February 2024

The Ministry of Energy and Mineral Resources is set to embark on an infrastructure development venture in Batam City, slated to kick off in July 2024.