April 2016

Prices, which have swung between highs of about $42 a barrel and lows of about $27 this year, will continue to be volatile in the short term, Al Jaber said in an interview with Abu Dhabi dailies The National and Al Ittihad.

OPEC secondary sources put Iran's current output at 2.93 million barrels per day (bpd). It is working to regain market share, particularly in Europe, after the lifting of international sanctions in January. The sanctions had cut crude exports from a peak of 2.5 million bpd before 2011 to just over 1 million bpd in recent years.

Brazil’s troubled state-run oil company Petróleo Brasileiro SA on Friday announced a beefed up voluntary layoff program that could affect up to 12,000 jobs amid intense efforts to cut costs.

Leading global drilling and engineering contractor, KCA Deutag, today announces that it has sold its jack-up drilling unit, the Ben Loyal to Egyptian headquartered Advanced Energy Systems A.D.E.S. SAE for an undisclosed sum.

In 2015, LUKOIL Group total hydrocarbon production increased by 2.8 % y-o-y and reached 2.379 million boe per day. Crude oil production* increased by 3.6 % y-o-y to 100.7 million tons.

“Today, we signed a number of important documents aimed at further advancing the dialogue with our strategic partner OMV. Our relationship is no longer limited to business. By consistently enhancing our cooperation, we are moving toward our ambitious goals – increasing the supplies of Russian oil and gas to Europe and developing the scientific and technical potential of our companies.”

Natural gas consumption in the 28-nation European Union grew by some 4% last year to 426.3bn m3, according to latest estimates from Eurogas, the trade association representing 43 gas wholesale and distribution companies.

According to documents prepared by the oil ministry and obtained by NGE in mid-March, South Pars produces a little less than half of Iran's total raw gas, meaning Iran's total raw gas production was above 260bn m3 in the last fiscal year.

The sale of Aramco, or Saudi Arabian Oil Co., is planned for 2018 or even a year earlier, according to the prince. The fund will then play a major role in the economy, investing at home and abroad. It would be big enough to buy Apple Inc., Google parent Alphabet Inc., Microsoft Corp. and Berkshire Hathaway Inc. -- the world’s four largest publicly traded companies.

Production at Khafji was halted in October 2014 because of environmental concerns. The 300,000-b/d field lies in the Saudi-Kuwaiti neutral zone. Kuwait Gulf Oil Co. and Saudi Aramco Gulf Operations Co. jointly operate it. Neither company commented on restart reports.