Energy

Completion of petrochemical projects will raise Iran’s nominal production capacity to 72 million tons a year by the end of the current fiscal that started on March 21, Marzieh Shahdaei, head of…

Exploration and production of offshore oil and gas fields demand advanced technology and substantial investment, a deputy at the National Iranian Oil Company says.

"We need to invest…

Oman is ready to back an extension of the current agreement between 24 oil producing countries to cut crude output to support prices, a senior Omani official said Monday.

BP Plc has agreed to sell the Forties pipeline, one of the most important pieces of oil infrastructure in the US North Sea, to Ineos AG for $250 million. Ineos will make a cash payment of $125…

The overseas arm of India's Oil and Natural Gas Corp has submitted a revised plan to develop the giant Farzad B gas block in Iran, including a commitment to spend more than $3 billion, a senior…

Russian oil major Rosneft hopes to benefit from European court rulings that have allowed some Iranian banks to escape from European Union sanctions.

Oil Minister Bijan Namdar Zanganeh says investors will not be convinced to invest in Iran's lucrative hydrocarbon sector unless they are confident that rules and regulations will not be the…

In line with policies to ram up oil and gas production, the National Iranian Drilling Company has completed drilling operations in 193 exploration, appraisal, repair and production oil and gas…

Oil prices steadied on Tuesday as a rebound in Libyan crude production balanced expectations of a draw in US crude oil and product inventories. Benchmark Brent crude oil was up 25 cents at $53.37…

Qatar said Monday it plans to boost production from a vast underwater natural gas field it shares with Iran by 10%, giving the energy-rich Persian Gulf nation potential new revenue as it pursues…

Improving health, safety and environment (HSE) management systems, safeguarding the environment, refinery expansion and selling oil byproducts through private companies top the National Iranian…

A total of 1.114 billion liters of gasoline, or 85.6 million liters daily, were burned during the Persian New Year holidays (March 21-April 2), said a spokesperson for the National Iranian Oil…

The Energy Ministry says it is ready to withstand a higher electricity load and avoid outages as power demand nationwide soars during the hot summer season.

Electricity demand is forecast…

Major projects in the petroleum sector will be commissioned in the near future, says Bijan Namdar Zanganeh, the oil minister.

"An estimated $20 billion worth of projects are being developed…

Libya’s crude production rebounded to about 660,000 barrels a day as the OPEC nation’s biggest oil field resumed output after about a week of disruption.

Force majeure on the Zawiya export…

Crude stockpiles are starting to decline in a sign that the production cuts implemented this year are bringing the market to balance, according to OPEC’s Secretary-General Mohammad Barkindo.

Oil prices fell on Friday after a three-day rally ran out of steam as a higher US rig count signaled rising production from shale, contributing to the global supply glut.

Iraq’s Oil Minister Jabar Ali al-Luaibi said on Sunday that his country plans to increase daily crude oil production to 5 million barrels by the end of this year, up from the current rate of about…

Oil prices have been capped at around $55 a barrel so far this year, but they are on track to hit $70 per barrel later in 2017, according to Pierre Andurand, managing partner at Andurand Capital…

Indian state refiners will cut oil imports from Iran in 2017/18 by a fifth, as New Delhi takes a more assertive stance over an impasse on a giant gas field that it wants awarded to an Indian…

Energy Minister Hamid Chitchian says his ministry is doing all it can to reduce electricity wastage in the national grid to less than 10% in the present fiscal year that ends in March 2018.

Despite a two-week break for the Persian New Year holidays, the energy industry in Iran was moving ahead with government efforts to launch oil, gas and petrochemical projects…

Russian oil output was 11.05 million barrels per day in March, down 200,000 bpd from October— the baseline for a global deal to curb oil production and in line with a government promise, Energy…

March 20, 2017 - Iran has started oil production from the offshore South Pars crude oil layers after installing its first floating production, storage and offloading vessel, the FPSO Cyrus,…

German energy giant EON said on Wednesday that it booked a record loss of $12.7 billion in 2016, after massively overvaluing its coal and gas-fired power generation business which was spun-…