Energy

Oil major BP has agreed with Azerbaijan to extend a contract to develop the country's biggest fields by a quarter of a century to 2050 in a move to unlock billions of dollars of fresh investments…

The Indian government has forecast that it will exceed the renewable energy targets set in Paris last year by nearly half and three years ahead of schedule. A draft 10-year energy blueprint…

Development of 20 oil and gas oilfields in the central and western regions with the help of international giants tops the National Iranian Oil Company's agenda, managing director of Iranian…

Iran’s oil production increased by 18.8% to 3.92 million barrels per day during January-September 2016, the US Energy Information Agency reported on Friday.

According to the report, Iran’s…

Iran's oil export grades topped the $50-per-barrel mark in the week ending Dec. 16, supported by a decision of OPEC producers and outside producers to slash production to alleviate a global…

Chinese companies who signed oilfield development contracts with Iran when economic sanctions were in force should renegotiate their place in the country's fast reshaping energy sector, said a…

Oil slipped below $55 a barrel on Friday as a stronger US dollar weighed on commodities and as higher Libyan output threatened to counter some of the supply cuts planned by OPEC and other…

Oil prices are set to recover next year as OPEC fulfills its agreement to cut output, halting the slump that battered the global oil industry, Saudi Arabia’s energy minister said.

Iraq said most international oil companies working in the country, along with the semi-autonomous Kurdish region, have agreed to cut crude output to fulfill an OPEC accord.

Iraq is fully…

Iran can save up to $20 billion a year by reining in energy consumption, said Yadollah Sabouhi, head of special department for optimizing energy consumption at the vice presidency for science and…

Iranian Oil Terminals Company (IOTC) has completed the strategic project of renovation and overhaul of Kharg Oil Terminal in the Persian Gulf with the aim of boosting oil export capacity, managing…

Iran expects to announce the first tender for its oil and gas development projects in the first quarter of next year, heating up the race for its multibillion-dollar energy market among…

Negotiations are underway between National Iranian Drilling Company and three Italian companies, namely Agip, Saipem and Drillmec to finalize a memorandum of understanding on cooperation between…

Russia will start supplying natural gas to Crimea in cthe oming days, President Vladimir Putin said on Friday. "In the next two or three days we will announce the completion of works and that the…

Malaysia's state oil company Petronas signed a memorandum of understanding on Wednesday to study Iran's Azadegan and Cheshmeh Khosh oilfields.

Outgoing US President Barack Obama has permanently banned offshore oil and gas drilling in the "vast majority" of US-owned northern waters.

Obama designated areas in the Arctic and Atlantic…

India's oil imports from Iran fell 19% in November from a record high the previous month after regional rivals Saudi Arabia and Iraq raised sales to the world's third-biggest oil consumer,…

Plans call for not only developing the existing oil pipeline grid but also laying new pipelines to boost the export of oil byproducts, the managing director of the National Iranian Oil Refining…

Reports emerged last week that Iran is taking steps to build its first-ever power plant that would burn coal for electricity generation. The news has invited mixed reactions; environmental groups…

South Pars Gas Complex has shipped its first gas condensate cargo to Europe, managing director of the company said on Wednesday.

Masoud Hassani added that for the first time after the…

Saudi Arabia is considering increasing retail gasoline and diesel prices in 2017 for the second year in a row, as the world’s top crude exporter pursues a plan to cut its dependence on oil…

A court in Shanghai ordered two Chinese firms and the founder of one of them to pay BMW 3 million yuan ($432,000) for registering trademarks similar to that of the top German automaker, the…

Crude at $55 a barrel is the magic number for the oil and gas industry to turn around, Wood Mackenzie said in a new report, as the consultancy sounded an optimistic note on recent joint production…

BP is piling up assets with more than $3 billion of deals in three days as CEO Bob Dudley sees the company emerging from the doldrums after a two-year price slump.

Asia will post its biggest net refining capacity addition in three years in 2017, further boosting demand for crude in the world's biggest and fastest growing oil consuming region.