As reported earlier, the much awaited oil production increase by the OPEC has fallen apart. Oil prices have breached the $100-a barrel mark after OPEC declared that it cannot seal an agreement about raising crude production. This quarterly meeting of...
Exxon Mobil Corp has confirmed news that it is privately holding natural gas company Phillips Resources and its related company TWP Inc for $1.69 billion; in?a business deal sealed last week. This action highlights the importance Exxon has placed on...
Asia tops in liquefied natural gas importing as prices are volatile due to its link with oil supply and its price. The rates at present stay at a premium due to yawning gap between demand and supply. Countries such...
Sharjah has signed a 23-year concession agreement with Rex Oil & Gas for offshore drilling in the areas of Khorfakkan and Kalba. The agreement was signed by HH Sheikh Ahmed bin Sultan Al Qassimi, Deputy Ruler of Sharjah and Chairman...
As the regular meeting of the Organization of the Petroleum Exporting Countries (OPEC) is scheduled for Wednesday; the members led by Saudi Arabia is learnt to push an increase in the supplies in an effort to support world economic...
The OPEC oil cartel, happening this week in Vienna, is expected to hold production levels unchanged as it is trying to balance a weak economic outlook and popular unrest in the Middle East which has slashed output from Libya. The...
Opec is thinking of increasing its oil production in the wake of increasing global demand. The refinery demand has increased in the past few years. Faith Birol, chief economist for the International Energy Agency (IEA), said that there is...
India is all set to surpass Japan to become the leading buyer of Indonesian coal, taking as much as 60 million tones to help meet feed India?s burgeoning power demand, the Indonesian Coal Mining Association said. India is said...
China National Petroleum Corp (CNPC), a state owned initiative is looking to double its oil and gas pipeline construction in the coming years. The parent of PetroChina is planning to lay 64,000 kilometers of oil and gas pipes from...
State-run Kuwait Petroleum Corp (KPC) and China's Sinopec will start the construction of their $9 billion joint venture oil refinery and petrochemical plant in China in the first quarter of next year, Kuwait's news agency reported on Sunday. The refinery...
The US is seeking to expand domestic oil production in an?attempt to reduce its dependence on imported oil and to?lower fuel prices. President Obama, in his weekly address insisted the US could reduce its need for imported oil and...
The Ruwais refinery, a $10 billion project of the Abu Dhabi Oil Refining Company (Takreer) is on the expansion track as scheduled. This project on completion will increase Takreer?s refining capacity by 417,000 barrels per day and nearly double its...
Abu Dhabi based Aabar Investments, has confirmed an investment plan of $850 million (Dh.3.1 million) in Glencore International, as a cornerstone investor with an intention to invest an additional $150 million in the global offer. ?We are pleased to count...