Restoring Oil Production Will Require Time and Investment, Iraq Said
The suspension of oil production due to the situation around Iran is damaging Iraq’s oil industry, and restoring previous production levels will require investment and time, RIA Novosti was told by Mazhar Mohammed Saleh, financial advisor to the Prime Minister of Iraq. “Closing oil fields is not the same as …
Venezuela Reveals Terms for Oil Production for Foreign Investors
“Nearly two-thirds of the value of a barrel of oil produced in Venezuela may be subject to negotiation with investors, and the legal framework allows for flexible arrangements”, said Delcy Rodríguez, Special Representative of the President of Venezuela, at the FII Priority investment forum in Miami. “The new hydrocarbons law …
Equinor Began Drilling Operations Under the Raia Project Offshore Brazil
Equinor has started drilling operations under the Raia project on the continental shelf of Brazil.This was reported by the company’s press service. As part of the drilling campaign, 6 wells are planned to be drilled approximately 200 km off the coast of Brazil at a depth of about 2,900 m. …
Iraq Reduced Oil Production at Southern Fields by 80%
Oil production at southern fields in Iraq has decreased by 80% since the beginning of the conflict between the United States and Israel with Iran, dropping to about 800 thousand barrels per day, and may decline further in the coming days, Reuters reports citing Iraqi officials. “Production at Iraq’s main …
Capital Investments of Russian Vertically Integrated Oil Companies in Oil Production Increased by 0.8% to 1.93 Trillion Rubles in 2025
Capital investments of vertically integrated companies in oil production increased in 2025 by 0.8% to 1.93 trillion rubles. This is stated in a presentation by Russian Energy Minister Sergey Tsivilev, prepared for the ministry’s board meeting. Oil and condensate production in Russia decreased by 0.9% compared to 2024, to 511.5 …
ExxonMobil Began Drilling Under the Turrum Phase 3 Gas Project Offshore Australia
Esso Australia Resources (the Australian subsidiary of ExxonMobil) has begun drilling operations as part of the Turrum Phase 3 gas project on the continental shelf of Australia.This was reported by the company’s press service. The project is aimed at supplying natural gas to the energy-intensive market of the country’s east …
QatarEnergy Declared Force Majeure on LNG Supply Contracts
The Qatari LNG producer QatarEnergy has declared force majeure on long-term contracts with four countries. This is the second force majeure declaration in March. Iranian strikes have disabled 17% of QatarEnergy’s export capacity. QatarEnergy has declared force majeure on a number of long-term LNG supply contracts, including with clients in …
PRIO Produced First Oil at the Pre-Salt Wahoo Field in Brazil
The Brazilian company PRIO, previously known as PetroRio, has produced first oil at the offshore Wahoo field in Brazil. This was reported by the company’s press service. The pre-salt Wahoo field is located in the Campos Basin, approximately 19 miles (30 km) north of the producing Frade field and 150 …
New JV of BP and XRG Prepares for Exploration Activities in Egypt
Arcius Energy, a joint venture of the British BP and XRG (a division of the Abu Dhabi National Oil Company, ADNOC), is preparing to drill the first of two key exploration wells on the continental shelf of Egypt. This was reported by the company’s press service. The exploration programme will …
Apache Corporation Discovered a New Natural Gas Field in Egypt
The American company Apache Corporation, together with the Egyptian General Petroleum Corporation (EGPC), has discovered a new natural gas field in Egypt’s Western Desert.This was reported by the Ministry of Petroleum and Mineral Resources of the country. The discovery was made following the drilling of the exploration well SKAL-1X in …