The offshore natural gas project developed by Italy's Eni and Spain's Repsol in the Gulf of Venezuela jointly with state-owned Venezuelan oil group PDVSA is likely to generate its first production at the end of this year, as stated by Paolo Scaroni, Eni's CEO, on Tuesday.
read more... 05/03/2014
Oil and gas production in the North Sea reduced in 2013 less than expected, attaining 1.43 million barrels per day, or an 8% drop, according to data published by Oil&Gas UK.
read more... 27/02/2014
Crude oil prices ended lower on Tuesday, dragged down by signs of a downturn in Chinese economy and an increase in U.S. crude inventories for the second consecutive week. However, Brent crude losses were capped by endless production outage in Libya and South Soudan, whereas U.S. light crude was pulled down by plummeting gasoline future prices amid weaker demand for the fuel.
read more... 26/02/2014
Deputy Energy Minister, Kirill Molodtsov, declared that Russia is likely to increase its oil production by 0.3% to 525 million tons in 2014, about 10.54 million barrels per day, which could be the highest level Russia has attained since the collapse of the Soviet Union. The significant growth was attributed to changes in tax law, which has stimulated development of new fields and hard-to-recover reserves.
read more... 14/02/2014
According to new data from the Energy Information Administration (EIA), coal production in the USA plunged to its lowest level in 20 years, totaling 996 million short tons at the end of 2013, or a 2% decrease compared to 2012 levels. It is the first time in 20 years that annual coal production was below 1 billion short tons.
read more... 12/02/2014