News

BG Norge AS, operator of production license 374 S, is in the process of completing the drilling of wildcat well 34/5-1 S on the Blabaer prospect, located about 25 km northeast of the Snorre field in the North Sea.

A court-appointed expert blamed the collapse of investment bank Lehman Brothers on its top management as well as audit firm Ernst & Young and banks Citigroup and JPMorgan Chase.

The volume of Slavneft’s audited proven reserves of oil and gas, as calculated under the United States SEC rules without accounting for the active period of licenses, was 2.267 millions barrels as of 31 December 2009, Slavneft reported. This figure is up 64 million barrels, or 3 percent, on 2008.

State-run PetroVietnam Gas Corp. has signed a $1 billion Business Cooperation Contract with Chevron Corp.

Russia is considering inviting India's state-run Oil and Natural Gas Corporation (ONGC) to develop oil and gas fields in Russia.

Russia's largest diamond miner Alrosa said on Thursday it planned to sign three-year contracts with three Indian companies on the delivery of uncut diamonds worth $490 million.

EXXON Mobil Corp will increase capital spending nearly 4 per cent this year to US$28 billion in part as the largest US oil company seeks to increase its share of the global market for natural gas.

Deputy Chair of the Russian State Duma and President of the Russian Gas Society Valeriy Yazev said he is convinced that no matter who is in power in Ukraine, Russia should continue its work to diversify its gas delivery routes to Europe.

Greek public transport was halted, flights grounded and state hospitals left with emergency staff only on Thursday as workers held yet another general strike to protest painful spending cuts.

Russia has the largest number of billionaires among the European countries, Forbes magazine has said.

The Organization of Petroleum Exporting Countries, in its latest monthly Oil Market Report, expects worldwide oil demand to grow by 900,000 b/d in 2010.

Russian Prime Minister Vladimir Putin is due in India for talks expected to focus on arms and energy contracts.

President Dmitry Medvedev on Wednesday ordered Interior Minister Rashid Nurgaliyev to investigate a fatal car crash involving a LUKoil vice president that caused public outrage over a perceived police cover-up.

RUSSIAN giant Gazprom and Namibian state oil company 
Namcor have agreed to establish a special purpose company to take a majority stake in the 
Kudu gas field to accelerate its progress to first production in 2014.

The US government recorded a budget deficit of $221bn in February - the largest monthly deficit in its history.

Oil giant Royal Dutch Shell says it is no longer selling gasoline to Iran, the latest in a growing number of oil firms to halt supplies to the Islamic Republic.

Gazprom Neft on Wednesday posted a smaller fourth-quarter profit than analysts had expected, largely because of reasons unrelated to production.

Shell and the Technip-Samsung consortium entered into two separate contracts for the Prelude floating LNG facility.

Russian President Dmitriy Medvedev sigend the law On changes to Article 32 of the Federal law On Electric Energy’, the president’s press office has reported.

Gazprom Neft said Russian taxes are hindering ventures with international oil companies and are the main obstacle for its expansion at home and abroad.

The world is currently awash in cheap natural gas but low prices and an economic recovery could spur a price recovery in the not too distant future.

President Barack Obama has "responded positively" to calls to clamp down on market speculators, the Greek PM said after talks in Washington.

Russian gas behemoth Gazprom has doubled its gas imports from Azerbaijan to 3 million cubic meters a day as of March 5, the company said Tuesday.

Chevron Corp. will cut 2,000 jobs this year and sell some overseas operations.

The Federal Anti-Monopoly Service wants to ban oil companies from buying and building gas stations in regions where they have at least 35 percent of the market.