oil
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Türkiye to send navy support to Somali waters for oil and gas exploration | The Express Tribune
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[ad_1] ANKARA: Türkiye is set to bolster its naval presence in Somali waters following an agreement between the two nations for Ankara to send an exploration vessel off the coast of Somalia to prospect for oil and gas. President Tayyip Erdogan submitted a motion to the Turkish parliament late on Friday, seeking authorisation for the…
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IEA sees slow growth in oil demand | The Express Tribune
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[ad_1] LONDON: Global oil demand growth will slow to just under a million barrels per day (bpd) this year and next, the International Energy Agency (IEA) said, as Chinese consumption contracted in the second quarter due to economic problems. Global demand in the second quarter rose by 710,000 bpd year on year in its lowest…
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Oil, gas exploration sector announces $5 billion investment in Pakistan
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[ad_1] A general view of oil drilling equipment on federal land near Fellows, California, U.S., April 15, 2023. — Reuters ISLAMABAD: Reposing full trust in Prime Minister Shehbaz Sharif-led government’s pro-investor policies, a group of Oil and gas exploration and production (E&P) giants aims to spend $5 billion to tap new energy in energy-strapped Pakistan,…
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OGDCL to boost local oil and gas production | The Express Tribune
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[ad_1] Pakistan’s largest oil and gas exploration firm – Oil and Gas Development Company Limited (OGDCL) – has announced a significant increase in local oil and gas production, told a spokesperson of the state-owned oil and gas company. The company has enhanced production from Nashpa Well No. 4, located in the Karak District in the…
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OPEC+ extends deep oil cuts into 2025 | The Express Tribune
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[ad_1] LONDON/DUBAI: OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production. Brent crude oil prices have been trading near $80 per barrel in recent days, below what…
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Oil sector demands repair of infrastructure | The Express Tribune
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[ad_1] KARACHI: The Oil Companies Advisory Council (OCAC) has written a letter to the Karachi Port Trust (KPT), urging the port authority to begin the long-awaited repair and maintenance work on roads and sewerage infrastructure in the Keamari oil installation area (KOIA) to ensure smooth transportation of petroleum products to the upcountry ahead of the…
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Oil, gas sector irregularities unearthed | The Express Tribune
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[ad_1] The Auditor General of Pakistan (AGP) has discovered numerous deviations from rules and policies by the Director General Petroleum Concession (DGPC) in dealings with oil and gas exploration companies, which have resulted in substantial losses to the national exchequer. The auditors stated that an examination of annual data on oil and gas production over…
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Oil gains 1% on hopes of firmer demand | The Express Tribune
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[ad_1] NEW YORK: Oil prices settled about 1% higher on Friday, with global benchmark Brent crude recording its first weekly gain in three weeks, after economic indicators from the world’s top two oil consumers – China and the US – bolstered hopes for higher demand. Brent settled 71 cents, or 0.9%, higher at $83.98 a…
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Iraq’s oil and gas attracts Chinese firms | The Express Tribune
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[ad_1] BAGHDAD: Iraq was holding an oil and gas licensing round for 29 projects on Saturday in a bid to develop its huge gas reservoirs to help power the country and lure billions of dollars in investments. The exploration blocks are spread across 12 governorates in central, southern and western Iraq and for the first…
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Oil prices fall as ME tensions ease | The Express Tribune
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[ad_1] LONDON: Oil prices were moderately lower on Wednesday as worries over conflict in the Middle East eased and business activity in the world’s largest oil consumer slowed, however, a fall in US crude oil inventories put a floor on those losses. Brent crude futures were down 27 cents, or 0.31%, to $88.15 a barrel…
