Bahamas Petroleum Awarded Offshore Licence in Uruguay
Bahamas Petroleum Company (BPC) has announced its acquisition of the AREA OFF-1 petroleum licence as part of the company’s portfolio expansion policy.
News / International
Iran Announces 25% Reduction in Gas Flaring
Iran’s state-owned National Iranian Oil Company (NIOC) has reported that Iran’s flare gas waste has declined 25% compared with 2019's figures.
Saudi Arabia Announces Discontinuation of Voluntary Cuts
Saudi Arabia's additional voluntary cuts of 1.18 million barrels of oil (mmbbl/d) carried out in June will not be continued into July as global oil demand begins to recover.
Norway Not to Extend Oil Output Cut in July
Europe’s largest oil producing nation, Norway, has no plans to further extend the record OPEC+ production cuts in July due to economic reasons.
BW Bags Another Extension for Brazil’s Cidade de São Vicente
BW Offshore, a leading operator of floating production storage and offloading vessels, has received a further extension from Petrobras concerning the Cidade de São Vicente field.
Libya’s El Feel Oilfield to Resume Production, Lifting of Force Majeure
Libya's National Oil Corporation (NOC) has confirmed that oil operations at EL Feel oilfield have resumed and that the force majeure pertaining to El Feel and Sharara have also been lifted
Gazprom Neft to Start Development at Salym License Blocks
The Bazhenov Technology Centre, a subsidiary of Gazprom Neft, will start development of Bazhenov Formation deposits at Salym-group license blocks in the Khanty-Mansi Autonomous Okrug-Yugra.
China’s Crude Imports Reach Record Levels
China’s crude imports exponentially increased last month to an all-time high of 11.34 million barrels per day (mmbbl/d), a 15% rise from April’s levels and 160,000 barrels per day (bbl/d) higher than the previous record set in November 2019.
Oman to Slash July Output by 200,000 bbl/d
Oman has announced that it is to dramatically reduce the Sultanate’s oil production by 200,000 barrels of oil per day (bbl/d) in July to comply with the record oil cuts that were extended for another month.
South Pars to Commence Overhaul on Sixth Refinery in October
South Pars’ sixth refinery is expected to undergo an overhaul in October to help stabilize gas output in Asseluyah.
