News / International
UK Announces Tax Relief for North Sea Oil&Gas Industry
UK Chancellor George Osborne has offered further tax relief for Britain’s oil and gas industry. The tax changes are expected to save the industry around $1.4b in the five financial years from 2016/2017 to 2020/2021.
British Tullow Strikes Oil in Kenya’s Kerio Valley Basin
UK exploration firm Tullow Oil has discovered oil traces in Kerio Valley, raising hopes of boosting Kenya's oil production potential. The firm reported seeing oil traces within a depth of 700-metres while drilling at Cheptuket 1 Well.
China Wasted 20% of Wind Plants Power in 2015
Energy wastage on wind farms in China worsened in 2015, as plunging utilization rates kept 33.9b Wh from being delivered to the grid, the energy regulator said, the equivalent of a fifth of total generated wind power.
Global Oil Producers to Debate Oil Output Freeze in mid April
OPEC and non-OPEC producers - Qatar, Saudi Arabia, Russia, and Venezuela - are expected to hold a meeting in the Qatari capital on April 17th to debate oil output freeze on the January 2016 levels. The meeting is a follow-up on previous negotiations held in February. The involved countries intend to call on other producers to follow suit.
Angola’s Oil Export Tied to Paying Off Chinese Loans
Angola has found itself with a dwindling amount of crude to sell as more of its oil flows to China for debt repayment, leaving little revenue for anything from oil sector development to health care in one of Africa's largest oil exporting nations.
UK Cairn Energy Increases Oil Resource Estimates in Senegal
UK-based oil explorer Cairn Energy has added 20% to its resource estimate for its oilfield off Senegal coast. The estimated increase of the so-called 2C reserves remains below predictions by analysts.
US Oil, Gas Companies Record Further LayOffs
As the oil and gas industry continues to struggle with the prolonged low oil price environment, more companies in the United Stated are announcing layoffs.
Riyadh Cuts Energy, Construction Contracts Spending
Saudi Arabia has ordered its ministries to reduce spending on contracts included in the 2016 state budget by at least 5 % to outbalance Kingdom's declined revenues over global oil prices drop.
