News / International
Egypt, Jordan, Iraq Held Talks on Basra-Aqaba Oil Pipeline
Egypt, Jordan, and Iraq held talks in Cairo on the development of the Basra-Aqaba oil pipeline project seeking to revive the 2015 trilateral Memorandum of Understanding.
Brazilian Tycoon Sentenced to 19 Years over Petrobras
Corruption case of Brazil's state oil company Petrobras has marked a new development as Marcelo Odebrecht, the former CEO of South America’s biggest construction company, Odebrecht SA, was sentenced to 19 years in prison for his involvement in a sprawling scandal.
France’s Total Eyes ‘Elephant’ Oil Discovery Offshore Uruguay
France's Total plans to start drilling Uruguay’s first offshore well in 40 years later this month in more than 3,411 meters of water, making it the deepest exploration well by water depth on record; first oil could come as soon as 2021.
Exxon Mobil Records First US Crude Export
After a 40-year ban on US oil exports was lifted, Exxon Mobil Corporation became the first major American oil company to export crude oil trying to ease the crisis in the oil market in the US, together with other oil firms.
Algeria’s Sonatrach to Invest $3.2b to Increase Pipeline Capacity
Algerian energy company Sonatrach will invest $3.2b over four years, including $530m in 2016, to increase pipeline capacity as natural gas output rises from new and existing fields.
Tanzania-Uganda Oil Pipeline to be Launched in August 2016
Construction of the long-awaited Tanzania-Uganda crude oil pipeline is expected to start in August this year, and will be completed in 2019. The $4b pipeline is to ship 200,000b/d and it will be carried out by UK’s Tullow Oil PLC, France’s Total E&P, and China’s Cnooc.
Shell Repays $1.94b Oil Debt to Iran
Royal Dutch Shell has paid $1.94b it owed to the National Iranian Oil Company, settling debts after sanctions against the country were lifted in January. Iraqi Kurdistan Region Sees 50% Decline in Oil Exports
Oil exports from the autonomous Kurdistan region in northern Iraq declined by nearly 50% in February due to the ongoing outage of a pipeline to Turkey, wiping $350m off the cash-strapped Kurdistan region's revenues as it battles Islamic State.
