Russia Cuts Oil Reserves Estimates 50% to Last Until 2044

• Sunday, 20th March 2016
• by Egypt Oil & Gas

Russia will run out of oil by 2044, with production beginning to decline in 2020, according to the Minister of Natural Resources and Environment. According to experts, the volume of proved reserves was cut by 50%, wh ...

British Tullow Strikes Oil in Kenya’s Kerio Valley Basin

• Thursday, 17th March 2016
• by Egypt Oil & Gas

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 ...

UK Cairn Energy Increases Oil Resource Estimates in Senegal

• Wednesday, 16th March 2016
• by Egypt Oil & Gas

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

• Wednesday, 16th March 2016
• by Egypt Oil & Gas

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.

Libya Witnessed Militants’ Attack on Sarir Oil Field

• Tuesday, 15th March 2016
• by Egypt Oil & Gas

Suspected Islamic State militants staged an attack on a power and water plant about 80km from the major Sarir oil field in eastern Libya. More than 50% of Libya's remaining oil production comes from Sarir region.

Russia Supports Iran’s Aspiration to Restore Its Oil Market Share

• Tuesday, 15th March 2016
• by Egypt Oil & Gas

Russia's Energy Minister, Alexander Novak, said that Iran would consider joining a global deal to cap oil production only after it restores its oil output back to levels it enjoyed before international sanctions at 4 ...

China Wants More of Nigeria’s Oil

• Monday, 14th March 2016
• by Egypt Oil & Gas

China is seeking more crude oil exports from Nigeria in spite of the recent changes in oil prices. In 2015, total amount of the Nigerian crude export to the country was about 1m barrels, which means 1.3% of Nigeria’s ...

Venezuela Launches Largest Oil Tenders Ever

• Sunday, 13th March 2016
• by Egypt Oil & Gas

Venezuela's state-run oil company PDVSA has launched one of its largest oil tenders ever, seeking to buy some 8m barrels of US or Nigerian light crude for delivery from April through June.

US Oil&Gas Rig Count Drops to Record Lows

• Sunday, 13th March 2016
• by Egypt Oil & Gas

The number of rigs drilling for oil and natural gas in the United States has fallen to the lowest level since at least 1940. In spite of the decline, oil and gas production has been surprisingly resilient.

LatAm Oil Producers Meeting Postponed

• Thursday, 10th March 2016
• by Egypt Oil & Gas

A key meeting between Latin American oil producers and exporters planned to unify the region in backing an output freeze or other measures to bolster prices, has been postponed due to scheduling difficulties.